What is Chicago Atlantic Real Estate Finance's market cap?

Chicago Atlantic Real Estate Finance (REFI) has a market capitalization of $258.2M and trades on NASDAQ.

What is Chicago Atlantic Real Estate Finance's revenue and profitability?

Chicago Atlantic Real Estate Finance generated $63.0M in trailing twelve-month revenue with net income of $30.8M, representing a net margin of 48.9%, with free cash flow of $12.9M. These figures are based on the Q1 2026 filing.

Who are Chicago Atlantic Real Estate Finance's competitors?

Chicago Atlantic Real Estate Finance's key competitors include AFC Gamma, Inc., Innovative Industrial Properties, Inc., Claros Mortgage Trust, Inc., and others. These companies compete in similar markets and product categories.

Who does Chicago Atlantic Real Estate Finance partner with?

Chicago Atlantic Real Estate Finance's notable partners include Chicago Atlantic REIT Manager, LLC, Chicago Atlantic Group, LP.

What subsidiaries does Chicago Atlantic Real Estate Finance have?

Chicago Atlantic Real Estate Finance's subsidiaries include Chicago Atlantic Lincoln, LLC.

Where is Chicago Atlantic Real Estate Finance headquartered?

Chicago Atlantic Real Estate Finance is headquartered in United States of America. It has been publicly traded since 2021.

Chicago Atlantic Real Estate Finance

REFI

Market cap

$258.19M-9.7%

Revenue$63.0M+1.8%

Net income$30.8M-19.7%

Free cash flow$12.9M+30.7%

EPS (diluted)$1.44-23.4%

Trailing twelve months · change vs. prior year

Table of contents

Earnings

Q1 2026 report

May 7, 2026

Revenue$13.1MMiss by $567.8K EPS$0.46Miss by $0.02

Read the full report

Next report

Aug 11, 2026 (In 2 weeks)

Revenue estimate$14.2M

EPS estimate$0.48

Financials

Q1 2026

Income statement

See full

Revenue$15.2M+0.4%

Net income$4.8M-51.8%

EPS (diluted)$0.23-51.1%

Balance sheet

See full

Cash & equivalents$27.9M+182%

Total debt$49.4M+0.5%

Total equity$303.4M-2.4%

Total assets$435.9M+5.1%

Cash flow

See full

Operating cash flow$3.2M-58.5%

CapEx$10.1M+2.8%

Free cash flow-$6.9M-216%

Valuation & ratios

Valuation

See full

Market cap$258.19M-9.7%

Enterprise value$279.72M-6.6%

P/E8.4×+0.9×

P/S4.1×-0.4×

Profitability

See full

Net margin48.9%-13.1pp

FCF margin20.5%—

Returns & leverage

See full

Return on equity10%-2.8pp

Debt / equity0.2×0.0×

Competitors

By market cap

Innovative Industrial Properties, Inc.$1.8B+17.6%

Claros Mortgage Trust$321.1M-32.0%

Chicago Atlantic Real Estate Finance$258.2M-9.7%

Ares Commercial Real Estate$253.5M0.0%

LIE

Chicago Atlantic BDC, Inc.$218.1M-8.1%

Seven Hills Realty Trust$183.3M+13.0%

AFC

AFC Gamma, Inc.$60.2M-43.8%

LFT

Lument Finance Trust$44.1M-65.1%

By revenue growth

Chicago Atlantic Real Estate Finance+1.8%

Seven Hills Realty Trust-10.1%

Innovative Industrial Properties, Inc.-13.6%

Ares Commercial Real Estate-19.1%

Claros Mortgage Trust-25.3%

By net margin

Seven Hills Realty Trust50.74%-0.4pp

Chicago Atlantic Real Estate Finance48.91%-13.1pp

Innovative Industrial Properties, Inc.45.58%-4.7pp

Ares Commercial Real Estate-37.21%-17.0pp

AFC

AFC Gamma, Inc.-87.88%—

Claros Mortgage Trust-267.13%-161pp

Profile

Chicago Atlantic Real Estate Finance, Inc. is a commercial mortgage real estate investment trust (REIT) that specializes in originating and managing first mortgage loans and alternative structured financings. The company primarily serves state-licensed cannabis operators, providing capital to a sector with limited access to traditional banking due to federal regulatory constraints. Its core value proposition lies in offering customized credit solutions secured by real estate and other business assets to generate consistent income dividends and capital appreciation.

Competitive position

A leading capital provider in the cannabis ecosystem, leveraging a 'credit-first' underwriting approach and shorter loan terms to maintain flexibility and capture market inefficiencies.

GeographiesUnited States, Canada

Customer segmentsMiddle-market companies, Cannabis operators

Business modelDirect Lending, Externally Managed REIT

SuppliersEquity and debt capital markets, Chicago Atlantic REIT Manager, LLC (External Management), Third-party valuation firms

CustomersState-licensed cannabis operators, Commercial real estate developers, Ancillary cannabis service providers

CountryUnited States of America

Listed2021

CEOAnthony Robert Cappell

SectorReal Estate

IndustryREIT - Mortgage

Websitechicagoatlanticcredit.com

FilingsSEC EDGAR

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Questions, answered.

What is Chicago Atlantic Real Estate Finance's market cap?: Chicago Atlantic Real Estate Finance (REFI) has a market capitalization of $258.2M and trades on NASDAQ.
What is Chicago Atlantic Real Estate Finance's revenue and profitability?: Chicago Atlantic Real Estate Finance generated $63.0M in trailing twelve-month revenue with net income of $30.8M, representing a net margin of 48.9%, with free cash flow of $12.9M. These figures are based on the Q1 2026 filing.
Who are Chicago Atlantic Real Estate Finance's competitors?: Chicago Atlantic Real Estate Finance's key competitors include AFC Gamma, Inc., Innovative Industrial Properties, Inc., Claros Mortgage Trust, Inc., and others. These companies compete in similar markets and product categories.
Who does Chicago Atlantic Real Estate Finance partner with?: Chicago Atlantic Real Estate Finance's notable partners include Chicago Atlantic REIT Manager, LLC, Chicago Atlantic Group, LP.
What subsidiaries does Chicago Atlantic Real Estate Finance have?: Chicago Atlantic Real Estate Finance's subsidiaries include Chicago Atlantic Lincoln, LLC.
Where is Chicago Atlantic Real Estate Finance headquartered?: Chicago Atlantic Real Estate Finance is headquartered in United States of America. It has been publicly traded since 2021.