Financial health
- Total debt ($49M) exceeds cash ($15M); net debt is $34M.
Shareholder returns
- Dividends have been paid for 4 consecutive years, consuming 121.8% of earnings.
- The dividend has grown 15.9% per year over the past 3 years.
REFI Financials Chicago Atlantic Real Estate Finance, Inc.
4 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key annual figures
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | — | $36M | — | — | — | $49M | $15M |
| 2024 | — | $37M | — | — | — | $49M | $26M |
| 2023 | — | $39M | — | — | — | — | $8M |
| 2022 | $49M | $32M | 0.0% | 0.0% | — | — | $6M |
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key quarterly figures
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | — | $5M | — | — | — | $49M | $28M |
| Dec '25 | — | $8M | — | — | — | $49M | $15M |
| Sep '25 | — | $9M | — | — | — | $49M | $29M |
| Jun '25 | — | $9M | — | — | — | $49M | $36M |
| Mar '25 | — | $10M | — | — | — | $49M | $10M |
| Dec '24 | — | $8M | — | — | — | $49M | $26M |
| Sep '24 | — | $11M | — | — | — | $54M | $7M |
| Jun '24 | — | $9M | — | — | — | $77M | $7M |
| Mar '24 | — | $9M | — | — | — | — | $7M |
| Dec '23 | — | $9M | — | — | — | — | $8M |
| Sep '23 | — | $10M | — | — | — | — | $9M |
| Jun '23 | $14M | $9M | 0.0% | 0.0% | — | — | $18M |
| Mar '23 | $15M | $11M | 0.0% | 0.0% | — | — | $5M |
| Dec '22 | $15M | $7M | 0.0% | 0.0% | — | — | $6M |
| Sep '22 | $13M | $10M | 0.0% | 0.0% | — | — | $9M |
| Jun '22 | $11M | $7M | 0.0% | 0.0% | — | — | $7M |
| Mar '22 | $10M | $8M | 0.0% | 0.0% | — | — | $6M |
| Dec '21 | $6M | $4M | 0.0% | 0.0% | — | — | — |
| Sep '21 | $4M | $4M | 0.0% | 0.0% | — | — | — |
| Jun '21 | — | $1M | — | — | — | — | — |
Valuation over time
How the market has priced REFI against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
- The price-to-earnings ratio has fallen from 8.9× (Mar '23) to 6.5× (Jun '26).
- The price-to-sales ratio has risen from 5.9× (Mar '23) to 7.0× (Dec '23).
- The dividend yield has risen from 9.9% (Mar '23) to 18.8% (Jun '26).
P/E
P/S
Dividend yield %
Frequently asked questions
Is REFI growing its revenue and profit?
See the revenue and net-income charts above for Chicago Atlantic Real Estate Finance, Inc.'s multi-year trend.
How much debt does REFI have?
As of FY2025, Chicago Atlantic Real Estate Finance, Inc. reported $49M of total debt against $15M of cash.
What is REFI's profit margin?
In FY2025, gross margin was —, operating margin —, and net margin —.
What is REFI's P/E ratio?
As of Jun '26, Chicago Atlantic Real Estate Finance, Inc. traded at a price-to-earnings ratio of about 6.5× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.