Chicago Atlantic Real Estate Finance Inc REFI Stock Analysis
- Nasdaq
- Stock
- Market closed · opens Monday 9:30 AM ET
$9.31 down $0.08, 0.85% at close Oct 16
Last close · Previous close $9.39
- Market cap
- $197.44MAt the Oct 16 close
- P/E ratio
- 6.80On last 12 months’ EPS
- Diluted EPS
- $1.37Last 12 months
- Dividend yield
- 20.19%Last 12 months
Price chart
$9.31down $0.08, 0.85%Fri, Oct 16 session
Use the left and right arrow keys to move along the chart.
Price data
Trading
- Previous close$9.39Oct 15
- Volume142.83KOct 16 session
Shares traded on all US exchanges in the last completed session. Live intraday volume covers IEX only, so it is left out.
- Avg. volume241.32KLast 21 sessions
The average daily shares traded over the last 21 trading sessions, about one calendar month.
- 52-week range: $9.04 to $13.49; now $9.31
The lowest and highest trades over the past 52 weeks, adjusted for splits. The marker shows the latest price.
Member SIPC.Low CommissionsLearn More (opens in a new tab)Sponsored. Affiliate link: I may earn a commission. The inclusion of Interactive Brokers’ (IBKR) name, logo or weblink is present pursuant to an advertising arrangement only. IBKR is not a contributor, reviewer, provider or sponsor of content published on this site, and is not responsible for the accuracy of any products or services discussed.
Performance
Past performance, measured to the Oct 16 close. Total return includes reinvested dividends.Price change only, without dividends. Compared with the S&P 500, using SPY.
REFI trailed the S&P 500 in all 5 periods.
| Period | REFI and S&P 500 | vs S&P 500 |
|---|---|---|
| Short term | ||
| 1M | REFI: down 11.5% S&P 500: up 1.5% | REFI trailed the S&P 500 by 13.0 percentage points Trailed |
| 3M | REFI: down 10.2% S&P 500: up 1.9% | REFI trailed the S&P 500 by 12.1 percentage points Trailed |
| YTD | REFI: down 13.6% S&P 500: up 12.8% | REFI trailed the S&P 500 by 26.4 percentage points Trailed |
| 1Y | REFI: down 11.6% S&P 500: up 16.8% | REFI trailed the S&P 500 by 28.4 percentage points Trailed |
| Long term | ||
| 3Y | REFI: down 3.2% S&P 500: up 81.5% −1.1% vs +22.0% a year | REFI trailed the S&P 500 by 84.7 percentage points Trailed |
$10,000 invested in REFI a year ago (Oct 16, 2025) would be worth about $8,837 at the close on , with dividends reinvested. The same amount in the S&P 500 would be worth about $11,678.
REFI trailed the S&P 500 in all 5 periods.
| Period | REFI and S&P 500 | vs S&P 500 |
|---|---|---|
| Short term | ||
| 1M | REFI: down 15.4% S&P 500: up 1.2% | REFI trailed the S&P 500 by 16.6 percentage points Trailed |
| 3M | REFI: down 14.2% S&P 500: up 1.7% | REFI trailed the S&P 500 by 15.9 percentage points Trailed |
| YTD | REFI: down 24.1% S&P 500: up 11.9% | REFI trailed the S&P 500 by 36.0 percentage points Trailed |
| 1Y | REFI: down 25.2% S&P 500: up 15.5% | REFI trailed the S&P 500 by 40.7 percentage points Trailed |
| Long term | ||
| 3Y | REFI: down 37.9% S&P 500: up 75.0% −14.7% vs +20.5% a year | REFI trailed the S&P 500 by 112.9 percentage points Trailed |
$10,000 invested in REFI a year ago (Oct 16, 2025) would be worth about $7,478 at the close on , not counting dividends. The same amount in the S&P 500 would be worth about $11,553.
All-time high
$20.21
Closing high on . Now 53.9% below that record.
Split-adjusted daily closes since Dec 8, 2021.
Stock splits
REFI hasn’t split since its price history begins in 2021.
