CHICAGO ATLANTIC REAL ESTATE FINAN (REFI)
Financials · mortgage REITs · NASDAQ
A specialized mortgage REIT providing senior loan financing to state-licensed cannabis operators in the U.S.
What CHICAGO ATLANTIC REAL ESTATE FINAN does
Chicago Atlantic Real Estate Finance is an externally managed mortgage real estate investment trust (REIT) that focuses on providing customized financing to the cannabis industry. It primarily originates, structures, and invests in first mortgage loans and alternative structured financings secured by commercial real estate properties, equipment, and other assets owned by state-licensed cannabis operators.
Recent developments
The company is in the process of merging with Chicago Atlantic BDC, Inc. (LIEN). Additionally, in July 2026, the company issued 4.3 million shares of common stock to Koach Capital in a private placement transaction, which was exchanged for $62.5 million in second lien promissory notes.
From CHICAGO ATLANTIC REAL ESTATE FINAN's filing of 2026-08-11.
Themes: cannabis industry finance, private credit, REIT, M&A
Fundamentals
- Price$9.08 as of 2026-10-20 close
- Market cap$233M as of 2026-08-06 (share count; price 2026-10-20)
- 1-year return-31.2% 2025-10-20 close $13.19 → 2026-10-20 close $9.08
- P/E6.68 as of 2026-10-20
- Net margin+66.1% FY2022, SEC XBRL
- ROE+11.7% FY2025, SEC XBRL
- ROICn/a No figure: it is a bank or insurer, whose operating income and debt are not what ROIC divides.
- Debt / equity0.16 borrowings, leases excluded / equity — 10-Q/10-K balance sheet 2026-06-30
- Beta0.39 as of 2026-09-02
- Last reported earnings2026-08-11 SEC EDGAR Form 8-K (Item 2.02)
Dividend: yield +17.1%; 1-year non-decreasing per-share dividend streak (SEC XBRL).
How REFI compares in its sector
- price-to-earnings ratiobottom 10% 487 covered Financials peers, as of 2026-10-20
- net profit margintop 25% 343 covered Financials peers, as of 2026-09-02
- return on equitymiddle range 558 covered Financials peers, as of 2026-09-02
- indicated dividend yieldtop 10% 440 covered Financials peers, as of 2026-09-02
Position among covered Financials companies that report each metric (minimum 5 peers). A relative position within our covered catalog — not a valuation, quality, or investment judgment. A higher percentile is simply a higher value (for P/E, more expensive on earnings — never "better"). Informational only.
Dividend coverage (FY2025)
Exceeded at least one reported measure. In FY2025, REFI's dividend exceeded at least one reported measure of what it earned or generated (earnings payout 122%, operating-cash-flow payout 152%). A payout above 100% in one year is not necessarily unsustainable, but it is not fully covered by that measure.
- Earnings payout122% dividends / net income
- Operating-cash-flow payout152% dividends / operating cash flow — capital spending was not reported, so this does not subtract it
Coverage derived from reported SEC EDGAR XBRL figures for FY2025 (dividends paid vs. net income and free cash flow, same fiscal year). This describes PAST coverage for one fiscal year — it does not predict whether a dividend will be maintained, raised, or cut, and a one-year payout ratio can be distorted by non-recurring items. Informational only — not financial advice.
Quarterly results
| Quarter | Net income | Diluted EPS | Operating cash flow |
|---|---|---|---|
| Q2 FY2026 2026-06-30 | $7M | $0.34 | $9M† |
| Q1 FY2026 2026-03-31 | $5M | $0.23 | $3M |
| Q4 FY2025 2025-12-31 | $8M† | $0.38† | $7M† |
| Q3 FY2025 2025-09-30 | $9M | $0.42 | $8M† |
| Q2 FY2025 2025-06-30 | $9M | $0.41 | $6M† |
| Q1 FY2025 2025-03-31 | $10M | $0.47 | $8M |
| Q4 FY2024 2024-12-31 | $8M† | $0.39† | $2M† |
| Q3 FY2024 2024-09-30 | $11M | $0.56 | $8M† |
† Not filed as a discrete quarter: derived from the company's own year-to-date figures (for example the fourth quarter as the fiscal year minus the first nine months). A derived per-share figure is approximate, because the share count moves within the year.
