Chicago Atlantic Real Estate Finance, Inc.
REFI Nasdaq Real Estate Investment Trusts Financials FY2022–FY2025
Last close · Oct 23, 2026
$9.37
0.3%
Revenue
Total sales reported in the income statement.
$55.4M
0.8%
vs prior year
Operating margin
Operating income as a share of revenue.
—
Net income
Profit after all expenses, interest and tax.
$36.0M
2.8%
Free cash flow
Cash from operations minus capital spending.
—
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
$203M
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
6.8x
On $1.37 EPS (TTM)
What Chicago Atlantic Real Estate Finance, Inc. does
No business description yet.
- Legal name
- Chicago Atlantic Real Estate Finance, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 12, 2026
- Accession · CIK
- 0001193125-26-103027
0001867949
Revenue and margins
Chicago Atlantic Real Estate Finance, Inc. had $55.4M of revenue in fiscal 2025, up 0.8% on the year before.
FY22
Revenue $48.9M
FY23
Revenue $57.1M
FY24
Revenue $55.0M
FY25
Revenue $55.4M
Q3 '23
Revenue $13.7M
Q4 '23
Revenue $14.8M
Q1 '24
Revenue $13.2M
Q2 '24
Revenue $13.2M
Q3 '24
Revenue $14.5M
Q4 '24
Revenue $14.1M
Q1 '25
Revenue $13.0M
Q2 '25
Revenue $14.4M
Q3 '25
Revenue $13.7M
Q4 '25
Revenue $14.2M
Q1 '26
Revenue $13.1M
Q2 '26
Revenue $12.8M
FY22
Gross —
Operating —
Net 66.1%
FCF —
FY23
Gross —
Operating —
Net 67.7%
FCF —
FY24
Gross —
Operating —
Net 67.4%
FCF —
FY25
Gross —
Operating —
Net 65.0%
FCF —
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating —
Net 72.6%
FCF —
Q4 '23
Gross —
Operating —
Net 63.3%
FCF —
Q1 '24
Gross —
Operating —
Net 65.9%
FCF —
Q2 '24
Gross —
Operating —
Net 69.7%
FCF —
Q3 '24
Gross —
Operating —
Net 77.5%
FCF —
Q4 '24
Gross —
Operating —
Net 56.3%
FCF —
Q1 '25
Gross —
Operating —
Net 77.0%
FCF —
Q2 '25
Gross —
Operating —
Net 61.5%
FCF —
Q3 '25
Gross —
Operating —
Net 65.3%
FCF —
Q4 '25
Gross —
Operating —
Net 57.3%
FCF —
Q1 '26
Gross —
Operating —
Net 36.9%
FCF —
Q2 '26
Gross —
Operating —
Net 58.2%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2022 to 2025, diluted EPS grew −2.6% a year. Loss periods are shown in red.
