Chicago Atlantic Real Estate Finance, Inc.
REFI · Price history
Price at last available close
$9.04
−$1.62 (-15.20%) 1M
2026-10-28
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Company & revenue
About Chicago Atlantic Real Estate Finance, Inc.
Primary reporting period: 2025-12-31 · Research updated Oct 12, 2026. A research update is not a new financial filing.
Who they are
Chicago Atlantic Real Estate Finance, Inc. functions as a commercial real estate financing enterprise operating throughout the United States. Its primary activities include developing, arranging, and deploying capital into various secured debt instruments, notably first mortgage loans, which are collateralized by commercial properties. A specific area of focus for the company is extending senior-priority loans to both state-approved operators and property owners within the legal cannabis industry.
How they make money
Chicago Atlantic Real Estate Finance, Inc. operates as a commercial mortgage real estate investment trust (REIT). The company generates revenue primarily by originating, acquiring, and managing a diversified portfolio of senior secured loans to middle-market companies, typically collateralized by real estate and other assets.
Products & services
The company provides senior secured financing solutions, primarily in the form of commercial mortgage loans, to middle-market borrowers across various industries.
Brands & revenue mix
No separate brand or brand-level revenue disclosure was confirmed in the reviewed sources. This does not mean the company has no brands.
Product / operating segments
No reconciled product or operating-segment revenue breakdown is available for the current research period. Company-wide revenue remains separate from segment disclosure.
Geographic revenue
No reconciled geographic revenue breakdown was confirmed for the current research period.
Customer types
- Middle-market companiesSource
Customer concentration
The company's loan portfolio is subject to concentration risk based on the specific borrowers and industries it finances, as disclosed in the risk factors of the 2025 annual report.
Suppliers, materials & equipment
- Syndicate of lenders — A syndicate of lenders provides a revolving credit facility to the company's subsidiary, Chicago Atlantic Lincoln, LLC.Source
Strengths
- Underwriting discipline focused on collateral protectionSource
Wall Street Score
Overall investment score · Quality, value, risk and opportunity
62
Fair
View category scores →
Company Quality
How good is the actual business—regardless of today’s stock price?
57
Fair
Financial Strength
53
Business Quality / Moat
48
Management
96
Growth Quality
16
Risk / Durability
77
Uses financial strength, moat, management, growth quality and durability. It excludes share price, P/E, market cap, intrinsic value and margin of safety.
Opportunity
Opportunity Score · How does the current price compare with estimated value?
75
Fair
Based on current valuation, company quality, recent trends, and available market signals.
View score details →
Model Outlook
12-month model · What does the model think happens next?
69/100
Building Historical Record
Model Score 69/100 — estimates relative performance potential, distinct from the overall Wall Street Score and the separate Company Quality score.
Probability unavailable — the model has not produced a calibrated probability yet.
Click for full breakdown →
WSS View
The quick read
The overall Wall Street Score is mixed across its combined quality, valuation and risk inputs. Review the category scores to identify what is helping or hurting the result.
At today’s price, the WSS valuation framework currently reads as relatively attractive.
The model outlook is currently moderate.
- •Valuation scores attractively
- •Insider activity signal is favorable
- •Revenue fundamentals are weak
- •Debt / balance-sheet profile needs attention
Company-specific research
Questions worth answering for REFI
These questions are generated from this company's current financial and score data so the page adds context instead of treating the headline score as a stand-alone conclusion.
- •What is driving REFI's revenue decline, and does the latest company filing suggest the weakness is temporary or structural?
- •Is REFI's positive free cash flow repeatable, or is the current level being helped by temporary working-capital or spending changes?
- •Is REFI's debt load manageable relative to cash generation, interest costs and upcoming maturities?
- •Is REFI's valuation discount tied to a temporary concern or to a longer-term business risk?
Essential Investment Snapshot
Wall Street Score
62
Opportunity Score
75
Market Cap
$231.6M
P/E Ratio
6.6
EPS
$1.39
52-Week High
$13.49
52-Week Low
$9.04
Beta
0.34
Intrinsic Value
$36.56
Analyst Target
$16.00
Shares Outstanding
21.4M
Total Revenue
$60.1M
Total Debt
$140.5M
Dividend Yield (TTM)
20.80%
Liquidation Value / Share
$14.07
Dividend / Share (TTM)
$1.88
Momentum & Volatility Signals
Two different market-behavior signals. Momentum measures direction and trend strength. Volatility measures how large and unstable the price moves are, regardless of direction.
Strong downward momentum
Low movement
A high momentum score means price has been trending upward with confirming short- and medium-term strength. A low score means downward or weakening momentum.
A high volatility score means larger, less stable price swings. It can happen while a stock is rising or falling, so high volatility is not automatically bullish or bearish.
Important: the volatility score above is based on realized price volatility. Implied volatility (IV) comes from options prices and represents the market's expected future movement. Wall Street Score will keep IV separate and will only display it when a verified options-chain feed is available.
Notices for REFI
Detected from reported data — verify before acting.Dividend history reported
Dividend payments are recorded. Review the dates and regular/special classification below; past payments do not guarantee future dividends.
Community Sentiment
0 active · 0 total callsNo personal call yet on REFI.
Potential upside factors
- +Growth opportunities may come from revenue expansion, margin improvement, new products, market-share gains, and stronger cash flow.
- +Underwriting discipline focused on collateral protection.
- +Positive free cash flow may provide capacity to invest in growth.
Potential downside factors
- −Key risks may include competition, margin pressure, debt levels, valuation risk, and changes in demand within the REIT - Mortgage industry.
- −Credit risk associated with borrower defaults.
- −Interest rate volatility affecting financing costs.
