Income StatementBalance SheetCash FlowSegments
Chicago Atlantic Real Estate Finance logo

Chicago Atlantic Real Estate Finance Income Statement

Revenue, expenses, and profitability over time

Chicago Atlantic Real Estate Finance generated $63.0M in trailing twelve-month revenue, up 0.0% year-over-year. Net income was $30.8M with a 48.91% net margin. Diluted EPS is $1.44, which declined 0.2% year-over-year. Based on the Q1 2026 filing.

Total Revenue (TTM)$63.0MNet Income (TTM)$30.8MEps Diluted (TTM)$1.44
Latest FilingQ1 2026
Report Date2026-05-07
Market Cap$243.5M
P/E Ratio7.90
ROE10.03%

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Common Stock Dividends Per Share Declared—$0.5$0.5$0.5—$0.5
Common Stock Dividends Per Share—$0.5$0.5$0.5—$0.5
Dividends per share declared—$0.5$0.5$0.5—$0.5
Change in Accounts Payable and Accrued Liabilities—$40.8K-$969.8K-$283.4K—$187.1K
Net Change in Cash and Restricted Cash—-$16.5M$25.7M——$12.9M
Number of Operating Segments—1.00———1.00
Dividends per share declared—$0.5$0.5$0.5—$0.5
Common Stock Dividends Per Share Declared—$0.5$0.5$0.5—$0.5
Interest Paid, Net$866.7K$1.7M$3.0M$1.7M$486.0K$3.0M
Adjustments to Additional Paid in Capital, Dividends in Excess of Retained Earnings—$9.7M$9.9M$9.9M—$9.9M
Share-based compensation expense related to employee stock plans—$649.3K$881.1K$928.7K—$865.4K
Cost of sales—affiliate—$2.9M$3.1M$2.6M—$2.7M
Pre-tax stock-based compensation cost—$600.0K$900.0K$1.0M—$900.0K
Amortization Of Deferred Financing Costs—$110.3K$110.1K$101.7K—$83.5K
Amortization Of Financing Costs And Discounts$0.0$110.3K$110.1K$101.7K$84.5K$83.5K
Stock options excluded as their inclusion would be anti-dilutive (in shares)—$0.0$0.0$0.0—$0.0
Assigned Right Sold Amount—$0.0$0.0$0.0—$0.0
Capital investments accrued but not yet paid$4.3M$9.8M$85.0K$316.0$1.3M$10.1M
Change In Unrealized Gain Loss On Debt Securities At Fair Value-$165.0K$0.0$165.0K$0.0$0.0-$206.0K
Debt Instrument Covenants Maximum Capital Expenditures—$150.0K———$150.0K
Dividend, Share-Based Payment Arrangement—$151.8K$605.1K$2.8K—$189.8K
Financing Receivable Revolving Converted To Term Loan During Period—$72.0M—$18.8M—$67.1M
Future Fundings—$13.8M$2.8M$13.2M—$4.5M
General And Administrative Expenses Reimbursable To Manager$510.9K$2.2M———$1.5M
Incentive Fees Payable To The Manager$484.4K$2.1M———$518.5K
Accounts payable and other current liabilities$284.3K$40.8K-$969.8K-$283.4K—$187.1K
Increase Decrease In Accounts Receivable Related Parties—-$2.1M-$349.4K-$852.8K—-$1.1M
Increase Decrease In Accrued Interest Receivable Net$969.5K$62.1K$1.8M$1.2M—$897.5K
Increase Decrease In Due To Related Parties Current—-$456.9K—$1.2M—-$761.0K
Increase Decrease In Interest Payable Net$149.4K$214.5K———-$1.0M
Increase Decrease In Interest Reserves-$5.5M-$771.1K-$305.9K-$206.3K-$1.9K-$2.7K
Increase (Decrease) in Other Accounts Payable and Accrued Liabilities—-$1.1M—-$497.9K—-$1.4M
Increase (Decrease) in Other Receivables-$243.3K$116.9K—$90.9K$317.1K$1.9M
Increase Decrease In Payable For Investment Purchased—$500.0K$9.0M———
Debt—$1.9M$1.9M$1.4M—$1.9M
Interest Income (Expense), Operating$14.1M$13.0M$14.4M$13.7M$14.2M$13.1M
Interest Income Operating$15.5M$15.1M$16.5M$15.3M$16.1M$15.2M
Interest Income Operating Paid In Kind—$1.6M$1.5M$1.3M—$1.3M
