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Chicago Atlantic Real Estate Finance, Inc. (REFI)
NASDAQ:REFI
Earnings Data
Report Date
May 12, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.46Last Year’s EPS
0.46Same Quarter Last Year
Moderate Buy
Based on 2 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presents a generally positive operational and financial picture: expanding pipeline (+48.5%), increased net interest income (+4%), robust yield (16.3%), conservative credit reserves (CECL ~1.23% of loans), protective rate structures (only 9% exposed to further rate declines), low leverage (32% of book equity), and continued dividend support. Challenges include a small quarter-over-quarter yield dip, two nonaccruals tied to an Arizona sponsor, liquidity constrained relative to pipeline, higher interest expense, and meaningful early prepayments that create reinvestment risk. On balance the highlights — notably pipeline growth, protective loan structures, and stable credit reserves with ongoing dividend policy — outweigh the lowlights, though regulatory timing and select asset distress remain watch items.Company Guidance
Portfolio Size and Yield
Loan portfolio principal of approximately $411 million across 26 portfolio companies with a weighted average yield to maturity of 16.3% (down 0.2 percentage points from 16.5% in Q3).
Pipeline Expansion
Pipeline expanded to $616 million, up from ~$415 million reported previously (approximately a 48.5% increase), indicating strong deal flow and origination opportunities.
Net Interest Income Growth
Net interest income for Q4 was $14.2 million, a 4% increase from $13.7 million in Q3, driven partly by the collection of $1.7 million of past-due interest on loan #9.
Strong Rate Structure Protections
Portfolio is 37.6% fixed-rate and 62.4% floating-rate with prime-benchmarked loans; only 9% of the portfolio is exposed to further rate declines after December rate moves. Floating loans have high interest-rate floors and no caps, limiting downside from rate cuts.
Conservative Capital Structure and Liquidity
Total leverage was 32% of book equity (down from 33% prior quarter). $49.1 million outstanding on the senior revolver, $49.3 million on an unsecured term loan, ~ $53 million available on the senior facility and total liquidity, net of estimated liabilities, of approximately $50 million.
Credit Loss Reserve and Collateral Coverage
CECL reserve of approximately $5.1 million, representing 1.23% of outstanding principal, remained consistent with the prior quarter. Weighted average real estate coverage of the portfolio is 1.2x and loan-to-enterprise value is 44.2%.
Dividends and Distributable Earnings
Distributable earnings per share were ~$0.44 (basic) for Q4 and $1.92 for the year. The company paid a Q4 dividend of $0.47 per share, has distributed $8.47 per share since inception (annualized yield on cost ~12.4% vs IPO), and expects a dividend payout ratio of 90%–100% for 2026.
Active Post-Quarter Deployment and Realizations
From Jan 1–Mar 12 the company advanced ~$51.1 million of new gross loan principal (including $16.2M to a new borrower) and received $40.4 million in repayments, including $37.3 million of early prepayments and full repayments of loan #1 and loan #27.
Specialized Originations and Competitive Position
Focused, specialist origination platform (over 100 professionals overseeing ~$2.3 billion in capital under management) and closed a credit facility supporting the largest cannabis ESOP to date — demonstrating differentiated origination capabilities in a niche with limited lending competition.
Chicago Atlantic Real Estate ate Finance Inc (REFI) Earnings, Revenues Date & History
REFI Earnings History
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 |
|---|---|---|---|
Mar 12, 2026 | $12.15 | $12.09 | -0.49% |
Nov 04, 2025 | $13.08 | $12.91 | -1.30% |
Aug 07, 2025 | $12.75 | $13.10 | +2.75% |
May 07, 2025 | $13.62 | $13.68 | +0.44% |
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 May 12, 2026, 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 May 12, 2026, 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 2026 (Q1) is 0.46.