Chicago Atlantic Real Estate Finance, Inc. (REFI)
Real Estate · NGM
Fundamentals
Valuation and ratings
Chicago Atlantic Real Estate Finance, Inc. trades at USD10.17, which is 41% below the USD14.39 our discounted cash flow model puts on the business. On that measure alone it screens as undervalued, though a DCF is an argument rather than a measurement, and the market is frequently right about why something is cheap.
Our moat model scores it 61 out of 100, which is a moat, but not a deep one. A moat is a structural reason competitors cannot take the profits away, and it matters more to a long holding period than any single quarter's numbers do.
It changes hands at 7.2 times earnings. Be careful reading that in isolation: for a cyclical business a low P/E arrives at the top of the cycle, when profits are peaking and about to fall, which is exactly when the shares look cheapest and are not.
REFI dividend history
Dividends per share by year
| Year | Total per share | Payments |
|---|---|---|
| 2026 (year to date) | USD0.940 | 2 |
| 2025 | USD1.88 | 4 |
| 2024 | USD2.06 | 4 |
| 2023 | USD2.17 | 4 |
| 2022 | USD2.10 | 4 |
Split-adjusted amounts in the listing currency, grouped by the calendar year of the ex-dividend date, from the filed record. Growth and streak figures compare complete years only.
REFI earnings and analyst estimates
Recommendation mix, 5 analyst ratings
Estimates are the published analyst consensus and move often. An earnings date is scheduled, not certain, and a share tends to reprice most violently on the day itself.
About Chicago Atlantic Real Estate Finance, Inc.
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.
REFI passes 6 of our 30 screens today
Each screen prints the exact criteria it used, and the circumstances in which it is wrong.
Common questions
Is Chicago Atlantic Real Estate Finance, Inc. (REFI) undervalued?
Against our discounted cash flow estimate of USD14.39, REFI at USD10.17 is 41% below fair value. That is one model's answer, not a recommendation, and most of a DCF's output sits in a terminal value nobody can forecast.
What is REFI's P/E ratio?
REFI trades at 7.2 times earnings. A low P/E is not automatically cheap: on a cyclical company it is usually a warning that earnings are at a peak.
Does Chicago Atlantic Real Estate Finance, Inc. (REFI) pay a dividend?
Yes. Chicago Atlantic Real Estate Finance, Inc. yields 18.09% at the current share price. It has paid USD1.88 per share over the trailing twelve months. It has paid a dividend in each of the last 4 complete calendar years. A dividend is declared by the board and can be cut at any time; a yield is a fact about the current price, not a promise.
When does REFI report earnings next?
Chicago Atlantic Real Estate Finance, Inc. is scheduled to report on 11 Aug 2026. Companies move earnings dates, so read it as scheduled rather than certain.
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Data from company filings, exchange quotes and SEC EDGAR 13F disclosures. Quotes are delayed. Metrics we do not have are left out rather than estimated. Educational information, not financial advice.