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REFI 
Chicago Atlantic Real Estate Finance Inc (REFI)
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Upturn Advisory Summary
12/05/2025: REFI (1-star) is currently NOT-A-BUY. Pass it for now.
Upturn Star Rating
Not Recommended Performance
These Stocks/ETFs, based on Upturn Advisory, consistently fall short of market performance, signaling caution before investing.
Number of Analysts
4 Analysts rated it
Very few follow this stock; limited insights, higher-risk early investing.
1 Year Target Price $16.94
1 Year Target Price $16.94
| 2 | Strong Buy |
| 1 | Buy |
| 1 | Hold |
| 0 | Sell |
| 0 | Strong Sell |
Analysis of Past Performance
Type Stock | Historic Profit -9.25% | Avg. Invested days 50 | Today’s Advisory PASS |
Upturn Star Rating | Upturn Advisory Performance  2.0 | Stock Returns Performance  1.0 |
| Profits based on simulation | Last Close 12/05/2025 |
Key Highlights
Company Size Small-Cap Stock | Market Capitalization 268.71M USD | Price to earnings Ratio 7.54 | 1Y Target Price 16.94 |
Price to earnings Ratio 7.54 | 1Y Target Price 16.94 | ||
Volume (30-day avg) 4 | Beta 0.27 | 52 Weeks Range 11.85 - 14.71 | Updated Date 12/6/2025 |
52 Weeks Range 11.85 - 14.71 | Updated Date 12/6/2025 | ||
Dividends yield (FY) 14.79% | Basic EPS (TTM) 1.69 |
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin 65.9% | Operating Margin (TTM) 68.06% |
Management Effectiveness
Return on Assets (TTM) 9.02% | Return on Equity (TTM) 11.82% |
Valuation
Trailing PE 7.54 | Forward PE 6.8 | Enterprise Value 341464160 | Price to Sales(TTM) 4.95 |
Enterprise Value 341464160 | Price to Sales(TTM) 4.95 | ||
Enterprise Value to Revenue 6.72 | Enterprise Value to EBITDA - | Shares Outstanding 21075298 | Shares Floating 18037505 |
Shares Outstanding 21075298 | Shares Floating 18037505 | ||
Percent Insiders 14.38 | Percent Institutions 35.18 |
Upturn AI SWOT
Chicago Atlantic Real Estate Finance Inc
Company Overview
History and Background
Chicago Atlantic Real Estate Finance, Inc. (REFI) was founded in 2021 and is a commercial real estate finance company specializing in lending to state-licensed cannabis operators. It focuses on providing flexible financing solutions to companies operating in the cannabis industry, an underserved market by traditional financial institutions.
Core Business Areas
- Senior Secured Credit: Provides senior secured loans to established cannabis operators, typically secured by real estate and other assets. Focuses on debt financing for acquisitions, expansions, and refinancings.
- Real Estate Financing: Offers real estate-backed loans to cannabis companies. These can include mortgages for cultivation facilities, processing plants, and dispensaries.
- Opportunistic Financing: Potentially engages in other opportunistic financing activities within the cannabis industry, focusing on situations where they can generate attractive risk-adjusted returns.
Leadership and Structure
As of late 2023, the leadership team includes key executives overseeing investment strategy, risk management, and operations. John Mazarakis is the current CEO. REFI operates as a Real Estate Investment Trust (REIT), structured to pass through income to shareholders.
Top Products and Market Share
Key Offerings
- Senior Secured Loans: These loans are secured by the assets of cannabis operators, providing a degree of safety to Chicago Atlantic. The market share is difficult to ascertain precisely given the nascent and evolving nature of cannabis finance, but REFI is a significant player. Competitors include AFC Gamma (AFCG), NewLake Capital Partners (NLCP), and Innovative Industrial Properties (IIP) who primarily focus on real estate-related funding. Revenue is based on the aggregate size of their loan portfolio and interest rates charged.
Market Dynamics
Industry Overview
The cannabis industry is experiencing significant growth, but faces challenges related to regulatory uncertainty, limited access to traditional banking, and interstate commerce restrictions. Demand for financing is high as operators seek to expand their businesses.
Positioning
Chicago Atlantic is positioned as a specialized lender providing capital to cannabis businesses underserved by traditional financial institutions. Their competitive advantage lies in their industry expertise and willingness to take on risk that others avoid.
Total Addressable Market (TAM)
The TAM for cannabis financing is substantial and growing, estimated in the billions of dollars annually. REFI's position in this TAM depends on its ability to deploy capital effectively and manage risks associated with lending to the industry.
Upturn SWOT Analysis
Strengths
- Specialized expertise in cannabis finance
- High-yield lending opportunities
- Strong management team
- First-mover advantage in a growing market
Weaknesses
- High concentration risk in the cannabis industry
- Regulatory uncertainty impacting cannabis businesses
- Limited access to capital compared to traditional lenders
- Dependence on the growth and stability of cannabis markets
Opportunities
- Expansion into new cannabis markets
- Diversification of loan portfolio
- Development of new financial products
- Potential for legislative reforms favoring cannabis businesses
Threats
- Increased competition from other lenders
- Changes in cannabis regulations impacting borrower profitability
- Economic downturn affecting the cannabis industry
- Defaults on loans due to borrower financial distress
Competitors and Market Share
Key Competitors
- AFCG
- NLCP
- IIP
Competitive Landscape
REFI has an advantage due to its early entry and specialization in cannabis. However, larger REITs like IIP have more capital. Smaller market capitalization increases revenue volatility relative to larger more established players.
Growth Trajectory and Initiatives
Historical Growth: A discussion of past growth rates based on available financial data is necessary.
Future Projections: Analyst estimates for revenue, earnings, and asset growth should be added if available.
Recent Initiatives: Recent strategic initiatives such as loan originations, capital raises, or new partnerships should be highlighted.
Summary
Chicago Atlantic Real Estate Finance operates in the growing but risky cannabis industry. They have expertise in lending to cannabis operators, but face regulatory uncertainty and competition. Their specialized focus allows for high-yield lending, but dependence on the cannabis industry is a weakness. Future growth hinges on continued cannabis market expansion and favorable legislative changes. Investors should watch for loan defaults and increased competitive pressure.
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Sources and Disclaimers
Data Sources:
- SEC Filings
- Company Presentations
- Analyst Reports
Disclaimers:
The information provided is for informational purposes only and should not be construed as investment advice. Investment decisions should be based on individual risk tolerance and thorough due diligence.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About Chicago Atlantic Real Estate Finance Inc
Exchange NASDAQ | Headquaters Miami Beach, FL, United States | ||
IPO Launch date 2021-12-08 | Co-CEO & Director of Chicago Atlantic REIT Manager, LLC Mr. Anthony Robert Cappell | ||
Sector Real Estate | Industry REIT - Mortgage | Full time employees - | Website https://www.refi.reit |
Full time employees - | Website https://www.refi.reit | ||
Chicago Atlantic Real Estate Finance, Inc. operates as a commercial mortgage real estate investment trust in the United States. The company engages in originating, structuring, and investing in first mortgage loans and alternative structured financings secured by commercial real estate properties. Its portfolio primarily includes first mortgage loans to established multi-state or single-state cannabis operators or property owners. The company has elected to be taxed as a real estate investment trust (REIT) and would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. Chicago Atlantic Real Estate Finance, Inc. was incorporated in 2021 and is based in Miami Beach, Florida.
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