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    REFI

    Chicago Atlantic Real Estate Finance, Inc.

    Company overview

    Market capitalization
    $273.12M
    Employees
    0
    Latest publication
    2026-09-29
    About 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.

    Company website

    Financial statements

    Income Quarterly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ4 20252025-12-31 · USDQ3 20252025-09-30 · USDQ2 20252025-06-30 · USDQ1 20252025-03-31 · USDQ4 20242024-12-31 · USDQ3 20242024-09-30 · USDQ4 20222022-12-31 · USDQ3 20222022-09-30 · USD
    Total Revenue16,075,823USD13,685,274USD14,589,987USD13,041,933USD13,903,376USD14,459,393USD14,762,622USD12,626,864USD
    Cost Of Revenue1,937,437USD1,435,071USD1,932,957USD1,735,533USD2,863,158USD1,669,116USD2,483,513USD306,885,000USD
    Gross Profit14,138,386USD13,685,274USD14,589,987USD13,041,933USD13,903,376USD14,459,393USD14,762,622USD12,626,864USD
    Selling General Administrative2,448,078USD2,227,564USD2,152,252USD1,845,418USD2,335,627USD2,099,586USD4,521,038USD2,773,004USD
    Unclassified Operating Expenses3,533,058USD11,457,710USD12,437,735USD11,196,515USD10,731,416USD12,359,807USD10,241,584USD—
    Total Operating Expenses5,981,136USD13,685,274USD14,589,987USD13,041,933USD13,903,376USD14,459,393USD14,762,622USD2,857,895USD
    Operating Income8,157,250USD10,500,131USD10,954,423USD12,106,694USD9,330,566USD13,010,987USD-2,483,513USD9,768,969USD
    Interest Income16,075,823USD15,250,866USD16,502,035USD15,107,315USD15,479,250USD16,258,744USD15,993,588USD13,795,097USD
    Interest Expense1,837,619USD1,565,592USD2,077,048USD2,065,000USD1,410,874USD1,799,000USD1,230,966USD861,348USD
    Net Interest Income14,238,204USD13,685,274USD14,424,987USD13,041,933USD14,068,376USD14,459,393USD14,762,622USD12,933,749USD
    Income Before Tax8,157,250USD8,934,539USD8,877,375USD10,041,312USD7,919,692USD11,211,636USD7,255,717USD9,768,969USD
    Tax Provision0USD0USD0USD0USD0USD0USD0USD0USD
    Net Income8,157,250USD8,934,539USD8,877,375USD10,041,312USD7,919,692USD11,211,636USD7,255,717USD9,768,969USD
    Net Income From Continuing Ops8,157,250USD8,934,539USD8,877,375USD10,041,312USD7,919,692USD11,211,636USD7,255,717USD9,768,969USD
    Ebitda8,157,250USD9,256,725,000USD10,954,423USD12,106,694USD9,330,566USD79,768USD34,880,267USD10,630,320USD
    Total Other Income Expense Net-1,837,620USD8,934,539USD8,877,375USD10,041,312USD7,919,692USD11,211,636USD7,255,717USD9,768,969USD
    Ebit—8,934,539,000USD10,954,423USD12,106,694USD9,330,566USD0USD30,943,634USD0USD
    Depreciation And Amortization—322,186,000USD———79,768USD3,936,633USD10,630,320USD
    Selling And Marketing Expenses————836,333USD——84,891USD
    Income Tax Expense——————0USD-861,351USD
    Net Income Applicable To Common Shares——————7,255,717USD9,768,969USD
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Income Yearly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricFY 20252025-12-31 · USDFY 20212021-12-31 · USD
    Total Revenue63,101,040USD11,075,116,000USD
    Cost Of Revenue8,276,692USD905,123USD
    Gross Profit54,824,348USD11,075,116,000USD
    Selling General Administrative8,673,312USD252,545,000USD
    Unclassified Operating Expenses10,140,558USD—
    Total Operating Expenses18,813,870USD252,545,000USD
    Operating Income36,010,478USD9,496,436,000USD
    Interest Income62,936,040USD—
    Interest Expense7,545,641USD75,861USD
    Net Interest Income55,390,399USD—
    Income Before Tax36,010,478USD9,496,436,000USD
    Tax Provision0USD—
    Net Income36,010,478USD9,496,436,000USD
    Net Income From Continuing Ops36,010,478USD—
    Ebitda36,010,478USD9,496,511,861USD
    Total Other Income Expense Net-7,545,641USD-75,864USD
    Research Development—1USD
    Selling And Marketing Expenses—39,481USD
    Income Tax Expense—12,661,912USD
    Ebit—9,496,436,000USD
    Depreciation And Amortization—75,861USD
    Net Income Applicable To Common Shares—12,661,912USD
    SourceLegacy providerLegacyLegacy providerLegacy