FY22
Net income $32.3M
FY23
Net income $38.7M
FY24
Net income $37.0M
FY25
Net income $36.0M
Q3 '23
Net income $10.0M
Q4 '23
Net income $9.4M
Q1 '24
Net income $8.7M
Q2 '24
Net income $9.2M
Q3 '24
Net income $11.2M
Q4 '24
Net income $7.9M
Q1 '25
Net income $10.0M
Q2 '25
Net income $8.9M
Q3 '25
Net income $8.9M
Q4 '25
Net income $8.2M
Q1 '26
Net income $4.8M
Q2 '26
Net income $7.5M
FY22
Diluted EPS $1.82
FY23
Diluted EPS $2.11
FY24
Diluted EPS $1.88
FY25
Diluted EPS $1.68
Q3 '23
Diluted EPS $0.54
Q4 '23
Diluted EPS $0.50
Q1 '24
Diluted EPS $0.47
Q2 '24
Diluted EPS $0.46
Q3 '24
Diluted EPS $0.56
Q4 '24
Diluted EPS $0.39
Q1 '25
Diluted EPS $0.47
Q2 '25
Diluted EPS $0.41
Q3 '25
Diluted EPS $0.42
Q4 '25
Diluted EPS $0.38
Q1 '26
Diluted EPS $0.23
Q2 '26
Diluted EPS $0.34
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY22
Return on capital —
Return on equity 12.2%
Return on assets 9.4%
FY23
Return on capital —
Return on equity 14.4%
Return on assets 11.0%
FY24
Return on capital —
Return on equity 12.8%
Return on assets 9.3%
FY25
Return on capital —
Return on equity 11.7%
Return on assets 8.4%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
FY22
Free cash flow —
FY23
Free cash flow —
FY24
Free cash flow —
FY25
Free cash flow —
FY22
Cash from operations $17.0M
Capital spending —
FY23
Cash from operations $28.4M
Capital spending —
FY24
Cash from operations $23.2M
Capital spending —
FY25
Cash from operations $28.8M
Capital spending —
Cash from operations
Capital spending
Q3 '23
Cash from operations $1.0M
Capital spending —
Q4 '23
Cash from operations $15.5M
Capital spending —
Q1 '24
Cash from operations $6.9M
Capital spending —
Q2 '24
Cash from operations $6.2M
Capital spending —
Q3 '24
Cash from operations $8.2M
Capital spending —
Q4 '24
Cash from operations $1.8M
Capital spending —
Q1 '25
Cash from operations $7.6M
Capital spending —
Q2 '25
Cash from operations $6.5M
Capital spending —
Q3 '25
Cash from operations $8.2M
Capital spending —
Q4 '25
Cash from operations $6.5M
Capital spending —
Q1 '26
Cash from operations $3.2M
Capital spending —
Q2 '26
Cash from operations $9.1M
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
Chicago Atlantic Real Estate Finance, Inc. returned $43.8M to shareholders in fiscal 2025. The diluted share count rose 8.7%.
FY22
Dividends $28.2M
Buybacks —
FY23
Dividends $39.1M
Buybacks —
FY24
Dividends $41.6M
Buybacks —
FY25
Dividends $43.8M
Buybacks —
Dividends
Buybacks
Q3 '23
Dividends $8.6M
Buybacks —
Q4 '23
Dividends $8.6M
Buybacks —
Q1 '24
Dividends $13.9M
Buybacks —
Q2 '24
Dividends $9.2M
Buybacks —
Q3 '24
Dividends $9.3M
Buybacks —
Q4 '24
Dividends $9.3M
Buybacks —
Q1 '25
Dividends $13.6M
Buybacks —
Q2 '25
Dividends $10.4M
Buybacks —
Q3 '25
Dividends $9.9M
Buybacks —
Q4 '25
Dividends $9.9M
Buybacks —
Q1 '26
Dividends $9.9M
Buybacks —
Q2 '26
Dividends $10.9M
Buybacks —
Dividends
Buybacks
FY22
Diluted shares 0.02B
FY23
Diluted shares 0.02B
FY24
Diluted shares 0.02B
FY25
Diluted shares 0.02B
Balance sheet
Cash, debt and the ratios that show how comfortably Chicago Atlantic Real Estate Finance, Inc. can carry it.
