Chicago Atlantic Real Estate Finance (REFI) Stock Insights
REFI$9.04-0.16 -1.74%
$231.62M
Market Cap
6.69
P/E
4.74
Forward P/E
69
Score
Chicago Atlantic Real Estate Finance (REFI) Stock Insights
REFI price $9.04 -0.16 -1.74%
- Ticker
- REFI
- Price
- $9.04
- Change
- -0.16 -1.74%
- Market cap ?
- $231.62M
- P/E ?
- 6.69
- Forward P/E ?
- 4.74
- Dividend yield ?
- 0.20%
- Beta ?
- 0.34
- Sector
- Real Estate
- Industry
- REIT - Mortgage
- Stocklytics score
- 69
- Value
- 77
- Quality
- 70
- Growth
- 61
Stocklytics score rationale: value 77, quality 70, growth 61.
Financials
| 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| 14468404 | 48857628 | 57327489 | 54782709 | 63101040 |
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. A specific area of focus for the company is extending senior-priority loans to…
Fair value
REFI fair value $14.61. Price $9.04. Price is 38% below fair value.
Below fair value, and cheaper than usual. A larger discount than on 75% of days in the past 5 years.
Fair value is an estimate of what one share is worth if future cash flows arrive as modeled. It is not a forecast of the share price. How discounted cash flow works.
Calculated with a 10-year free-cash-flow discount. Starting free cash flow 26.92M. Growth 0.00%. When analyst earnings forecasts are available, free cash flow in those years is forecast earnings times the company's usual conversion of earnings into free cash flow, kept between 60% and 130%. Years with fewer than 3 analyst estimates are left out. Growth then fades in a straight line to terminal growth by year 10, starting from the last well-covered year's growth, or from the pace across those years when the final year slows sharply, kept between 0% and 20%. Without those forecasts, year-1 growth is analyst revenue growth for the next full fiscal year, or 5-year historical revenue growth when that forecast is missing, held for five years, then fading in a straight line to terminal growth by year 10. Terminal growth 3.00%. Discount rate 8.70% (beta 0.8). Beta is kept between 0.8 and 2.0, which on its own would make the discount rate 8.7% to 15.3%. The rate is then capped at 12%. A cap is used because a discount above 12% pushes higher-beta stocks further from the price. The discount rate stays at least 5 percentage points above terminal growth. Shares 25.62M. Net debt 83.49M. The earnings value is next-12-months earnings per share, or trailing earnings when that forecast is missing, times the median P/E of the company's industry. That median uses listed stocks worth at least $10 billion with a positive P/E of 100 or below, and the industry needs at least eight of them. Otherwise the sector median is used when that group also has at least eight, then the market median of those large companies. The multiple used is the lower of that median and 1.25 times the stock's own 10-year median P/E, then kept between 8 and 30. If the stock has no 10-year median, the peer median is kept between 8 and 30. Fair value is the average of the cash-flow value and the earnings value when both exist. Card and credit companies use the earnings value only, because changes in customer receivables distort free cash flow. Model uncertainty is high when fair value is more than 60% from the price, or when most of the cash-flow value sits after year 10.