    Balance sheet Quarterly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ2 20262026-06-30 · USDQ1 20262026-03-31 · USDQ4 20252025-12-31 · USDQ3 20252025-09-30 · USDQ2 20252025-06-30 · USDQ1 20252025-03-31 · USDQ4 20242024-12-31 · USDQ3 20242024-09-30 · USD
    Total Assets461,699,086USD435,948,612USD424,915,648USD427,077,164USD455,214,325USD414,665,332USD435,148,974USD365,912,737USD
    Cash And Equivalents13,351,699USD———————
    Other Current Assets1,181,661USD-7,465,080,712USD—-33,435,115USD4,394,723USD3,015,505USD4,978,274USD356,935,087USD
    Total Liabilities160,051,048USD———————
    Total Stockholder Equity301,648,038USD303,422,658USD307,814,476USD309,914,679USD310,028,390USD310,780,047USD308,958,097USD295,466,758USD
    Total Equity Including Noncontrolling Interest301,648,038USD———————
    Common Stock213,144USD210,803USD210,803USD210,753USD210,746USD208,938USD208,292USD196,345USD
    Retained Earnings-23,511,551USD-20,779,353USD-15,522,181USD-12,522,211USD-11,548,516USD-9,915,731USD-10,136,963USD-4,451,503USD
    Total Liab—132,525,954USD117,101,172USD117,162,485USD145,185,935USD103,885,285USD126,190,877USD70,445,979USD
    Other Current Liab—14,520,465USD16,470,716USD14,413,476USD12,081,466USD12,103,138USD17,766,189USD-54,000,000USD
    Capital Stock—210,803USD210,803USD210,753USD210,746USD208,938USD208,292USD196,345USD
    Other Assets—400,622,679,000USD—427,077,164USD455,214,325USD414,665,332USD435,148,974USD358,053,181,000USD
    Cash—27,855,945USD14,948,884USD28,920,537USD35,562,084USD9,879,177USD26,400,448USD6,760,433USD
    Cash And Short Term Investments—27,855,945USD14,948,884USD28,920,537USD35,562,084USD9,879,177USD26,400,448USD6,760,433USD
    Total Current Assets—32,763,233USD18,958,684USD33,408,683USD455,010,943USD414,411,103USD434,843,899USD7,859,556USD
    Total Current Liabilities—81,880,571USD66,919,050USD66,813,476USD22,898,838USD15,097,956USD20,005,652USD66,507,374USD
    Net Debt—88,587,303USD83,485,575USD72,754,107USD84,852,931USD77,276,536USD77,695,802USD-6,760,433USD
    Short Term Debt—67,050,000USD49,100,000USD52,400,000USD49,215,015USD38,000,000USD55,000,000USD54,000,000USD
    Short Long Term Debt—67,050,000USD49,100,000USD52,400,000USD71,200,000USD38,000,000USD55,000,000USD54,000,000USD
    Short Long Term Debt Total—116,443,248USD98,434,459USD101,674,644USD120,415,015USD87,155,713USD104,096,250USD54,000,000USD
    Long Term Debt—49,393,248USD49,334,459USD49,274,644USD49,215,015USD49,155,713USD49,096,250USD—
    Net Receivables—7,469,988,000USD4,009,800USD4,488,146USD415,054,136USD401,516,421USD403,465,177USD1,099,123,000USD
    Accounts Payable—310,106USD1,348,334USD—10,817,372USD2,994,818USD2,239,463USD1,357,718USD
    Common Stock Shares Outstanding—21,484,000shares21,432,000shares21,486,000shares21,487,106shares21,265,000shares20,256,628shares20,058,417shares
    Non Current Assets Total—403,185,379USD405,956,964USD393,668,481USD203,382USD254,229USD305,075USD-7,493,643,263USD
    Non Current Liabilities Total—50,645,383USD50,182,122USD50,349,009USD122,287,097USD88,787,329USD106,185,225USD55,570,544USD
    Non Currrent Assets Other—2,628,476USD2,064,182USD608,247USD203,382USD254,229USD305,075USD261,217USD
    Unclassified Current Assets—-7,465,080,712USD—————-8,208,631,531USD
    Unclassified Non Current Assets—-400,222,122,097USD403,892,782USD-34,016,930USD-455,214,325USD-414,665,332USD-435,148,974USD-365,547,085,480USD
    Unclassified Current Liabilities—-67,050,000USD-49,100,000USD-52,400,000USD-120,415,015USD-76,000,000USD-110,000,000USD-42,850,344USD
    Unclassified Non Current Liabilities—1,252,135USD—1,074,365USD73,072,082USD39,631,616USD57,088,975USD55,570,544USD
