Chicago Atlantic Real Estate Finance, Inc.

Chicago Atlantic Real Estate Finance, Inc. (REFI) reported net income of $36.0 million for fiscal year 2025, driven by net interest income of $55.4 million from interest income of $62.9 million and interest expense of $7.5 million. Total expenses were $19.5 million, including management and incentive fees of $8.2 million, general and administrative expense of $5.3 million, professional fees of $1.9 million, stock-based compensation of $3.4 million, and a provision for current expected credit losses of $731K. The company generated basic and diluted earnings per share of $2.00 based on 21.0 million and 21.4 million weighted average shares outstanding, respectively. Operating cash flow was $28.8 million, while investing activities provided $8.7 million and financing activities used $49.0 million, resulting in a net decrease in cash of $11.5 million to $7.9 million at year-end. The balance sheet shows total assets of $424.9 million, with loans held for investment (net) of $403.9 million, total liabilities of $117.1 million, and stockholders' equity of $307.8 million.

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