Balance sheet at 2026-06-30
- Cash and equivalents$13M
- Total debt$49M borrowings only; leases excluded
- Net debt$36M total debt − cash − short-term investments
From the company's own SEC 10-Q and 10-K filings (XBRL), re-read every week. Figures in US dollars as filed; informational only — not financial advice.
How CHICAGO ATLANTIC REAL ESTATE FINAN looks technically
CHICAGO ATLANTIC REAL ESTATE FINAN (REFI) is trading 19.4% below its 200-day average, the long-term trend line — a long-term downtrend. Its 50-day average crossed below its 200-day average about 414 trading days ago — a "death cross", a bearish long-term signal. A strong downtrend is in place — ADX, a 0–100 trend-strength gauge, is 36, with sellers in control. Momentum is neutral — its 14-day RSI (a 0–100 momentum gauge) is 33, neither overbought (above 70) nor oversold (below 30). It made a new 20-day low about 2 trading days ago. It is 3.5% above its 52-week low (its lowest price of the past year).
Trend
8
| Distance from the 200-day | it is trading 19.4% below its 200-day average, the long-term trend line — a long-term downtrend | -19.4% |
|---|---|---|
| 50-day moving average | its average price over the last 50 trading days — a short-term trend line — is $10.34 | $10.34 |
| 200-day moving average | its average price over the last 200 trading days — the long-term trend line — is $11.27 | $11.27 |
| Swing structure | each recent peak has been lower than the one before it and each dip deeper — the pattern chart-watchers call a downtrend, which describes where price has already been and not where it goes next | lower highs and lower lows |
| Last swing turn | its last significant turn was a swing high 32 calendar days ago — the swings before that are what the structure reading is measured on | 32 sessions |
| Wave structure | its recent swings can be read as a five-part downward sequence — what Elliott-wave chartists call an impulse — now in leg 3 of five; the labelling fails if price closes above 11.33. It is one of several labellings that fit, and it describes the swings already printed, not what comes next. The same swings also read as a three-part correction in leg C. | possible downward five-wave sequence, in wave 3 (one of several readings) |
| Since the 50/200 cross | its 50-day average crossed below its 200-day average about 414 trading days ago — a "death cross", a bearish long-term signal | 414 sessions |
| Trend strength (14-day ADX) | a strong downtrend is in place — ADX, a 0–100 trend-strength gauge, is 36, with sellers in control | 36.2 |
Momentum
3
| 14-day RSI | momentum is neutral — its 14-day RSI (a 0–100 momentum gauge) is 33, neither overbought (above 70) nor oversold (below 30) | 33.2 |
|---|---|---|
| Position in its 14-day range | it is trading in the lower half of its 14-day range ($8.77 to $10.22) — its "stochastic" reading is 21 out of 100, where 0 would mean closing exactly at the 14-session low and 100 exactly at the high. This measures WHERE the price sits inside its recent range, which is a different question from the RSI beside it: RSI is a momentum gauge, measuring how FAST the price has been moving, so a stock can drift quietly to the bottom of its range with an ordinary RSI, or fall sharply and still sit in the middle. It has been climbing within that range over the last few sessions. | 21.4 |
| Since the MACD crossed zero | MACD, a trend-momentum gauge, is in negative territory (momentum leaning bearish) | 22 sessions |
Range
12
| 52-week high | its highest closing price over the past year (about 252 trading days) was $13.49 | $13.49 |
|---|---|---|
| From the 52-week high | it is 32.7% below its 52-week high (its highest price of the past year) | -32.7% |
| Above the 52-week low | it is 3.5% above its 52-week low (its lowest price of the past year) | +3.5% |
| Below the 52-week high | it is 32.7% below its highest point of the past year | 32.7% |
| Since a 20-day breakout | it made a new 20-day low about 2 trading days ago | 2 sessions |
| Since a 55-day breakout | it made a new 55-day low about 2 trading days ago | 2 sessions |
| All-time high | its highest closing price on record is $20.30 (set on 2022-01-19) | $20.30 |
| Given back of the 52-week move | over the past year its closes ranged ($8.77 to $13.47), and it has recovered only a small part of its fall from last year’s high — 7% of it. Chart-watchers call 61.8%-65% given back the "golden pocket" — for this company that is $11.67 to $11.82. It is watched widely enough that orders cluster there, which is the honest reason it matters; it is not a forecast. | 6.6% |
