REFI $9.93 -0.90%

REFI · Chicago Atlantic Real Estate Finance, Inc.

$9.93 -0.09 (-0.90%) At close · Oct 1

Russell 2000 member Rebalance outlook locked

Customer concentration — top 3 customers 23.2% of revenue

3 customers — 23.2% of revenue (six months ended June 30, 2026)

“As of and for the six months ended June 30, 2026 and 2025, the top three borrowers represented approximately 23.2% and 26.0% of the total interest income, respectively.”

3 customers — 26% of revenue (six months ended June 30, 2025)

“As of and for the six months ended June 30, 2026 and 2025, the top three borrowers represented approximately 23.2% and 26.0% of the total interest income, respectively.”

3 customers — 31.5% of receivables (June 30, 2026)

“Our total loan portfolio as of June 30, 2026 and December 31, 2025, was concentrated with the top three borrowers representing approximately 31.5% and 25.6% of principal outstanding, respectively.”

One customer — 11.8% of receivables (June 30, 2026)

“The largest loan represented approximately 11.8% and 11.1% of principal outstanding as of June 30, 2026 and December 31, 2025, respectively.”

3 customers — 25.6% of receivables (December 31, 2025)

“Our total loan portfolio as of June 30, 2026 and December 31, 2025, was concentrated with the top three borrowers representing approximately 31.5% and 25.6% of principal outstanding, respectively.”

One customer — 11.1% of receivables (December 31, 2025)

“The largest loan represented approximately 11.8% and 11.1% of principal outstanding as of June 30, 2026 and December 31, 2025, respectively.”

View the 10-Q filed Aug 11, 2026

Market Cap

$272.87M

25.62M

Volume · Oct 1 219.33K Avg daily vol (3M) 188.62K

All webcasts

Earnings call · FY2026 Q2

Chicago Atlantic Real Estate Finance, Inc. (REFI) Q2 2026 Earnings Call

Concluded Aug 11, 2026

Aug 11, 2026 0 turns

Period: FY2026 Q2
Runtime: —
Sources: 3 artifacts

Slides 28 8-K 10-Q

Executive readout · one minute

Webcast research workspace

Read the call alongside every captured source. slides, 8-K earnings release, 10-Q stay in one workspace.

Interstate Commerce Risk 9 Underwriting & Credit Protection 8 Retail Portfolio Diversification 5 Regulatory & Licensing Moats 4

Management tone

Positive

Net tone +25 · moderate hedging

Grounding quotes

“I think that there's greater credit protection from diversified retail portfolios.”
“I think our bias towards EBIT generation from retail, EBIT generation driven by brand strength, insulates our portfolio relatively well already from interstate commerce.”
“I believe that the transition to more accessibility of interstate commerce, if it does begin, is going to be a gradual process.”
“We consider in our underwriting process that IRS tax debt to be debt, and it's a key focus of our underwrites.”

Forward guidance

1 guided metrics

Management's latest ranges and targets are included below.

Research coverage

3 live sources

Open each available source without leaving this research workspace.

Diluted EPS $0.34 -17.1% YoY

Net income $7.47M -15.8% YoY