Valuation
The Oct 16 close compared with the last 12 months of reported results (the four quarters to Jun 30, 2026). Tap a metric to see how it’s calculated.
Price-to-earnings (P/E)
6.8×The Oct 16 close ÷ diluted EPS over the last 12 months ($1.37)
The range covers daily P/E ratios from Dec 8, 2021 to Oct 16, 2026, each based on the previous 12 months of earnings.
REFI trades at 6.8× its earnings over the last 12 months, below its 5-year median of 7.8×. In plain terms, buyers are paying about $7 for each $1 of profit from the past year. How to read P/E
Other valuation measures
- 3.7×Last 12 months’ revenue
Market value divided by revenue over the last 12 months. Useful when earnings are small or negative.
P/S = Market cap ÷ Revenue (last 12 months)Price-to-sales ratio - 0.7×Book value as of Jun 30, 2026
Price relative to accounting equity (book value) per share on the Jun 30, 2026 balance sheet. Asset-light companies often trade far above book value.
P/B = Price ÷ Book value per sharePrice-to-book ratio - 11.0×Last 12 months’ EBITDA
Enterprise value divided by EBITDA over the last 12 months. It compares companies with different amounts of debt.
EV/EBITDA = Enterprise value ÷ EBITDA (last 12 months)EV/EBITDA explained - 13.64%Last 12 months’ free cash flow
Free cash flow over the last 12 months as a share of the company’s market value: the cash the business generated for each dollar of stock.
FCF yield = Free cash flow (last 12 months) ÷ Market capFree cash flow - $324.59MAt the Oct 16 close
What it would cost to buy the whole business: the market cap at the Oct 16 close, plus debt, minus cash and short-term investments from the Jun 30, 2026 balance sheet.
EV = Market cap + Debt − Cash and short-term investmentsEV/EBITDA explained
Build your own REFI DCF in Excel. Value Chicago Atlantic Real Estate Finance with your own growth and margin assumptions.Browse DCF models Free DCF calculator
Financials
Reported results, not forecasts. From company filings via Tiingo; the latest report is Q2 FY26, the quarter ended Jun 30, 2026. “Last 12 months” means the four quarters from Jul 1, 2025 to Jun 30, 2026, and balance-sheet figures are as of Jun 30, 2026.
Revenue and net income
Last 12 months, with the change from the 12 months before
- Revenue
- $53.88Mdown 3.8%
- Net income
- $29.41Mdown 22.7%
- Diluted EPS
- $1.37down 25.1%
Data table
| Period | Revenue | Net income | Diluted EPS |
|---|---|---|---|
| Q3 FY24 (Sep 30, 2024) | $14.46M | $11.21M | $0.56 |
| Q4 FY24 (Dec 31, 2024) | $14.07M | $7.92M | $0.39 |
| Q1 FY25 (Mar 31, 2025) | $13.04M | $10.04M | $0.47 |
| Q2 FY25 (Jun 30, 2025) | $14.42M | $8.88M | $0.41 |
| Q3 FY25 (Sep 30, 2025) | $13.69M | $8.93M | $0.42 |
| Q4 FY25 (Dec 31, 2025) | $14.24M | $8.16M | $0.38 |
| Q1 FY26 (Mar 31, 2026) | $13.12M | $4.84M | $0.23 |
| Q2 FY26 (Jun 30, 2026) | $12.83M | $7.47M | $0.34 |
| Period | Revenue | Net income | Diluted EPS |
|---|---|---|---|
| FY21 (Dec 31, 2021) | $11.08M | $9.50M | $1.47 |
| FY22 (Dec 31, 2022) | $48.86M | $32.29M | $1.82 |
| FY23 (Dec 31, 2023) | $57.15M | $38.71M | $2.11 |
| FY24 (Dec 31, 2024) | $54.95M | $37.05M | $1.88 |
| FY25 (Dec 31, 2025) | $55.39M | $36.01M | $1.68 |
Margins
- Gross 85.4%
- Operating 55.4%
- Net 54.6%
The percentages above the chart cover the last 12 months; the lines show each quarter. What margins tell you
Cash flow
- $26.92MLast 12 months
Cash from operations minus capital spending: the cash left after the business maintains and grows its assets.
