Chicago Atlantic Real Estate Finance Inc (REFI) financial statements: income statement, balance sheet and cash flow
Chicago Atlantic Real Estate Finance Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Chicago Atlantic Real Estate Finance Inc reported net income of $36.0M (-2.8% year on year).
Income statement
Chicago Atlantic Real Estate Finance Inc income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Interest income
$62.9M
$62.1M
$62.9M
—
Interest expense
($7.5M)
($7.2M)
($5.8M)
($2.6M)
Net interest income
$55.4M
$55.0M
$57.1M
$51.5M
Management and incentive fees, net
$8.2M
$8.1M
$8.8M
$6.6M
General and administrative expense
$5.3M
$5.4M
$5.3M
$3.5M
Professional fees
$1.9M
$1.8M
$2.2M
$2.2M
Stock based compensation
$3.4M
$3.1M
$1.5M
$435.6K
Provision (benefit) for current expected credit losses
$731.1K
($583.3K)
$940.4K
—
Total expenses
$19.5M
$17.7M
$18.6M
$16.6M
Change in unrealized gain (loss) on investments
$165.0K
($240.6K)
—
—
Realized gain on debt securities, at fair value
$0
$72.4K
$104.8K
—
Net income before income taxes
$36.0M
$37.0M
$38.7M
$32.3M
Income tax expense
$0
$0
$0
—
Net income
$36.0M
$37.0M
$38.7M
$32.3M
Basic earnings per common share (in Dollars per share)
$1.71
$1.92
$2.14
$1.83
Diluted earnings per common share (in Dollars per share)
$1.68
$1.88
$2.11
$1.82
Basic weighted average shares of common stock outstanding (in Shares)
21.0M
19.3M
18.1M
17.7M
Diluted weighted average shares of common stock outstanding (in Shares)
21.4M
19.7M
18.3M
17.7M
Chicago Atlantic Real Estate Finance Inc income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Interest income
$15.2M
$15.2M
$15.3M
$16.5M
Interest expense
($2.4M)
($2.0M)
($1.6M)
($2.1M)
Net interest income
$12.8M
$13.1M
$13.7M
$14.4M
Management and incentive fees, net
$1.6M
$1.7M
$1.4M
$1.9M
General and administrative expense
$1.5M
$1.2M
$1.3M
$1.3M
Professional fees
$495.1K
$503.5K
$530.9K
$480.1K
Stock based compensation
$957.6K
$865.4K
$928.7K
$881.1K
Provision (benefit) for current expected credit losses
$551.3K
$3.8M
$557.2K
$1.1M
Total expenses
$5.1M
$8.1M
$4.8M
$5.7M
Change in unrealized (loss)/gain on investment
($224.0K)
($206.0K)
$0
$165.0K
Net income before income taxes
$7.5M
$4.8M
$8.9M
$8.9M
Income tax expense
$0
$0
$0
$0
Net income
$7.5M
$4.8M
$8.9M
$8.9M
Basic earnings per common share (in Dollars per share)
$0.35
$0.23
$0.42
$0.42
Diluted earnings per common share (in Dollars per share)
$0.34
$0.23
$0.42
$0.41
Basic weighted average shares of common stock outstanding (in Shares)
21.2M
21.1M
21.1M
21.0M
Diluted weighted average shares of common stock outstanding (in Shares)
21.7M
21.5M
21.5M
21.5M
Balance sheet
Chicago Atlantic Real Estate Finance Inc balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Loans held for investment
$332.8M
$364.2M
$337.2M
$339.3M
Loans held for investment - related party (Note 9)
$76.2M
$38.2M
$16.4M
—
Loans held for investment, at carrying value
$409.0M
$402.5M
$353.6M
—
Current expected credit loss reserve
($5.1M)
($4.3M)
($5.0M)
($3.9M)
Loans held for investment at carrying value, net
$403.9M
$398.1M
$348.7M
$335.3M
Loans, at fair value - related party
$0
$5.3M
—
—
Cash and cash equivalents
$14.9M
$26.4M
$7.9M
$5.7M
Interest receivable
$4.0M
$1.5M
$1.0M
$1.2M
Other receivables and assets, net
$874.2K
$459.2K
$706.0K
$1.0M
Related party receivables
$1.2M
$3.4M
$107.2K
—
Total Assets
$424.9M
$435.1M
$359.2M
$343.3M
Revolving loan
$49.1M
$55.0M
$66.0M
$58.0M
Notes payable, net
$49.3M
$49.1M
—
—
Dividend payable
$11.2M
$13.6M
$13.9M
$13.6M
Related party payables
$2.2M
$2.0M
$2.1M
$1.4M
Management and incentive fees payable
$3.1M
$2.9M
$3.2M
$3.3M
Interest payable
$1.3M
$1.3M
$1.1M
$1.9M
Accounts payable and other liabilities
$835.0K