Earnings
| Date | EPS actual | EPS estimate | Revenue | Revenue estimate |
|---|---|---|---|---|
| 2026-11-10 | — | 0.50 | — | 14.95M |
| 2026-08-11 | 0.43 | 0.48 | 12.83M | 14.17M |
| 2026-05-07 | 0.46 | 0.48 | 13.12M | 13.69M |
| 2026-03-12 | 0.43 | 0.42 | 14.24M | 14.34M |
| 2025-11-04 | 0.49 | 0.46 | 13.69M | 14.20M |
| 2025-08-07 | 0.51 | 0.45 | 16.50M | 15.90M |
| 2025-05-07 | 0.46 | 0.45 | 13.04M | 13.03M |
| 2025-03-12 | 0.46 | 0.43 | 13.90M | 14.04M |
| 2024-11-07 | 0.56 | 0.48 | 14.46M | 14.23M |
| 2024-08-07 | 0.46 | 0.51 | 15.02M | 16.24M |
| 2024-05-07 | 0.47 | 0.53 | 15.42M | 16.10M |
| 2024-03-12 | 0.51 | 0.51 | 16.63M | 16.09M |
| 2023-11-08 | 0.54 | 0.53 | 13.82M | 15.86M |
| 2023-08-09 | 0.47 | 0.54 | 13.66M | 15.16M |
| 2023-05-09 | 0.60 | 0.50 | 14.91M | 15.65M |
| 2023-03-09 | 0.41 | 0.48 | 14.76M | 13.33M |
| 2022-11-09 | 0.55 | 0.48 | 12.93M | 12.74M |
| 2022-08-09 | 0.42 | 0.47 | 11.40M | 11.30M |
| 2022-05-12 | 0.44 | 0.41 | 9.83M | 8.35M |
| 2022-03-22 | 0.57 | 0.33 | 5.78M | 6.42M |
| 2021-12-09 | 0.23 | — | 4.12M | — |
| 2021-10-08 | 0.06 | — | 1.14M | — |
Dividends
Yield 20.80%. Payout ratio 138.19%. Frequency Quarterly.
Safety score 23/100 · At risk. Payout ratio is 138% of earnings, above what earnings cover. Dividends are larger than free cash flow. Dividends were paid in 6 separate years. Yield is 20.8%, which is unusually high.
| Ex-date | Dividend | Record | Payment | Frequency |
|---|---|---|---|---|
| 2026-09-30 | $0.47 | 2026-09-30 | 2026-10-15 | Quarterly |
| 2026-06-30 | $0.47 | 2026-06-30 | 2026-07-15 | Quarterly |
| 2026-03-31 | $0.47 | 2026-03-31 | 2026-04-15 | Quarterly |
| 2025-12-31 | $0.47 | 2025-12-31 | 2026-01-15 | Quarterly |
| 2025-09-30 | $0.47 | 2025-09-30 | 2025-10-15 | Quarterly |
| 2025-06-30 | $0.47 | 2025-06-30 | 2025-07-15 | Quarterly |
| 2025-03-31 | $0.47 | 2025-03-31 | 2025-04-15 | Semi-Annual |
| 2024-12-31 | $0.65 | 2024-12-31 | 2025-01-13 | Special |
| 2024-09-30 | $0.47 | 2024-09-30 | 2024-10-15 | Quarterly |
| 2024-06-28 | $0.47 | 2024-06-28 | 2024-07-15 | Quarterly |
| 2024-03-27 | $0.47 | 2024-03-28 | 2024-04-15 | Semi-Annual |
| 2023-12-28 | $0.76 | 2023-12-29 | 2024-01-12 | Special |
| 2023-09-28 | $0.47 | 2023-09-29 | 2023-10-13 | Quarterly |
| 2023-06-29 | $0.47 | 2023-06-30 | 2023-07-14 | Quarterly |
| 2023-03-30 | $0.47 | 2023-03-31 | 2023-04-14 | Quarterly |
| 2022-12-29 | $0.76 | 2022-12-30 | 2023-01-13 | Special |
| 2022-09-29 | $0.47 | 2022-09-30 | 2022-10-14 | Quarterly |
| 2022-06-29 | $0.47 | 2022-06-30 | 2022-07-15 | Quarterly |
| 2022-03-30 | $0.40 | 2022-03-31 | 2022-04-14 | Quarterly |
| 2021-12-30 | $0.26 | 2021-12-31 | 2022-01-14 | Quarterly |
Insider trades
| Date | Insider | Action | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-08-27 | Mazarakis John | Buy | 7.53K | $10.67 | 80.35K |
| 2026-08-26 | Mazarakis John | Buy | 40.18K | $10.67 | 428.59K |
| 2026-08-21 | Mazarakis John | Buy | 145 | $10.67 | 1.55K |
| 2026-08-19 | Sack Peter | Buy | 2.00K | $10.39 | 20.78K |
