Chicago Atlantic Real Estate Finance, Inc.
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Range $16 – $16
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About the company
Chicago Atlantic Real Estate Finance, Inc. functions as a commercial real estate financing enterprise operating throughout the United States. Its primary activities include developing, arranging, and deploying capital into various secured debt instruments, notably first mortgage loans, which are collateralized by commercial properties.
- CEO
- Anthony Robert Cappell
- IPO
- 2021
- HQ
- Miami Beach, FL, US
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Similar companies
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- Market Cap
- $226.15M
- P/E
- 7.63
- Fwd P/E
- 5.60
- PEG
- -0.30
- P/S
- 3.76
- P/B
- 0.75
- EV/EBITDA
- 10.53
- Div Yield
- 17.72%
- Gross Margin
- 91.25%
- Op Margin
- 41.39%
- Net Margin
- 48.89%
- ROE
- 9.62%
- ROIC
- 5.39%
Latest fiscal year · YoY change
- Revenue
- $63.10M+15.2%
- Gross Profit
- $54.82M+0.1%
- Op Income
- $36.01M
- Net Income
- $36.01M-2.8%
- EPS
- $1.71-10.9%
- OCF Growth
- +24.3%
- FCF Growth
- +24.3%
- 52W High
- $14.57
- 52W Low
- $9.69
- 50D MA
- $10.59
- 200D MA
- $11.77
- Beta
- 0.32
- RSI (14)
- 58
- Avg Volume
- 164.94K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Chicago Atlantic RE Finance posted lower distributable earnings in Q2 due mainly to timing of redeployment, while staying active in cannabis lending and advancing a merger with LIEN.· August 11, 2026
- Distributable earnings were $0.44 per basic share, below the $0.47 dividend, but management said the shortfall was timing-related rather than a portfolio-quality issue.
- Loan portfolio principal reached about $453 million across 26 portfolio companies with a 15.8% weighted average yield to maturity.
- Gross originations were about $56.8 million and repayments were about $19.7 million, including $16.4 million of full loan prepayments.
- Non-accruals improved to about 3.7% of outstanding principal from 4.8% last quarter, while CECL reserves were $9.4 million, or about 2.3% of loans held for investment principal.
- Management expects the REFI-LIEN merger to close in Q4 2026, subject to approvals and consents, and said it could broaden scale, liquidity, and market access.
Second-quarter net interest income was $12.8 million, down $0.3 million, or 2.2%, from $13.1 million in Q1. Distributable earnings were $0.44 per basic weighted average common share and $0.43 on a fully diluted basis, versus a $0.47 quarterly dividend paid in July. Book value per common share was $14.15 at June 30, and the portfolio principal totaled approximately $453 million across 26 portfolio companies with a 15.8% weighted average yield to maturity. Gross originations were about $56.8 million, repayments were about $19.7 million, and non-accruals were about 3.7% of outstanding principal, down from about 4.8% in Q1. Total leverage was 47% of book equity, compared with 38% at March 31, and management said about $15 million of liquidity remained available on the senior credit facility. Looking ahead, the company expects the REFI-LIEN merger to close in the fourth quarter of 2026, pending shareholder, SEC, lender, regulatory, and other customary approvals. Management also reiterated a dividend payout ratio of 90% to 100% of basic distributable earnings per share for the 2026 tax year.
Peter Sack framed the quarter as productive despite a temporary mismatch between prepayments and redeployment, saying the earnings shortfall reflected timing rather than a change in fundamentals. He emphasized that cannabis market reforms and broader capital-markets acceptance are creating opportunities, but he repeatedly said the company remains conservative and does not depend on policy changes to succeed. He also argued that the merger with LIEN should unlock scale, diversification, and better market visibility, while the new Koach financing gives REFI exposure to cannabis-linked real estate with potential upside if cap rates compress.
Phil Silverman highlighted that net interest income declined to $12.8 million from $13.1 million, mainly because redeployment lagged payoffs and one-time fee income fell to about $0.8 million from $1.1 million. He said interest expense rose to about $2.4 million from $2.0 million, while the revolver borrowings increased to a weighted average of $67.5 million from $48 million. He also cited a CECL reserve of about $9.4 million, equal to about 2.3% of outstanding principal on loans held for investment, and noted book value per share of $14.15 with about 21.7 million fully diluted shares outstanding. On capital structure, he said the Koach transaction issued about 4.3 million shares at $14.53 per share, or a 1% premium to March 31 book value, and increased fully diluted shares to about 26 million pro forma.