    Unclassified Equity—323,780,405USD322,915,051USD322,015,384USD321,155,414USD320,277,902USD318,678,476USD299,525,571USD
    Accumulated Other Comprehensive Income————0USD0USD0USD0USD
    Short Term Investments———————6,753,672,567USD
    SourceDisclosureDeterministicFinalLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Balance sheet Yearly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricFY 20252025-12-31 · USDFY 20242024-12-31 · USDFY 20232023-12-31 · USDFY 20222022-12-31 · USDFY 20212021-12-31 · USD
    Total Assets424,915,648USD435,148,974USD359,225,597USD343,271,050USD278,170,455USD
    Total Liab117,101,172USD126,190,877USD87,372,206USD79,238,027USD14,092,487USD
    Total Stockholder Equity307,814,476USD308,958,097USD271,853,391USD264,033,023USD264,077,968USD
    Other Current Liab16,470,716USD17,766,189USD18,185,320USD18,782,384USD11,976,771USD
    Common Stock210,803USD208,292USD181,972USD176,859USD173,551USD
    Capital Stock210,803USD208,292USD181,972USD176,859USD173,551USD
    Retained Earnings-15,522,181USD-10,136,963USD-5,811,673USD-5,139,684USD-177,560USD
    Other Assets405,082,719,000USD435,149,000USD359,225,597USD343,271,050USD197,718,046,000USD
    Cash14,948,884USD26,400,448USD7,898,040USD5,715,827USD80,248,526USD
    Cash And Short Term Investments14,948,884USD26,400,448USD7,898,040USD5,715,827USD80,248,526USD
    Total Current Assets18,958,684USD434,843,899USD358,016,736USD342,465,454USD277,302,433USD
    Total Current Liabilities66,919,050USD20,005,652USD19,317,583USD19,746,097USD12,189,658USD
    Net Debt83,485,575USD77,695,802USD58,101,960USD52,284,173USD-80,248,526USD
    Short Term Debt49,100,000USD49,096,250,000USD66,000,000USD58,000,000USD1,800,000USD
    Short Long Term Debt49,100,000USD55,000,000USD66,000,000USD58,000,000USD0USD
    Short Long Term Debt Total98,434,459USD104,096,250USD66,000,000USD58,000,000USD197,718,046USD
    Long Term Debt49,334,459USD49,096,250USD66,000,000USD58,000,000USD—
    Net Receivables4,009,800USD403,465,177USD348,667,963USD335,332,599USD196,850,024USD
    Accounts Payable1,348,334USD2,239,463USD1,132,263USD963,713USD212,887USD
    Accumulated Other Comprehensive Income0USD0USD0USD0USD0USD
    Common Stock Shares Outstanding21,432,000shares19,714,000shares18,343,725shares17,746,214shares17,453,553shares
    Non Current Assets Total405,956,964USD305,075USD1,208,861USD805,596USD868,022USD
    Non Current Liabilities Total50,182,122USD106,185,225USD68,054,623USD59,491,930USD1,902,829USD
    Non Currrent Assets Other2,064,182USD305,075USD366,592USD805,596USD868,022USD
    Unclassified Non Current Assets-404,678,826,218USD-435,149,000USD-359,225,597USD-678,603,649USD-197,914,896,024USD
    Unclassified Current Liabilities-49,100,000USD-49,151,250,000USD-132,000,000USD-116,000,000USD-1,800,000USD
    Unclassified Equity322,915,051USD318,678,476USD277,301,120USD268,818,989USD263,908,426USD
    Other Current Assets—4,978,274USD1,450,733USD1,417,028USD203,883USD
    Unclassified Non Current Liabilities—57,088,975USD2,054,623USD—-7,401,746USD
    Current Deferred Revenue——-64,864,645USD-56,941,872USD—
    Long Term Investments——842,269USD335,332,599USD196,850,024USD
    Deferred Long Term Liab———805,596USD868,022USD
    Other Liab———1,397,515USD1,800,000USD
    Short Term Investments———339,273,538USD196,984,566,000USD
    Inventory———6,920,239USD—
    Net Tangible Assets———264,033,023USD264,077,968USD
    Unclassified Current Assets———-346,193,777USD-196,984,566,000USD
    Non Current Liabilities Other————6,636,553USD
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Cash flow YTD