FY22
Cash $5.7M
Debt $618M
FY23
Cash $7.9M
Debt $285M
FY24
Cash $26.4M
Debt $49.1M
FY25
Cash $14.9M
Debt $49.3M
Cash
Debt
| Fiscal year end | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Cash and short-term investments | $5.7M | $7.9M | $26.4M | $14.9M |
| Debt incl. finance leases | $618M | $285M | $49.1M | $49.3M |
| Debt / equity | 2.3x | 1.0x | 0.2x | 0.2x |
| Total assets | $343M | $359M | $435M | $425M |
| Total liabilities | $79.2M | $87.4M | $126M | $117M |
| Shareholders' equity | $264M | $272M | $309M | $308M |
| Net debt (− = net cash) | $612M | $277M | $22.7M | $34.4M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✓ | ✕ | ✕ |
| Cash from operations exceeds net income | ✕ | ✕ | ✕ | ✕ |
| Debt fell relative to assets | — | ✓ | ✓ | ✕ |
| Current ratio rose | — | — | — | — |
| Share count didn't rise | — | ✕ | ✕ | ✕ |
| Gross margin rose | — | — | — | — |
| Revenue rose relative to assets | — | ✓ | ✕ | ✓ |
| F-score | — / 3 | 5 / 7 | 3 / 7 | 3 / 7 |
| Accruals ratio | 4.5% | 2.9% | 3.5% | 1.7% |
| Altman Z'' | — | — | — | — |
4 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Income statement | ||||
| Revenue | $48.9M | $57.1M | $55.0M | $55.4M |
| Net interest income | $48.9M | $57.1M | $55.0M | $55.4M |
| Noninterest expense | $16.6M | $18.6M | $17.7M | $19.5M |
| Provision for credit losses | $3.9M | $0.9M | — | — |
| Interest expense | $2.6M | $5.8M | $6.8M | $6.9M |
| Pretax income | $32.3M | $38.7M | $37.0M | $36.0M |
| Income tax | $0.0M | $0.0M | $0.0M | $0.0M |
| Net income | $32.3M | $38.7M | $37.0M | $36.0M |
| Diluted EPS | $1.82 | $2.11 | $1.88 | $1.68 |
| Diluted shares | 0.02B | 0.02B | 0.02B | 0.02B |
| Cash flow | ||||
| Cash from operations | $17.0M | $28.4M | $23.2M | $28.8M |
| Stock-based compensation | $0.4M | $1.5M | $3.1M | $3.4M |
| Dividends paid | $28.2M | $39.1M | $41.6M | $43.8M |
| Dividends and buybacks | $28.2M | $39.1M | $41.6M | $43.8M |
| Balance sheet | ||||
| Cash and short-term investments | $5.7M | $7.9M | $26.4M | $14.9M |
| Total debt | $618M | $285M | $49.1M | $49.3M |
| Loans, net | $335M | $349M | $398M | $404M |
| Inventory | $1.2M | — | — | — |
| Total assets | $343M | $359M | $435M | $425M |
| Total liabilities | $79.2M | $87.4M | $126M | $117M |
| Shareholders' equity | $264M | $272M | $309M | $308M |
| Margins | ||||
| Net margin | 66.1% | 67.7% | 67.4% | 65.0% |
| Net interest share of revenue | 100.0% | 100.0% | 100.0% | 100.0% |
| Efficiency ratio | 33.9% | 32.6% | 32.3% | 35.3% |
| Returns | ||||
| Return on equity | 12.2% | 14.4% | 12.8% | 11.7% |
| Return on assets | 9.4% | 11.0% | 9.3% | 8.4% |
| Return on tangible equity | 12.2% | 14.2% | 12.0% | 11.7% |
| Growth | ||||
| Revenue growth | — | 17.0% | −3.8% | 0.8% |
| Net income growth | — | 19.9% | −4.3% | −2.8% |
| EPS growth | — | 15.9% | −10.9% | −10.6% |
| Share count change | — | 3.4% | 7.5% | 8.7% |
| Financial health | ||||
| Debt / equity | 2.3x | 1.0x | 0.2x | 0.2x |
| Provision / loans | 1.2% | 0.3% | — | — |
| Capital allocation | ||||
| Stock comp / revenue | 0.9% | 2.6% | 5.6% | 6.1% |
| Quality scores | ||||
| Piotroski F-score | — | 5.0 | 3.0 | 3.0 |
| Accruals ratio | 4.5% | 2.9% | 3.5% | 1.7% |
Source: SEC EDGAR XBRL filings (CIK 0001867949). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.