Chicago Atlantic Real Estate Finance, Inc.
Business
Chicago Atlantic Real Estate Finance, Inc. is a commercial mortgage REIT that originates and invests in first mortgage loans and structured financings secured by commercial real estate, with primary focus on senior loans to state-licensed cannabis operators. The company provides financing to cultivators, processors, dispensaries, and ancillary cannabis businesses, as well as non-cannabis real estate investments. Distribution occurs through direct loan origination and co-lending arrangements across multiple U.S. jurisdictions and Canada.
Summary from 10-K filed 2026-03-12
Financials
Consolidated Statement of Income
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Interest income | 63 | 62 | 63 | 51 | |
| Interest expense | −8 | −7 | −6 | — | |
| Net interest income | 55 | 55 | 57 | 49 | |
| Management and incentive fees, net | 8 | 8 | — | — | |
| General and administrative expense | 5 | 5 | 5 | 4 | |
| Professional fees | 2 | 2 | 2 | 2 | |
| Stock based compensation | 3 | 3 | 1 | 435,623 | |
| Provision (benefit) for current expected credit losses | 731,051 | −583,298 | 940,385 | 4 | |
| Total expenses | 20 | 18 | 19 | 17 | |
| Change in unrealized gain (loss) on investments | 165,000 | −240,604 | 75,604 | — | |
| Realized gain on debt securities, at fair value | 0 | 72,428 | 104,789 | — | |
| Net income before income taxes | 36 | 37 | 39 | 32 | |
| Income tax expense | 0 | 0 | 0 | 0 | |
| Net income | 36 | 37 | 39 | 32 | |
| Basic earnings per common share (in Dollars per share) | 1.71 | 1.92 | 2.14 | 1.83 | |
| Diluted earnings per common share (in Dollars per share) | 1.68 | 1.88 | 2.11 | 1.82 | |
| Basic weighted average shares of common stock outstanding (in Shares) | 21 | 19 | 18 | 18 | |
| Diluted weighted average shares of common stock outstanding (in Shares) | 21 | 20 | 18 | 18 |
Consolidated Balance Sheet
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Loans held for investment | 333 | 364 | 337 | 339 | — | |
| Loans held for investment - related party (Note 9) | 76 | 38 | 16 | — | — | |
| Loans held for investment, at carrying value | 409 | 402 | 354 | 339 | — | |
| Current expected credit loss reserve | −5 | −4 | −5 | −4 | — | |
| Loans held for investment at carrying value, net | 404 | 398 | 349 | 335 | — | |
| Loans, at fair value - related party | 0 | 5 | 0 | — | — | |
| Cash and cash equivalents | 15 | 26 | 8 | 6 | 80 | |
| Interest receivable | 4 | 2 | 1 | 1 | 197,735 | |
| Other receivables and assets, net | 874,245 | 459,187 | 705,960 | 1 | 874,170 | |
| Related party receivables | 1 | 3 | 107,225 | — | — | |
| Total Assets | 425 | 435 | 359 | 343 | 278 | |
| Revolving loan | 49 | 55 | 66 | 58 | — | |
| Notes payable, net | 49 | 49 | — | — | — | |
| Dividend payable | 11 | 14 | 14 | 14 | 5 | |
| Related party payables | 2 | 2 | 2 | — | — | |
| Management and incentive fees payable | 3 | 3 | — | — | — | |
| Interest payable | 1 | 1 | 1 | 2 | 7 | |
| Accounts payable and other liabilities | 834,977 | 1 | 1 | 1 | — | |
| Interest reserve | 12,686 | 1 | — | — | 7 | |
| Total Liabilities | 117 | 126 | 87 | 79 | 14 | |
| Commitments and contingencies (Note 10) | — | — | — | — | — | |
| Common stock, par value $0.01 per share, 100,000,000 shares authorized and 21,080,272 and 20,829,228 shares issued and outstanding, respectively | 210,803 | 208,292 | 181,972 | 176,859 | 173,551 | |
| Additional paid-in-capital | 323 | 319 | 277 | 269 | — | |
| Accumulated deficit | −16 | −10 | −6 | −5 | −177,560 | |
| Total stockholders equity | 308 | 309 | 272 | 264 | 264 | |
| Total liabilities and stockholders equity | 425 | 435 | 359 | 343 | 278 |
Consolidated Statement of Cash Flows
