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REFI 
Chicago Atlantic Real Estate Finance Inc (REFI)
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Upturn Advisory Summary
01/09/2026: REFI (1-star) is a SELL. SELL since 3 days. Simulated Profits (-7.63%). Updated daily EoD!
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 -16.32% | Avg. Invested days 46 | Today’s Advisory SELL |
Upturn Star Rating | Upturn Advisory Performance  2.0 | Stock Returns Performance  1.0 |
| Profits based on simulation | Last Close 01/09/2026 |
Key Highlights
Company Size Small-Cap Stock | Market Capitalization 258.80M USD | Price to earnings Ratio 7.27 | 1Y Target Price 16.94 |
Price to earnings Ratio 7.27 | 1Y Target Price 16.94 | ||
Volume (30-day avg) 4 | Beta 0.27 | 52 Weeks Range 11.41 - 14.17 | Updated Date 01/9/2026 |
52 Weeks Range 11.41 - 14.17 | Updated Date 01/9/2026 | ||
Dividends yield (FY) 15.69% | 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 7.27 | Forward PE 6.53 | Enterprise Value 331558752 | Price to Sales(TTM) 4.77 |
Enterprise Value 331558752 | Price to Sales(TTM) 4.77 | ||
Enterprise Value to Revenue 6.53 | Enterprise Value to EBITDA - | Shares Outstanding 21075298 | Shares Floating 18037505 |
Shares Outstanding 21075298 | Shares Floating 18037505 | ||
Percent Insiders 14.38 | Percent Institutions 35.05 |
Upturn AI SWOT
Chicago Atlantic Real Estate Finance Inc
Company Overview
History and Background
Chicago Atlantic Real Estate Finance Inc. (NASDAQ: REFI) is a real estate finance company that originated from a focus on the cannabis industry. It was founded in 2018 and has since evolved to provide a broad range of debt and equity solutions to real estate investors. The company aims to capitalize on emerging and underserved markets, with a particular early emphasis on the rapidly growing cannabis sector.
Core Business Areas
- Cannabis Real Estate Lending: Providing debt financing for real estate owned by cannabis operators. This includes acquisition, development, and refinancing of properties within the regulated cannabis industry.
- General Real Estate Lending: Expanding its lending services to a wider range of commercial real estate properties beyond the cannabis sector, offering bridge loans, acquisition financing, and development loans.
- Real Estate Investment and Management: Investing in and managing real estate assets to generate rental income and capital appreciation.
Leadership and Structure
Chicago Atlantic Real Estate Finance Inc. is led by a management team with expertise in real estate, finance, and capital markets. The company operates as a real estate investment trust (REIT) and is publicly traded on the NASDAQ.
Top Products and Market Share
Key Offerings
- Cannabis-Backed Loans: Specialized debt financing for real estate in the cannabis industry, offering higher yields due to sector risk and regulatory complexities. Competitors include other specialized cannabis lenders and traditional lenders willing to enter the space. Specific market share data for this niche is not widely available, but REFI is considered a significant player.
- Commercial Real Estate Bridge Loans: Short-term loans to real estate investors for property acquisition, development, or repositioning, providing flexible financing solutions. Competitors include a wide array of commercial banks, private lenders, and other REITs. Market share is fragmented.
- Development Financing: Loans to support the construction and development of real estate projects. This is a competitive space with many specialized lenders and traditional banks.
Market Dynamics
Industry Overview
The real estate finance industry is highly competitive and influenced by interest rate environments, economic conditions, and regulatory changes. The niche market of cannabis real estate finance is subject to unique regulatory risks and opportunities, with significant growth potential but also inherent volatility.
Positioning
Chicago Atlantic Real Estate Finance Inc. has positioned itself as a specialized lender, initially focusing on the burgeoning cannabis real estate market, and has since diversified its lending portfolio. Its competitive advantage lies in its early mover status in cannabis real estate finance and its ability to structure complex debt solutions.
Total Addressable Market (TAM)
The TAM for commercial real estate finance is vast, running into trillions of dollars globally. The TAM for cannabis-related real estate finance is a rapidly growing segment within this larger market, estimated to be in the tens of billions and increasing as legalization expands. Chicago Atlantic Real Estate Finance Inc. aims to capture a significant share of this niche and diversified market through its specialized lending capabilities and expanding reach.
Upturn SWOT Analysis
Strengths
- Early mover advantage and expertise in cannabis real estate finance.
- Diversified lending portfolio beyond the cannabis sector.
- Experienced management team with a strong financial and real estate background.
- Ability to structure complex debt and equity solutions.
- Publicly traded REIT status, providing access to capital markets.
Weaknesses
- Dependence on the evolving regulatory landscape of the cannabis industry.
- Potential for concentration risk in its loan portfolio.
- Sensitivity to interest rate fluctuations.
- Limited historical track record compared to larger, more established REITs.
Opportunities
- Expansion of state-level cannabis legalization in the US.
- Growth in demand for commercial real estate financing across various sectors.
- Potential for strategic partnerships and acquisitions.
- Leveraging its expertise to enter new niche real estate finance markets.
- Increased institutional investor interest in real estate debt.
Threats
- Changes in federal and state cannabis laws, including potential federal prohibition.
- Economic downturns impacting real estate values and borrower repayment capabilities.
- Increased competition from traditional financial institutions entering the cannabis space.
- Rising interest rates leading to higher borrowing costs and reduced loan demand.
- Potential for increased defaults on loans, particularly in volatile sectors.
Competitors and Market Share
Key Competitors
- AFC Gamma, Inc. (NASDAQ: AFCG)
- Silver Spike Investment Corp. (NASDAQ: SPKB)
- Innovative Industrial Properties, Inc. (NYSE: IIPR)
Competitive Landscape
Chicago Atlantic Real Estate Finance Inc. competes with other specialized cannabis REITs and lenders, as well as traditional commercial real estate financiers. Its advantages include its specialized focus and flexibility, while potential disadvantages might be its smaller scale compared to larger REITs and the inherent risks associated with the cannabis industry.
Growth Trajectory and Initiatives
Historical Growth: Chicago Atlantic Real Estate Finance Inc. has demonstrated significant growth since its inception, driven by its strategic focus on niche markets and its expansion into broader commercial real estate lending. Growth has been achieved through increased loan origination and strategic capital deployment.
Future Projections: Future growth is expected to be fueled by continued expansion in the cannabis real estate sector, alongside diversification into other commercial real estate segments. Analyst projections would consider market trends, interest rate forecasts, and the company's ability to execute its strategic initiatives.
Recent Initiatives: Recent initiatives likely include expanding its loan origination team, developing new financial products, and potentially exploring strategic alliances or acquisitions to broaden its market reach and service offerings.
Summary
Chicago Atlantic Real Estate Finance Inc. is a specialized real estate finance company that has successfully leveraged its early focus on the cannabis industry. Its diversified lending strategy and experienced management team are key strengths, allowing it to navigate the opportunities and risks of niche markets. However, the company's performance remains susceptible to regulatory changes in the cannabis sector and broader economic conditions, requiring careful risk management and strategic adaptation.
Similar Stocks
Sources and Disclaimers
Data Sources:
- Company Investor Relations Filings (SEC)
- Financial News Outlets
- Industry Analysis Reports
- Financial Data Providers
Disclaimers:
This information is for informational purposes only and does not constitute financial advice. Market share data and TAM estimates are approximate and subject to change. Financial performance and market conditions can fluctuate significantly.
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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