Chicago Atlantic Real Estate Finance Inc
NASDAQ: REFI · REAL ESTATE · REIT - MORTGAGE
Updated 2026-06-03
Chicago Atlantic Real Estate Finance Inc (REFI) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $11.08B | $48.86M | $57.33M | $54.78M | $63.10M |
| Revenue growth (YoY) | — | -99.6% | +17.3% | -4.4% | +15.2% |
| Cost of revenue | $905123.00 | $3.89B | $8.78M | $8.06M | $8.28M |
| Gross profit | $11.08B | $-3.84B | $57.33M | $54.78M | $54.82M |
| Gross margin | 100.0% | -7856.6% | 100.0% | 100.0% | 86.9% |
| R&D | $0.00 | $0.00 | $0.00 | — | — |
| SG&A | $252.54M | $10.53M | $6.74M | $8.45M | $8.67M |
| Operating income | $9.50B | $34.91M | $44.46M | $44.20M | $43.56M |
| Operating margin | 85.7% | 71.4% | 77.6% | 80.7% | 69.0% |
| EBITDA | $9.50B | $34.91B | $44.46M | $44.20M | $36.01M |
| EBITDA margin | 85.7% | 71445.6% | 77.6% | 80.7% | 57.1% |
| EBIT | $9.50B | $34.91M | $38.53M | $44.20M | — |
| Interest expense | $75861.00 | $2.61M | $5.75M | $7.15M | $7.55M |
| Income tax | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $9.50B | $32.29M | $38.71M | $37.05M | $36.01M |
| Net income growth (YoY) | — | -99.7% | +19.9% | -4.3% | -2.8% |
| Profit margin | 85.7% | 66.1% | 67.5% | 67.6% | 57.1% |
Frequently asked questions
What is Chicago Atlantic Real Estate Finance Inc's revenue?
Chicago Atlantic Real Estate Finance Inc's trailing twelve-month revenue is $49.83M. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is REFI?
In its most recent fiscal year, REFI ran a gross margin of 86.88%, an operating margin of 69.03%, and a net margin of 57.07%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does REFI generate?
REFI produced $28.79M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is REFI's balance sheet healthy?
REFI holds $14.95M in cash and equivalents against $49.33M in long-term debt, on $307.81M of shareholder equity. That debt is best read against the cash flow the business throws off each year.