Chicago Atlantic Real Estate Finance, Inc. logo REFI - Chicago Atlantic Real Estate Finance, Inc.

Price: -- -- | CONSENSUS: Buy DETAILS
STRONG
BUY
0
BUY 5
HOLD 1
SELL 0
STRONG
SELL
0
| PRICE TARGET: $17.00 DETAILS
HIGH: $20.00
LOW: $14.00
MEDIAN: $17.00
CONSENSUS: $17.00
UPSIDE: 50.44%
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2
Revenue
Revenue 15.2 16.1 13.7 14.6 13.0 13.9 14.5 13.2 13.2 15.1 13.8 13.7 14.8 14.8 12.6 10.4 9.7 9.2 4.1 1.1
Cost of Revenue 1.7 1.9 0 0 0 0 0 0 0 0 41.4 0 0 0 0 0 0 0.1 0.0 0
Gross Profit 13.4 14.1 13.7 14.6 13.0 13.9 14.5 13.2 13.2 15.1 13.8 13.7 14.8 14.8 12.6 10.4 9.7 9.1 4.1 1.1
Operating Expenses
R&D Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
SG&A Expenses 1,655.0 2.4 2.2 2.2 1.8 2.3 2.1 2.1 1.9 5.8 3.4 1.5 4.1 4.5 2.9 2.9 1.9 1.6 0.0 0
Other Expenses (1,648.5) 3.5 11.5 12.4 11.2 11.6 12.4 11.1 11.3 0 0.5 12.1 0 10.2 0 0 0 0 (0.0) 1.1
Operating Expenses 6.6 6.0 13.7 14.6 13.0 13.9 14.5 13.2 13.2 5.8 3.9 13.7 4.1 14.8 2.9 2.9 1.9 1.6 (0.0) 1.1
Operating Income
Operating Income 6.9 8.2 0 0 0 0 0 0 0 9.3 (1,783.8) 0 10.7 0 9.8 7.5 7.8 7.5 4.1 0
Interest Expense 2.0 1.8 1.6 2.1 2.1 1.4 1.8 1.8 2.1 1.7 1.4 1.0 1.6 1.2 0.9 0.4 0.1 0 0.0 0.0
Interest Income 15.2 16.1 15.3 16.5 15.1 15.5 16.3 15.0 15.3 16.5 15.2 14.7 16.5 16.0 13.8 11.9 9.8 5.5 4.1 1.2
Profitability
EBITDA 6.9 8.2 0 0 0 0 0 0 0 0 (1,783.8) 0 11.0 0 10.6 8.7 7.9 0 0.0 0
EBIT 6.9 8.2 0 0 0 0 0 0 0 0 (1,782.2) 0 0 0 0 0 0 0 4.1 0
Income Before Tax 4.8 8.2 8.9 8.9 10.0 7.9 11.2 9.2 8.7 9.4 10.0 8.6 10.7 7.3 9.8 7.5 7.8 7.5 4.1 1.1
Income Tax Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net Income 4.8 8.2 8.9 8.9 10.0 7.9 11.2 9.2 8.7 9.4 10.0 8.6 10.7 7.3 9.8 7.5 7.8 7.5 4.1 1.1
Per Share Data
EPS (Basic) 0.23 0.39 0.42 0.42 0.48 0.40 0.57 0.47 0.48 0.52 0.55 0.48 0.60 0.41 0.55 0.42 0.44 0.25 0.23 0.06
EPS (Diluted) 0.23 0.38 0.42 0.41 0.47 0.39 0.56 0.46 0.47 0.51 0.54 0.47 0.60 0.41 0.55 0.42 0.44 0.25 0.23 0.06
Shares Outstanding 21.1 21.0 21.1 21.0 20.9 19.8 19.6 19.4 18.3 18.2 18.2 18.1 17.9 17.7 17.7 17.7 17.6 17.4 17.4 17.5
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2
Current Assets
Cash & Cash Equivalents 27,855.9 14.9 28.9 35.6 9.9 26.4 6.8 7.1 6.9 7.9 8.7 18.0 4.6 5.7 9.3 6.6 6.1 80.2 8.7 1.5