FCF = Operating cash flow − Capital spendingFree cash flow - Operating cash flow$26.92MLast 12 months
- Capital spending$0.00Last 12 months
- 50.0%Last 12 months
Free cash flow as a share of revenue, both over the last 12 months.
Shareholder returns
- $0.00Last 12 months
Cash spent repurchasing shares, net of shares issued. Buybacks shrink the share count, so each remaining share owns more of the company.
- Dividends paid$40.63MLast 12 months
- Total returned$40.63MLast 12 months
151% of free cash flow
Balance sheet
- Not reportedAs of Jun 30, 2026
Cash plus short- and long-term marketable securities on the Jun 30, 2026 balance sheet.
- Total debt$140.50MAs of Jun 30, 2026
- 0.47As of Jun 30, 2026
Total debt divided by shareholders’ equity on the Jun 30, 2026 balance sheet: a measure of financial leverage.
D/E = Total debt ÷ Shareholders’ equityDebt-to-equity ratio
Financial strength
- 9.6%Last 12 months
Over the last 12 months, Chicago Atlantic Real Estate Finance’s net income was 9.6% of its shareholders’ equity (averaged over the last four quarter-ends). It describes the past year, not an expected return.
ROE = Net income (last 12 months) ÷ Average equityReturn on equity - 6.7%Last 12 months
Over the last 12 months, Chicago Atlantic Real Estate Finance’s net income was 6.7% of its total assets (averaged over the last four quarter-ends): what the business earned on everything it owns.
ROA = Net income (last 12 months) ÷ Average total assets
Dividends
Cash dividends per share by ex-dividend year, adjusted for splits.
Dividends per share
Data table
| Year | Per share |
|---|---|
| 2016 | $0.000 |
| 2017 | $0.000 |
| 2018 | $0.000 |
| 2019 | $0.000 |
| 2020 | $0.000 |
| 2021 | $0.000 |
| 2022 | $2.10 |
| 2023 | $2.17 |
| 2024 | $2.06 |
| 2025 | $1.88 |
| 2026 (to date) | $1.41 |
Dividend details
- $1.88Per share, last 12 months
Cash dividends per share with ex-dividend dates in the last 12 months.
- 20.19%; 5-yr low 2.14%, 5-yr high 23.45%Last 12 months
Dividends paid over the last 12 months as a share of the Oct 16 close. The bar shows where that yield sits in its range over the past five years; the median was 14.14%.
- $0.47Ex-dividend
The most recent payment per share. Shares bought on or after the ex-dividend date don’t receive it.
- FrequencyQuarterly4 payments in the last 12 months
- 137.2%Last 12 months
The share of earnings paid out as dividends over the last 12 months. Lower ratios leave more room to reinvest or raise the dividend.
Payout = Dividends per share ÷ Diluted EPS (both last 12 months)Payout ratio calculator
About Chicago Atlantic Real Estate Finance Inc
Chicago Atlantic Real Estate Finance, Inc. is a market-leading commercial mortgage REIT utilizing significant real estate, credit and cannabis expertise to originate senior secured loans primarily to state-licensed cannabis operators in limited-license states in the United States. REFI is part of the Chicago Atlantic platform which has offices in Chicago, Miami, New York, and London and has closed over $2.3 billion in credit facilities since inception.
- Sector
- Real Estate
- Industry
- REIT - Mortgage
- Headquarters
- Illinois, USA
- SEC filings
- EDGAR (opens in a new tab)
- Exchange
- Nasdaq
- Asset type
- Common stock
- Price history since
REFI news
Explore more stocks
Prices are from the last refresh. Open any stock for its live dashboard.
Popular stocks
REFI stock FAQ
What is REFI stock’s price today?
Chicago Atlantic Real Estate Finance (REFI) traded at $9.31 at the close on , down $0.08 (0.85%) from the previous close of $9.39. Over the past 52 weeks it has traded between $9.04 and $13.49.
