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Chicago Atlantic Real Estate Finance, Inc.
Chicago Atlantic Real Estate Finance, Inc. (REFI) is listed on NASDAQ and classified in REIT - Mortgage, part of the Real Estate sector. It is headquartered in Miami Beach, United States. The company is worth $238.53M and trades at 6.8x its earnings of the last twelve months; the median for its sector is 22.1x. Revenue was $48.86M in fiscal 2022. Net income was $32.29M. The share price is 31.0% below its 52-week high of $13.49. Its payments in the last 12 months add up to 20.19% of the share price, a level that usually comes from a one-off or liquidating payout, not a recurring dividend. 2 of the 38 superinvestors we track held it at the end of Q2 2026. The largest position belongs to Cliff Asness (AQR Capital Management), at $516.58K. No open-market insider trades in it were filed over the last 30 days.
Written from the data on this page: SEC filings (13F, Form 4, annual reports) and market prices.
Last 12 months. Usually a one-off or liquidating payout, not recurring
Year by year, from the annual reports; dividends from the payments themselves.
Bars are year-end balances; lines are what happened during the year.
Major managers that reported this stock in their latest 13F.
▼ -44.1% over 5Y.
This stock has less than 5 years of price history — the answer would measure a shorter period than the one asked for.
Dividends reinvested, splits accounted for. Past prices say what happened, not what will.
The last 4 closed years, each at that year’s closing price and reported numbers.
| Indicator | Median | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Year-end price | $12.26 | $15.42 | $16.18 | $15.07 | |
| P/E | 7.9x | 7.3x | 8.2x | 7.7x | 8.3x |
| P/S | — | — | — | — | 5.6x |
| P/B | 1.0x | 0.8x | 1.0x | 1.1x | 1.0x |
| EPS | $1.68 | $1.88 | $2.11 |
Seven formulas applied to the reported numbers, each with its assumption next to the result. None of them predicts a price.
Square root of 22.5 × earnings × book value. Blind to intangibles, so it undervalues software and brands.
Earnings growing 0.0% a year plus a 20.2% dividend yield. Growth capped at 25%.
Median P/E of 22.1 among peers in the sector.
Median P/E of 7.9 across this company’s own years on record.
Cash flow growing 5.0% a year for 10 years, discounted at 10%, then 2.5% forever.
This formula has no meaning here — usually a loss, negative cash flow, or a missing input.
Dividend growing 0.0% a year against a 7.0% required return, from the stock’s beta.
Companies of similar size in Real Estate, for comparison. The columns are the same ones above, in the same order.
| Stock | Price | P/E | P/B | Dividend yield | ROE | Market cap |
|---|---|---|---|---|---|---|
| BRTBRT Apartments Corp. | $13.21 | — | 1.5x | 7.57% | -7.25% | $248.26M |
| AIVApartment Investment & Management Co | $1.64 | 8.6x | 0.6x | 167.68% | 9.65% | $253.01M |
| NXDTNexpoint Diversified Real Estate Trust | $4.90 | — | 0.4x | 9.80% | -9.12% | $260.22M |
| SEGSeaport Entertainment Group Inc. |
| $1.82 |
| Dividend yield | 13.67% | 15.33% | 13.36% | 13.41% | 13.93% |
| Payout | 110.74% | 111.90% | 109.57% | 102.84% | 115.38% |
| Profit margin | — | — | — | — | 66.10% |
| ROE | 12.11% | 11.70% | 11.99% | 14.24% | 12.23% |
Median of the years shown; P/E years above 200x are left out.
The average of the method families that answered, not of the seven numbers: four of the seven start from the same earnings per share.
6 methods answered, across 3 families.
Room for errors in the reported numbers.
+150.8% from the average.
Models, not forecasts, and not investment advice. How each formula works →
| $22.47 |
| — |
| 0.7x |
| 0.00% |
| -26.18% |
| $287.83M |
| OPIOffice Properties Income Trust | $13.22 | — | 0.6x | 0.00% | -135.72% | $290.23M |
| MLPMaui Land & Pineapple Co Inc | $14.70 | — | 9.4x | 0.00% | -16.14% | $291.93M |