Chicago Atlantic Real Estate Finance, Inc.(REFI)Stock Analysis
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Pending next ranking run
This company passes all size and coverage filters but hasn't been included in the latest quarterly ranking run. Rankings refresh on Jan 1, Apr 1, Jul 1, Oct 1.
Financial data, filings, and institutional holdings below are still tracked in full — only the proprietary quality composite is unavailable for this name.
REFI Stock Analysis & AI Quality Score
AI stock analysis and institutional research for Chicago Atlantic Real Estate Finance, Inc. (REFI), a Real Estate sector company. REFI is not currently included in 13F Pro's AI-ranked quality universe — this company passes all size and coverage filters but hasn't been included in the latest quarterly ranking run. rankings refresh on jan 1, apr 1, jul 1, oct 1. Based on the latest XBRL financial filings (Q1 2026), Chicago Atlantic Real Estate Finance, Inc. reports quarterly revenue of $13.1M, net income of $4.8M, an operating margin of 36.9%. Top institutional holders of REFI by reported 13-F value include BlackRock,, Fielder Capital Group, VANGUARD CAPITAL MANAGEMENT, based on the most recent SEC filings. REFI trades on the Nasdaq exchange and files with the SEC under CIK 1867949. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate REFI daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Chicago Atlantic Real Estate Finance, Inc. directly from SEC EDGAR. Chicago Atlantic Real Estate Finance, Inc.'s 13F Pro composite quality score has ranged between 53 and 74 since 2023, currently 73.8 — an improving long-term trajectory across 8 quarterly and live scoring snapshots.
Revenue
Q1 2026
$13.1M
Net Income
Q1 2026
$4.8M
Free Cash Flow
Q1 2026
$3.2M
Operating Margin
Q1 2026
36.9%
Revenue & Net Income
Earnings Per Share
Key Financials Over Time
Export Financial Table · Pro+Revenue
Net Income
-4.3% YoYEPS (Diluted)
-10.9% YoYTotal Assets
+21.1% YoYTotal Debt
-82.7% YoYOp. Cash Flow
-18.5% YoY| Metric | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|
| Revenue | — | — | $48.9M | — |
| Net Income | $37.0M -4.3% | $38.7M +19.9% | $32.3M | — |
| EPS (Diluted) | $1.88 -10.9% | $2.11 +15.9% | $1.82 | — |
| Total Assets | $435.1M +21.1% | $359.2M +4.6% | $343.3M +23.4% | $278.2M |
| Total Debt | $49.1M -82.7% | $284.5M -54.0% | $617.9M +101.2% | $307.1M |
| Operating Cash Flow | $23.2M -18.5% | $28.4M +67.1% | $17.0M | — |
AI Insight: REFI Ratio Trends
ROE and ROIC collapsed to multi-period lows in Q1 2026, signaling a sharp deterioration in capital efficiency.
• ROE fell from 10.6% in Q4 2025 to 6.4% in Q1 2026, the lowest single-quarter reading in the dataset.
• ROIC dropped from 9.1% in Q4 2025 to 5.5% in Q1 2026, reversing gains built since Q2 2024.
• D/E ratio stabilized at 0.16 from Q4 2024 onward, down sharply from 1.26 in Q2 2024, indicating a much cleaner balance sheet.
⚠ ROA plunged to 4.4% in Q1 2026 from 7.7% in Q4 2025 — confirm whether this reflects a one-off or structural earnings pressure.
⚠ TTM ROIC of 8.7% sits well above Q1 2026's 5.5% — watch whether the quarterly weakness persists into Q2 2026.
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Available Research
13F Pro tracks comprehensive data for Chicago Atlantic Real Estate Finance, Inc. including:
Top Institutional Holders of REFI
BlackRock, Inc.
$16.1M1,425,571 shFielder Capital Group LLC
$10.9M959,800 shVANGUARD CAPITAL MANAGEMENT LLC
$8.2M727,853 shSTATE STREET CORP
$6.0M510,533 shCorient Private Wealth LLC
$1.8M156,217 shClayton Partners LLC
$1.7M150,344 shCDC Financial, Inc.
$1.6M141,550 shNORTHERN TRUST CORP
$1.6M141,473 shConnor, Clark & Lunn Investment Management Ltd.
$1.3M116,269 shVANGUARD FIDUCIARY TRUST CO
$1.3M114,295 sh
| Fund | Value | Shares |
|---|---|---|
| BlackRock, Inc. | $16.1M | 1,425,571 |
| Fielder Capital Group LLC | $10.9M | 959,800 |
| VANGUARD CAPITAL MANAGEMENT LLC | $8.2M | 727,853 |
| STATE STREET CORP | $6.0M | 510,533 |
| Corient Private Wealth LLC | $1.8M | 156,217 |
| Clayton Partners LLC | $1.7M | 150,344 |
| CDC Financial, Inc. | $1.6M | 141,550 |
| NORTHERN TRUST CORP | $1.6M | 141,473 |
| Connor, Clark & Lunn Investment Management Ltd. | $1.3M | 116,269 |
| VANGUARD FIDUCIARY TRUST CO | $1.3M | 114,295 |
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Popular Research
Is REFI a good stock to buy?
13F Pro's AI-powered analysis of Chicago Atlantic Real Estate Finance, Inc. (REFI) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Real Estate sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for REFI are available on the REFI stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.
Which hedge funds own REFI?
Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling REFI. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of Chicago Atlantic Real Estate Finance, Inc.'s investment landscape.