REFI · Chicago Atlantic Real Estate Finance, Inc.
Chicago Atlantic Real Estate Finance, Inc. operates as a commercial mortgage real estate investment trust in the United States. It engages in originating, structuring, and investing in first mortgage loans and alternative structured financings secured by commercial real estate properties. The company's loan portfolio is comprised of senior loans to state-licensed operators in the cannabis industry. It has elected to be taxed as a real estate investment trust (REIT) and would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. Chicago Atlantic Real Estate Finance, Inc. was incorporated in 2021 and is based in Miami Beach, Florida.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $10.84 |
| SO | 25.6M |
| Options | 0.1M |
| Warrants | 0.0M |
| FD SO | 25.7M |
| MC | $278.7M |
| Cash | $13.4M |
| Total debt | $49.5M ⚠ |
| EV | $314.8M |
| TTM Multiples | |
|---|---|
| EV / Revenue | 5.1x |
| EV / EBITDA | — |
| MC / Net Income | 9.5x |
| EV / FCF | — |
| MC / FCF | — |
| Ownership & coverage | |
|---|---|
| Institutional | 29.2% |
| Insiders | 11.3% |
| # Institutions | 140 |
| Analysts | 4 |
| Consensus | Buy |
| Avg target | $15.12 |
| Short % float | 4.9% |
| Days to cover | 7.07 |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-08-06. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-08-31 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-08-14; the float denominator can be unreliable on tiny floats.
Debt figure uncertain — $96.9M of liabilities are neither recognized debt nor a named non-debt item. Verify against the filing before relying on EV.
Financial statements
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Total Revenue | 15.22 | 15.16 | 16.08 | 15.25 |
| Revenue YoY % | (7.8%) | 0.4% | 3.9% | (6.2%) |
| SG&A | 1.53 | 1.15 | 1.54 | 1.30 |
| Interest Expense | 2.27 | 1.93 | 1.70 | 1.42 |
| Pretax Income | 7.47 | 4.84 | 8.16 | 8.93 |
| Tax Provision | 0.00 | 0.00 | 0.00 | 0.00 |
| Net Income | 7.47 | 4.84 | 8.16 | 8.93 |
| Net Margin % | 49.1% | 31.9% | 50.7% | 58.6% |
| Diluted EPS | $0.34 | $0.23 | $0.38 | $0.42 |
| Basic EPS | $0.35 | $0.23 | $0.38 | $0.42 |
| Diluted Avg Shares | 21.7 | 21.5 | — | 21.5 |
| Basic Avg Shares | 21.2 | 21.1 | — | 21.1 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Total Revenue | 61.71 | 62.94 | 62.10 | 62.90 | 48.86 |
| Revenue YoY % | (1.9%) | 1.3% | (1.3%) | 28.7% | — |
| Gross Profit | — | — | — | 57.15 | 48.86 |
| Gross Profit YoY % | — | — | — | 17.0% | — |
| Gross Margin % | — | — | — | 90.9% | 100.0% |
| SG&A | 5.52 | 5.30 | 5.39 | 19.46 | 3.53 |
| Interest Expense | 7.33 | 6.94 | 6.80 | 5.75 | 2.02 |
| Pretax Income | 29.41 | 36.01 | 37.05 | 38.71 | 32.29 |
| Tax Provision | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net Income | 29.41 | 36.01 | 37.05 | 38.71 | 32.29 |
| Net Margin % | 47.7% | 57.2% | 59.7% | 61.5% | 66.1% |
| Diluted EPS | $1.37 | $1.68 | $1.88 | $2.11 | $1.82 |
| Basic EPS | $1.38 | $1.71 | $1.92 | $2.14 | $1.83 |
| Diluted Avg Shares | 21.7 | 21.4 | 19.7 | 18.3 | 17.7 |
| Basic Avg Shares | 21.2 | 21.0 | 19.3 | 18.1 | 17.7 |
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 13.35 | 27.86 | 14.95 | 28.92 |
| Other Assets | 448.35 | 408.09 | 409.97 | 398.16 |
| Total Assets | 461.70 | 435.95 | 424.92 | 427.08 |
| Long-term Debt | 49.45 | 49.39 | 49.33 | 49.27 |
| Other Liabilities | 110.60 | 83.13 | 67.77 | 67.89 |