These research factors come from saved company research and financial data, not community votes. They are starting points to verify against filings, not buy or sell recommendations.
Create a free account to make a call.
Scores
Click any score for full breakdownWas this stock page easy to understand?
One click helps us improve the research experience. This is not tied to an investment decision.
Score Changes
4 historical score records availablePrevious Score
62
Oct 1, 2026
Change
+0.3
points
Current Score
62
Oct 15, 2026
Category Changes
REFI increased 0.3 points because overall fundamentals improved.
Negative Contributors
- − Asset declined by 2.1 points
- − Capital declined by 5 points
Projected Score
Projected Score
58
Projected Change
-4.2 points
Preliminary comparable-period financial changes suggest decline of approximately 4.2 points. This is a projected estimate, not the official WallStreetScore.
Price vs. Value
Review model assumptionsThis model estimate is more than three times the share price.
This is a formula-based estimate, not a verified fair value or price target. Check the earnings and growth assumptions.
Stored EPS: $1.39 · Growth assumption: 4.9% · Earnings multiplier: 18.3×.
Current Price
$9.04
Model Intrinsic Value
$36.56
Difference
−$27.52
-75.3% vs IV
Margin of Safety
75.3%
Financial Charts
Revenue
Additional Metrics
Operating Cash Flow
Total Debt
Total Assets
Net Margin %
Free includes 3 annual periods plus available TTM; Premium includes up to 10 annual periods. History depends on available company filings. Swipe the table horizontally to see older periods. A dash means unavailable, not zero.
| Line Item | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Revenue | $60.1M | $63.1M | $54.8M | $57.3M | ···· | ···· |
| Cost of Revenue | $5.3M | $8.3M | $0.00 | $0.00 | ···· | ···· |
| Gross Profit | $54.9M | $54.8M | $54.8M | $57.3M | ···· | ···· |
| Research & Development | $0.00 | $0.00 | $0.00 | $0.00 | ···· | ···· |
| SG&A Expenses | $1.66B | $8.7M | $8.4M | $6.7M | ···· | ···· |
| Operating Expenses | $30.0M | $18.8M | $54.8M | $57.3M | ···· | ···· |
| EBITDA | $24.9M | $36.0M | $0.00 | $0.00 | ···· | ···· |
| Operating Income | $24.9M | $36.0M | $0.00 | $0.00 | ···· | ···· |
| Interest Expense | $7.8M | $7.5M | $7.2M | $5.8M | ···· | ···· |
| Income Before Tax | $29.4M | $36.0M | $37.0M | $38.7M | ···· | ···· |
| Income Tax Expense | $0.00 | $0.00 | $0.00 | $0.00 | ···· | ···· |
| Net Income | $29.4M | $36.0M | $37.0M | $38.7M | ···· | ···· |
| Basic EPS | $1.39 | $1.71 | $1.92 | $2.14 | ···· | ···· |
| Basic Shares | 21.24M | 21.00M | 19.28M | 18.09M | ···· | ···· |
| Diluted Shares | 21.71M | 21.43M | 19.71M | 18.34M | ···· | ···· |
Earnings Summary
Revenue
$15.2M
Estimate unavailable.
Revenue Beat/Miss
Not available (no estimate stored)
EPS
$0.34
Estimate unavailable.
EPS Beat/Miss
Not available (no estimate stored)
Debt Change
+16.7%
Cash Change
-62.5%
Margin Change
-11.7 pp
Debt and cash show percentage changes versus the comparison period; margin shows the change in percentage points (pp). These are company-wide changes, not per-share amounts.
Financial Changes Since Prior Period
What Weakened
- Margins contracted
- Cash position declined
- Debt increased
Potential Score Impact
Positive indicators included revenue growth. Pressure indicators included EPS growth, cash levels, debt levels, net income margin. These factors may support or pressure the Revenue, Management, Financial, and Debt categories; this summary does not claim that the stored scores changed.
Stored Earnings Analysis
Revenue increased 4.3%. EPS declined 17.1%. Cash declined 62.5%. Total debt increased 16.7%. Net income margin declined by 11.7 percentage points.
Earnings-Call Transcript
Earnings-call transcript analysis is not currently available.
These results may influence future scores when the next evaluation is completed.
Insider Activity
Guru / Smart Money
Guru Score
Smart Money
Number of Gurus
Total Guru Value
Avg Portfolio Weight
Largest Holder
Largest Holder %
New Positions
Increased Positions
Reduced Positions
Exited Positions
Net Guru Sentiment
Short Interest
Dividend History
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Conservative Projected Values
3 Years
$———.——
5 Years
$———.——
10 Years
$———.——
Conservative Projection Rate
——%
Conservative Projected Values — price projections derived from actual 10-year adjusted historical returns, conservatively adjusted and capped at 8% annually. These are distinct from the Outperformance Model Score and WallStreetScore.
Conservative Projected Values
Premium unlocks the 3-year, 5-year, and 10-year conservative projected values with full calculation breakdowns based on actual historical returns.
Start 7-Day Free TrialHistorical Outperformance Record
Premium includes stored forecasts and any available evaluated results. Completed results, win rates and calibrated probabilities are shown only when supported records exist; access does not create historical outcomes.
Start 7-Day Free TrialHistorical Trends
4 historical recordsHistorical Score Chart
3 of 4 records shownWall Street Score
Debt Score
Revenue Score
Asset Score
Capital Score
Management Score
Moat Score
Valuation Score
Buffett Score
Intrinsic Value
Value Reference
Margin of Safety %
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Rumor Mill · REFI
Corporate developments & opportunities
No reviewed developments match this filter.
Evidence credibility is not a forecast of stock performance. Rumor Mill is separate from the WSS score.
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