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REFI Stock Analysis: Top Micro-Cap Hold (Score 54.6/100) | Blank Capital Research | Blank Capital Research
REFI
Chicago Atlantic Real Estate Finance, Inc.
$11.51
+0.03 (+0.26%)
Score54.6
Data as of Apr 6, 2026
REFI
Chicago Atlantic Real Estate Finance, Inc.
FinancialsTrading
$11.51
+0.03 (+0.26%)
Open $11.47High $11.60Low $11.46Prev $11.48Vol ---52W: $11.62 – $15.51
Hold
Composite score
01234567890123456789.0123456789
Global rank
#633
Percentile
Top 14%
Business quality
78th
percentile
Exceptional capital efficiency and structural profitability. This enterprise generates superior returns on invested capital compared to industry peers.
REFI: The Institutional Lender to the Cannabis Industry
Blank Capital Research Team
•
Executive Summary
Chicago Atlantic Real Estate Finance, Inc. (REFI) is a commercial real estate finance company that operates as a mortgage REIT. It focuses primarily on originating and managing a portfolio of senior secured loans to state-licensed cannabis operators.
Investment Thesis
REFI provides a high-yield entrance into the cannabis sector without the direct operational risks of cultivation or retail. Because traditional banks are largely prohibited from lending to the cannabis industry due to federal regulations, REFI enjoys a massive competitive moat and significant pricing power. They originate senior secured loans—backed by real estate and equipment—at interest rates that dwarf standard commercial lending. With a robust pipeline of high-quality borrowers and a management team with deep credit expertise, REFI is a premier vehicle for capturing outsized yield from the structural under-banking of the cannabis sector.
Key Growth Drivers
Federal Legalization Optionality
While REFI profits from the current regulatory vacuum, any movement toward federal legalization (like the SAFER Banking Act) would significantly lower the cost of capital for their borrowers, improving credit quality.
Senior Secured Protections
Unlike equity investments in cannabis, REFI's loans are senior in the capital stack and collateralized by hard real estate assets, providing significant downside protection.
Outsized Dividend Yield
As a REIT, REFI distributes the vast majority of its interest income to shareholders, offering one of the highest sustainable yields in the financial sector.
Valuation & Financial Modeling
REFI trades at a very attractive multiple of its earnings and tangible book value. Given the lack of institutional competition in their lending niche, we believe the stock is significantly undervalued relative to the high-quality, high-yield cash flows it generates.
Risk Factors & Bear Case
The primary risk is regulatory; any sudden federal crackdown on state-legal cannabis would instantly impair their entire loan book. Additionally, as a specialized lender, they face concentration risk within a single, volatile industry.
Conclusion
Chicago Atlantic Real Estate Finance is an elite niche lender. It offers a unique combination of high yield and collateral protection in a high-growth sector. Rated 'Strong Buy'.
Upcoming Catalysts
No upcoming catalysts identified.
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Relative valuation derived from Financials sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 78.2GRADE B+
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
12.7%
Sector: 8.5%
Dividend Analysis audit
HIGH YIELD
16.11%
Trailing Yield
$16.11
Per $100 Invested
Attractive yield supported by strong profitability.
Est. Payout Ratio
97%HIGH
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, Chicago Atlantic Real Estate Finance, Inc. (REFI) receives a "Hold" rating with a composite score of 54.6/100, ranked #633 out of 4446 stocks. Key factor scores: Quality 78/100, Value 76/100, Momentum 28/100. This is quantitative analysis only — not investment advice.
Chicago Atlantic Real Estate Finance, Inc. (REFI) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does Chicago Atlantic Real Estate Finance, Inc. Do?
Chicago Atlantic Real Estate Finance, Inc. operates as a commercial real estate finance company in the United States. It originates, structures, and invests in first mortgage loans and alternative structured financings secured by commercial real estate properties. The company offers senior loans to state-licensed operators and property owners in the cannabis industry. It has elected to be taxed as a real estate investment trust (REIT) and would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. The company was incorporated in 2021 and is based in Chicago, Illinois. Chicago Atlantic Real Estate Finance, Inc. (REFI) is classified as a micro-cap stock in the Financials sector, specifically within the Trading industry. The company is led by CEO Anthony Cappell. With a market capitalization of $232M, REFI is one of the notable companies in the Financials sector.
Chicago Atlantic Real Estate Finance, Inc. (REFI) Stock Rating — Hold (April 2026)
As of April 2026, Chicago Atlantic Real Estate Finance, Inc. receives a Hold rating with a composite score of 54.6/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.REFI ranks #633 out of 4,446 stocks in our coverage universe. Within the Financials sector, Chicago Atlantic Real Estate Finance, Inc. ranks among stocks, placing it in the top 10% of its Financials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
REFI Stock Price and 52-Week Range
Chicago Atlantic Real Estate Finance, Inc. (REFI) currently trades at $11.51. The stock gained $0.03 (0.3%) in the most recent trading session. The 52-week high for REFI is $15.51, which means the stock is currently trading -25.8% from its annual peak. The 52-week low is $11.62, putting the stock -0.9% above its annual trough. Recent trading volume was 82K shares, suggesting relatively thin trading activity.