Interest Paid, Excluding Capitalized Interest, Operating Activity$866.7K$1.7M$3.0M$1.7M$486.0K$3.0M
Interest Reserve Withheld From Funding Of Loans$30.6K$20.7K$1.8K$0.0$154.3K$1.1K
Issuance Of And Fundings Of Loans Held For Investment—$3.7M$6.7M$48.7M—$49.8M
Line of Credit Facility, Interest Rate During Period—7.5%———6.8%
Management and incentive fees$2.9M$1.7M$1.9M$1.4M$3.1M$1.7M
Management And Incentive Fees Payable To The Manager$715.8K$3.1M———$1.7M
Management And Service Fees Base Rate—————0.4%
Management fees—$1.2M$1.1M$1.2M—$1.2M
Management Fees Earned—$1.2M$1.2M$1.2M—$1.2M
Management Fees Payable To The Manager$231.4K$1.0M$56.9K——$1.2M
Maximum Gross Proceeds Percentage—2.0%————
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation$59.1M-$29.7M—-$28.9M-$13.2M$8.0M
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation-$41.3M$5.5M—$14.1M—$1.7M
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation$1.8M$7.6M$6.5M$8.2M$6.5M$3.2M
Net income from discontinued operations attributable to basic common shareholders—$10.0M$8.9M$8.9M—$4.8M
New Fundings—$4.2M$15.6M$39.2M—$49.8M
New Reserves$30.6K$20.7K$1.8K$0.0$154.3K$1.1K
Noninterest Expense$6.0M$3.0M$5.7M$4.8M$6.1M$8.1M
OID Withheld From Funding Of Loans Held For Investment$1.0M$181.8K$866.5K$317.5K$696.8K$3.0M
Original Issue Premium Discount—-$2.1M-$386.3K——-$4.4M
Other General and Administrative Expense—$1.1M$1.2M$1.2M—$1.0M
Outside Fees Earned—$3.6K$133.0K$82.5K—$0.0
Outstanding Principal—$401.5M$14.9M——$413.6M
Payments for Advance to Affiliate$1.2M$5.3M———$3.2M
Payments of Dividends$9.3M$13.6M$10.4M$9.9M$9.9M$9.9M
Payments Of Stock Issuance Costs$463.9K$82.1K$0.0$68.7K$10.0K$29.7K
Percentage Of Loan Risk Portfolio0.3%——0.2%—2.1%
Principal Repayment Of Loans And Principal Receivables—$9.2M$3.1M$57.2M—$51.6M
Proceeds from Issuance of Common Stock$18.8M$1.0M———$0.0
Proceeds from revolver$85.5M$16.0M$40.9M$49.2M$36.0M$55.8M
Repayments and sales of loans—$9.2M$3.1M$57.2M—$51.6M
Proceeds From Repayments Of Debt—$17.0M———$18.0M
Prorata Percentage Reduction On Base Management Fee—————50.0%
Total provisions for credit losses—-$1.1M$1.1M$557.2K$99.8K$3.8M
Provision (benefit) for other credit losses—-$1.1M$1.1M$569.6K—$3.6M
Repayments of Lines of Credit$84.5M$33.0M$7.7M$68.0M$39.3M$37.8M
Required Percentage Of Distribution To Stockholders Form REIT Taxable Income—————90.0%
Reserve Disbursed$1.3M$771.1K$305.9K$228.8K$156.2K$3.8K
Stock-based compensation$845.5K$649.3K$881.1K$928.7K$909.8K$865.4K
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period—4.8K1.7K———
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value—$15.59————
Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Vested$247.3K$3.0M$2.5M——$4.4M
Stock Issued During Period Shares Restricted Stock Award Forfeited—4.8K1.7K——0
Issuance of common stock in connection with the Spin-Off and reclassification of net parent investment—$951.4K$1.0-$68.7K——
Unamortized Share Based Compensation Expense—$3.7M———$2.8M
Unused Fee Expense—$42.7K$42.8K$41.6K—$26.1K
Weighted Average Sales Price Per Share—$16.01————
Yieldto Maturityof Internal Rateof Return—16.9%———15.8%
Common Stock Dividends Per Share Declared—$0.5$0.5$0.5—$0.5
Common Stock Dividends Per Share Declared—$0.5$0.5$0.5—$0.5
Cash Dividends Paid—$13.6M$10.4M$9.9M—$9.9M

