The earnings call revealed strong growth in the cannabis pipeline, extension of credit facilities, and increased net interest income. Despite challenges such as a loan on nonaccrual status and increased leverage, the company shows robust performance and strategic positioning, particularly in the New York market.

Company Guidance -

Q3 2025

During the Chicago Atlantic Real Estate Finance, Inc. Second Quarter 2025 Earnings Call, several key metrics and guidance were highlighted. The cannabis pipeline increased significantly from $462 million to nearly $650 million, driven by M&A activities, operational reorganizations, and ESOP transactions. The loan portfolio principal stood at $421.9 million across 30 companies, with a weighted average yield-to-maturity of 16.8%. Gross originations totaled $16.5 million, with $10 million attributed to an upsize and refinance, and $6.5 million funded to existing borrowers. As of June 30, 2025, the portfolio comprised 40.7% fixed rate and 59.3% floating rate loans. The company maintained a debt service coverage ratio of approximately 4.27:1, and net interest income increased by 10.6% to $14.4 million in Q2. The book value per common share was $14.71, with approximately 21.5 million shares outstanding. Distributable earnings per share were $0.52, with a dividend payout expectation between 90% to 100% for the 2025 tax year. The call also emphasized the company's disciplined capital deployment strategy, focusing on fundamentally sound growth initiatives and maintaining a low levered risk-return profile insulated from cannabis equity volatility.

Increase in Cannabis Pipeline

The cannabis pipeline across the Chicago Atlantic platform increased from $462 million a quarter ago to nearly $650 million, indicating strong potential for net portfolio growth.

Extension of Credit Facility

Chicago Atlantic extended its credit facility from June 30, 2026, to June 30, 2028, with no change to economic terms, enhancing its ability to support growth.

Net Interest Income Growth

Net interest income grew by 10.6% from $13 million in Q1 to $14.4 million in Q2, driven by nonrecurring fees and new deployments.

Strong Loan Portfolio Performance

Loan portfolio principal totaled $421.9 million with a weighted average yield-to-maturity of 16.8%. The debt service coverage ratio was 4.27:1, significantly above the requirement of 1.35:1.

Distributable Earnings Increase

Distributable earnings per share increased to $0.52 from $0.47 in the previous quarter.

Robust New York Market Development

The New York market developed well with 23 dispensaries operating successfully, improving product quality and diversity.

Chicago Atlantic Real Estate ate Finance Inc (REFI) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

REFI Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 05, 2025	2025 (Q3)	0.47 / -	0.56	―	―	―
Aug 07, 2025	2025 (Q2)	0.47 / 0.51	0.5	2.00% (+0.01)
May 07, 2025	2025 (Q1)	0.50 / 0.46	0.52	-11.54% (-0.06)
Mar 12, 2025	2024 (Q4)	0.51 / 0.46	0.512	-10.16% (-0.05)
Nov 07, 2024	2024 (Q3)	0.52 / 0.56	0.57	-1.75% (>-0.01)
Aug 07, 2024	2024 (Q2)	0.55 / 0.50	0.55	-9.09% (-0.05)
May 07, 2024	2024 (Q1)	0.58 / 0.52	0.62	-16.13% (-0.10)
Mar 12, 2024	2023 (Q4)	0.57 / 0.51	0.57	-10.18% (-0.06)
Nov 08, 2023	2023 (Q3)	0.56 / 0.57	0.58	-1.72% (-0.01)
Aug 09, 2023	2023 (Q2)	0.58 / 0.55	0.5	10.00% (+0.05)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

REFI Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 07, 2025	$13.23	$13.59	+2.72%
May 07, 2025	$14.13	$14.18	+0.35%
Mar 12, 2025	$14.89	$14.38	-3.43%
Nov 07, 2024	$14.02	$14.19	+1.21%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does Chicago Atlantic Real Estate Finance, Inc. (REFI) report earnings?

Chicago Atlantic Real Estate Finance, Inc. (REFI) is schdueled to report earning on Nov 05, 2025, Before Open (Confirmed).

What is Chicago Atlantic Real Estate Finance, Inc. (REFI) earnings time?

Chicago Atlantic Real Estate Finance, Inc. (REFI) earnings time is at Nov 05, 2025, Before Open (Confirmed).

Where can I see when companies are reporting earnings?

You can see which companies are reporting today on our designated earnings calendar.

What companies are reporting earnings today?

You can see a list of the companies which are reporting today on TipRanks earnings calendar.

What is REFI EPS forecast?

REFI EPS forecast for the fiscal quarter 2025 (Q3) is 0.47.

Become an Expert with TipRanks Premium

What am I Missing?

Make informed decisions based on Top Analysts' activity

Know what industry insiders are buying

Get actionable alerts from top Wall Street Analysts

Find out before anyone else which stock is going to shoot up

Get powerful stock screeners & detailed portfolio analysis

Subscribe Now See Plans & Pricing