| From the all-time high | it is 55.3% below its all-time high | -55.3% |
| Nearest price level | it is trading 17.1% below a resistance level at $10.63 — a price it turned at four times since 2026-04-02, most recently on 2026-09-10. Since 2024-10-21 it has 0 such levels below the current price and 14 above. Levels like these describe where the price has reversed or paused before; they are not a forecast of where it will go. | +17.1% |
| All-time low | its lowest closing price on record is $8.77 (set on 2026-10-19) | $8.77 |
| Above the all-time low | it is 3.5% above its all-time low | +3.5% |
Volatility
5
| Band width vs its own 6 months | day-to-day price swings are unusually wide versus its own recent history (wider than about 98% of the past ~6 months) | 98th percentile |
|---|---|---|
| Typical daily range | in a typical session it travels about $0.2804 between its high and its low — about 3.1% of its price. That is its "average true range" over the last 14 sessions, which also counts the distance from the previous close, so a day that opens well away from yesterday counts as the large move it was | $0.2804 |
| Bollinger bands (20-day, ±2σ) | most of its recent trading has stayed between about $8.59 and $10.98 — the "Bollinger bands", a range drawn two standard deviations either side of its 20-day average price, which widens when the stock gets more volatile and narrows when it settles | $8.59 – $9.79 – $10.98 |
| Typical daily range (% of price) | its price moves about 3.1% in a typical session — about typical for the companies we cover. This is the average gap between a session's high and low over the last 14 sessions, counting overnight moves, expressed against the current price so it can be compared with companies trading at any price | 3.1% |
| Stretch from the 200-day average | it is trading 7.8 daily ranges below its 200-day average price (19.4% below it in plain percentage terms) — a way of asking how far it has stretched from its own average in units of how far it normally moves in a day, so a calm company and a jumpy one can be compared on the same scale | 7.8 daily ranges below its 200-day average |
Volume
1
| Volume vs its 30-day average | trading volume is about normal versus its 30-day average | 0.65× |
|---|
Analyst
2
| Change in the average price target | analysts' average price target is unchanged from the prior reading | 0.0% |
|---|---|---|
| Change in the consensus rating | not available for this company yet | n/a |
Price gaps
3
| Gap at the open | it opened on 2026-10-20 0.5% above the previous session's close — an overnight gap, the part of the move that happened while the market was shut, and had not traded back through that level by the close | +0.5% |
|---|---|---|
| Open gap | it gapped 2.1% below the previous close 14 sessions ago and has not traded back through the level it left behind at 10.7 — an "unfilled gap", which describes a price range no trade has since crossed and is not a forecast that it will be crossed | -2.1% |
| Gap filled | a 2.7% gap up opened on 2026-08-20 has been "filled" 42 sessions ago — price traded back through the level the gap left behind, and it closed again during the very session that opened it | 42 sessions ago |
Price streaks
1
| Closing streak | it closed higher in its latest session, after a session that did not close higher — a single up day rather than a run | 1 session up |
|---|
Relative strength
4
| vs market, 1 month | over the past 1 month this stock lagged the market by 18.3 percentage points (the stock lost 17.3% while the market gained 1.0%) | -18.3% |
|---|---|---|
| vs market, 3 months | over the past 3 months this stock lagged the market by 16.5 percentage points (the stock lost 12.9% while the market gained 3.6%) | -16.5% |
| vs market, 6 months | over the past 6 months this stock lagged the market by 33.9 percentage points (the stock lost 25.4% while the market gained 8.5%) | -33.9% |
| vs market, 12 months | over the past 12 months this stock lagged the market by 45.7 percentage points (the stock lost 31.2% while the market gained 14.6%) | -45.7% |
Signal agreement
2
| Bullish technical signals | 0 of the 9 technical signals we can compute for it are currently in a bullish state — these describe past price behaviour, not a forecast | 0 of 9 |
