REFI
Chicago Atlantic Real Estate Finance, Inc.
NasdaqGMUSDEQUITY
Real Estate
DELAYED
Last price
10.78
▲ 0.17 (1.60%)
MARKET · —
Price
Too many bars for candle bodies at this width — showing high/low range per bar. Zoom in or pick a shorter range.
Open
10.61
Prev close
10.61
Day high
10.79
Day low
10.60
Volume
280.95K
Market cap
$276.20M
P/E (TTM)
7.93
52W range
9.69 – 14.57
Insider net activity
Net shares
0
Net selling
Buy transactions
0
0 shares
Sell transactions
0
—
Net transactions
0
Buys less sells
Sell : buy shares
—
Not enough filings
Insider-held shares
2.90M
Total on file
Insider transactions
| Date | Insider | Action | Shares | Value | Held |
|---|---|---|---|---|---|
| Aug 17, 26 | MAZARAKIS JOHN MICHAEL Officer and Director |
BUY | 25.00K | $256.32K | Direct |
| Aug 17, 26 | CAPPELL ANTHONY Chief Executive Officer |
BUY | 45.00K | $468.23K | Direct |
| Apr 20, 26 | PAPASTAVROU JASON D Director |
STOCK | 6.32K | $0 | Direct |
| Apr 20, 26 | MAZARAKIS JOHN MICHAEL Officer and Director |
STOCK | 37.10K | $0 | Direct |
| Apr 20, 26 | KONIGSBERG BRANDON Director |
STOCK | 6.32K | $0 | Direct |
| Apr 20, 26 | CAPPELL ANTHONY Chief Executive Officer |
STOCK | 37.10K | $0 | Direct |
| Apr 20, 26 | SACK PETER S. Chief Executive Officer |
STOCK | 37.10K | $0 | Direct |
| Apr 20, 26 | KITE DAVID President |
STOCK | 37.10K | $0 | Direct |
| Apr 20, 26 | SILVERMAN PHILLIP Chief Financial Officer |
STOCK | 32.46K | $0 | Direct |
| Apr 20, 26 | STAVOLA ELIZABETH MARY Director |
STOCK | 6.32K | $0 | Direct |
| Oct 16, 25 | MAZARAKIS JOHN MICHAEL Officer and Director |
BUY | 8.00K | $102.00K | Direct |
| Oct 15, 25 | PAPASTAVROU JASON D Director |
BUY | 18.00K | $227.74K | |
| Oct 15, 25 | KITE DAVID Chief Operating Officer |
BUY | 5.00K | $62.52K | Direct |
| Oct 14, 25 | KONIGSBERG BRANDON Director |
BUY | 7.00K | $86.30K | Direct |
What this is, and what it is not
These are SEC Form 4 filings — officers, directors and 10% owners reporting their own trades in the company's stock. Filing is due within two business days of the transaction, so this lags reality by days, and the provider adds its own lag on top.
A sale is not automatically bearish. Executives sell on scheduled 10b5-1 plans, to cover tax on vesting equity, and to diversify. Purchases with cash are generally the more informative signal, and they are far rarer.
This does not include congressional or senate trading. That comes from STOCK Act disclosures filed with the Senate eFD system and the House Clerk, which this data source does not carry.
Officer and director trades in their own stock, straight from Form 4 filings.
Insider holders
| Name | Relation | Shares held | Latest |
|---|---|---|---|
BODMEIER ANDREAS |
President | 391.53K | Stock Award(Grant) |
CAPPELL ANTHONY |
Chief Executive Officer | 466.71K | Purchase |
KITE DAVID |
President | 96.61K | Stock Award(Grant) |
KONIGSBERG BRANDON |
Director | 33.87K | Stock Award(Grant) |
MAZARAKIS JOHN MICHAEL |
Officer and Director | 515.23K | Purchase |
PAPASTAVROU JASON D |
Director | 63.87K | Stock Award(Grant) |
SACK PETER S. |
Chief Executive Officer | 118.36K | Stock Award(Grant) |
SILVERMAN PHILLIP |
Chief Financial Officer | 71.52K | Stock Award(Grant) |
STAVOLA ELIZABETH MARY |
Director | 6.32K | Stock Award(Grant) |
STEINER MICHAEL L |
Director | 274.11K | Stock Award(Grant) |
Unusual options activity
Nothing crossed the thresholds in the expiries we scanned.
That is the normal state — most contracts trade well inside their existing open interest.
That is the normal state — most contracts trade well inside their existing open interest.
Contracts trading at or above their open interest, ranked by notional and where the print landed.
