Chicago Atlantic Real Estate Finance, Inc. (REFI)

REFI's stock has been impacted by several events in the past six months. The company announced its Q3 2025 financial results on November 4, 2025, reporting EPS of $0.42, missing forecasts, while revenue exceeded expectations, leading to a slight stock decline. REFI has declared dividends, including a $0.47 common stock dividend for Q4 2025. Directors and officers purchased 54,000 shares of common stock on the open market on October 17, 2025. Over the past year, REFI's stock has underperformed both the US Mortgage REITs industry and the broader US market.

Demand seasonality for Chicago Atlantic Real Estate Finance, Inc.'s core products and services is primarily driven by trends within the cannabis market, influenced by state-level legalization and growing consumer adoption, necessitating capital expenditures from cannabis operators. The federal prohibition on cannabis contributes to a limited competition environment, further influencing demand for its specialized lending services. There is no indication of typical seasonal fluctuations impacting the demand for their cannabis-related loans.

Chicago Atlantic Real Estate Finance, Inc. (REFI) is a commercial real estate finance company focused on delivering risk-adjusted returns through income and capital appreciation. It originates and invests in first mortgage loans and structured financings, primarily for state-licensed cannabis operators, secured by real estate, equipment, and other assets. The company also lends to properties and companies outside the cannabis industry.

Chicago Atlantic Real Estate Finance, Inc. primarily operates within the United States, focusing its lending activities on state-licensed cannabis operators, particularly in limited-license states.

Specific events directly impacting Chicago Atlantic Real Estate Finance, Inc.'s brand reputation have not been explicitly detailed in the search results. The company maintains a "Hold" consensus rating from research analysts and has a "Medium" ESG Risk Rating from Sustainalytics. The company positions itself as a "lender of choice" in the cannabis industry, emphasizing its disciplined underwriting process and track record.

Chicago Atlantic Real Estate Finance, Inc. has significant institutional ownership, with 83 institutional investors and hedge funds holding shares. Major institutional owners include Vanguard Group Inc., Intrepid Capital Management Inc., Fielder Capital Group LLC, State Street Corp, Emfo LLC, Corient Private Wealth LLC, and Two Sigma Advisers LP.