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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 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 48.86 | 57.33 | 54.78 | 55.56 |
| Pretax Income | 32.29 | 38.71 | 37.05 | 36.01 |
| Tax Provision | 0 | 0 | 0 | 0 |
| Net Income | 32.29 | 38.71 | 37.05 | 36.01 |
| Net Income Common Stockholders | 32.29 | 38.71 | 37.05 | 36.01 |
| Interest Expense | 2.61 | 5.75 | 7.15 | 7.55 |
| Interest Income | 51.47 | 62.90 | 62.10 | 62.94 |
| Selling General And Administration | 3.96 | 6.74 | 8.45 | 8.67 |
| Normalized Income | 32.29 | 38.71 | 37.05 | 36.01 |
| Basic EPS | 1.83 | 2.14 | 1.92 | 0 |
| Diluted EPS | 1.82 | 2.11 | 1.88 | 0 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0 | 0 | 0 | 0 |
| Net Income From Continuing Operation Net Minority Interest | 32.29 | 38.71 | 37.05 | 36.01 |
| Net Interest Income | 48.86 | 57.15 | 54.95 | 55.39 |
| Net Income From Continuing And Discontinued Operation | 32.29 | 38.71 | 37.05 | 36.01 |
| Diluted Average Shares | 17.75 | 18.34 | 19.71 | 0 |
| Basic Average Shares | 17.65 | 18.09 | 19.28 | 0 |
| Diluted NI Availto Com Stockholders | 32.29 | 38.71 | 37.05 | 36.01 |
| Net Income Including Noncontrolling Interests | 32.29 | 38.71 | 37.05 | 36.01 |
| Net Income Continuous Operations | 32.29 | 38.71 | 37.05 | 36.01 |
| Gain On Sale Of Security | 0 | 0.18 | -0.17 | 0.17 |
| 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 |
| Operating Revenue | 48.86 | 57.33 | 54.78 | 55.56 |
| 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 | - | - | - | 11.7% | - |
| Seven Hills Realty Trust | SEVN | $182M | 8.97 | 0.55 | 4.6% | - |
| Douglas Elliman Inc. | DOUG | $174M | 11.59 | 0.95 | 8.3% | -46.49 |
| Modiv Industrial, Inc. | MDV | $165M | - | 1.01 | 0.5% | 13.16 |
| ACRES Commercial Realty Corp. |
| ACR |
| $151M |
| 688.67 |
| 0.32 |
| 3.9% |
| - |
| Clipper Realty Inc. | CLPR | $144M | - | -1.79 | 24.6% | 17.96 |
| RPT | RPT | $109M | - | 0.45 | 0.5% | - |
| Sunrise Realty Trust, Inc. | SUNS | $100M | 7.98 | 0.55 | 6.7% | - |
| Franklin Street Properties Corp. | FSP | $65M | - | 0.11 | -7.4% | 8.75 |
| Peer Median | - | 10.28 | 0.50 | 4.3% | 10.96 | |