Options analytics
Put / call volume
—
—
Put / call open interest
—
Positioning, not flow
Max pain
10.00
-7.2% from spot
ATM implied vol
—
Nearest strike to spot
Skew (10% OTM)
—
—
Call volume
0
Contracts, this expiry
Put volume
2
Contracts, this expiry
Heaviest call OI
—
—
Heaviest put OI
10.00
5 contracts
Max pain is the strike at which the largest dollar value of open contracts expires worthless. It describes current positioning; it is not a forecast and it moves as open interest changes.
Put/call ratios, max pain, implied volatility skew and where open interest is concentrated.
Options chain
Calls
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Puts
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Every listed expiry, both sides of the book, with volume, open interest and implied volatility.
Trailing performance
Returnvs SPY
1W
+6.21%
+7.6%
1M
+6.94%
+3.2%
3M
-5.52%
-8.6%
6M
-9.79%
-20.9%
YTD
-12.07%
-24.4%
1Y
-23.98%
-44.0%
3Y
-27.60%
-101.8%
5Y
—
—
Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.
Fundamentals
Market cap$276.20M
Enterprise value$403.35M
Revenue (TTM)$48.84M
Gross profit$48.84M
EBITDA—
Net income$29.41M
EPS (TTM)$1.36
Free cash flow—
Total cash$13.35M
Total debt$140.50M
Book value / share$14.15
Shares outstanding25.62M
Float22.75M
Short % of float4.77%
Dividend yield17.47%
Beta (5Y)0.32
Short interest
Shares short
1.15M
Prior 1.25M
Change vs prior
-8.0%
Shorts covering
% of float
4.77%
Normal
% of shares out
4.51%
Against total outstanding
Days to cover
7.5
Crowded exit
Float
22.75M
Freely tradeable shares
Exchanges publish short interest twice a month with a settlement lag, so this is roughly two weeks behind. Days to cover divides shares short by average daily volume — it estimates how long covering would take, not whether it will happen.
Valuation & profitability ratios
Trailing P/E7.93
Forward P/E5.61
PEG ratio—
Price / sales—
Price / book0.76
EV / revenue8.26
EV / EBITDA—
Gross margin100.00%
Operating margin62.67%
Profit margin60.21%
Return on equity9.61%
Return on assets6.41%
Debt / equity46.58
Current ratio26.61
Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.
Financial statements
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Total revenue | $55.56M | $54.78M | $57.33M | $48.86M | +1.4% |
| Operating revenue | $55.56M | $54.78M | $57.33M | $48.86M | +1.4% |
| Selling, general & admin | $8.67M | $8.45M | $6.74M | $3.96M | +2.7% |
| Pre-tax income | $36.01M | $37.05M | $38.71M | $32.29M | -2.8% |
| Tax provision | $0 | $0 | $0 | $0 | — |
| Net income | $36.01M | $37.05M | $38.71M | $32.29M | -2.8% |
| Net income to common | $36.01M | $37.05M | $38.71M | $32.29M | -2.8% |
| Basic EPS | 1.71 | 1.92 | 2.14 | 1.83 | -10.9% |
| Diluted EPS | 1.68 | 1.88 | 2.11 | 1.82 | -10.6% |
| Basic shares | 21.00M | 19.28M | 18.09M | 17.65M | +8.9% |
| Diluted shares | 21.43M | 19.71M | 18.34M | 17.75M | +8.7% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Cash & equivalents | $14.95M | $26.40M | $7.90M | $5.72M | -43.4% |
| Accounts receivable | $4.01M | $1.45M | $1.00M | $1.20M | +175.8% |
| Total assets | $424.92M | $435.15M | $359.23M | $343.27M | -2.4% |
| Current debt | $49.10M | $55.00M | $66.00M | $58.00M | -10.7% |
| Long-term debt | $49.33M | $49.10M | $66.00M | $58.00M | +0.5% |
| Total debt | $98.43M | $104.10M | $66.00M | $58.00M | -5.4% |
| Total liabilities | $117.10M | $126.19M | $87.37M | $79.24M | -7.2% |
| Retained earnings | -$15.52M | -$10.14M | -$5.81M | -$5.14M | -53.1% |
| Shareholder equity | $307.81M | $308.96M | $271.85M | $264.03M | -0.4% |
| Net tangible assets | $307.81M | $308.96M | $271.85M | $264.03M | -0.4% |
| Shares issued | 21.08M | 20.83M | 18.20M | 17.77M | +1.2% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Net income | $36.01M | $37.05M | $38.71M | $32.29M | -2.8% |
| Stock-based compensation | $3.37M | $3.06M | $1.48M | $435.62K | +10.1% |
| Change in working capital | -$1.84M | -$6.78M | $19.11K | -$10.38M | +72.8% |