$2.3M
$1.1M
$1.1M
Interest reserve
$12.7K
—
—
—
Total Liabilities
$117.1M
$126.2M
$87.4M
$79.2M
Common stock, par value $0.01 per share, 100,000,000 shares authorized and 21,080,272 and 20,829,228 shares issued and outstanding, respectively
$210803.00
$208292.00
$181972.00
$176859.00
Additional paid-in-capital
$323.1M
$318.9M
$277.5M
$269.0M
Accumulated deficit
($15.5M)
($10.1M)
($5.8M)
($5.1M)
Total stockholders’ equity
$307.8M
$309.0M
$271.9M
$264.0M
Total liabilities and stockholders’ equity
$424.9M
$435.1M
$359.2M
$343.3M
Chicago Atlantic Real Estate Finance Inc balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Loans held for investment
$304.5M
$332.5M
$379.1M
$374.0M
Loans held for investment - related party (Note 8)
$103.4M
$76.8M
$18.9M
$40.0M
Loans held for investment, at carrying value
$407.9M
$409.2M
$398.1M
$414.0M
Current expected credit loss reserve
($9.4M)
($8.7M)
($5.0M)
($4.4M)
Loans held for investment at carrying value, net
$398.5M
$400.6M
$393.1M
$409.6M
Loans, at fair value - related party
$40.6M
—
$0
$5.5M
Cash and cash equivalents
$13.4M
$27.9M
$28.9M
$35.6M
Interest receivable
$5.1M
$4.9M
$4.5M
$3.3M
Other receivables and assets, net
$2.9M
$2.6M
$581.8K
$423.0K
Related party receivables
$1.2M
$65.8K
$26.4K
$879.2K
Total Assets
$461.7M
$435.9M
$427.1M
$455.2M
Revolving loan
$91.0M
$67.0M
$52.4M
$71.2M
Notes payable, net
$49.5M
$49.4M
$49.3M
$49.2M
Dividend payable
$10.6M
$11.3M
$9.9M
$9.9M
Related party payables
$2.1M
$1.5M
$3.1M
$1.9M
Management and incentive fees payable
$1.6M
$1.7M
$1.4M
$1.9M
Interest payable
$1.7M
$310.1K
$14.6K
$243.4K
Accounts payable and other liabilities
$1.0M
$1.2M
$1.1M
$1.4M
Interest reserve
$2.5M
$10.0K
—
—
Total Liabilities
$160.1M
$132.5M
$117.2M
$145.2M
Common stock, par value $0.01 per share, 100,000,000 shares authorized and 21,314,392 and 21,080,272 shares issued and outstanding, respectively
$213144.00
$210803.00
$210753.00
$210746.00
Additional paid-in-capital
$324.9M
$324.0M
$322.2M
$321.4M
Accumulated deficit
($23.5M)
($20.8M)
($12.5M)
($11.5M)
Total stockholders’ equity
$301.6M
$303.4M
$309.9M
$310.0M
Total liabilities and stockholders’ equity
$461.7M
$435.9M
$427.1M
$455.2M
Cash flow statement
Chicago Atlantic Real Estate Finance Inc cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income
$36.0M
$37.0M
$38.7M
$32.3M
Accretion of deferred loan origination fees and other discounts
($2.2M)
($1.7M)
($3.0M)
($2.9M)
Paid-in-kind interest
($6.2M)
($9.1M)
($9.5M)
($6.9M)
Interest received through net settlement transactions
($1.4M)
—
—
—
Provision (benefit) for current expected credit losses
$731.1K
($583.3K)
—
—
Change in unrealized (gain) loss on investments
($165.0K)
$240.6K
—
—
Realized gain on debt securities, at fair value
$0
($72.4K)
—
—
Amortization of debt issuance costs
$406.7K
$257.0K
$550.9K
$563.5K
Stock based compensation
$3.4M
$3.1M
$1.5M
$435.6K
Interest receivable
($2.6M)
($449.7K)
$200.3K
($1.0M)
Other receivables and assets, net
($473.5K)
$185.3K
($51.4K)
($106.1K)
Interest reserve
($1.3M)
($4.0M)
($793.3K)
($13.8M)
Related party payables
$171.5K
($8.1K)
$654.0K
—
Related party receivables
$2.2M
($3.3M)
($107.2K)
—
Proceeds from the redemption of debt securities, at fair value
$0
$839.1K
$2.5M
—
Management and incentive fees payable
$235.4K
($380.6K)
($51.8K)
$2.5M
Interest payable
$199.3K
—
—
—
Accounts payable and accrued expenses
($316.2K)
$1.1M
$168.6K
$764.2K
Net cash provided by operating activities
$28.8M
$23.2M
$28.4M
$17.0M
Issuance of and fundings of loans held for investment
($76.0M)
($155.3M)
($92.2M)
($149.7M)
Principal repayment of loans held for investment
$79.2M
$102.5M
$76.9M
$17.7M
Principal repayment of loans held at fair value
$5.5M
—
—
—
Proceeds from sale of loans
