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Chicago Atlantic Real Estate Finance, Inc. operates as a commercial mortgage real estate investment trust in the United States. It engages in originating, structuring, and investing in first mortgage loans and alternative structured financings secured by commercial real estate properties. The company's loan portfolio is comprised of senior loans to state-licensed operators in the cannabis industry. It has elected to be taxed as a real estate investment trust (REIT) and would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. Chicago Atlantic Real Estate Finance, Inc. was incorporated in 2021 and is based in Miami Beach, Florida.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $56M | - | $36M | $29M | 11.7% | 1.4% | -2.8% |
| 2024 | $55M | - | $37M | $23M | 12.0% | -4.4% | -4.3% |
| 2023 | $57M | - | $39M | $28M | 14.2% | 17.3% | 19.9% |
| 2022 | $49M | - | $32M | $17M | 12.2% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 48.86 | 57.33 | 54.78 | 55.56 |
| Operating Revenue | - | 48.86 | 57.33 | 54.78 | 55.56 |
| Selling General And Administration | - | 3.96 | 6.74 | 8.45 | 8.67 |
| Interest Income | - | 51.47 | 62.90 | 62.10 | 62.94 |
| Interest Expense | - | 2.61 | 5.75 | 7.15 | 7.55 |
| Net Interest Income | - | 48.86 | 57.15 | 54.95 | 55.39 |
| Pretax Income | - | 32.29 | 38.71 | 37.05 | 36.01 |
| Tax Provision | - | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 32.29 | 38.71 | 37.05 | 36.01 |
| Net Income From Continuing And Discontinued Operation | - | 32.29 | 38.71 | 37.05 | 36.01 |
| Net Income From Continuing Operation Net Minority Interest | - | 32.29 | 38.71 | 37.05 | 36.01 |
| Net Income | - | 32.29 | 38.71 | 37.05 | 36.01 |
| Net Income Common Stockholders | - | 32.29 | 38.71 | 37.05 | 36.01 |
| Net Income Including Noncontrolling Interests | - | 32.29 | 38.71 | 37.05 | 36.01 |
| Normalized Income | - | 32.29 | 38.71 | 37.05 | 36.01 |
| Diluted NI Availto Com Stockholders | - | 32.29 | 38.71 | 37.05 | 36.01 |
| Basic Average Shares | - | 17.65 | 18.09 | 19.28 | - |
| Diluted Average Shares | - | 17.75 | 18.34 | 19.71 | - |
| Gain On Sale Of Security | - | 0 | 0.18 | -0.17 | 0.16 |
| General And Administrative Expense | - | 3.96 | 6.74 | 8.45 | 8.67 |
| Other Gand A | - | 3.53 | 5.26 | 5.39 | 5.30 |
| Salaries And Wages | - | 0.44 | 1.48 | 3.06 | 3.37 |
| Professional Expense And Contract Services Expense | - | 2.15 | 2.15 | 1.81 | 1.94 |
| Other Non Interest Expense | - | 6.56 | 8.78 | 8.06 | 8.20 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Chicago Atlantic Real Estate Finance, Inc.this co. | REFI | $240M | 6.65↑ premium | 0.78 | 11.7% | - |
| Ares Commercial Real Estate Corporation | ACRE | $280M | -310.62 | 0.55 | -0.2% | - |
| NexPoint Diversified Real Estate Trust | NXDT | $271M | -2.16 | 0.39 | -17.9% | - |
| BRT Apartments Corp. | BRT | $270M | -22.61 | 1.52 | -6.7% | 19.66 |
| 2021 | - | - | - | - | - | - | - |
| SITC |
| $260M |
| 1.46 |
| 0.78 |
| 53.1% |
| 1.86 |
| TPG Mortgage Investment Trust, Inc. | MITT | $245M | 5.03 | 0.72 | 14.3% | - |
| American Realty Investors, Inc. | ARL | $233M | 14.81 | 0.38 | 2.6% | 10.64 |
| Stratus Properties Inc. | STRS | $213M | 17.75 | 1.04 | 5.9% | 17.95 |
| Angel Oak Mortgage REIT, Inc. | AOMR | $203M | 4.60 | 0.76 | 16.5% | - |
| Peer Median | - | 3.03 | 0.74 | 4.2% | 14.30 | |