Chicago Atlantic Real Estate Finance, INC. (REFI) — SEC Filings

Overview

Chicago Atlantic Real Estate Finance, INC. (REFI) is a publicly traded company tracked on ReadTheFiling. The most recent enriched filing is a ARS filed on Apr 23, 2026: Chicago Atlantic Real Estate Finance, Inc. filed its Annual Report to Security Holders (Form ARS) on April 23, 2026, for the period ending December 31, 2025. The filing provides a comprehensive overview of the company's performance and financial standing for the fiscal year. The report is accessible

Sentiment Summary

Across 29 filings, the sentiment breakdown is: 1 bullish, 1 bearish, 26 neutral, 1 mixed. The dominant filing sentiment for Chicago Atlantic Real Estate Finance, INC. is neutral.

Filing Type Overview

Chicago Atlantic Real Estate Finance, INC. (REFI) has filed 2 4, 1 ARS, 15 8-K, 6 10-Q, 2 DEF 14A, 2 10-K, 1 SC 13G with the SEC between Jan 2024 to Apr 2026.

Filings by Year

2026 · 2025 · 2024

Recent Filings (29)

• Chicago Atlantic Real Estate Finance Files Annual Report — ARS · Apr 23, 2026 Risk: low
  Chicago Atlantic Real Estate Finance, Inc. filed its Annual Report to Security Holders (Form ARS) on April 23, 2026, for the period ending December 31, 2025. Th
• Chicago Atlantic Real Estate Finance: Ownership Change Reported — 4 · Apr 23, 2026 Risk: low
  On April 20, 2026, John Mazarakis, a reporting person for Chicago Atlantic Real Estate Finance, Inc., reported a change in beneficial ownership of securities. T
• 4 Filing — 4 · Apr 23, 2026
• Chicago Atlantic Real Estate Finance Files 8-K — 8-K · Nov 4, 2025 Risk: low
  Chicago Atlantic Real Estate Finance, Inc. filed an 8-K on November 4, 2025, reporting on its results of operations and financial condition. The filing also inc
• REFI's Q3 Net Income Dips 20% Amid Rising Credit Loss Reserves — 10-Q · Nov 4, 2025 Risk: medium
  Chicago Atlantic Real Estate Finance, Inc. (REFI) reported a net income of $8,934,539 for the three months ended September 30, 2025, a decrease from $11,211,636
• Chicago Atlantic REFI Files 8-K on Material Agreement — 8-K · Aug 7, 2025 Risk: medium
  Chicago Atlantic Real Estate Finance, Inc. (REFI) filed an 8-K on August 7, 2025, reporting a material definitive agreement and financial condition updates as o
• REFI's Net Income Dips Amid Shifting Credit Quality — 10-Q · Aug 7, 2025 Risk: medium
  Chicago Atlantic Real Estate Finance, Inc. (REFI) reported a net income of $15.3 million for the six months ended June 30, 2025, a decrease from $17.8 million i
• Chicago Atlantic Real Estate Finance Files 8-K — 8-K · Jun 23, 2025 Risk: low
  Chicago Atlantic Real Estate Finance, Inc. filed an 8-K on June 23, 2025, reporting on matters submitted to a vote of security holders and financial statements/
• 8-K Filing — 8-K · May 7, 2025
• Chicago Atlantic Real Estate Finance Q1 2025 Update — 10-Q · May 7, 2025 Risk: medium
  Chicago Atlantic Real Estate Finance, Inc. filed its 10-Q for the period ending March 31, 2025. The company reported on its financial performance and operations
• Chicago Atlantic Real Estate Finance Proxy Statement Filed — DEF 14A · Apr 28, 2025 Risk: low
  Chicago Atlantic Real Estate Finance, Inc. filed its definitive proxy statement on April 28, 2025, for its annual meeting on June 13, 2025. The filing outlines
• Chicago Atlantic Real Estate Finance Enters Material Agreement — 8-K · Mar 18, 2025 Risk: medium
  On March 17, 2025, Chicago Atlantic Real Estate Finance, Inc. entered into a material definitive agreement. The filing does not provide specific details on the
• Chicago Atlantic Real Estate Finance Files 8-K — 8-K · Mar 12, 2025 Risk: low
  Chicago Atlantic Real Estate Finance, Inc. filed an 8-K on March 12, 2025, reporting on its results of operations and financial condition. The filing also inclu