Short-Term Investments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net Receivables 7,470.0 4.0 4.5 415.1 401.5 403.5 350.6 376.8 370.5 348.7 333.7 309.4 6.1 1.2 329.6 329.0 278.6 196.9 127.1 57.0
Inventory 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Current Assets 0 0 0 4.4 3.0 5.0 8.3 2.3 5.9 1.5 5.9 1.6 (6.1) (1.2) 0.9 1.1 0.4 0.2 0.5 0.0
Total Current Assets 35,325.9 19.0 33.4 455.0 414.4 434.8 365.7 386.2 383.3 358.0 348.3 329.0 4.6 5.7 339.8 336.7 285.1 277.3 136.4 58.5
Non-Current Assets
Property, Plant & Equipment 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Goodwill 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Intangible Assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Long-Term Investments 0 403.9 393.1 0 0 0 0 0 0 0.8 3.5 0.9 0 0 0 0 0 0 0 0
Other Non-Current Assets 403.1 2.1 0.6 0.2 0.3 0.3 0.3 0.3 0.3 0.4 0.5 0.7 0 0 0.7 0.8 0.8 0.9 0.5 0.1
Total Non-Current Assets 403.1 406.0 393.6 0.2 0.3 0.3 0.3 0.3 0.3 1.2 4.0 1.5 318.2 337.6 0.7 0.8 0.8 0.9 0.5 0.1
Total Assets 435,948.6 424.9 427.1 455.2 414.7 435.1 365.9 386.5 383.7 359.2 352.3 330.6 322.9 343.3 340.5 337.6 285.9 278.2 136.9 58.6
Current Liabilities
Account Payables 0 1.3 0 10.8 3.0 2.2 1.4 1.5 1.3 1.1 1.1 1.3 1.0 1.1 0.7 7.2 0.6 0.2 0.2 0.1
Short-Term Debt 49,393.2 49.1 52.4 0 0 0 0 0 0 0 0 0 37.5 58 53 45 0 0 0 0
Deferred Revenue 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Current Liabilities 0 0 0 9.9 9.8 13.6 9.3 9.3 9.0 13.9 8.6 8.7 (50.5) (76.3) 8.4 8.4 7.1 4.5 0 1.1
Total Current Liabilities 49,393.2 66.9 66.8 22.9 15.1 20.0 14.9 15.1 14.6 19.3 11.7 12.1 0 0 69.1 68.2 15.8 12.2 6.7 1.8
Non-Current Liabilities
Long-Term Debt 116.4 49.3 49.3 120.4 87.2 104.1 54 76.8 81.2 66 63 43 37.5 58 0 0 0 0 0 0
Deferred Tax Liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Liabilities 83,132.7 0.8 1.1 1.9 1.6 2.1 1.6 2.0 1.8 2.1 1.8 1.8 (37.7) (59.9) 1.2 0.7 0.7 1.9 1.5 0.5
Total Non-Current Liabilities 83,132.7 50.2 50.3 122.3 88.8 106.2 55.6 78.7 83.1 68.1 64.8 44.8 0 0 1.2 0.7 0.7 1.9 1.5 0.5
Total Liabilities 132,526.0 117.1 117.2 145.2 103.9 126.2 70.4 93.8 97.7 87.4 76.5 56.9 50.8 79.2 70.3 68.9 16.5 14.1 8.2 2.3
Stockholders' Equity
Common Stock 210.8 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.1 0.0