| Total Liabilities | 160.05 | 132.53 | 117.10 | 117.16 |
| Retained Earnings | (23.51) | (20.78) | (15.52) | (12.52) |
| Total Equity | 301.65 | 303.42 | 307.81 | 309.91 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 13.35 | 14.95 | 26.40 | 7.90 | 5.72 |
| Inventory | — | — | — | — | 1.20 |
| Other Assets | 448.35 | 409.97 | 408.75 | 351.33 | 336.35 |
| Total Assets | 461.70 | 424.92 | 435.15 | 359.23 | 343.27 |
| Current Debt | — | — | — | 284.50 | 336.32 |
| Long-term Debt | 49.45 | 49.33 | 49.10 | — | — |
| Other Liabilities | 110.60 | 67.77 | 77.09 | (197.13) | (257.09) |
| Total Liabilities | 160.05 | 117.10 | 126.19 | 87.37 | 79.24 |
| Retained Earnings | (23.51) | (15.52) | (10.14) | (5.81) | (5.14) |
| Total Equity | 301.65 | 307.81 | 308.96 | 271.85 | 264.03 |
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Net Income | 7.47 | 4.84 | 8.16 | 8.93 |
| Stock-Based Comp | 0.96 | 0.87 | 0.91 | 0.93 |
| Δ Working Cap & Other | 0.62 | (2.54) | (2.55) | (1.68) |
| Operating Cash Flow | 9.06 | 3.16 | 6.52 | 8.19 |
| Other Investing | (36.65) | 1.73 | (7.28) | 14.06 |
| Investing Cash Flow | (36.65) | 1.73 | (7.28) | 14.06 |
| Stock Issuance | 0.00 | 0.00 | 0.00 | 0.00 |
| Dividends Paid | (10.91) | (9.91) | (9.91) | (9.91) |
| Other Financing | 24.00 | 17.92 | (3.31) | (18.98) |
| Financing Cash Flow | 13.09 | 8.01 | (13.22) | (28.89) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Net Income | 29.41 | 36.01 | 37.05 | 38.71 | 32.29 |
| Stock-Based Comp | 3.66 | 3.37 | 3.06 | 1.48 | 0.44 |
| Δ Working Cap & Other | (6.14) | (10.59) | (16.94) | (11.77) | (15.72) |
| Operating Cash Flow | 26.92 | 28.79 | 23.16 | 28.42 | 17.01 |
| Acquisitions | — | — | — | — | (3.78) |
| Other Investing | (28.13) | 8.74 | (39.30) | (1.93) | (121.47) |
| Investing Cash Flow | (28.13) | 8.74 | (39.30) | (1.93) | (125.24) |
| Debt Issuance | — | — | — | 0.84 | — |
| Stock Issuance | 0.00 | 1.03 | 39.59 | 7.22 | 4.51 |
| Dividends Paid | (40.63) | (43.84) | (41.63) | (39.13) | (28.17) |
| Other Financing | 19.63 | (6.17) | 36.68 | 6.76 | 57.37 |
| Financing Cash Flow | (21.00) | (48.98) | 34.64 | (24.31) | 33.71 |
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Current Ratio | — | — | — | — |
| Quick Ratio | — | — | — | — |
| Debt / Equity | 0.16 | 0.16 | 0.16 | 0.16 |
| EBITDA Margin % | — | — | — | — |
| Working Capital | — | — | — | — |
| Net Debt | 36.10 | 21.54 | 34.39 | 20.35 |
| ROE % | 2.5% | 1.6% | 2.7% | 2.9% |
| ROA % | 1.6% | 1.1% | 1.9% | 2.1% |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Current Ratio | — | — | — | — | — |
| Quick Ratio | — | — | — | — | — |
| Debt / Equity | — | — | — | — | — |
| EBITDA Margin % | — | — | — | — | — |
| Working Capital | — | — | — | — | — |
| Net Debt | — | — | — | — | — |
| ROE % | 9.7% | 11.7% | 12.0% | 14.2% | 12.2% |
| ROA % | 6.4% | 8.5% | 8.5% | 10.8% | 9.4% |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-08-28 | Mazarakis John | Director, Officer (Executive Chairman) | 2026-08-27 | P | 7,530 | $10.67 | $80,345 |
| 2026-08-28 | Mazarakis John | Director, Officer (Executive Chairman) | 2026-08-26 | P | 40,181 | $10.67 | $428,595 |
| 2026-08-25 | Mazarakis John | Director, Officer (Executive Chairman) | 2026-08-21 | P | 145 | $10.67 | $1,547 |
| 2026-08-21 | Sack Peter | Director, Officer (Co-Chief Executive Officer) | 2026-08-19 | P | 1,500 | $10.53 | $15,795 |
