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

Chicago Atlantic Real Estate Finance, Inc. (REFI) is trading at USD 9.33, down 0.79% today, as of October 23, 2026 at 16:32 UTC (US market open; quotes may be delayed), according to Nexqual market data.

REFI last closed at USD 9.4; today's session has ranged USD 9.22–9.45 on volume of 33,138 shares. Market capitalization is $238.94M, with a 52-week range of USD 8.76–13.49 (NGM). Source: Nexqual, retrieved October 23, 2026 at 16:39 UTC.

Also available as compact Markdown for AI agents: nexqual.com/REFI.md

Key facts (REFI)

• Valuation: P/E 8.1x (avg 7.7x at the last 3 fiscal year-ends), net debt $36.1M.
• Insider open-market purchases, last ~7 months: 5 Form 4 filings, $1.3M; 3 by opportunistic insiders, 0 by routine insiders.
• Analysts: Buy (mean 2.20 on a 1–5 scale) (5 analysts), mean target USD 15.13 (range 10.5–20).
• Total return with dividends: 1Y -15.9% vs S&P 500 +14.6%; 5Y +12.6% vs S&P 500 +77.3%.
• Next earnings: 2026-11-10, EPS estimate USD 0.38, revenue estimate $14.4M.

Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (REFI)

Fiscal years end Dec. EPS is split-adjusted.

Valuation (price ÷ last four quarters, through Jun 30, 2026) (REFI)

P/E 8.1x · P/B 0.8x · Earnings yield 12.31% · Dividend yield (paid, TTM) 17.01% · Net debt $36.1M · EV $275M

P/E at fiscal year-ends: Dec 2025 7.3x, Dec 2024 8.2x, Dec 2023 7.7x.

Insider purchases (SEC Form 4, open-market, last ~7 months) (REFI)

5 purchases, $1.3M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.

Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

Analysts (REFI)

Consensus Buy (mean 2.20 on a 1–5 scale), 5 analysts; mean target USD 15.13 (low 10.5, high 20).

Rating changes, last 120 days:

Total return (dividends reinvested) (REFI)

REFI suppliers, customers and competitors (named in its 10-K)

Quoted from the company's 10-K filed Mar 12, 2026.

REFI company outlook (results filed Aug 11, 2026)

• “The foregoing outlook assumes that the Company continues to operate on a standalone basis and does not reflect the effects of the pending Merger, including any restrictions on dividends or other actions during the pendency of the Merger under the terms of the Merger Agreement.”

Quoted word-for-word from the SEC 8-K results press release.

REFI analyst estimates and revisions

Key Statistics (as of October 23, 2026 at 16:39 UTC)

Technical Analysis (REFI)

Nexqual's technical model rates REFI "STRONG SELL" based on 0 bullish and 5 bearish signals across 128 daily candles, as of October 23, 2026 at 16:39 UTC.

Analyst Ratings (REFI)

Wall Street analysts rate REFI "Buy" based on 5 analysts, with a mean price target of USD 15.13 (range USD 10.5–20), per Nexqual as of October 23, 2026 at 16:39 UTC.

Earnings (REFI)

Recent Earnings History

Source: Nexqual, October 23, 2026 at 16:39 UTC.

Financials & Fundamentals (REFI)

Source: Nexqual, October 23, 2026 at 16:39 UTC.

Financial Health Score (REFI)

Nexqual rates Chicago Atlantic Real Estate Finance, Inc.'s overall financial health "Solid" across five dimensions, as of October 23, 2026 at 16:39 UTC.

Ownership (REFI)

Source: Nexqual, October 23, 2026 at 16:39 UTC.

Leadership (REFI)

Chicago Atlantic Real Estate Finance, Inc. is led by Anthony Robert Cappell, Co-CEO & Director of Chicago Atlantic REIT Manager, LLC, per Nexqual as of October 23, 2026 at 16:39 UTC.

Major Backers & Investors (REFI)

Notable institutional backers of Chicago Atlantic Real Estate Finance, Inc. include Fielder Capital Group LLC , VanEck ETF Trust-VanEck Mortgage REIT Income ETF, Segall Bryant & Hamill, LLC, according to Nexqual as of October 23, 2026 at 16:39 UTC.

Active Investors

Index Funds (Passive)

Source: Nexqual, October 23, 2026 at 16:39 UTC.

From Chicago Atlantic Real Estate Finance, Inc.'s Latest SEC 10-K Filing (filed 2026-03-12)

Key Strengths & Strategy (as disclosed to the SEC)

• We believe we are well positioned to maintain and expand our position as a credible source of financing for cannabis industry operators and other property owners with the goal of becoming the lender of choice to leading cannabis industry operators, due to the following factors: Leading Cannabis Lending Platform.
• While any such change would depend on final regulatory action and IRS interpretation and could be subject to future legislative or administrative changes, the elimination of the applicability of the Section 280E tax regime, if enacted, is expected to improve free cash flows for our vertically integrated borrowers potentially easing their ability to meet debt service obligations.
• We believe our broad network of deep relationships allows us to originate a substantial number of loans that are not broadly marketed.
• We have developed a systematic underwriting process that applies a consistent approach to credit review and approval, with a focus on evaluating credit first and then appropriately assessing the risk-reward profile of each loan.

Partnerships

• Under our Management Agreement, our Manager has contractual responsibilities to us, including to provide us with a management team (whether our Manager's own employees or individuals for which our Manager has contracted with other parties to provide services to its clients), who will be our executive officers, and the Manager's Investment Committee.
• Our loans to portfolio companies operating in the cannabis industry may include companies that we determine, based on our due diligence, are licensed in and in compliance with, state-regulated cannabis programs, regardless of their status under U.S. federal law, so long as the investment itself is designed to be compliant with all applicable laws and regulations in the jurisdiction in which the investment is made or to which we are otherwise subject, including U.S. federal law.

Legal & Regulatory Risks (Item 1A, quoted)

• Risks Related to the Cannabis Industry and Related Regulations
• We provide loans to established companies operating in the cannabis industry, which involves significant risks, including the risk to our business of strict enforcement against our borrowers of the federal illegality of cannabis, and the lack of liquidity of such loans. As a result, we could lose all or part of any of our loans.
• We may have difficulty paying our required distributions under applicable tax rules if we recognize income before or without receiving cash representing such income.
• We may not be able to obtain or maintain required licenses and authorizations to conduct our business and may fail to comply with various state and federal laws and regulations applicable to our business.

Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.

Peers & Related Stocks

Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 16:39 UTC. This page is informational and not investment advice.

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