| 2026-08-19 | Sack Peter | Buy | 1.50K | $10.53 | 15.79K |
| 2026-08-18 | Sack Peter | Buy | 1.50K | $10.43 | 15.64K |
| 2026-08-17 | Mazarakis John | Buy | 25.00K | $10.25 | 256.32K |
| 2026-08-17 | Cappell Anthony | Buy | 45.00K | $10.40 | 468.23K |
| 2026-04-20 | Konigsberg Brandon | Buy | 6.32K | — | — |
| 2026-04-20 | Kite David | Buy | 37.10K | — | — |
| 2026-04-20 | Silverman Phillip | Buy | 32.46K | — | — |
| 2026-04-20 | Stavola Elizabeth Mary | Buy | 6.32K | — | — |
| 2026-04-20 | Mazarakis John | Buy | 37.10K | — | — |
| 2026-04-20 | Cappell Anthony | Buy | 37.10K | — | — |
| 2026-04-20 | Papastavrou Jason D | Buy | 6.32K | — | — |
| 2026-04-20 | Sack Peter | Buy | 37.10K | — | — |
| 2025-10-16 | Mazarakis John | Buy | 8.00K | $12.75 | 102.00K |
| 2025-10-15 | Papastavrou Jason D | Buy | 10.00K | $12.62 | 126.15K |
| 2025-10-15 | Papastavrou Jason D | Buy | 5.00K | $12.71 | 63.55K |
| 2025-10-15 | Papastavrou Jason D | Buy | 3.00K | $12.68 | 38.04K |
| 2025-10-15 | Kite David | Buy | 2.50K | $12.70 | 31.75K |
| 2025-10-14 | Kite David | Buy | 2.50K | $12.31 | 30.77K |
| 2025-10-14 | Konigsberg Brandon | Buy | 7.00K | $12.33 | 86.30K |
| 2025-10-14 | Sack Peter | Buy | 8.15K | $12.43 | 101.30K |
| 2025-10-01 | Mazarakis John | Buy | 7.50K | $12.43 | 93.22K |
| 2025-06-13 | Stavola Elizabeth Mary | Other | 0 | — | — |
| 2025-04-09 | Silverman Phillip | Buy | 769 | $13.00 | 10.00K |
| 2025-04-01 | Sack Peter | Buy | 28.40K | — | — |
| 2025-04-01 | Papastavrou Jason D | Buy | 5.07K | — | — |
| 2025-04-01 | Mazarakis John | Buy | 28.40K | — | — |
| 2025-04-01 | Konigsberg Brandon | Buy | 5.07K | — | — |
| 2025-04-01 | Kite David | Buy | 28.40K | — | — |
| 2025-04-01 | Bodmeier Andreas | Buy | 28.40K | — | — |
| 2025-04-01 | Cappell Anthony | Buy | 28.40K | — | — |
| 2025-04-01 | Steiner Michael L. | Buy | 5.07K | — | — |
| 2025-04-01 | Silverman Phillip | Buy | 8.99K | — | — |
| 2025-03-06 | Kite David | Other | 0 | — | — |
| 2024-11-08 | Mazarakis John | Buy | 2.78K | $15.82 | 43.96K |
| 2024-11-07 | Mazarakis John | Sell | 2.78K | $15.86 | 44.07K |
| 2024-04-01 | Steiner Michael L. | Buy | 4.81K | $15.59 | 75.00K |
| 2024-04-01 | Silverman Phillip | Buy | 5.72K | — | — |
| 2024-04-01 | Sack Peter | Buy | 11.39K | $15.59 | 177.54K |
| 2024-04-01 | Papastavrou Jason D | Buy | 4.81K | $15.59 | 75.00K |
| 2024-04-01 | Mazarakis John | Buy | 43.66K | $15.59 | 680.58K |
| 2024-04-01 | Konigsberg Brandon | Buy | 4.81K | $15.59 | 75.00K |
| 2024-04-01 | HERBST FREDERICK C | Buy | 4.81K | $15.59 | 75.00K |
| 2024-04-01 | Gulbrandsen Donald E. | Buy | 4.81K | $15.59 | 75.00K |
| 2024-04-01 | Cappell Anthony | Buy | 43.66K | $15.59 | 680.58K |
| 2024-04-01 | Bodmeier Andreas | Buy | 43.66K | $15.59 | 680.58K |
| 2023-06-01 | Silverman Phillip | Buy | 11.50K | $14.75 | 169.62K |
| 2023-06-01 | Sack Peter | Buy | 27.50K | $14.75 | 405.62K |
| 2023-06-01 | Mazarakis John | Buy | 85.10K | $14.75 | 1.26M |
| 2023-06-01 | Cappell Anthony | Buy | 85.10K | $14.75 | 1.26M |
