REFI $10.15 -1.46%

REFI · Chicago Atlantic Real Estate Finance, Inc.

$10.15 -0.15 (-1.46%) At close · Aug 14

Customer concentration — top 3 customers 24.4% of revenue

3 customers — 24.4% of revenue (three months ended March 31, 2026)

“As of and for the three months ended March 31, 2026 and 2025, the top three borrowers represented approximately 24.4% and 24.3% of the total interest income, respectively.”

3 customers — 24.3% of revenue (three months ended March 31, 2025)

“As of and for the three months ended March 31, 2026 and 2025, the top three borrowers represented approximately 24.4% and 24.3% of the total interest income, respectively.”

3 customers — 33.2% of receivables (March 31, 2026)

“Our loan portfolio as of March 31, 2026 and December 31, 2025, was concentrated with the top three borrowers representing approximately 33.2% and 26.9% of principal outstanding, respectively.”

One customer — 12.9% of receivables (March 31, 2026)

“The largest loan represented approximately 12.9% and 11.5% of principal outstanding as of March 31, 2026 and December 31, 2025, respectively.”

3 customers — 26.9% of receivables (December 31, 2025)

“Our loan portfolio as of March 31, 2026 and December 31, 2025, was concentrated with the top three borrowers representing approximately 33.2% and 26.9% of principal outstanding, respectively.”

One customer — 11.5% of receivables (December 31, 2025)

“The largest loan represented approximately 12.9% and 11.5% of principal outstanding as of March 31, 2026 and December 31, 2025, respectively.”

View the 10-Q filed May 7, 2026

Market Cap

$260.05M

25.62M

All earnings calls

Earnings call · FY2026 Q2

Chicago Atlantic Real Estate Finance, Inc. Second Quarter 2026 Earnings Call

Concluded Aug 11, 2026 Audio replay Verified speakers

Aug 11, 2026 9:07 4 turns

Period: FY2026 Q2
Runtime: 9:07
Sources: 5 artifacts

Slides 28 8-K 10-Q

Executive readout · one minute

What matters this quarter

Chicago Atlantic Real Estate Finance (REFI) reported Q2 2026 results and filed an 8-K with an accompanying investor presentation, while underwriting IRS tax debt as part of its borrower credit assessment. Management also discussed how interstate commerce risk could affect its cannabis-related borrowers, noting retail-focused portfolios offer geographic moats.

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

5 live sources

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Diluted EPS $0.34 -17.1% YoY

Net income $7.47M -15.8% YoY

Research materials

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Presentation 28 slides 8-K earnings release Filed Aug 11, 2026 10-Q report Filed Aug 11, 2026 Company webcastOpen the original investor-relations page

Key takeaways

What improved, and what deserves a closer read.

↑ Constructive signals

Company treats IRS tax debt as debt within its underwriting process, focusing on it as a key credit factor.
Management views diversified retail-focused portfolios as providing credit protection and geographic moats against interstate commerce risk.
Management believes retail-based borrowers are relatively insulated from interstate commerce because state retail licenses are still required to sell to consumers.
Management expects any move toward broader interstate commerce, if it occurs, to be gradual, supported by state-level protective barriers.

Key moments

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Forward guidance

From the 8-K filed Aug 11, 2026.

Metric	Period	Guided	Basis
Dividend payout ratio based on Distributable Earnings per weight Initiated full year 2026	full year 2026	90% – 100%	—

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Transcript

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Verified speakers 9:07 Audio

Peter Sack

Apologies, yeah. I think there's very little guidance. We consider in our underwriting process that IRS tax debt to be debt, and it's a key focus of our underwrites.

Speaker 2

And Peter, I'm sorry, one very, very last one. There's more and more companies talking about interstate trade potentially being imminent after rescheduling of REC, right? I personally disagree with that, but there's more companies talking about that, talking about the Dorman Commerce Clause, that it will happen sooner or later, rather soon according to some companies out there. In your underwriting, how do you think about the potential for interstate trade and how that will impact some of your borrowers?

Peter Sack

I think in our underwriting, we have a – I think that there's greater credit protection from diversified retail portfolios. In addition to limited license regulatory moats, diverse retail portfolios provide additional geographic moats and additional diversity of EBITDA generation. I think that retail portfolios are also more insulated from risks associated with interstate commerce. As product can travel across state lines, operators will still be required to have retail licenses to market and sell product to the end consumer. And so I think our bias towards EBIT generation from retail, EBIT generation driven by brand strength, insulates our portfolio relatively well already from interstate commerce. But I think, Pablo, I agree with your sentiments that states can be very effective at creating moats and barriers for interstate commerce to protect industries and to protect jobs that have been built up in this industry on a local level. over the course of the last decade. And so I believe that the transition to more accessibility of interstate commerce, if it does begin, is going to be a gradual process.

Operator

This concludes our question and answer session. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

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