NASDAQ · Financial Statements

Chicago Atlantic Real Estate Finance, Inc. (REFI) Financial Statements

$9.37 NASDAQ: REFI Market Cap $240.07M

Chicago Atlantic Real Estate Finance, Inc. most recently reported annual revenue of $63.0M, net profit of $36.0M. Revenue grew at an average annual rate of 45.6% over the last 4 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Chicago Atlantic Real Estate Finance, Inc.: Revenue rose from $14.0M in 2021 to $63.0M in 2025, a change of +350.0% over 4 years; net profit was positive in all 5 reported years; operating margin moved from 87.5% to 57.1%, a shift of -30.4 percentage points; the most recent year shows net profit of $36.0M.

Income Statement — 5 Years (USD millions)

Metric20212022202320242025
Revenue$14.0M$49.0M$57.0M$55.0M$63.0M
Operating Expenses$2.0M$49.0M$57.0M$55.0M$27.0M
Operating Profit$13.0M$0$0$0$36.0M
Operating Margin87.5%0.0%0.0%0.0%57.1%
Other Income$0$32.0M$39.0M$37.0M$0
Interest$0$3.0M$6.0M$7.0M$8.0M
Depreciation$0$563.0M$0$0$0
Profit Before Tax$13.0M$32.0M$39.0M$37.0M$36.0M
Tax$0$0$0$0$0
Net Profit$13.0M$32.0M$39.0M$37.0M$36.0M
EPS$0.54$1.82$2.11$1.88$1.68
Dividend Payout0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricSep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26Jun '26
Revenue$14.0M$15.0M$13.0M$13.0M$14.0M$14.0M$13.0M$15.0M$14.0M$16.0M$15.0M$15.0M
Operating Expenses$1.8B$6.0M$13.0M$13.0M$14.0M$14.0M$13.0M$15.0M$14.0M$8.0M$8.0M$5.0M
Operating Profit$-1.8B$9.0M$0$0$0$0$0$0$0$8.0M$7.0M$10.0M
Operating Margin-12907.3%61.8%0.0%0.0%0.0%0.0%0.0%0.0%0.0%50.7%45.4%64.8%
Interest$1.0M$2.0M$2.0M$2.0M$2.0M$1.0M$2.0M$2.0M$2.0M$2.0M$2.0M$2.0M
Profit Before Tax$10.0M$9.0M$9.0M$9.0M$11.0M$8.0M$10.0M$9.0M$9.0M$8.0M$5.0M$7.0M
Tax$0$0$0$0$0$0$0$0$0$0$0$0
Net Profit$10.0M$9.0M$9.0M$9.0M$11.0M$8.0M$10.0M$9.0M$9.0M$8.0M$5.0M$7.0M
EPS$0.54$0.51$0.47$0.46$0.56$0.39$0.47$0.41$0.42$0.38$0.23$0.34

Over the 5 years reported for Chicago Atlantic Real Estate Finance, Inc., cash stood at $15.0M in the latest year, shareholders' equity was $0, current assets covered current liabilities 0.28 times.

Balance Sheet — 5 Years (USD millions)

Metric20212022202320242025
Total Assets$278.0M$343.0M$359.0M$435.0M$425.0M
Current Assets$277.0M$342.0M$358.0M$435.0M$19.0M
Cash$80.0M$6.0M$8.0M$26.0M$15.0M
Inventory$0$0$0$0$0
Receivables$197.0M$335.0M$349.0M$403.0M$4.0M
Fixed Assets$0$0$0$0$0
Capital Work in Progress$0$0$0$0$0
Investments$0$0$1.0M$0$404.0M
Other Assets$0$0$0$0$0
Total Liabilities$14.0M$79.0M$87.0M$126.0M$117.0M
Current Liabilities$12.0M$20.0M$19.0M$20.0M$67.0M
Borrowings$0$58.0M$66.0M$104.0M$98.0M
Other Liabilities$14.0M$21.0M$21.0M$22.0M$19.0M
Equity$0$0$0$0$0
Reserves$264.0M$264.0M$272.0M$309.0M$308.0M

For Chicago Atlantic Real Estate Finance, Inc., operating cash flow was positive in 5 of 5 reported years; free cash flow in the latest year was $29.0M; free cash flow was positive in 5 of 5 years.

Cash Flow Statement — 5 Years (USD millions)

Metric20212022202320242025
Operating Cash Flow$7.0M$17.0M$28.0M$23.0M$29.0M
Investing Cash Flow$-145.0M$-125.0M$-2.0M$-39.0M$9.0M
Financing Cash Flow$2.0M$-1.0M$0$-1.0M$0
Net Cash Flow$80.0M$-75.0M$2.0M$19.0M$-11.0M
Free Cash Flow$7.0M$17.0M$28.0M$23.0M$29.0M

Valuation & Return Ratios

MetricValue
PEG Ratio-0.30
EV / EBITDA14.23
FCF Yield11.86%
Quick Ratio0.40
Interest Coverage3.18
Return 1Y-13.39%
Return 3Y1.73%
Return 5Y—

Chicago Atlantic Real Estate Finance, Inc. (REFI) financials — frequently asked questions

What is Chicago Atlantic Real Estate Finance, Inc.'s annual revenue?

Chicago Atlantic Real Estate Finance, Inc. (REFI) reported annual revenue of $63.0M in its most recent fiscal year.

What is Chicago Atlantic Real Estate Finance, Inc.'s net profit?

Chicago Atlantic Real Estate Finance, Inc. (REFI) reported net profit of $36.0M in its most recent fiscal year.

What is REFI EV/EBITDA?

Chicago Atlantic Real Estate Finance, Inc.'s enterprise value to EBITDA (EV/EBITDA) ratio is 14.23.

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