|---|---|---|
| Bearish technical signals | 7 of the 9 technical signals we can compute for it are currently in a bearish state: a "death cross" — its 50-day average is below its 200-day, trading below its 200-day average, a fresh 20-day low, MACD momentum is negative, a strong downtrend, with sellers in control, lagging the market over 6 months, trading below the Ichimoku cloud — these describe past price behaviour, not a forecast | 7 of 9 |
Trend (Ichimoku cloud)
1
| Vs the Ichimoku cloud | trading 12% below the Ichimoku cloud — a band drawn from where its own highs and lows sat up to 2026-09-14 and projected forward over today's price, the side traders read as an established downtrend, with the band above acting as the level that would have to be cleared. The band itself is moderate, spanning 3.6% of the share price. | -12.4% |
|---|
Volume-weighted price
2
| Vs this year’s average price paid | the price is 19% below the average price paid so far this year, so the typical buyer over that stretch is under water. That average is $11.17 — a volume-weighted average of daily closes over 198 sessions, not a true tick-by-tick VWAP. | -18.7% |
|---|---|---|
| Vs the average paid since it last reported | the price is 12% below the average price paid since it last reported on 2026-08-11 (its 10-Q), so the typical buyer over that stretch is under water. That average is $10.36 — a volume-weighted average of daily closes over 50 sessions, not a true tick-by-tick VWAP. | -12.4% |
Price levels it has turned at before
REFI last closed at $9.08 on 2026-10-20. Since 2024-10-21 it has turned at 0 prices below its last close and 14 above; the 3 nearest above are listed, nearest first.
| Level | Side | Distance | Evidence |
|---|---|---|---|
| $10.63 | Resistance | 17.1% above the last close | turned there four times · 2026-04-02 to 2026-09-10 |
| $10.98 | Resistance | 21.0% above the last close | turned there four times · 2026-05-18 to 2026-09-04 |
| $11.57 | Resistance | 27.4% above the last close | turned there three times · 2026-02-13 to 2026-06-22 |
A level is a price this company reversed or paused at more than once — they describe past behaviour, not a forecast of where the price will go.
Wave structure
Its recent swings can be read as a five-part downward sequence — what Elliott-wave chartists call an impulse — now in leg 3 of five.
This labelling fails — stops being a possible reading at all — if it closes above $11.33.
This is one of several labellings that fit the same swings, so treat it as a reading rather than the reading. It was chosen from 2 labellings that survived the rules, counting shorter readings of the same bars.
On past moves of this shape the leg has usually ended somewhere between $6.98 and $8.64 — that is where it has tended to end if the count holds, not a forecast of where the price goes.
Alternate reading: The same swings also read as a three-part correction in leg C, which fails on a close above $11.33.
This reading has stood for 23 trading days, since 2026-09-18.
Read from daily closes as of 2026-10-20.
An Elliott-wave count describes the swings already printed and the level that would disprove it. It is not a forecast, a target, or advice.
Screens: Trading below the 200-day moving average · Trading below the 50-day moving average · Pulled back from the 12-month high · Broke down to a new 20-day low · Near the all-time low · lagging the market | Learn: moving average · golden cross · adx · rsi · breakout · fifty two week high low
Based on daily closing prices as of 2026-10-20. Describes past price behavior only — informational, not financial advice.
Analyst consensus
- Mean price target$15.13 range $10.50 – $20.00; median $15.00
Analyst estimates, as of 2026-10-19. These are third-party analyst opinions and price targets, aggregated — not a recommendation, prediction, or advice from stocks-llm. Informational only.
Key risks (from latest filing)
["Exposure to the evolving and uncertain legal/regulatory environment of the cannabis industry, including its continued illegality under U.S. federal law.","Operational reliance on the external Manager and the potential for conflicts of interest or loss of key personnel.","Risks associated with the pending merger with Chicago Atlantic BDC, Inc. (LIEN), including failure to satisfy closing conditions or regulatory approvals."]