$0
$19.0M
$13.4M
$6.7M
Net cash provided by/(used in) investing activities
$8.7M
($39.3M)
($1.9M)
($125.2M)
Proceeds from sale of common stock
$1.0M
$39.6M
$7.2M
$4.5M
Proceeds from notes payable
$0
$50.0M
—
—
Proceeds from borrowings on revolving loan
$142.1M
$159.0M
$82.0M
$58.0M
Repayment of borrowings on revolving loan
($148.0M)
($170.0M)
($74.0M)
—
Dividends paid to common shareholders
($43.8M)
($41.6M)
($39.1M)
($28.2M)
Payment of debt issuance costs
($110.0K)
($1.1M)
($112.3K)
($501.0K)
Payment of offering costs
($160.7K)
($1.2M)
($284.6K)
($124.5K)
Net cash (used in)/provided by financing activities
($49.0M)
$34.6M
($24.3M)
$33.7M
Net (decrease) increase in cash and cash equivalents
($11.5M)
$18.5M
$2.2M
($74.5M)
Cash and cash equivalents, beginning of period
$26.4M
$7.9M
$5.7M
$80.2M
Cash and cash equivalents, end of period
$14.9M
$26.4M
$7.9M
—
Interest reserve withheld from funding of loans
$176.8K
$4.2M
—
—
OID withheld from funding of loans held for investment
$2.1M
$1.8M
$1.3M
$3.2M
Dividends declared and not yet paid
$11.2M
$13.6M
$13.9M
$13.6M
Transfer of loans held for investment to loans held for sale
$0
$19.0M
$13.4M
—
Non-cash exchange of loans with related party (Note 9)
$0
$6.0M
—
—
Interest paid during the period
$6.9M
$6.2M
$5.0M
$1.7M
Chicago Atlantic Real Estate Finance Inc cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net income
$12.3M
$4.8M
$27.9M
$18.9M
Accretion of deferred loan origination fees and other discounts
($1.3M)
($737.5K)
($1.7M)
($850.1K)
Paid-in-kind interest
($3.4M)
($1.3M)
($4.4M)
($3.1M)
Provision (benefit) for current expected credit losses
$4.4M
$3.8M
$631.2K
$74.0K
Change in unrealized (loss)/gain on investment
$430.0K
$206.0K
($165.0K)
($165.0K)
Amortization of debt issuance costs
$167.4K
$83.5K
$322.2K
$220.5K
Stock based compensation
$1.8M
$865.4K
$2.5M
$1.5M
Interest receivable
($1.1M)
($897.5K)
($3.0M)
($1.8M)
Other receivables and assets, net
($2.5M)
($1.9M)
($156.4K)
($65.5K)
Interest reserve
$2.5M
($2.7K)
($1.3M)
($1.1M)
Related party payables
($153.5K)
($761.0K)
$1.0M
($171.3K)
Related party receivables
$8.3K
$1.1M
$3.3M
$2.5M
Management and incentive fees payable
($1.5M)
($1.4M)
($1.4M)
($930.2K)
Interest payable
$325.2K
($1.0M)
—
—
Accounts payable and accrued expenses
$123.8K
$187.1K
($1.2M)
($929.0K)
Net cash provided by operating activities
$12.2M
$3.2M
$22.3M
$14.1M
Issuance of and fundings of loans held for investment
($65.5M)
($49.8M)
($59.0M)
($10.3M)
Principal repayment of loans held for investment
$71.2M
$51.6M
$69.5M
$12.3M
Issuance of and fundings of loans at fair value
($40.6M)
—
—
—
Net cash (used in)/provided by investing activities
($34.9M)
$1.7M
$16.0M
$2.0M
Proceeds from sale of common stock
$0
$0
$1.0M
$1.0M
Proceeds from borrowings on revolving loan
$110.8M
$55.8M
$106.1M
$56.9M
Repayment of borrowings on revolving loan
($68.8M)
($37.8M)
($108.7M)
($40.7M)
Dividends paid to common shareholders
($20.8M)
($9.9M)
($33.9M)
($24.0M)
Payment of offering costs
($29.7K)
($29.7K)
($150.7K)
($82.1K)
Net cash provided by/(used in) financing activities
$21.1M
$8.0M
($35.8M)
($6.9M)
Net (decrease)/increase in cash and cash equivalents
($1.6M)
$12.9M
$2.5M
$9.2M
Cash and cash equivalents, beginning of period
$14.9M
$14.9M
$26.4M
$26.4M
Cash and cash equivalents, end of period
$13.4M
$27.9M
$28.9M
$35.6M
Interest reserve withheld from funding of loans
$3.4M
$1.1K
$22.5K
$22.5K
OID withheld from funding of loans held for investment
$3.4M
$3.0M
$1.4M
$1.0M
Dividends declared and not yet paid
$10.0M
$10.1M
$9.9M
$9.9M
Payable for investment purchased
$0
—
—
$9.5M
Transfer of loans held for investment to loans held for sale
$27.1M
—
—
—
Non-cash exchange of loans with related party (Note 8)