Chicago Atlantic Real Estate Finance, Inc. (REFI) Stock

Chicago Atlantic Real Estate Finance, Inc. (REFI) is a Real Estate stock trading at $10.76 (as of 2026-08-21), with a market capitalization of $275.68M and a trailing P/E of 9.4. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Chicago Atlantic Real Estate Finance, Inc. is a U.S. commercial real estate finance company that originates, structures, and invests in first mortgage loans and other structured financings secured by commercial properties. It provides senior lending to state-licensed cannabis operators and property owners.

Understand Chicago Atlantic Real Estate Finance, Inc.: how it makes money

Chicago Atlantic Real Estate Finance operates as a commercial real estate finance company that originates, structures, and invests in first mortgage loans and alternative structured financings secured by commercial real estate properties, including senior loans to state-licensed cannabis operators and property owners.

Its profit model is built around originating and investing in mortgage loans and alternative structured financings secured by commercial real estate collateral, with a specific focus on lending to state-licensed cannabis operators and property owners, and it is structured as a REIT that would avoid federal corporate income taxes if it distributes at least 90% of taxable income.

Business quality (Solid): Clear lending-focused business model and defined REIT tax framework, but the dataset does not provide segment KPIs or operating metrics beyond operating margin, so it is harder to track loan performance or business momentum directly.

Valuation: At 8× earnings, REFI trades 76% below the Trading average (34×). Note: one-time items can distort reported P/E.

Bull case

Focused origination and investment mandate: It originates, structures, and invests in first mortgage loans and alternative structured financings secured by commercial real estate properties.
Niche borrower focus in cannabis real estate lending: It offers senior loans to state-licensed operators and property owners in the cannabis industry.
REIT tax positioning: It has elected to be taxed as a REIT and would not be subject to federal corporate income taxes if it distributes at least 90% of taxable income to stockholders.

Bear case

Credit and collateral risk tied to real estate loans: Because the company invests in mortgage loans and alternative structured financings secured by commercial real estate properties, repayment outcomes depend on borrower and collateral performance.
Cannabis industry concentration risk: A portion of its lending is to state-licensed operators and property owners in the cannabis industry, which can create concentration risk versus broader commercial real estate lending.
REIT distribution requirement can constrain flexibility: Its REIT structure relies on distributing at least 90% of taxable income to avoid federal corporate income taxes.

Valuation — source: SEC EDGAR (first-party)
Price	$10.76
Market Cap	$275.68M
P/E Ratio	9.4
EV / EBITDA	10.6
Price / Book	0.91
Price / Sales	4.47
DCF Value (model)	$85.05
DCF Upside vs Price	690.4%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$62.94M
Net Margin	57.2%
Revenue Growth (YoY)	-7.8%
EPS Growth (YoY)	-16.7%

Valuation vs Sector & Industry
Stock P/E	9.4
Sector P/E (Real Estate)	27.2
Industry P/E (Trading)	35.3
vs Sector	-65.5%
vs Industry	-73.5%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BlackRock, Inc. ($16.14M)
Institutional Holders Tracked	10

Company
Sector	Real Estate
Industry	Trading
CEO	Anthony Robert Cappell
Country	US
IPO Date	2021-12-08

Related Companies (Business model: Equity REIT (Real Estate Investment Trust); 8 closest by market cap; US-domiciled)

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.