What changed in the latest 10-Q
AI-assisted comparison of REFI's 10-Q filed 2026-05-07 against the prior one filed 2025-11-04.
Management's Discussion & Analysis (MD&A)
- Added:
- Newer filing (2026-05-07) adds 'and its affiliates' to description of Manager's allocation of loan opportunities
- Newer filing (2026-05-07) adds reference to 'the value of our loans' in risk factors (vs. 'market value of our loans' in older)
- Newer filing (2026-05-07) adds detailed formation and IPO history: 'We were formed in March 2021 as a Maryland corporation and are structured as an externally managed mortgage real estate investment trust. We completed our initial public offering (IPO) in December 2021'
- Newer filing (2026-05-07) specifies REIT election date: 'commencing with our taxable year ended December 31, 2021'
- Removed:
- Older filing (2025-11-04) includes 'future' before 'operating results' in first bullet; newer removes redundancy, stating only 'our future and projected operating results'
- Older filing (2025-11-04) includes risk factor: 'changes in financial and economic conditions, including inflation, tariffs and the current government shutdown, which may have an adverse impact on our portfolio companies and commercial real estate in general' - this entire bullet is removed in newer filing
- Older filing (2025-11-04) Overview section states 'We are a commercial mortgage real estate investment trust' - newer filing changes this to include full formation narrative
- Older filing (2025-11-04) states 'We also invest in companies or properties that are not related to the cannabis industry that provide return characteristics consistent with our investment objective' - this sentence removed in newer filing
- Older filing (2025-11-04) includes discussion of Manager originating loans and co-investment structure details - newer filing overview is truncated before this section
- Older filing (2025-11-04) references portfolio allocation data 'As of September 30, 2025 and December 31, 2024, 34.8% and 50.0%, respectively' - newer filing text appears cut off before such data
- Reworded:
- Older: 'changes in the value of our loans'; Newer: 'changes in the values of our loans' (plural 'values')
- Older: 'changes in interest rates and impacts of such changes on our results of operations, cash flows, and the market value of our loans'; Newer: 'changes in interest rates and impacts of such changes on our results of operations, cash flows, and the value of our loans' (removes 'market' modifier)
- Older Overview opens with generic description; Newer Overview provides specific company formation date, incorporation details, and IPO timing before business description
- Older distinguishes company as investing in 'companies or properties...not related to the cannabis industry'; Newer portfolio description focuses only on cannabis-related investments without explicit mention of non-cannabis investments
- Notes:
- Newer filing text appears truncated at end of Overview section ('among other facto' is incomplete), limiting full comparison of Overview and subsequent sections
- Older filing text also appears truncated ('34.8% and 50.0%, respectively, of the pri' is incomplete), preventing full comparison of later MD&A sections
- Page numbering differs between filings (24 vs 27), suggesting different document layouts but same content structure
AI-assisted comparison of two SEC filing sections. It describes wording and theme changes only, makes no materiality, legal, or investment judgement, and is not financial advice. Informational only — not financial advice.
Insider activity (SEC Form 4)
8 open-market purchases and 0 open-market sales by insiders in the last 90 days, of which we have read Form 4 filings through 2026-10-16. The 5 days since 2026-10-16 have not been checked yet.
- Last 90 days · read to 2026-10-168 buys ($1M) · 0 sells — 3 buying insiders
- Last 180 days · read to 2026-10-168 buys ($1M) · 0 sells — 3 buying insiders
Cluster buying: 3 different insiders reported open-market purchases (SEC code P) of REFI within a 30-day window between 2026-08-17 and 2026-08-27. Disclosed Form 4 activity, not a prediction of performance or a buy signal.
Activity heuristic: net buying (a transparent product heuristic from the counts above, not a prediction or advice)
Most recent open-market transaction: 2026-08-27. Based on Form 4 filings read through 2026-10-16; anything filed since is not yet included.