Retained Earnings (20,779.4) (15.5) (12.5) (11.5) (9.9) (10.1) (4.5) (6.4) (6.1) (5.8) (1.3) (2.9) (3.0) (5.1) 1.1 (0.4) 0.5 (0.2) 4.1 0
Accumulated Other Comprehensive Income 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Stockholders' Equity 303,422.7 307.8 309.9 310.0 310.8 309.0 295.5 292.7 286.0 271.9 275.8 273.7 272.1 264.0 270.2 268.6 269.4 264.1 128.7 56.3
Total Liabilities & Equity 435,948.6 424.9 427.1 455.2 414.7 435.1 365.9 386.5 383.7 359.2 352.3 330.6 322.9 343.3 340.5 337.6 285.9 278.2 136.9 58.6
Debt Metrics
Total Debt 49,393.2 98.4 101.7 120.4 87.2 104.1 54 76.8 81.2 66 63 43 75 116 53 45 0 0 0 0
Net Debt 21,537.3 83.5 72.8 84.9 77.3 77.7 47.2 69.7 74.3 58.1 54.3 25.0 70.4 110.3 43.7 38.4 (6.1) (80.2) (8.7) (1.5)
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2
Operating Activities
Net Income 4.8 (20,773.8) 8.9 8.9 10.0 7.9 11.2 9.2 8.7 9.4 10.0 8.6 10.7 7.3 9.8 7.5 7.8 4.4 4.1 1.1
Depreciation & Amortization 0 (246.3) 0 0 0 (0.0) 0.1 0.1 0.1 0 146.7 0 0 0 138.5 0 0 0 0 0
Stock-Based Compensation 0.9 (1,267.8) 0.9 0.9 0.6 0.8 0.8 0.8 0.5 0.5 0.5 0.3 0.1 0.1 0.1 0.1 0.1 0 0 0
Change in Working Capital (4.7) 0.9 (0.2) (2.4) (0.1) (5.6) (0.2) (0.5) 0.7 7.7 (7.5) 3.6 (6.2) (1.8) (2.8) (2.6) (3.1) (9.3) 7.1 0.5
Other Non-Cash Items 2.1 22,293.5 (1.5) (0.9) (2.9) (1.4) (3.7) (3.4) (3.1) (2.1) (1.5) (2.3) (2.9) (0.9) (140.6) (0.7) (1.7) (0.6) (0.4) (0.1)
Operating Cash Flow 3.2 6.5 8.2 6.5 7.6 1.8 8.2 6.2 6.9 15.5 1.0 10.2 1.7 4.6 5.0 4.3 3.0 (5.6) 10.8 1.5
Investing Activities
Capital Expenditure 0 (0.0) 0 0.0 0 0 0.0 0.0 0 0 0 0 0 0 0 0 0 0 0 0
Acquisitions 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Purchases of Investments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Sales/Maturities of Investments 0 0 0 0 0 0 19,000 0 0 0 0 0 0 0 6.7 0 0 0 0 0
Other Investing Activities 1.7 (7.3) 14.1 (3.6) 5.5 (41.3) (18,976.5) (2.9) (18.7) (10.7) (21.7) 5.2 25.3 (4.5) (8.7) (41.6) (77.2) (50.6) 0 (32.0)
Investing Cash Flow 1.7 (7.3) 14.1 (3.6) 5.5 (41.3) 23.5 (2.9) (18.7) (10.7) (21.7) 5.2 25.3 (4.5) (2.0) (41.6) (77.2) (50.6) (62.6) (32.0)
Financing Activities
Net Debt Issuance 17.9 (3.3) (18.8) 33.2 (17) 51 (22.8) (4.5) 15.2 3 20 5.5 (20.5) 5 8 45 0 0 0 0