• Chicago Atlantic REIT Files 2024 Annual Report — 10-K · Mar 12, 2025 Risk: medium
  Chicago Atlantic Real Estate Finance, Inc. filed its 10-K for the fiscal year ending December 31, 2024. The company, a real estate investment trust, reported on
• Chicago Atlantic Real Estate Finance Appoints New Directors and CFO — 8-K · Dec 30, 2024 Risk: medium
  Chicago Atlantic Real Estate Finance, Inc. announced on December 30, 2024, that its Board of Directors elected two new directors, Michael A. McLellan and David
• Chicago Atlantic Real Estate Finance Appoints New Directors — 8-K · Dec 16, 2024 Risk: low
  Chicago Atlantic Real Estate Finance, Inc. announced on December 11, 2024, the departure of director John T. Long and the appointment of two new directors, Mich
• Chicago Atlantic Real Estate Finance Files 8-K — 8-K · Nov 7, 2024 Risk: low
  Chicago Atlantic Real Estate Finance, Inc. filed an 8-K on November 7, 2024, to report on its results of operations and financial condition. The filing also inc
• Chicago Atlantic REIT Files Q3 2024 10-Q — 10-Q · Nov 7, 2024 Risk: high
  Chicago Atlantic Real Estate Finance, Inc. filed its 10-Q for the period ending September 30, 2024. The company, a real estate investment trust, reported on its
• Chicago Atlantic Real Estate Finance Enters Material Agreement — 8-K · Oct 23, 2024 Risk: medium
  On October 18, 2024, Chicago Atlantic Real Estate Finance, Inc. entered into a Material Definitive Agreement related to a financial obligation. The filing, date
• Chicago Atlantic Real Estate Finance Files 8-K — 8-K · Aug 7, 2024 Risk: low
  Chicago Atlantic Real Estate Finance, Inc. filed an 8-K on August 7, 2024, reporting on its results of operations and financial condition. The filing also inclu
• Chicago Atlantic REFI Files Q2 2024 10-Q — 10-Q · Aug 7, 2024 Risk: medium
  Chicago Atlantic Real Estate Finance, Inc. (REFI) filed its 10-Q for the period ending June 30, 2024. The company reported on its real estate investment trust a
• Chicago Atlantic Real Estate Finance Files 8-K — 8-K · Jun 20, 2024 Risk: low
  Chicago Atlantic Real Estate Finance, Inc. filed an 8-K on June 20, 2024, reporting on matters submitted to a vote of security holders and financial statements
• 8-K Filing — 8-K · May 7, 2024
• Chicago Atlantic Real Estate Finance, Inc. Files 10-Q for Period Ending March 31, 2024 — 10-Q · May 7, 2024 Risk: medium
  Chicago Atlantic Real Estate Finance, Inc. (REFI) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Chicago Atlantic Real Estate Finance, Inc. filed
• Chicago Atlantic Real Estate Finance, Inc. Announces 2024 Annual Meeting of Stockholders — DEF 14A · Apr 26, 2024 Risk: low
  Chicago Atlantic Real Estate Finance, Inc. (REFI) filed a Proxy Statement (DEF 14A) with the SEC on April 26, 2024. The 2024 Annual Meeting of Stockholders for
• Chicago Atlantic Real Estate Finance Files 8-K — 8-K · Mar 12, 2024 Risk: low
  On March 12, 2024, Chicago Atlantic Real Estate Finance, Inc. filed an 8-K report. The filing primarily concerns the company's financial condition and results o
• Chicago Atlantic Real Estate Finance, Inc. Files 2023 Annual Report — 10-K · Mar 12, 2024 Risk: medium
  Chicago Atlantic Real Estate Finance, Inc. (REFI) filed a Annual Report (10-K) with the SEC on March 12, 2024. Chicago Atlantic Real Estate Finance, Inc. (REFI)
• Chicago Atlantic Real Estate Finance Enters Material Agreement — 8-K · Feb 29, 2024 Risk: medium
  On February 28, 2024, Chicago Atlantic Real Estate Finance, Inc. entered into a material definitive agreement. This agreement involves the creation of a direct
• BlackRock Discloses 5.0% Stake in Chicago Atlantic Real Estate Finance — SC 13G · Jan 26, 2024
  BlackRock Inc., a major investment firm, reported on January 26, 2024, that it holds a significant stake in Chicago Atlantic Real Estate Finance, Inc. (NASDAQ:

Risk Profile

Risk Assessment: Of REFI's 25 recent filings, 1 were flagged as high-risk, 12 as medium-risk, and 12 as low-risk. The overall risk profile suggests relatively low risk with generally favorable filings.

Financial Highlights

Key financial metrics from Chicago Atlantic Real Estate Finance, INC.'s most recent 10-Q filing (Nov 4, 2025):

• Revenue: $15.25M
• Net Income: $8.93M
• EPS: $0.42
• Cash Position: $28.92M
• Total Assets: $427.08M

Key Executives

• John Mazarakis
• Michael A. McLellan
• David J. Weinstein
• Joseph J. Johnson
• John T. D'Angelo
• John T. Long
• Michael J. Van Der Kamp
• David J. Sugarman

Industry Context

Chicago Atlantic operates within the specialized niche of providing debt financing to state-licensed cannabis operators. This sector is characterized by rapid growth potential but also significant regulatory uncertainty and evolving legal frameworks at both state and federal levels. The competitive landscape includes other specialized lenders and potentially traditional financial institutions as the industry matures and gains broader acceptance.

Top Tags

real-estate (8) · financial-reporting (6) · 8-K (5) · REIT (4) · material-agreement (4) · 10-Q (4) · financial-obligation (3) · Real Estate Finance (3) · financials (3) · 8-k (3)

Key Numbers

• Period End Date: 2025-12-31 — The fiscal year end for which the annual report is filed.
• Filing Date: 2026-04-23 — The date the Annual Report to Security Holders was accepted by the SEC.
• Period of Report: 2026-04-20 — Date of reported ownership change
• Net Income (Q3 2025): $8.9M — Decreased from $11.2M in Q3 2024, a 20.3% decline.
• Basic EPS (Q3 2025): $0.42 — Down from $0.57 in Q3 2024.
• Current Expected Credit Loss Reserve (Sep 30, 2025): $4.99M — Increased from $4.35M at Dec 31, 2024, indicating higher risk.
• Total Assets (Sep 30, 2025): $427.1M — Decreased from $435.1M at Dec 31, 2024.
• Loans held for investment, net (Sep 30, 2025): $393.1M — Slightly decreased from $398.1M at Dec 31, 2024.
• Common Shares Outstanding (Nov 3, 2025): 21,075,298 — Increased from 20,829,228 at Dec 31, 2024.
• Cash and Cash Equivalents (Sep 30, 2025): $28.9M — Increased from $26.4M at Dec 31, 2024.
• Management and Incentive Fees (Q3 2025): $1.43M — Decreased from $1.67M in Q3 2024.
• Interest Income (Q3 2025): $15.25M — Decreased from $16.26M in Q3 2024.
• Net Interest Income (Q3 2025): $13.69M — Decreased from $14.46M in Q3 2024.
• Net Income: $15.3M — Decreased from $17.8M in prior year period for six months ended June 30, 2025.
• Financing Receivables 90+ Days Past Due: $1.2M — Increased from $0 at December 31, 2024, indicating potential credit deterioration.

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