Chicago Atlantic Real Estate ate Finance Inc (REFI) AI Stock Analysis

• Market Cap: $298.00M
• Dividend Yield: 14.57%
• Average Volume (3M): 98.53K
• Price to Earnings (P/E): 7.7
• Beta (1Y): 0.53
• Revenue Growth: 1.75%
• EPS Growth: -7.07%
• Country: US
• Employees: N/A
• Sector: Real Estate
• Sector Strength: 54
• Industry: REIT - Mortgage
• EPS (TTM): 0.51
• Shares Outstanding: 21,074,625
• 10 Day Avg. Volume: 110,038
• 30 Day Avg. Volume: 98,532
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 1.29
• Enterprise Value/Revenue: 6.65
• Enterprise Value/Gross Profit: -0.41
• Enterprise Value/Ebitda: -0.14
• 1Y Price Target: $16.00
• Price Target Upside: 13.15% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1

• Rating: 63 Neutral
• Price Target: ―

REFI's overall stock score of 63 reflects a balance of strengths and challenges. The strong balance sheet and cash flow stability are offset by concerns over zero revenue and reliance on financing. Attractive valuation and high dividend yield provide investor appeal. The latest earnings call highlights positive strategic management, though industry pressures remain a concern. Improvement in revenue generation is critical for a higher score.

Positive Factors

Dividend Yield

REFI maintained its quarterly dividend of $0.47, representing a current yield of 11.9%, which is considered attractive to investors.

Earnings Performance

REFI reported adjusted distributable EPS of $0.56, beating both Citizens JMP and consensus estimates of $0.52 and $0.48, respectively, driven by a positive interest rate spread on the loan book and lower G&A expenses.

Negative Factors

Valuation Concerns

Shares of REFI currently trade at 1.05x P/B, above the mortgage REIT peer group of 0.73x, reflecting concerns about a larger premium despite the outsized yield profile.

Chicago Atlantic Real Estate ate Finance Inc Business Overview & Revenue Model

Company Description

Chicago Atlantic Real Estate Finance Inc (REFI) is a real estate finance company primarily focused on originating, structuring, and managing loans secured by commercial real estate properties. The company operates across various sectors including retail, industrial, and multifamily properties, providing debt capital solutions to real estate owners and operators. REFI is committed to offering flexible and tailored financing options to meet the diverse needs of its clients.

How the Company Makes Money

Chicago Atlantic Real Estate Finance Inc generates revenue through the interest income earned on its loan portfolio. The company provides loans secured by commercial real estate, and it earns money by charging interest on these loans. Additionally, REFI may generate fee income through loan origination fees, servicing fees, and other related financial services. The company’s earnings are significantly influenced by the volume of loans originated, the interest rates applied, and the quality of its credit underwriting process. Strategic partnerships with real estate operators and financial institutions also play a role in expanding its loan portfolio and enhancing revenue opportunities.

Chicago Atlantic Real Estate ate Finance Inc Financial Statement Overview

Summary

REFI's financials are mixed. A strong balance sheet reflects financial resilience with low leverage. However, the income statement shows irregularities with zero revenue in the latest year, raising concerns about core operations. Cash flows are stable, though the reliance on financing in 2024 warrants attention. Addressing revenue generation is crucial for long-term stability.

Income Statement

The income statement shows significant volatility with a complete absence of revenue in the latest year. Historical revenue growth was strong until 2023, but the abrupt stop is concerning. The company's net profit margin is high due to significant net income despite zero revenue, indicating irregularities or non-operational income. Overall, the income statement highlights potential instability and requires further investigation into the revenue absence.

Balance Sheet

The balance sheet is robust with a high equity ratio, indicating financial stability. The debt-to-equity ratio is low, showing conservative leverage. The company's stockholders' equity has grown consistently, reflecting solid financial health. However, the high cash and equivalents in 2024 against zero revenue may require scrutiny.

Cash Flow

Cash flows are stable, with strong operating cash flow and free cash flow in 2023. The free cash flow growth rate is positive, but the significant financing cash inflow in 2024 might indicate reliance on external funding. The operating cash flow to net income ratio suggests efficient cash generation from operations.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	57.91M	54.78M	57.33M	48.86M	11.08M
Gross Profit	-933.62M	54.12M	48.54M	-3.84B	10.17M
EBITDA	-2.69B	0.00	44.46M	34.91M	9.57M
Net Income	38.05M	37.05M	38.71M	32.29M	9.50M
Balance Sheet
Total Assets	455.21B	435.15M	359.23M	343.27M	278.17M
Cash, Cash Equivalents and Short-Term Investments	35.56B	26.40M	7.90M	344.99M	80.25M
Total Debt	49.22B	49.10B	66.00M	58.00M	197.72M
Total Liabilities	145.19B	126.19M	87.37M	79.24M	14.09M
Stockholders Equity	310.03B	308.96M	271.85M	264.03M	264.08M
Cash Flow
Free Cash Flow	21.33B	23.16M	28.42M	17.01M	6.67M
Operating Cash Flow	21.33B	23.16M	28.42M	17.01M	6.67M
Investing Cash Flow	-15.77M	-39.30M	-1.93M	-125.24M	-145.22M
Financing Cash Flow	20.14M	34.64M	-24.31M	33.71M	218.80M

Chicago Atlantic Real Estate ate Finance Inc Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 14.14
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For REFI, the sentiment is Positive. The current price of 14.14 is above the 20-day moving average (MA) of 13.48, above the 50-day MA of 13.71, and below the 200-day MA of 14.16, indicating a bullish trend. The MACD of 0.05 indicates Negative momentum. The RSI at 66.94 is Neutral, neither overbought nor oversold. The STOCH value of 97.06 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for REFI.

Chicago Atlantic Real Estate ate Finance Inc Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
REFI	63 Neutral	$298.00M	7.70	12.63%	14.57%	1.75%	-7.07%
Sector *	63 Neutral	$6.82B	13.21	-0.71%	7.17%	3.67%	-27.43%
NREF	61 Neutral	$259.09M	5.96	21.74%	14.12%	25.17%	―
AOMR	57 Neutral	$217.93M	5.93	14.91%	13.96%	75.08%	-21.03%
EARN	54 Neutral	$212.59M	20.12	-2.82%	16.67%	373.24%	-143.31%
CMTG	52 Neutral	$474.00M	―	-21.24%	25.07%	-65.30%	-318.17%
ACRE	48 Neutral	$242.02M	―	-3.30%	17.66%	-27.60%	62.75%

Chicago Atlantic Real Estate ate Finance Inc Corporate Events

Chicago Atlantic Reports Q4 2024 Financial Results

On March 12, 2025, Chicago Atlantic Real Estate Finance announced its financial results for the fourth quarter and full year ended December 31, 2024. The company reported a decrease in net income and distributable earnings compared to the previous year, attributed to a decline in interest income due to a lower prime rate. Despite these challenges, the company maintained a strong loan portfolio and liquidity position, with significant investments in new and existing borrowers. The company also declared regular and special dividends for the fourth quarter of 2024, highlighting its commitment to returning value to shareholders.