| Operating cash flow | $28.79M | $23.16M | $28.42M | $17.01M | +24.3% |
| Investing cash flow | $8.74M | -$39.30M | -$1.93M | -$125.24M | +122.2% |
| Dividends paid | -$43.84M | -$41.63M | -$39.13M | -$28.17M | -5.3% |
| Financing cash flow | -$48.98M | $34.64M | -$24.31M | $33.71M | -241.4% |
| Free cash flow | $28.79M | $23.16M | $28.42M | $17.01M | +24.3% |
| End cash position | $14.95M | $26.40M | $7.90M | $5.72M | -43.4% |
| Line item | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | YoY |
|---|---|---|---|---|---|---|
| Total revenue | $12.92M | $14.24M | $13.69M | $14.59M | $13.04M | -9.3% |
| Operating revenue | $12.92M | $14.24M | $13.69M | $14.59M | $13.04M | -9.3% |
| Selling, general & admin | $2.02M | $2.45M | $2.23M | $2.15M | $1.85M | -17.6% |
| Pre-tax income | $4.84M | $8.16M | $8.93M | $8.88M | $10.04M | -40.7% |
| Tax provision | $0 | $0 | $0 | $0 | $0 | — |
| Net income | $4.84M | $8.16M | $8.93M | $8.88M | $10.04M | -40.7% |
| Net income to common | $4.84M | $8.16M | $8.93M | $8.88M | $10.04M | -40.7% |
| Basic EPS | 0.23 | 0.39 | 0.42 | 0.42 | 0.48 | -41.0% |
| Diluted EPS | 0.23 | 0.38 | 0.42 | 0.41 | 0.47 | -39.5% |
| Basic shares | 21.08M | 21.08M | 21.07M | 21.00M | 20.86M | +0.0% |
| Diluted shares | 21.48M | 21.49M | 21.49M | 21.49M | 21.26M | -0.0% |
| Line item | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | YoY |
|---|---|---|---|---|---|---|
| Cash & equivalents | $27.86M | $14.95M | $28.92M | $35.56M | $9.88M | +86.3% |
| Accounts receivable | $4.91M | $4.01M | $4.49M | $3.30M | $1.52M | +22.4% |
| Total assets | $435.95M | $424.92M | $427.08M | $455.21M | $414.67M | +2.6% |
| Current debt | $67.05M | $49.10M | $52.40M | $71.20M | $38.00M | +36.6% |
| Long-term debt | $49.39M | $49.33M | $49.27M | $49.22M | $49.16M | +0.1% |
| Total debt | $116.44M | $98.43M | $101.67M | $120.42M | $87.16M | +18.3% |
| Total liabilities | $132.53M | $117.10M | $117.16M | $145.19M | $103.89M | +13.2% |
| Retained earnings | -$20.78M | -$15.52M | -$12.52M | -$11.55M | -$9.92M | -33.9% |
| Shareholder equity | $303.42M | $307.81M | $309.91M | $310.03M | $310.78M | -1.4% |
| Net tangible assets | $303.42M | $307.81M | $309.91M | $310.03M | $310.78M | -1.4% |
| Shares issued | 21.08M | 21.08M | 21.08M | 21.07M | 20.89M | 0.0% |
| Line item | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | YoY |
|---|---|---|---|---|---|---|
| Net income | $4.84M | $8.16M | $8.93M | $8.88M | $10.04M | -40.7% |
| Stock-based compensation | $865.35K | $909.77K | $928.65K | $881.13K | $649.31K | -4.9% |
| Change in working capital | -$4.66M | $896.77K | -$217.09K | -$2.39M | -$137.46K | -619.3% |
| Operating cash flow | $3.16M | $6.52M | $8.19M | $6.46M | $7.63M | -51.5% |
| Investing cash flow | $1.73M | -$7.28M | $14.06M | -$3.56M | $5.51M | +123.8% |
| Dividends paid | -$9.91M | -$9.91M | -$9.91M | -$10.43M | -$13.61M | -0.0% |
| Financing cash flow | $8.01M | -$13.22M | -$28.89M | $22.77M | -$29.65M | +160.6% |
| Free cash flow | $3.16M | $6.52M | $8.19M | $6.46M | $7.63M | -51.5% |
| End cash position | $27.86M | $14.95M | $28.92M | $35.56M | $9.88M | +86.3% |
Earnings
Reported vs expected · EPS
| Quarter | Est. | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | 0.45 | 0.34 | -24.8% |
| Dec 2025 | 0.40 | 0.38 | -5.6% |
| Sep 2025 | 0.46 | 0.42 | -8.7% |
| Jun 2025 | 0.47 | 0.41 | -12.8% |
Forward consensus
| Period | EPS | Analysts | Revenue | Growth |
|---|---|---|---|---|
| Current quarter | 0.45 | 5 | $13.74M | -4.8% |
| Next quarter | 0.38 | 2 | $14.73M | +3.4% |
| Current year | 1.33 | 2 | $55.07M | -0.6% |
| Next year | 1.81 | 3 | $59.42M | +7.9% |
Analyst targets & ownership
Mean target$15.13
High target$20.00
Low target$10.50
Implied upside40.31%
Analyst count4
ConsensusBUY
Strong buy / Buy1 / 2
Hold2
Sell / Strong sell0 / 0
Held by insiders11.31%
Held by institutions29.21%
Institutions holding140
Price targets, consensus spread, insider and institutional ownership.