| 2023-06-01 | Bodmeier Andreas | Buy | 85.10K | $14.75 | 1.26M |
| 2023-03-14 | Mazarakis John | Buy | 10.00K | $13.19 | 131.90K |
| 2022-12-31 | Konigsberg Brandon | Buy | 4.98K | — | — |
| 2022-12-31 | Steiner Michael L. | Buy | 4.98K | — | — |
| 2022-12-31 | Papastavrou Jason D | Buy | 4.98K | — | — |
| 2022-12-31 | HERBST FREDERICK C | Buy | 4.98K | — | — |
| 2022-12-31 | Gulbrandsen Donald E. | Buy | 4.98K | — | — |
| 2022-12-12 | Sack Peter | Buy | 2.40K | $15.86 | 38.00K |
| 2022-12-12 | Mazarakis John | Buy | 9.18K | $15.86 | 145.66K |
| 2022-12-12 | Cappell Anthony | Buy | 9.18K | $15.86 | 145.66K |
| 2022-12-12 | Bodmeier Andreas | Buy | 9.18K | $15.86 | 145.66K |
| 2022-09-30 | Silverman Phillip | Sell | 0 | — | — |
| 2022-06-03 | Mazarakis John | Other | 0 | — | — |
| 2022-06-03 | Cappell Anthony | Buy | 61.52K | — | — |
| 2022-06-03 | Mazarakis John | Buy | 61.52K | — | — |
| 2022-06-03 | Bodmeier Andreas | Buy | 61.52K | — | — |
| 2022-06-03 | Chicago Atlantic CRE Holdings, LLC | Sell | 4.13M | — | — |
| 2022-06-03 | Chicago Atlantic Fund QP, LLC | Sell | 6.61M | — | — |
| 2022-05-23 | Mazarakis John | Buy | 7.00K | $15.50 | 108.50K |
| 2022-05-17 | Kite David | Buy | 300 | $15.06 | 4.52K |
| 2022-04-25 | Papastavrou Jason D | Buy | 3.00K | $17.91 | 53.73K |
| 2022-04-22 | Papastavrou Jason D | Buy | 9.68K | $17.96 | 173.75K |
| 2022-04-22 | Papastavrou Jason D | Buy | 2.32K | $17.94 | 41.70K |
| 2021-12-10 | Steiner Michael L. | Buy | 4.69K | — | — |
| 2021-12-10 | Sack Peter | Buy | 3.12K | — | — |
| 2021-12-10 | Papastavrou Jason D | Buy | 4.69K | — | — |
| 2021-12-10 | Menze Lindsay | Buy | 9.38K | — | — |
| 2021-12-10 | Konigsberg Brandon | Buy | 4.69K | — | — |
| 2021-12-10 | Kite David | Buy | 3.12K | — | — |
| 2021-12-10 | HERBST FREDERICK C | Buy | 4.69K | — | — |
| 2021-12-10 | Gulbrandsen Donald E. | Buy | 4.69K | — | — |
| 2021-12-08 | Cappell Anthony | Buy | 500 | $16.25 | 8.12K |
| 2021-12-08 | Mazarakis John | Buy | 5.00K | $16.00 | 80.00K |
| 2021-12-08 | Bodmeier Andreas | Buy | 1.00K | $16.00 | 16.00K |
| 2021-12-08 | Steiner Michael L. | Buy | 5.00K | $16.00 | 80.00K |
| 2021-12-08 | Sack Peter | Buy | 300 | $16.00 | 4.80K |
| 2021-12-08 | Papastavrou Jason D | Buy | 5.00K | $16.00 | 80.00K |
| 2021-12-08 | Menze Lindsay | Buy | 300 | $16.00 | 4.80K |
| 2021-12-08 | Konigsberg Brandon | Buy | 1.00K | $16.00 | 16.00K |
| 2021-12-08 | HERBST FREDERICK C | Buy | 5.00K | $16.00 | 80.00K |
| 2021-12-07 | Mazarakis John | Buy | 156.25K | $16.00 | 2.50M |
| 2021-12-07 | Chicago Atlantic CRE Holdings, LLC | Buy | 175.00K | $16.00 | 2.80M |
| 2021-12-07 | Chicago Atlantic Fund QP, LLC | Buy | 918.75K | $16.00 | 14.70M |
| 2021-12-07 | Cappell Anthony | Buy | 156.25K | $16.00 | 2.50M |
| 2021-12-07 | Bodmeier Andreas | Buy | 156.25K | $16.00 | 2.50M |
| 2021-12-07 | HERBST FREDERICK C | Sell | 0 | — | — |
| 2021-12-07 | Chicago Atlantic Fund QP, LLC | Sell | 0 | — | — |
Institutional holders
Latest filed quarter: Q2 2026.
