Chicago Atlantic Real Estate Finance, Inc. financial statements
Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data Chicago Atlantic Real Estate Finance, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2022
FY2023
FY2024
FY2025
Revenue
48.9
General and administrative
3.53
5.26
5.39
5.3
Operating expenses
16.6
Interest expense
2.61
5.75
6.8
6.94
Interest income
6.92
2
Pre-tax income
32.3
38.7
37
36
Income tax
0
0
0
0
Net income
32.3
38.7
37
36
EPS, basic
1.83
2.14
1.92
1.71
EPS, diluted
1.82
2.11
1.88
1.68
Shares, basic (weighted)
17.7
18.1
19.3
21
Shares, diluted (weighted)
17.7
18.3
19.7
21.4
Dividend per share
2.10
2.17
2.06
1.88
Balance sheet
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
5.72
7.9
26.4
14.9
Inventory
1.2
Other current assets
0.11
3.37
1.19
Total assets
343
359
435
425
Short-term debt
282
285
Total liabilities
79.2
87.4
126
117
Total debt
336
49.1
49.3
Paid-in capital
269
277
319
323
Retained earnings
-5.14
-5.81
-10.1
-15.5
Shareholders' equity
264
272
309
308
Total equity
264
272
309
308
Total liabilities and equity
343
359
435
425
Shares outstanding
17.7
18.2
20.8
21.1
Cash flow statement
FY2022
FY2023
FY2024
FY2025
Net income
32.3
38.7
37
36
Stock-based compensation
0.44
1.48
3.06
3.37
Change in payables
0.76
0.17
0.51
-0.32
Cash from operations
17
28.4
23.2
28.8
Acquisitions
-19.3
Cash from investing
-125
-1.93
-39.3
8.74
Debt issued
0.84
Stock issued
4.51
7.22
39.6
1.03
Dividends paid
-28.2
-39.1
-41.6
-43.8
Cash from financing
33.7
-24.3
34.6
-49
Net change in cash
-74.5
2.18
18.5
-11.5
Interest paid
1.66
5.03
6.21
6.94
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $10.65 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Effective tax rate
0.0%
Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)
9.7%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
6.4%
Net income / average total assets.
Growth
Metric
Value
How it is calculated
Net income growth, 1y
-2.8%
Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y
3.7%
Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y
-10.6%
EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y
-2.6%
Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y
24.3%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y
19.2%
Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share growth, 1y
-8.7%
Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y
-3.6%
Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y
-0.4%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
5.2%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
-2.4%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
7.4%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y
8.7%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
6.5%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Debt / equity
0.16x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
10.7%
Total debt / total assets.
Liabilities / assets
34.7%
Total liabilities / total assets.
Net debt
$36.1M
Total debt - cash - short-term investments. Negative means more cash than debt.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Operating cash flow per share
$1.24
Cash from operations / diluted weighted shares.
Book value per share
$14.15
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Dividends paid / net income, when net income is positive.
Valuation
Metric
Value
How it is calculated
Market cap
$272.9M
Share price x shares outstanding.
Enterprise value
$309.0M
Market cap + total debt - cash - short-term investments.
P/E
9.28x
Market cap / net income. Only when net income is positive.
P/B
0.90x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
0.90x
Market cap / tangible book value, when positive.
P/OCF
10.1x
Market cap / cash from operations, when positive.
Earnings yield
10.8%
Net income / market cap (the inverse of P/E).
Dividend yield
14.9%
Dividends paid over the period / market cap.
Shareholder yield
14.9%
(Dividends paid + share buybacks) / market cap.
Was Chicago Atlantic Real Estate Finance, Inc. profitable in fiscal 2025?
Yes. Net income was $36.0M, a net margin of -.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.