Chicago Atlantic Real Estate Finance, Inc. REFI
Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) 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.
Snapshot
Reported FFO / Distributable Earnings / leverage are from the Q1 2026 earnings release (filed 2026-05-07) — 8-K, EX-99.1.
Yield uses the latest declared dividend, annualized (latest regular payout × frequency; special/liquidating distributions excluded) — an announced-but-not-yet-declared change isn't reflected until it has an ex-date. FFO, AFFO and Net debt / Adj. EBITDA are the company's reported figures from its latest earnings 8-K. Price/OCF and payout use GAAP operating cash flow. NAV premium and credit ratings have no free source yet. See Methodology.
Balance sheet (latest FY: 2025)
Debt-maturity ladder, fixed/floating split, secured/unsecured and coverage ratios come from the supplemental — not yet ingested.
Financial history
| FY | Revenue | Net income | D&A | EBITDA | Op. cash flow |
|---|---|---|---|---|---|
| 2025 | $63.10M | $36.01M | $0.00 | $36.01M | $28.79M |
| 2024 | $54.78M | $37.05M | $0.00 | $0.00 | $23.16M |
| 2023 | $57.33M | $38.71M | $0.00 | $0.00 | $28.42M |
| 2022 | $48.86M | $32.29M | $563.46M | $563.46M | $17.01M |
| 2021 | $14.47M | $12.66M | $101.15K | $101.15K | $6.67M |
Dividends
| Ex-date | Record | Payment | Declared | Amount | Freq. |
|---|---|---|---|---|---|
| 2026-03-31 | 2026-03-31 | 2026-04-15 | 2026-03-13 | $0.47 | Quarterly |
| 2025-12-31 | 2025-12-31 | 2026-01-15 | 2025-12-19 | $0.47 | Quarterly |
| 2025-09-30 | 2025-09-30 | 2025-10-15 | 2025-09-12 | $0.47 | Quarterly |
| 2025-06-30 | 2025-06-30 | 2025-07-15 | 2025-06-16 | $0.47 | Quarterly |
| 2025-03-31 | 2025-03-31 | 2025-04-15 | 2025-03-17 | $0.47 | Quarterly |
| 2024-12-31 | 2024-12-31 | 2025-01-13 | 2024-12-20 | $0.65 | Special |
| 2024-09-30 | 2024-09-30 | 2024-10-15 | 2024-09-16 | $0.47 | Quarterly |
| 2024-06-28 | 2024-06-28 | 2024-07-15 | 2024-06-14 | $0.47 | Quarterly |
| 2024-03-27 | 2024-03-28 | 2024-04-15 | 2024-03-15 | $0.47 | Quarterly |
| 2023-12-28 | 2023-12-29 | 2024-01-12 | 2023-12-18 | $0.76 | Special |
| 2023-09-28 | 2023-09-29 | 2023-10-13 | 2023-09-18 | $0.47 | Quarterly |
| 2023-06-29 | 2023-06-30 | 2023-07-14 | 2023-06-16 | $0.47 | Quarterly |
| 2023-03-30 | 2023-03-31 | 2023-04-14 | 2023-03-15 | $0.47 | Quarterly |
| 2022-12-29 | 2022-12-30 | 2023-01-13 | 2022-12-15 | $0.76 | Special |
| 2022-09-29 | 2022-09-30 | 2022-10-14 | 2022-09-14 | $0.47 | Quarterly |
| 2022-06-29 | 2022-06-30 | 2022-07-15 | 2022-06-15 | $0.47 | Quarterly |
| 2022-03-30 | 2022-03-31 | 2022-04-14 | 2022-03-22 | $0.40 | Quarterly |
| 2021-12-30 | 2021-12-31 | 2022-01-14 | — | $0.26 | Quarterly |
Coverage (payout of operating cash flow): 139.94%. Tax-character split (ordinary / 199A / capital gain / return of capital) — not disclosed (requires the annual allocation release).
Same-store NOI, occupancy, leasing/WALT, top tenants, external-manager fees, development pipeline and (for non-traded vehicles) share-class fees, redemption/gating and NAV methodology are planned modules sourced from supplementals and prospectuses.