Chicago Atlantic Real Estate Finance (NASDAQ:REFI) Issues Earnings Results

Posted by George Bondi on Nov 10th, 2026

Chicago Atlantic Real Estate Finance (NASDAQ:REFI – Get Free Report) announced its earnings results on Tuesday. The company reported $0.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.01), FiscalAI reports. Chicago Atlantic Real Estate Finance had a return on equity of 11.53% and a net margin of 54.57%. The business had revenue of $13.66 million for the quarter, compared to analyst estimates of $14.95 million.

Here are the key takeaways from Chicago Atlantic Real Estate Finance’s conference call:

Distributable earnings were $0.49 per fully diluted share, above the $0.47 quarterly dividend; the company said it has now paid that dividend for 18 consecutive quarters.
The portfolio totaled $527.7 million across 28 borrowers, with a 14.8% weighted-average yield to maturity. Floating-rate loans make up 64% of the portfolio, and management estimates each 25-basis-point rate increase would add about $0.015 per share to quarterly distributable earnings.
The proposed merger with LIEN, which remains subject to SEC review and stockholder approvals, is now expected to close in 2027. Management cited potential benefits from greater scale and a broader investment mandate, while noting those benefits are not assured.
Liquidity is tight: the company reported about $15.2 million available on its revolving facility and approximately $12 million of total liquidity after estimated liabilities and anticipated fundings, and expects originations to slow in the fourth quarter.
Non-accruals were 3.1% of the portfolio, down from 3.7% at the prior quarter-end mainly because the portfolio grew; the amount of non-accruals was unchanged. Adjusted book value per share slipped to $14.12 from $14.15.

Chicago Atlantic Real Estate Finance Trading Up 2.8%

Chicago Atlantic Real Estate Finance stock traded up $0.24 during midday trading on Tuesday, reaching $9.11. 13,456 shares of the stock traded hands, compared to its average volume of 166,689. The company has a 50-day simple moving average of $9.92 and a two-hundred day simple moving average of $11.02. Chicago Atlantic Real Estate Finance has a 12-month low of $8.59 and a 12-month high of $13.49. The firm has a market cap of $233.27 million, a PE ratio of 6.65 and a beta of 0.28.

Chicago Atlantic Real Estate Finance Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 20.6%. The ex-dividend date was Wednesday, September 30th. Chicago Atlantic Real Estate Finance’s dividend payout ratio (DPR) is 137.23%.

Analyst Ratings Changes

A number of equities analysts recently commented on REFI shares. Atlantic Securities set a $16.00 price objective on Chicago Atlantic Real Estate Finance in a research report on Wednesday, August 12th. Citigroup restated a “market outperform” rating on shares of Chicago Atlantic Real Estate Finance in a report on Wednesday, August 12th. Citizens Jmp cut their target price on Chicago Atlantic Real Estate Finance from $18.00 to $16.00 and set a “market outperform” rating for the company in a research note on Wednesday, August 12th. Zacks Research cut shares of Chicago Atlantic Real Estate Finance from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 4th. Finally, Weiss Ratings lowered shares of Chicago Atlantic Real Estate Finance from a “hold (c-)” rating to a “sell (d+)” rating in a report on Thursday, October 8th. Two research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $16.00.

View Our Latest Report on REFI

Insiders Place Their Bets

In other Chicago Atlantic Real Estate Finance news, CEO Peter Sack purchased 3,500 shares of the business’s stock in a transaction on Wednesday, August 19th. The shares were bought at an average cost of $10.45 per share, for a total transaction of $36,575.00. Following the completion of the purchase, the chief executive officer directly owned 123,356 shares of the company’s stock, valued at approximately $1,289,070.20. This trade represents a 2.92% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Anthony Cappell purchased 45,000 shares of Chicago Atlantic Real Estate Finance stock in a transaction dated Monday, August 17th. The shares were acquired at an average cost of $10.40 per share, for a total transaction of $468,000.00. Following the transaction, the chief executive officer directly owned 466,706 shares of the company’s stock, valued at approximately $4,853,742.40. This represents a 10.67% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have acquired 122,856 shares of company stock worth $1,287,094 over the last three months. Company insiders own 6.50% of the company’s stock.

Chicago Atlantic Real Estate Finance Company Profile

(Get Free Report)

Chicago Atlantic Real Estate Finance, Inc (NASDAQ: REFI) is a specialty finance company organized as a real estate investment trust (REIT). The company focuses on originating, acquiring, and managing commercial real estate loans and other credit investments, with an emphasis on opportunities in the cannabis industry.

Chicago Atlantic Real Estate Finance primarily provides senior secured loans to state-licensed cannabis operators, cultivators, processors, dispensaries, and related businesses.