Chicago Atlantic Real Estate Finance, Inc. (REFI)
NASDAQ:REFI
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Earnings Data
Report Date
Aug 12, 2026Before Open (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.48Last Year’s EPS
0.51Same Quarter Last Year
Moderate Buy
Based on 2 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a constructive and optimistic view: management highlighted a significant regulatory tailwind from the DOJ’s rescheduling action, a sizeable $482M pipeline (with $133M real-estate backed), restored accrual status on a previously nonaccrual loan, maintained dividend policy, and solid liquidity (~$54M). Offsetting these positives are elevated CECL reserves (+$3.8M), an increase in risk-rated loans (10.7% vs 4.8%), modest yield compression (15.8% vs 16.3%), and higher leverage (38% vs 32%). On balance, the favorable regulatory developments, pipeline depth, improved nonaccruals and preserved dividend posture materially outweigh the near-term credit reserve increases and modest yield/borrowings headwinds, supporting a positive outlook.Company Guidance
Federal Rescheduling Tailwind
DOJ rescheduled certain medical marijuana products to Schedule III (April 23), which management expects to reduce the Section 280E tax burden, provide retrospective relief on legacy tax liabilities, improve operator cash flows and credit profiles, and potentially lower barriers to U.S. exchanges; administrative hearing scheduled June 29–July 15 could broaden rescheduling.
Large Pipeline of Opportunities
Pipeline of cannabis opportunities stands at $482 million, including approximately $133 million backed by real estate collateral, providing substantial originations visibility for future deployment.
Loan Portfolio Size and Yield
Loan portfolio principal of approximately $414 million across 25 portfolio companies with a weighted average yield to maturity of 15.8%, down from 16.3% in Q4 2025 (absolute decline of 0.5 percentage points, ~3.1% decrease).
Originations and Subsequent Activity
Gross originations of ~$54 million in Q1 (new borrower fundings $16.2M; existing borrowers $37.8M). Subsequent period (April–today) advances of ~$15.8M and repayments of ~$14.3M, including full repayments of loans #6 and #30.
Improvement in Nonaccruals / Workout Success
Nonaccrual loans decreased to ~4.8% of the portfolio from ~11.1% at 12/31/2025 (decrease of 6.3 percentage points, ~57% reduction). Loan #9 returned to accrual after three months of timely payments following workout efforts.
Strong Real Estate Coverage and Portfolio Structure
Weighted-average real estate coverage of the portfolio is 1.2x. Portfolio consists of 35.2% fixed-rate and 64.8% floating-rate loans (71.9% of floating indexed to prime, 28.1% to SOFR). With prime at 6.75%, 100% of prime loans are at their floors; only ~4% of loan principal is exposed to further rate declines.
Liquidity and Capital Position
Total leverage at 38% of book equity (up from 32% at 12/31/2025). $67.1M outstanding on senior secured revolver, $49.4M on unsecured term loan, approximately $59M available on the senior credit facility and total liquidity (net of estimated liabilities) of approximately $54M.
Dividend and Shareholder Returns
Distributable earnings per share (basic/diluted) ~$0.47/$0.46 for Q1; April distribution of $0.47 per common share declared and paid (Q4 dividend). Since inception distributions total $8.94/share, representing a yield on cost of ~11.8% versus IPO price. Board expects dividend payout ratio of 90%–100% of basic distributable earnings for 2026 (special dividend possible to meet taxable income).
Geographic and Market Diversification
Executed a loan in Canada (loan #45) reflecting opportunistic international lending where markets have stabilized and rationalized, providing additional risk-adjusted return opportunities outside the U.S.
Chicago Atlantic Real Estate ate Finance Inc (REFI) Earnings, Revenues Date & History
REFI Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
REFI Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
May 07, 2026 | $12.25 | $11.62 | -5.14% |
Mar 12, 2026 | $11.66 | $11.60 | -0.50% |
Nov 04, 2025 | $12.09 | $11.93 | -1.30% |
Aug 07, 2025 | $11.79 | $12.11 | +2.72% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Chicago Atlantic Real Estate Finance, Inc. (REFI) report earnings?
Chicago Atlantic Real Estate Finance, Inc. (REFI) is schdueled to report earning on Aug 12, 2026, Before Open (Confirmed).
What is Chicago Atlantic Real Estate Finance, Inc. (REFI) earnings time?
Chicago Atlantic Real Estate Finance, Inc. (REFI) earnings time is at Aug 12, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is REFI EPS forecast?
REFI EPS forecast for the fiscal quarter 2026 (Q2) is 0.48.