View full insider trading history → View SEC Form 3/4/5 filingsAsk about REFI's insider activity →
Only open-market purchases (SEC code P) and sales (code S) are counted here. Option exercises, vesting/awards, gifts, and shares withheld for taxes are excluded — they are compensation or mechanical, not open-market conviction. Sales may be planned and non-discretionary (e.g. a Rule 10b5-1 plan) and are not necessarily bearish; open-market buying is not a recommendation to buy. Informational only — not financial advice.
Short interest (FINRA)
REFI had 1,876,517 shares of reported short interest as of the 2026-09-30 FINRA settlement date (delayed, bi-monthly; not real-time).
REFI had 7.32% of its shares outstanding sold short as of the 2026-09-30 FINRA settlement date (percent of FLOAT would be higher — float is not disclosed in the source). FINRA reported 6.26 days to cover at the same settlement.
- Reported short interest (shares) 1,876,517
- Short interest (% of shares outstanding) 7.32%
- Prior settlement (shares) 1,376,806
- Reported change 36.29%
- Days to cover (reported) 6.26
Reported to FINRA as of the 2026-09-30 settlement date. Short interest is reported to FINRA and published on a delayed, bi-monthly schedule (as of a settlement date, disseminated roughly eight business days later) — it is NOT real-time, does not cover every venue or all US trading, and is not a short-squeeze prediction or investment advice. Days-to-cover is the value FINRA reports; percent of float is not shown because the source file carries no share-count denominator — where a percent appears it is of shares OUTSTANDING, the larger base, and is therefore a floor on percent of float. Informational only — not financial advice.
Competitors & peers
- AFC Gamma (AFCG)
- NewLake Capital Partners (NLCP)
- Innovative Industrial Properties (IIPR)
AI-enriched competitor set. Linked names are companies covered by stocks-llm; other named peers are shown for reference only.
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Frequently asked questions
What does CHICAGO ATLANTIC REAL ESTATE FINAN (REFI) do?
Chicago Atlantic Real Estate Finance is an externally managed mortgage real estate investment trust (REIT) that focuses on providing customized financing to the cannabis industry. It primarily originates, structures, and invests in first mortgage loans and alternative structured financings secured by commercial real estate properties, equipment, and other assets owned by state-licensed cannabis operators.
What sector is CHICAGO ATLANTIC REAL ESTATE FINAN (REFI) in?
CHICAGO ATLANTIC REAL ESTATE FINAN (REFI) is classified in the Financials sector. Its industry is mortgage REITs. It trades on NASDAQ.
Does REFI pay a dividend?
Yes — CHICAGO ATLANTIC REAL ESTATE FINAN (REFI) pays a dividend, with an indicated yield of about 17.12% and 1-year non-decreasing per-share dividend streak (SEC EDGAR XBRL) (market data, as of 2026-09-02). Informational only — not financial advice.
Who are CHICAGO ATLANTIC REAL ESTATE FINAN's (REFI) competitors?
Notable peers of CHICAGO ATLANTIC REAL ESTATE FINAN (REFI) include AFC Gamma, NewLake Capital Partners and Innovative Industrial Properties. This peer set is informational only — not financial advice.
Is CHICAGO ATLANTIC REAL ESTATE FINAN (REFI) overbought or oversold right now?
CHICAGO ATLANTIC REAL ESTATE FINAN (REFI) is currently neither overbought nor oversold — its 14-day RSI (a 0–100 momentum gauge) is 33, in the neutral middle (as of 2026-10-20). RSI describes recent price momentum, not a forecast — informational only, not financial advice.
Where does stocks-llm's data on REFI come from?
Fundamentals come from SEC XBRL company filings for the figures marked with a fiscal year, and market data, as of 2026-09-02 for the rest; prices are market data, as of 2026-09-02; company filings and profile facts come from SEC EDGAR. All figures are delayed daily-close data shown with their as-of date — informational only, not financial advice.
Fundamentals: SEC XBRL company filings for the figures marked with a fiscal year, and market data, as of 2026-09-02 for the rest. Filings: SEC EDGAR. Prices are delayed daily-close data.
Last updated 2026-10-20.
Informational only — NOT financial advice. All figures are delayed daily-close data from SEC EDGAR & market data, shown with their as-of date.