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ2 20262026-06-30 · USD
    Stock Based Compensation1,822,932USD
    Change To Liabilities123,801USD
    Change In Working Capital123,801USD
    Operating Cash Flow12,219,169USD
    Investing Cash Flow-34,915,647USD
    Common Dividends Paid-20,821,026USD
    Unclassified Financing Cash Flow41,920,319USD
    Financing Cash Flow21,099,293USD
    Change In Cash-1,597,185USD
    End Cash Flow13,351,699USD
    SourceDisclosureDeterministicFinal

    Cash flow Quarterly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ1 20262026-03-31 · USDQ3 20252025-09-30 · USDQ2 20252025-06-30 · USDQ1 20252025-03-31 · USDQ4 20242024-12-31 · USDQ3 20242024-09-30 · USDQ2 20242024-06-30 · USDQ1 20242024-03-31 · USD
    Net Income4,840,364USD8,934,542USD8,877,375USD10,041,312USD7,919,692USD11,211,635USD9,184,073USD8,730,003USD
    Stock Based Compensation865,354USD928,654USD881,128USD649,312USD845,524USD845,524USD836,333USD531,293USD
    Other Non Cash Items2,114,720USD-1,460,928USD-908,740USD-2,927,996USD-1,378,442USD-3,728,073USD-3,438,441USD-3,102,894USD
    Change To Account Receivables-1,662,763USD-430,388USD-1,430,649USD2,079,705USD-2,624,890USD897,122USD-889,281USD-7,841USD
    Change In Working Capital-4,656,631USD-217,088USD-2,386,426USD-137,460USD-5,553,849USD-205,858USD-462,697USD668,555USD
    Total Cash From Operating Activities3,163,807USD8,185,180USD6,463,337USD7,625,168USD1,827,562USD8,202,996USD6,210,946USD6,917,872USD
    Capital Expenditures-3USD0USD-3USD0USD0USD-4USD-4USD0USD
    Free Cash Flow3,163,807USD8,185,180USD6,463,340USD7,625,168USD1,827,562USD8,202,996USD6,210,950USD6,917,872USD
    Total Cashflows From Investing Activities1,730,663USD14,059,863USD-3,555,267USD5,507,310USD-41,265,007USD23,540,882USD-2,855,383USD-18,717,355USD
    Net Borrowings17,950,000USD-18,800,000USD33,200,000USD-17,000,000USD51,000,000USD-22,750,000USD——
    Total Cash From Financing Activities8,012,591USD-28,886,590USD22,774,837USD-29,653,749USD59,077,460USD-32,054,328USD-3,188,793USD10,805,556USD
    Dividends Paid-9,907,728USD-9,907,921USD-10,425,164USD-13,605,154USD-9,267,713USD-9,258,197USD-9,239,797USD-13,866,656USD
    Issuance Of Capital Stock0USD0USD0USD1,033,474USD18,795,129USD43,515USD10,941,373USD9,811,862USD
    Change In Cash12,907,061USD-6,641,547USD25,682,907USD-16,521,271USD19,640,015USD-310,450USD166,770USD-993,927USD
    Begin Period Cash Flow14,948,884USD35,562,084USD9,879,177USD26,400,448USD6,760,433USD7,070,883USD6,904,113USD7,898,040USD
    End Period Cash Flow27,855,945USD28,920,537USD35,562,084USD9,879,177USD26,400,448USD6,760,433USD7,070,883USD6,904,113USD
    Other Cashflows From Investing Activities1,730,663USD14,059,863USD-3,555,267USD5,507,310USD-41,265,007USD-18,976,459,118USD-2,855,383USD-18,717,355USD
    Other Cashflows From Financing Activities-29,681USD-178,669USD1USD-82,069USD-1,449,956USD-89,646USD-390,369USD-389,650USD
    Depreciation—322,186,000USD220,458,000USD—-5,363USD79,768USD91,678USD90,915USD