What is Chicago Atlantic Real Estate Finance’s market cap?
Chicago Atlantic Real Estate Finance’s market capitalization is about $197.4 million. That’s Tiingo’s daily market cap for , at that day’s closing price of $9.31 (how market cap works). Chicago Atlantic Real Estate Finance reported 21.21M shares outstanding at the end of its latest quarter ().
What is REFI’s P/E ratio?
REFI trades at 6.8 times its diluted earnings over the four quarters to ($1.37 per share), at the close. Over the past five years its P/E has ranged from 6.6 to 18.8, with a median of 7.8. (How the P/E ratio works.)
How much revenue does Chicago Atlantic Real Estate Finance make?
Chicago Atlantic Real Estate Finance reported $53.9 million of revenue over the four quarters to , down 3.8% from the twelve months before. In its latest quarter (Q2 FY26, ended ) revenue was $12.8 million, down 11.0% from a year earlier.
Is Chicago Atlantic Real Estate Finance profitable?
Yes. Chicago Atlantic Real Estate Finance earned $29.4 million of net income over the four quarters to , a net margin of 54.6%, and its operating margin was 55.4% (what margins tell you).
What are REFI’s earnings per share?
REFI’s diluted earnings per share were $1.37 over the four quarters to , compared with $1.83 in the twelve months before. The latest quarter (Q2 FY26) brought $0.34 per share, against $0.41 a year earlier (how EPS works).
Does REFI pay a dividend?
Yes. Chicago Atlantic Real Estate Finance pays a quarterly dividend. The most recent was $0.47 per share, with an ex-dividend date of . Over the last twelve months it paid $1.88 per share, a 20.19% yield at the close (how dividend yield works).
Based on the last 12 months’ payments ($1.88 per share), and if the next 12 months match the last 12, 100 shares would receive about $188 over 12 months, and $1,000 over 12 months would take about 532 shares, roughly $4,953 at the close. Dividends can change.
What is REFI’s 52-week high and low?
Over the past 52 weeks REFI has traded as low as $9.04 and as high as $13.49. At $9.31 at the close on , it is 31.0% below that high and 3.0% above the low.
What is REFI’s all-time high?
REFI’s highest closing price was $20.21 on , adjusted for stock splits. At $9.31 at the close on , it is 53.9% below that record.
Has REFI stock ever split?
No. REFI hasn’t split since its price history begins in 2021.
How has REFI stock performed?
Including dividends and measured to the close on , REFI has returned −13.6% so far this year and −11.6% over the past year. Over the same periods the S&P 500, measured by SPY, returned +12.8% and +16.8%. Past performance doesn’t predict future returns.
What sector and industry is Chicago Atlantic Real Estate Finance in?
Chicago Atlantic Real Estate Finance is in the Real Estate sector and the REIT - Mortgage industry, and is headquartered in Illinois, USA.
What exchange does REFI trade on?
Chicago Atlantic Real Estate Finance trades on the Nasdaq under the ticker symbol REFI. Its price history on this dashboard begins on .
Member SIPC.Low CommissionsLearn More (opens in a new tab)Sponsored. Affiliate link: I may earn a commission. The inclusion of Interactive Brokers’ (IBKR) name, logo or weblink is present pursuant to an advertising arrangement only. IBKR is not a contributor, reviewer, provider or sponsor of content published on this site, and is not responsible for the accuracy of any products or services discussed.
About this data. Data sourced by Tiingo (opens in a new tab). The live price is Tiingo’s real-time price, based on IEX trades and quotes; intraday charts show IEX trades, and volume figures are consolidated totals for completed sessions. Prices are split-adjusted, and total returns assume dividends are reinvested. Financials come from company filings and can lag new reports. Times are Eastern.
This page is for education, not investment advice. Past performance doesn't predict future returns. Logos provided by Logo.dev (opens in a new tab).
The Interactive Brokers word and logo are trademarks of Interactive Brokers LLC (or its subsidiaries) in the US and/or elsewhere. All rights reserved.