| 2026-08-21 | Sack Peter | Director, Officer (Co-Chief Executive Officer) | 2026-08-19 | P | 2,000 | $10.39 | $20,780 |
| 2026-08-21 | Sack Peter | Director, Officer (Co-Chief Executive Officer) | 2026-08-18 | P | 1,500 | $10.43 | $15,645 |
| 2026-08-19 | Mazarakis John | Director, Officer (Executive Chairman) | 2026-08-17 | P | 25,000 | $10.25 | $256,325 |
| 2026-08-19 | Cappell Anthony | Director, Officer (Co-Chief Executive Officer) | 2026-08-17 | P | 45,000 | $10.40 | $468,225 |
| 2026-04-22 | Konigsberg Brandon | Director | 2026-04-20 | A | 6,324 | — | $0 |
| 2026-04-22 | Kite David | Officer (President and COO) | 2026-04-20 | A | 37,099 | — | $0 |
| 2026-04-22 | Silverman Phillip | Officer (Chief Financial Officer) | 2026-04-20 | A | 32,462 | — | $0 |
| 2026-04-22 | Stavola Elizabeth Mary | Director | 2026-04-20 | A | 6,324 | — | $0 |
| 2026-04-22 | Mazarakis John | Director, Officer (Executive Chairman) | 2026-04-20 | A | 37,099 | — | $0 |
| 2026-04-22 | Cappell Anthony | Director, Officer (Co-Chief Executive Officer) | 2026-04-20 | A | 37,099 | — | $0 |
| 2026-04-22 | Papastavrou Jason D | Director | 2026-04-20 | A | 6,324 | — | $0 |
| 2026-04-22 | Sack Peter | Director, Officer (Co-Chief Executive Officer) | 2026-04-20 | A | 37,099 | — | $0 |
| 2025-10-16 | Mazarakis John | Director, Officer (Executive Chairman) | 2025-10-16 | P | 8,000 | $12.75 | $102,000 |
| 2025-10-16 | Papastavrou Jason D | Director | 2025-10-15 | P | 10,000 | $12.62 | $126,150 |
| 2025-10-16 | Papastavrou Jason D | Director | 2025-10-15 | P | 5,000 | $12.71 | $63,550 |
| 2025-10-16 | Papastavrou Jason D | Director | 2025-10-15 | P | 3,000 | $12.68 | $38,040 |
| 2025-10-16 | Kite David | Officer (Chief Operating Officer) | 2025-10-15 | P | 2,500 | $12.70 | $31,750 |
| 2025-10-16 | Kite David | Officer (Chief Operating Officer) | 2025-10-14 | P | 2,500 | $12.31 | $30,775 |
| 2025-10-16 | Konigsberg Brandon | Director | 2025-10-14 | P | 7,000 | $12.33 | $86,296 |
| 2025-10-16 | Sack Peter | Director, Officer (Co-Chief Executive Officer) | 2025-10-14 | P | 8,150 | $12.43 | $101,304 |
| 2025-10-02 | Mazarakis John | Director, Officer (Executive Chairman) | 2025-10-01 | P | 7,500 | $12.43 | $93,225 |
| 2025-04-10 | Silverman Phillip | Officer (Chief Financial Officer) | 2025-04-09 | P | 769 | $13.00 | $9,997 |
| 2025-04-03 | Sack Peter | Director, Officer (Co-Chief Executive Officer) | 2025-04-01 | A | 28,398 | — | $0 |
| 2025-04-03 | Papastavrou Jason D | Director | 2025-04-01 | A | 5,071 | — | $0 |
| 2025-04-03 | Mazarakis John | Director, Officer (Executive COB) | 2025-04-01 | A | 28,398 | — | $0 |
| 2025-04-03 | Konigsberg Brandon | Director | 2025-04-01 | A | 5,071 | — | $0 |
| 2025-04-03 | Kite David | Officer (Chief Operating Officer) | 2025-04-01 | A | 28,398 | — | $0 |
| 2025-04-03 | Bodmeier Andreas | Officer (President and CIO) | 2025-04-01 | A | 28,398 | — | $0 |
| 2025-04-03 | Cappell Anthony | Director, Officer (Co-Chief Executive Officer) | 2025-04-01 | A | 28,398 | — | $0 |
| 2025-04-03 | Steiner Michael L. | Director | 2025-04-01 | A | 5,071 | — | $0 |
| 2025-04-03 | Silverman Phillip | Officer (Chief Financial Officer) | 2025-04-01 | A | 8,993 | — | $0 |
| 2024-11-08 | Mazarakis John | Director, Officer (Executive COB) | 2024-11-08 | P | 2,779 | $15.82 | $43,964 |
| 2024-11-08 | Mazarakis John | Director, Officer (Executive COB) | 2024-11-07 | S | (2,779) | $15.86 | -$44,069 |