    Investments—14,059,863USD-3,555,267USD5,507,310USD-41,265,007USD23,540,882USD-2,855,383USD-18,717,355USD
    Unclassified Operating Cash Flow—-322,186,000USD-220,458,000USD—————
    Unclassified Investing Cash Flow—-14,059,863USD3,555,270USD-5,507,310USD41,265,007USD18,976,459,122USD2,855,387USD18,717,355USD
    Unclassified Financing Cash Flow——————-4,500,000USD15,250,000USD
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Cash flow Yearly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricFY 20252025-12-31 · USDFY 20242024-12-31 · USDFY 20232023-12-31 · USDFY 20222022-12-31 · USD
    Net Income36,010,478USD37,045,000USD38,710,248USD32,292,477USD
    Depreciation406,663,000USD256,998,000USD550,906,000USD563,464,000USD
    Stock Based Compensation3,368,861USD3,059,000USD1,479,736USD435,623USD
    Other Non Cash Items-8,742,527USD-11,003,399USD-11,130,758USD-568,808,225USD
    Change To Account Receivables-849,088USD-3,712,797USD93,047USD-1,006,677USD
    Change In Working Capital-1,844,204USD-5,941,601USD-642,767USD-10,378,720USD
    Total Cash From Operating Activities28,792,608USD23,159,000USD28,416,459USD17,005,155USD
    Capital Expenditures0USD-4USD-1USD-13,592,997USD
    Free Cash Flow28,792,608USD23,159,000USD28,416,459USD17,005,155USD
    Total Cashflows From Investing Activities8,736,720USD-39,297,000USD-1,925,416USD-125,244,044USD
    Net Borrowings-5,900,000USD39,000,000USD8,000,000USD57,498,960USD
    Total Cash From Financing Activities-48,980,892USD34,640,000USD-24,308,830USD33,706,190USD
    Dividends Paid-43,843,629USD-41,632,000USD-39,134,340USD-28,173,934USD
    Issuance Of Capital Stock1,033,474USD39,591,879USD7,222,363USD4,505,664USD
    Change In Cash-11,451,564USD18,502,000USD2,182,213USD-74,532,699USD
    Begin Period Cash Flow26,400,448USD7,898,000USD5,715,827USD80,248,526USD
    End Period Cash Flow14,948,884USD26,400,000USD7,898,040USD5,715,827USD
    Other Cashflows From Investing Activities8,736,720USD-39,297,000USD-1,925,416USD-131,940,821USD
    Other Cashflows From Financing Activities-270,737USD-1,220,769USD-396,853USD558,414,460USD
    Unclassified Operating Cash Flow-406,663,000USD-256,998,000USD-550,906,000USD—
    Investments—-39,296,863USD4,294,700USD6,696,777USD
    Unclassified Investing Cash Flow—39,296,867USD-4,294,699USD13,592,997USD
    Unclassified Financing Cash Flow—-1,099,110USD6,825,509USD-558,414,460USD
    Sale Purchase Of Stock——396,854USD4,381,164USD
    Change To Liabilities———4,552,225USD
    Cash And Cash Equivalents Changes———-74,532,699USD
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Operating metrics

    No operating metrics are currently published for this company.

    Revenue breakdown

    No revenue breakdown is currently published for this company.

    Periods follow company fiscal calendars. Quarterly, annual and year-to-date amounts are shown separately. Missing values are not zero. Data may be delayed, incomplete or corrected; follow the disclosure links to verify figures.