Earnings Per Share

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Common Stock Dividends Per Share Declared—$0.5$0.5$0.5—$0.5
Common Stock Dividends Per Share (Declared)—$0.5$0.5$0.5—$0.5
Common Stock Dividends Per Share Declared—$0.5$0.5$0.5—$0.5
Basic earnings per share$0.39$0.48$0.42$0.42$0.38$0.23
Diluted earnings per share$0.39$0.47$0.41$0.42$0.38$0.23
Common Stock Dividends Per Share Declared—$0.5$0.5$0.5—$0.5
Dividends Per Share Declared—$0.5$0.5$0.5—$0.5
Common Stock Dividends Per Share Declared—$0.5$0.5$0.5—$0.5
Common Stock Dividends Per Share Declared—$0.5$0.5$0.5—$0.5
Common stock dividends per share declared—$0.5$0.5$0.5—$0.5
Dividends Per Share Declared—$0.5$0.5$0.5—$0.5
Dividends per share declared—$0.5$0.5$0.5—$0.5
Antidilutive Securities Excluded from EPS—000—0
Common Stock Dividends Per Share Declared—$0.5$0.5$0.5—$0.5
Dividends per share declared—$0.5$0.5$0.5—$0.5
Dividends per share declared—$0.5$0.5$0.5—$0.5
Dividends per Share Declared—$0.5$0.5$0.5—$0.5
Dividends per share declared—$0.47$0.47$0.47—$0.47
Common Stock Dividends Per Share Declared—$0.5$0.5$0.5—$0.5
Common Stock Dividends Per Share Declared—$0.5$0.5$0.5—$0.5
Common stock dividends per share declared—$0.5$0.5$0.5—$0.5
Common Stock Dividends Per Share Declared—$0.5$0.5$0.5—$0.5
Common Stock Dividends Per Share Declared—$0.5$0.5$0.5—$0.5
Common stock dividends per share declared—$0.5$0.5$0.5—$0.5
Weighted-average shares, basic185K20.9M21M21.1M24.2K21.1M
Weighted-average shares, diluted182.2K21.3M21.5M21.5M18.2K21.5M

Operating Expenses

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Stock-Based Compensation Expense$845.5K$649.3K$881.1K$928.7K$909.8K$865.4K
Total stock-based compensation—$600.0K$900.0K$1.0M—$900.0K
Share-Based Compensation Expense$845.5K$649.3K$881.1K$928.7K$909.8K$865.4K
Stock-Based Compensation Expense (Pre-tax)—$600.0K$900.0K$1.0M—$900.0K
Compensation and benefits$845.5K$649.3K$881.1K$928.7K$909.8K$865.4K
General and administrative$1.5M$1.2M$1.3M$1.3M$1.5M$1.2M
Allocated Share-Based Compensation Expense—$600.0K$900.0K$1.0M—$900.0K
Share-Based Compensation (Operating)—$600.0K$900.0K$1.0M—$900.0K
Share-Based Compensation Expense Before Income Taxes—$600.0K$900.0K$1.0M—$900.0K
Stock-based compensation expense$858.7K$600.0K$881.1K$928.7K$868.9K$900.0K
Incentive Fee Expense—$526.3K$842.0K$284.1K—$518.5K
Professional fees$483.4K$492.9K$480.1K$530.9K$434.5K$503.5K
Share-Based Compensation$845.5K$649.3K$881.1K$928.7K$909.8K$865.4K
Stock-Based Compensation (Before Tax)—$600.0K$900.0K$1.0M—$900.0K

Other Income & Expense

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Unrealized Gain (Loss) on Investments-$165.0K$41.3K$41.3K$41.3K$41.3K-$206.0K
Unrealized Gain (Loss) on Equity Investments-$165.0K$41.3K$41.3K$41.3K$41.3K-$206.0K
Unrealized Gain (Loss) on Investments-$165.0K$41.3K$41.3K$41.3K$41.3K-$206.0K
Cash Paid for Interest$866.7K$1.7M$3.0M$1.7M$486.0K$3.0M
Gain (loss) on extinguishment of debt—$66.0K————
Net Gain (Loss) on Derivative Instruments-$1.8M-$2.4M—-$1.8M—-$5.4M
Net Interest Excluding Financing Segment—-$2.1M-$2.1M-$1.6M—-$2.0M
Interest expense$1.4M$2.1M$2.1M$1.6M$1.8M$2.0M
Accretion (Amortization) of Investment Discounts and Premiums—$370.0K$480.1K$862.9K—$737.5K
Other income (expense), net—-$2.1M-$2.1M-$1.6M—-$2.0M
Interest income (expense), operating and non-operating—-$2.1M-$2.1M-$1.6M—-$2.0M
Interest expense on debt—$1.9M$1.9M$1.4M—$1.9M
Unrealized Gain (Loss) on Equity Securities—————-$206.0K

Net Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Common Dividends Declared (Per Share)—$0.5$0.5$0.5—$0.5
Income from discontinued operations—$10.0M$8.9M$8.9M—$4.8M
Net income$7.9M$10.0M$8.9M$8.9M$8.2M$4.8M

Income Before Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income before income taxes$7.9M$10.0M$8.9M$8.9M$8.2M$4.8M

Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income tax expense$0.0$0.0$0.0$0.0$0.0$0.0

Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net interest income$14.1M$13.0M$14.4M$13.7M$14.2M$13.1M
Total interest income$15.5M$15.1M$16.5M$15.3M$16.1M$15.2M
Total revenue$15.5M$15.1M$16.5M$15.3M$16.1M$15.2M