Institutions holding: 103, holders +2 vs prior quarter. Ownership 32.89%.
| Holder | Shares | Change | Change % | Value |
|---|---|---|---|---|
| BLACKROCK, INC. | 1.72M | 293.48K | +20.59% | 18.43M |
| FIELDER CAPITAL GROUP LLC | 982.28K | 22.48K | +2.34% | 10.53M |
| VANGUARD CAPITAL MANAGEMENT LLC | 788.25K | 60.40K | +8.30% | 8.45M |
| STATE STREET CORP | 499.19K | -11.35K | -2.22% | 5.58M |
| SEGALL BRYANT & HAMILL, LLC | 188.62K | 188.62K | New | 2.02M |
| CDC FINANCIAL, INC. | 163.70K | 22.15K | +15.65% | 1.75M |
| CLAYTON PARTNERS LLC | 155.34K | 5.00K | +3.33% | 1.67M |
| CORIENT PRIVATE WEALTH LP | 152.72K | -3.50K | -2.24% | 1.64M |
| NORTHERN TRUST CORP | 146.96K | 5.49K | +3.88% | 1.58M |
| VANGUARD PORTFOLIO MANAGEMENT LLC | 125.77K | 21.44K | +20.55% | 1.35M |
| VANGUARD FIDUCIARY TRUST CO | 115.89K | 1.59K | +1.39% | 1.24M |
| CONNOR, CLARK & LUNN INVESTMENT MANAGEMENT LTD. | 113.81K | -2.46K | -2.11% | 1.22M |
| DOLIVER ADVISORS, LP | 111.01K | -800 | -0.72% | 1.19M |
| PENSERRA CAPITAL MANAGEMENT LLC | 108.88K | 14.10K | +14.88% | 1.17M |
| OSAIC HOLDINGS, INC. | 91.27K | 7.21K | +8.58% | 978.37K |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | 88.97K | 88.97K | New | 953.81K |
| INTREPID CAPITAL MANAGEMENT INC | 73.92K | 0 | 0.00% | 792.44K |
| PRICE T ROWE ASSOCIATES INC /MD/ | 69.48K | 12.52K | +21.99% | 745.00K |
| MORGAN STANLEY | 63.59K | 14.92K | +30.66% | 681.74K |
| ODYSSEAN, LLC | 63.29K | 50.32K | +387.80% | 678.49K |
| SIXTH STREET PARTNERS MANAGEMENT COMPANY, L.P. | 61.76K | 61.76K | New | 662.11K |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | 61.76K | 12.51K | +25.40% | 662.11K |
| COMMONWEALTH EQUITY SERVICES, LLC | 57.98K | 6.66K | +12.99% | 621.49K |
| QUANTINNO CAPITAL MANAGEMENT LP | 55.83K | -19.74K | -26.12% | 598.47K |
| BANK OF NEW YORK MELLON CORP | 53.31K | 5.37K | +11.20% | 571.46K |
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