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NASDAQ · REIT - Mortgage · USD

Chicago Atlantic Real Estate Finance, Inc. (REFI) Stock Analysis

Chicago Atlantic Real Estate Finance, Inc. (REFI) is a REIT - Mortgage stock listed on NASDAQ and quoted in US Dollar.

REFI

$10.95

+$0.09 (+0.83%)

Sep 4, 2026 · Market close

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Price History

Hover for the daily close. The dotted line marks the period open.

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REFI Key Statistics

As of Sep 4, 2026
Trading
Open
$10.83
Previous Close
$10.86
Day's Range
10.78–11.03
52-Week Range
9.69–14.47
Volume
120.40K
BetaHow much the share price moves relative to the wider market. 1.0 moves in line with it; above 1.0 swings more, below 1.0 less.
0.34
Valuation
Market Cap
$280.55M
P/E Ratio
7.99
Forward P/EShare price divided by forecast earnings for the year ahead, rather than the year just past.
5.70
P/S ratioMarket value divided by annual revenue. Useful for companies that are not yet profitable, where a P/E cannot be calculated.
5.74
EPS (ttm)Profit attributable to each share over the last twelve months.
1.37
Financials (FY)
Revenue (FY)
$55.56M+1.41%
Net Income (FY)
$36.01M−2.79%
Profit marginThe share of revenue left as profit after all costs and taxes.
60.21%
Shares OutstandingThe total number of shares held by all investors. Market value is this figure multiplied by the share price.
25.62M
1-Year Return
−10.57%
Dividend and dates
Dividend
$1.88+17.17%
Ex-Dividend Date
June 30, 2026
Earnings Date
November 3, 2026estimated
Avg Volume
174.13K

Only metrics the company reports are shown. Data provided by Yahoo Finance via yfinance. Updated daily.

REFI Stock Return by Calendar Year

Calendar-year returns computed from daily closing prices. Partial years are shown muted and marked with an asterisk.

YearReturn
2026 (partial year)−2.81%
2025−8.70%
2024+8.70%
2023+23.70%
2022+3.35%
2021 (partial year)+0.97%

As of September 4, 2026.

REFI Revenue and Earnings by Fiscal Year

FY ends December
Fiscal yearRevenueNet incomeNet margin
2025$55.56M$36.01M64.8%
2024$54.78M$37.05M67.6%
2023$57.33M$38.71M67.5%
2022$48.86M$32.29M66.1%
Fiscal yearRevenueGross profitOperating incomeNet incomeNet margin
2025$55.56M——$36.01M64.8%
2024$54.78M——$37.05M67.6%
2023$57.33M——$38.71M67.5%
2022$48.86M——$32.29M66.1%

Annual figures as reported, in the company's reporting currency. As of December 31, 2025.

REFI Dividend History

$1.88−8.7% vs 2024

Dividends per share, 2025 · 4 payments

YearDividends per sharePaymentsChange
2026*$0.942—
2025$1.884−8.7%
2024$2.064−5.1%
2023$2.174+3.3%
YearDividends per sharePaymentsChange
2026 (partial year)$0.942—
2025$1.884−8.7%
2024$2.064−5.1%
2023$2.174+3.3%
2022$2.104—

Most recent payment: $0.47 per share, ex-dividend June 30, 2026. Per-share amounts summed by calendar year from ex-dividend dates. Partial years are shown muted and marked with an asterisk.

REFI Valuation vs REIT - Mortgage Median

Median of 49 stocks
MetricREFIREIT - Mortgage medianvs median
P/E7.998.738% below
P/S ratio5.744.5526% above
Profit margin60.21%48.95%11.3 pts above

Medians across 49 REIT - Mortgage stocks that report the metric. Medians, not averages, so one outlier cannot move them. As of September 4, 2026.

Recent News

News provided by third-party sources. Not financial advice.

Analysis

Data-derived

Company Overview

Chicago Atlantic Real Estate Finance, Inc. (REFI) is capitalised at $280.55M on the latest close. It is classified in the REIT - Mortgage industry, within the Real Estate sector.

The most recent close on file for REFI is $10.95, dated September 4, 2026. That is +$0.09 (+0.83%) against the previous close. The 52-week range on file runs from $9.69 to $14.47. The latest close sits 13% above that 52-week low.

Financial Health

Fiscal 2025 revenue came to $55.56M. Against the prior fiscal year total of $54.78M, that is a change of +1.41%. Net income for the same year was $36.01M. That is −2.79% against the prior fiscal year. The reported profit margin is 60.21%. That is 11.3 percentage points above the REIT - Mortgage median of 48.95%. Earnings per share on a trailing basis come to 1.37.

Across the 4 fiscal years on file, revenue moves from $48.86M in 2022 to $55.56M in 2025. Of those 4 years, 4 report positive net income.

Valuation Assessment

On trailing earnings, the shares are priced at 7.99 times earnings. That is 8.48% below the REIT - Mortgage median of 8.73. On forward earnings the ratio is 5.7. Measured against sales, the shares trade at 5.74 times revenue. On price-to-sales that is 26.19% above the REIT - Mortgage median of 4.55. 49 REIT - Mortgage companies report these metrics, and the medians quoted come from that group.

The trailing one-year price return is −10.57%. Measured over 3 years, that is +3.45% a year compounded. Beta against the wider market is reported at 0.34. Annualized volatility over the trailing 4 years is 21.46%.

Growth & Income

REFI pays a dividend yielding 17.17%. That is 4 percentage points above the REIT - Mortgage median yield of 13.14%. The indicated annual rate is $1.88 a share. The ex-dividend date on file is June 30, 2026. Dividends are recorded for 5 calendar years; 2026 shows 2 payments totalling $0.94 a share. The year before, 2025, totalled $1.88 a share.

So far in 2026 the price is −2.81%. Across the complete calendar years on file, 2023 returned +23.70% and 2025 returned −8.70%. Of the 4 complete calendar years on file, 3 finished higher.

Peer Comparison

Chicago Atlantic Real Estate Finance, Inc. (REFI) operates in the REIT - Mortgage industry. Here is how it compares to its closest peers by market capitalization:

Company Ticker Market Cap P/E Ratio
Chicago Atlantic Real Estate Finance, Inc. REFI $280.55M 8.0
Annaly Capital Management, Inc. NLY $17.19B 5.5
AGNC Investment Corp. AGNC $12.63B 5.3
Starwood Property Trust, Inc. STWD $6.11B 26.8

The REIT - Mortgage industry average P/E ratio is 8.7x. Chicago Atlantic Real Estate Finance, Inc. trades at a P/E of 8.0.

Every figure above is read from this page's own data on each nightly rebuild. Informational only, not financial advice. As of September 4, 2026.

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 AGNC

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 STWD

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 RITM

Rithm Capital Corp.

$5.63B

 DX

Dynex Capital, Inc.

$3.20B

 BXMT

Blackstone Mortgage Trust, Inc.

$2.39B
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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.

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