Rating changes
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Aug 12, 26 | Citizens | MAINTAINED | Market Outperform | Market Outperform |
| Mar 17, 25 | Citizens Capital Markets | MAINTAINED | Market Outperform | Market Outperform |
| Dec 19, 24 | JMP Securities | MAINTAINED | Market Outperform | Market Outperform |
| Dec 17, 24 | Alliance Global Partners | INITIATED | — | Buy |
| Dec 9, 24 | Zuanic & Associates | MAINTAINED | Overweight | Overweight |
| Apr 11, 24 | Zuanic & Associates | INITIATED | — | Overweight |
| Mar 13, 24 | JMP Securities | MAINTAINED | Market Outperform | Market Outperform |
| Dec 5, 23 | Zuanic & Associates | INITIATED | — | Overweight |
| Sep 5, 23 | Compass Point | DOWNGRADE | Buy | Neutral |
| Sep 1, 23 | Piper Sandler | INITIATED | — | Neutral |
| Aug 15, 23 | JMP Securities | MAINTAINED | Market Outperform | Market Outperform |
| May 17, 23 | Compass Point | MAINTAINED | Buy | Buy |
Moving averages & technicals
SMA 10
10.40
+3.67% from price
SMA 20
10.19
+5.80% from price
SMA 50
10.56
+2.05% from price
SMA 100
11.07
-2.63% from price
SMA 200
11.75
-8.24% from price
EMA 12
10.40
+3.61% from price
EMA 26
10.38
+3.84% from price
EMA 50
10.57
+1.97% from price
RSI (14)
62.3
Neutral
MACD (12,26,9)
0.02
Hist 0.10
ATR (14)
0.25
2.32% of price
Realised vol 30D
20.6%
Annualised
Bollinger upper
10.73
20, 2σ
Bollinger lower
9.65
20, 2σ
50 / 200 cross
Death
10.56 vs 11.75
Trend bias
Below 200
-8.24%
Risk profile
Beta vs SPY
0.51
Less volatile than market
Correlation to SPY
0.26
Largely independent
Realised vol 30D
20.6%
Annualised
Market vol 1Y
12.9%
SPY, annualised
Max drawdown 1Y
-32.3%
Peak to trough
Max drawdown 5Y
-51.7%
Peak to trough
ATR 14
0.25
2.32% of price
Beta (reported)
0.32
5Y monthly, from filing
Dividends & splits
Forward rate$1.88 / yr
Forward yield17.47%
5-year avg yield—
Payout ratio138.24%
Ex-dividend dateJun 30, 2026
Next pay dateJul 15, 2026
Last split—
Split date—
SEC filings
Filing under Securities Act Rule 425 of certain prospectuses and communications in connection with business combination transactions
425 · 2026-08-11
Filing under Securities Act Rule 425 of certain prospectuses and communications in connection with business combination transactions
425 · 2026-07-13
Filing under Securities Act Rule 425 of certain prospectuses and communications in connection with business combination transactions
425 · 2026-06-18
Corporate Changes & Voting Matters
8-K · 2026-06-11
Periodic Financial Reports
10-Q · 2026-05-07
Proxy Statements
DEF 14A · 2026-04-23
Periodic Financial Reports
10-K · 2026-03-12
Offering Registrations
S-3 · 2026-01-16
Headlines
Chicago Atlantic Real Estate Finance Insider Bought Shares Worth $468,225, According to a Recent SEC Filing
MT Newswires · 3d ago
Chicago Atlantic Real Estate Finance Insider Bought Shares Worth $256,325, According to a Recent SEC Filing
MT Newswires · 3d ago
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Chicago Atlantic Real Estate Finance, Inc. Q2 2026 Earnings Call Summary
Moby · 10d ago
Chicago Atlantic Real Estate Finance Inc (REFI) (Q2 2026) Earnings Call Highlights: Strategic ...
GuruFocus.com · 11d ago
Chicago Atlantic Real Estate Finance Q2 Earnings Call Highlights
MarketBeat · 11d ago
PRIVATE STRATEGY · BY QUALIFICATION
The same data. A different seat.
The research you are reading is the input layer for a discretionary options program we run for a small number of qualified investors. Minimum $1,000,000.