Stock Repurchased 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Dividends Paid (9.9) (9.9) (9.9) (10.4) (13.6) (9.3) (9.3) (9.2) (13.9) (8.6) (8.6) (8.5) (13.5) (8.3) (8.3) (7.1) (4.5) (4.1) (1.1) 0
Other Financing Activities (0.0) 0.0 (0.2) 0 (0.1) (1.4) (0.1) (0.4) (0.4) 0 (0.1) (0.2) (0.1) (0.4) 0 (0.2) (0.0) (1.6) (0.5) 0
Financing Cash Flow 8.0 (13.2) (28.9) 22.8 (29.7) 59.1 (32.1) (3.2) 10.8 (5.6) 11.4 (2.0) (28.1) (3.7) (0.3) 37.8 (0.0) 127.8 59.6 31.4
Cash Position
Net Change in Cash 12.9 (14.0) (6.6) 25.7 (16.5) 19.6 (0.3) 0.2 (1.0) (0.8) (9.3) 13.4 (1.1) (3.6) 2.7 0.5 (74.2) 71.5 7.8 0.8
Cash at Beginning 14.9 28.9 35.6 9.9 26.4 6.8 7.1 6.9 7.9 8.7 18.0 4.6 5.7 9.3 6.6 6.1 80.2 8.7 0.9 0.1
Cash at End 27.9 14.9 28.9 35.6 9.9 26.4 6.8 7.1 6.9 7.9 8.7 18.0 4.6 5.7 9.3 6.6 6.1 80.2 8.7 0.9
Free Cash Flow 3.2 6.5 8.2 6.5 7.6 1.8 8.2 6.2 6.9 15.5 1.0 10.2 1.7 4.6 5.0 4.3 3.0 (5.6) 10.8 1.5
Key Metrics 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2
Income Statement
Revenue 15.2 16.1 13.7 14.6 13.0 13.9 14.5 13.2 13.2 15.1 13.8 13.7 14.8 14.8 12.6 10.4 9.7 9.2 4.1 1.1
Gross Profit 13.4 14.1 13.7 14.6 13.0 13.9 14.5 13.2 13.2 15.1 13.8 13.7 14.8 14.8 12.6 10.4 9.7 9.1 4.1 1.1
Operating Income 6.9 8.2 0 0 0 0 0 0 0 9.3 (1,783.8) 0 10.7 0 9.8 7.5 7.8 7.5 4.1 0
Net Income 4.8 8.2 8.9 8.9 10.0 7.9 11.2 9.2 8.7 9.4 10.0 8.6 10.7 7.3 9.8 7.5 7.8 7.5 4.1 1.1
EPS (Diluted) 0.23 0.38 0.42 0.41 0.47 0.39 0.56 0.46 0.47 0.51 0.54 0.47 0.60 0.41 0.55 0.42 0.44 0.25 0.23 0.06
Balance Sheet
Cash & Equivalents 27,855.9 14.9 28.9 35.6 9.9 26.4 6.8 7.1 6.9 7.9 8.7 18.0 4.6 5.7 9.3 6.6 6.1 80.2 8.7 1.5
Total Assets 435,948.6 424.9 427.1 455.2 414.7 435.1 365.9 386.5 383.7 359.2 352.3 330.6 322.9 343.3 340.5 337.6 285.9 278.2 136.9 58.6
Total Debt 49,393.2 98.4 101.7 120.4 87.2 104.1 54 76.8 81.2 66 63 43 75 116 53 45 0 0 0 0
Stockholders' Equity 303,422.7 307.8 309.9 310.0 310.8 309.0 295.5 292.7 286.0 271.9 275.8 273.7 272.1 264.0 270.2 268.6 269.4 264.1 128.7 56.3
Cash Flow
Operating Cash Flow 3.2 6.5 8.2 6.5 7.6 1.8 8.2 6.2 6.9 15.5 1.0 10.2 1.7 4.6 5.0 4.3 3.0 (5.6) 10.8 1.5
Capital Expenditure 0 (0.0) 0 0.0 0 0 0.0 0.0 0 0 0 0 0 0 0 0 0 0 0 0
Free Cash Flow 3.2 6.5 8.2 6.5 7.6 1.8 8.2 6.2 6.9 15.5 1.0 10.2 1.7 4.6 5.0 4.3 3.0 (5.6) 10.8 1.5