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Accretion of deferred loan origination fees and other discounts | −2 | −2 | −3 | −3 | |
| Paid-in-kind interest | −6 | −9 | −9 | −7 | |
| Interest received through net settlement transactions | −1 | — | — | — | |
| Change in unrealized (gain) loss on investments | −165,000 | 240,604 | −75,604 | — | |
| Realized gain on debt securities, at fair value | 0 | −72,428 | −104,789 | — | |
| Amortization of debt issuance costs | 406,663 | 256,998 | 550,906 | 563,464 | |
| Interest receivable | −3 | −449,683 | 200,272 | −1 | |
| Other receivables and assets, net | −473,513 | 185,256 | −51,375 | −106,074 | |
| Interest reserve | −1 | −4 | −793,304 | −14 | |
| Related party payables | 171,517 | −8,128 | 654,016 | 1 | |
| Related party receivables | 2 | −3 | −107,225 | — | |
| Proceeds from the redemption of debt securities, at fair value | 0 | 839,093 | 3 | — | |
| Management and incentive fees payable | 235,418 | −380,617 | −51,825 | 2 | |
| Interest payable | 199,313 | 597,435 | — | — | |
| Accounts payable and accrued expenses | −316,172 | 509,765 | 168,550 | 764,233 | |
| Net cash provided by operating activities | 29 | 23 | 28 | 17 | |
| Issuance of and fundings of loans held for investment | −76 | −155 | −92 | −150 | |
| Principal repayment of loans held for investment | 79 | 102 | 77 | 18 | |
| Principal repayment of loans held at fair value | 6 | −6 | — | — | |
| Proceeds from sale of loans | 0 | 19 | 13 | 7 | |
| Net cash provided by/(used in) investing activities | 9 | −39 | −2 | −125 | |
| Proceeds from sale of common stock | 1 | 40 | 7 | 5 | |
| Proceeds from notes payable | 0 | 50 | — | — | |
| Proceeds from borrowings on revolving loan | 142 | 159 | 82 | 58 | |
| Repayment of borrowings on revolving loan | −148 | −170 | −74 | — | |
| Dividends paid to common shareholders | −44 | −42 | −39 | −28 | |
| Payment of debt issuance costs | −109,999 | −1 | −112,279 | −501,040 | |
| Payment of offering costs | −160,738 | −1 | −284,574 | −124,500 | |
| Net cash (used in)/provided by financing activities | −49 | 35 | −24 | 34 | |
| Net (decrease) increase in cash and cash equivalents | −11 | 19 | 2 | −75 | |
| Interest reserve withheld from funding of loans | 176,760 | 4 | 2 | — | |
| OID withheld from funding of loans held for investment | 2 | 2 | 1 | 3 | |
| Dividends declared and not yet paid | 11 | 14 | 14 | 14 | |
| Transfer of loans held for investment to loans held for sale | 0 | 19 | 13 | — | |
| Non-cash exchange of loans with related party (Note 9) | 0 | 6 | — | — | |
| Interest paid during the period | 7 | 6 | 5 | 2 |
Filings
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is Chicago Atlantic Real Estate Finance, Inc.'s CIK number?
Chicago Atlantic Real Estate Finance, Inc.'s SEC CIK number is 0001867949 (1867949). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Chicago Atlantic Real Estate Finance, Inc.'s SEC filings?
All of Chicago Atlantic Real Estate Finance, Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Chicago Atlantic Real Estate Finance, Inc. last report earnings?
Chicago Atlantic Real Estate Finance, Inc. (REFI) most recently filed an earnings 8-K with the SEC on May 7, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001213900-26-053036). This is Chicago Atlantic Real Estate Finance, Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is Chicago Atlantic Real Estate Finance, Inc.'s most recent earnings 8-K?
Chicago Atlantic Real Estate Finance, Inc.'s latest earnings 8-K (Item 2.02) was filed May 7, 2026 under accession 0001213900-26-053036. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
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