REFIChicago Atlantic Real Estate Finance, Inc.
Real Estate Investment Trusts
- Revenue
- —
- Operating margin
- —
- EBITDA
- —
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- —
- $36M net debt
- AI in 10-K
- —
Red flags 2 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashFired80% of net incomeCash flow under 80% of net income
- Dilutive SBCClear7% of revenueOver 10% of revenue
- Payouts exceed cash flowFired152% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear—Over 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | — | $49M | — | — | — | |
| Net income | — | $32M | $39M | $37M | $36M | 2.8% |
| Operating cash flow | — | $17M | $28M | $23M | $29M | 24% |
| Stock-based comp | $30K | $436K | $1M | $3M | $3M | 10% |
| Dividends | — | $28M | $39M | $42M | $44M | 5.3% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $509K · 2
- Open-market sells, 12 mo
- $0 · 0
- Net
- $509K
Pay vs performance
No pay-versus-performance disclosure yet.