Is REFI Overvalued or Undervalued? — Valuation Analysis
Chicago Atlantic Real Estate Finance, Inc. (REFI) carries a value factor score of 76/100 in the Blank Capital model, suggesting the stock trades at a meaningful discount to its fundamental earning power. The trailing price-to-earnings ratio is 6.05x, compared to the Financials sector average of 14.88x — a discount of 59%. The price-to-book ratio stands at 0.77x, versus the sector average of 1.22x. The price-to-sales ratio is 4.25x, compared to 0.90x for the average Financials stock. On an enterprise value basis, REFI trades at 7.32x EV/EBITDA, versus 3.26x for the sector.
Based on these multiples, Chicago Atlantic Real Estate Finance, Inc. appears attractively valued relative to both its sector peers and the broader market. Value-oriented investors may find the current entry point compelling, particularly if the company's fundamental quality metrics also score well.
Chicago Atlantic Real Estate Finance, Inc. Profitability — ROE, Margins, and Quality Score
Chicago Atlantic Real Estate Finance, Inc. (REFI) earns a quality factor score of 78/100, reflecting elite profitability and capital efficiency that places it among the highest-quality businesses in the market. The return on equity (ROE) is 12.7%, compared to the Financials sector average of 8.5%, which is within a healthy range. Return on assets (ROA) comes in at 9.2% versus the sector average of 1.2%.
On a margin basis, Chicago Atlantic Real Estate Finance, Inc. reports gross margins of 100.0%. The operating margin is 70.3% (sector: 21.8%). Net profit margin stands at 70.3%, versus 17.7% for the average Financials stock. Revenue growth is running at 3.8% on a trailing basis, compared to 9.4% for the sector. These metrics collectively paint a picture of a highly profitable business with durable competitive advantages.
REFI Debt, Balance Sheet, and Financial Health
Chicago Atlantic Real Estate Finance, Inc. has a debt-to-equity ratio of 16.0%, compared to the Financials sector average of 121.0%. The low leverage indicates a conservative balance sheet with significant financial flexibility. The current ratio is 3.63x, indicating strong short-term liquidity. Total debt on the balance sheet is $49M. Cash and equivalents stand at $29M.
REFI has a beta of 0.39, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for Chicago Atlantic Real Estate Finance, Inc. is 84/100, indicating low-volatility characteristics and consistent price behavior that appeals to risk-averse investors.
Chicago Atlantic Real Estate Finance, Inc. Revenue and Earnings History — Quarterly Trend
In TTM 2026, Chicago Atlantic Real Estate Finance, Inc. reported revenue of $56M. Net income for the quarter was $39M. Gross margin was 100.0%. Operating income came in at $39M.
REFI Dividend Yield and Income Analysis
Chicago Atlantic Real Estate Finance, Inc. (REFI) currently pays a dividend yield of 16.1%. At this yield, a $10,000 investment in REFI stock would generate approximately $$1611.00 in annual dividend income. This compares to the Financials sector average dividend yield of 2.5%, meaning REFI offers above-average income for its sector. With a net margin of 70.3%, the dividend appears well-covered by earnings, suggesting sustainable payouts going forward.
REFI Momentum and Technical Analysis Profile
Chicago Atlantic Real Estate Finance, Inc. (REFI) has a momentum factor score of 28/100, signaling weak relative price performance. Stocks with low momentum scores have historically tended to continue underperforming in the near term. The investment factor score is 32/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 10/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
REFI vs Competitors — Financials Sector Ranking and Peer Comparison
Within the Financials sector, Chicago Atlantic Real Estate Finance, Inc. (REFI) ranks #— out of 891 stocks based on the Blank Capital composite score. This places REFI in the top decile of all Financials stocks in our coverage universe.
Comparing REFI against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full REFI vs S&P 500 (SPY) comparison to assess how Chicago Atlantic Real Estate Finance, Inc. stacks up against the broader market across all factor dimensions.
REFI Next Earnings Date
No upcoming earnings date has been announced for Chicago Atlantic Real Estate Finance, Inc. (REFI) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy REFI? — Investment Thesis Summary
Chicago Atlantic Real Estate Finance, Inc. presents a balanced picture with arguments on both sides. The quality score of 78/100 indicates above-average profitability and business fundamentals. The value score of 76/100 suggests attractive pricing relative to fundamentals. Momentum is weak at 28/100, a headwind for near-term performance. Low volatility (stability score 84/100) reduces downside risk.
In summary, Chicago Atlantic Real Estate Finance, Inc. (REFI) earns a Hold rating with a composite score of 54.6/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on REFI stock.
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-37%
Price / Sales
4.3x
+372%
Chicago Atlantic Real Estate Finance, Inc. exhibits a 100% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
9.2%
Sector: 1.2%
Gross Margin
Pricing power and cost efficiency
100.0%
Sector: 0.0%
Operating Margin
Core business profitability
70.3%
Sector: 21.8%
Net Margin
Bottom-line profitability
70.3%
Sector: 17.7%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
Sector Avg Yield2.48%
Yield Delta+550%
Income Projection audit
A $10,000 investment would generate approximately $1611 annually in dividends at the current trailing rate.