Analysts pressed on how REFI will manage the gap between prepayments and redeployment, and management said it expects to distribute all or nearly all distributable earnings through the merger date. Questions also focused on whether cannabis industry reform could attract new lenders; Peter Sack said the debt market still has major structural barriers and that REFI expects to benefit if more capital does eventually enter. On the Koach deal, management explained it was structured to gain economic exposure to cannabis-linked retail real estate without violating listing restrictions on owning cannabis properties or equity, and said the company could do similar transactions again if the opportunity persists. They also said early repayments have not materially changed in cadence and that they are actually seeing more borrower demand for capital as operators position for possible regulatory changes.
The company said the cannabis lending pipeline remains strong at $649 million, with $204 million backed by real estate, and management described demand for debt capital as rising as operators prepare for possible regulatory changes and M&A. Non-accruals fell quarter over quarter, portfolio yield remained high at 15.8%, and management sees the Koach transaction as a way to add attractive yield plus possible upside from exit fees and cap-rate compression. The pending LIEN merger is being presented as a scale and liquidity catalyst that could broaden access to capital and investors.
Distributable earnings came in below the dividend, and management explicitly tied that to timing of redeployment after early-quarter prepayments, which shows the business can still face quarter-to-quarter earnings volatility. Leverage increased to 47% of book equity from 38%, and the company is still exposed to a niche cannabis credit market that management says remains structurally inefficient and dependent on specialized underwriting. The merger is not yet closed and still depends on shareholder, SEC, lender, and regulatory approvals, while the Koach transaction introduces a nontraditional accounting presentation that may make the reported financials harder to compare quarter to quarter.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 86.7%
- Shares Outstanding
- 21.31M
- Float Shares
- 18.49M
of shares held by institutions
102 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Vanguard Group Inc | 942.42K | ▲ 1.43K |
| Perritt Capital Management Inc | 36.50K | ▲ 10.00K |
| Pbmares Wealth Management LLC | 30.16K | ▼ 650 |
| Vivaldi Capital Management LP | 10.10K | 0 |
| Quest Partners LLC | 2.22K | ▲ 1.92K |
| California State Teachers Retirement System | 982 | ▼ 134 |
| Sunbelt Securities, Inc. | 879 | 0 |
| Cwm, LLC | 738 | ▼ 427 |
Held by 90 ETFs
Biggest fund positions in REFI by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Aug 17, 26 | Mazarakis John | buy | 25,000 |
| Aug 17, 26 | Cappell Anthony | buy | 45,000 |
| Apr 20, 26 | Konigsberg Brandon | other | 6,324 |
| Apr 20, 26 | Kite David | other | 37,099 |
| Apr 20, 26 | Silverman Phillip | other | 32,462 |
| Apr 20, 26 | Stavola Elizabeth Mary | other | 6,324 |
| Apr 20, 26 | Mazarakis John | other | 37,099 |
| Apr 20, 26 | Cappell Anthony | other | 37,099 |
| Apr 20, 26 | Papastavrou Jason D | other | 6,324 |
| Apr 20, 26 | Sack Peter | other | 37,099 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our REFI coverage
Recent articles, reports, and earnings notes.
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Generate REFI report →Chicago Atlantic BDC, Inc. Reports Second Quarter 2026 Financial Results
globenewswire.com · Aug 13
Chicago Atlantic Real Estate Finance, Inc. (REFI) Q2 2026 Earnings Call Transcript
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Chicago Atlantic Real Estate Finance Q2 Earnings Call Highlights
marketbeat.com · Aug 11
Chicago Atlantic Real Estate Finance, Inc. (REFI) Lags Q2 Earnings and Revenue Estimates
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Buy 9 August Dividend Power Dogs
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prnewswire.com · Aug 4
Chicago Atlantic Real Estate Finance Schedules Second Quarter 2026 Earnings Release and Conference Call Date
globenewswire.com · Jul 21
Chicago Atlantic Real Estate Finance, Inc. Announces Second-Lien Financing of Thirty-Two Cannabis Retail Properties
globenewswire.com · Jul 13
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