A Business at a Glance
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We are a commercial mortgage real estate investment trust ("REIT"). Our primary investment objective is to provide attractive, risk-adjusted returns for stockholders over time primarily through consistent current income dividends and other distributions and secondarily through capital appreciation. We intend to achieve this objective by originating, structuring and investing in first mortgage loans and alternative structured financings secured by commercial real estate properties. Our current portfolio is comprised primarily of senior loans to state-licensed operators in the cannabis industry, secured by real estate, equipment, receivables, licenses or other assets of the borrowers to the extent permitted by applicable laws and regulations governing such borrowers. We may also invest in companies or properties that are not related to the cannabis industry that provide return characteristics consistent with our investment objective.
| Metric | TTM | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Revenue | 55M | 55M | 57M | 49M |
| Net Income | 36M | 37M | 39M | 32M |
| EPS | $1.69 | $1.88 | $2.11 | $1.82 |
| Free Cash Flow | 0 | 9.6M | 15M | 3.4M |
| ROIC | 0.0% | 14.8% | 16.8% | 13.5% |
| Gross Margin | - | - | - | - |
| Debt/Equity | 0.00 | 0.16 | 0.32 | 0.30 |
| Dividends/Share | $2.05 | $2.11 | $2.13 | $1.59 |
| Operating Income | 0 | 44M | 44M | 35M |
| Operating Margin | 0.0% | 80.4% | 77.8% | 71.4% |
| ROE | 11.5% | 12.8% | 14.2% | 12.2% |
| Shares Outstanding | 21M | 20M | 18M | 18M |
| Metric | 2022 | |||
|---|---|---|---|---|
| Income Statement | ||||
| Revenue | 49M | 57M | 55M | 55M |
| Gross Margin | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A |
| EBIT | 35M | 44M | 44M | 0 |
| Op. Margin | 71.4% | 77.8% | 80.4% | 0.0% |
| Net Income | 32M | 39M | 37M | 36M |
| Net Margin | 66.1% | 67.7% | 67.4% | 64.8% |
| Non-Recurring | 0 | 0 | 0 | 0 |
| Returns on Capital | ||||
| ROIC | 13.5% | 16.8% | 14.8% | 0.0% |
| ROE | 12.2% | 14.2% | 12.8% | 11.5% |
| ROA | 9.4% | 10.8% | 9.3% | 8.4% |
| Cash Flow | ||||
| Op. Cash Flow | 17M | 28M | 23M | 24M |
| Free Cash Flow | 3.4M | 15M | 9.6M | 0 |
| Owner Earnings | 17M | 27M | 20M | 21M |
| CapEx | 14M | 14M | 14M | 0 |
| Maint. CapEx | 0 | 0 | 0 | 0 |
| Growth CapEx | N/A | N/A | N/A | 0 |
| D&A | 0 | 0 | 0 | 0 |
| CapEx/OCF | 79.9% | 48.8% | 58.7% | 0.0% |
| Capital Allocation | ||||
| Dividends Paid | 28M | 39M | 42M | 43M |
| Dividend Yield | 16.1% | 20.6% | 16.8% | 17.3% |
| Share Buybacks | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 436K | 1.5M | 3.1M | 3.1M |
| Debt Repayment | 501K | 112K | 1.1M | 1.1M |
| Balance Sheet | ||||
| Net Debt | N/A | N/A | 23M | -29M |
| Cash & Equiv. | N/A | N/A | N/A | 29M |
| Long-Term Debt | N/A | N/A | 49M | 49M |
| Debt/Equity | 0.30 | 0.32 | 0.16 | 0.00 |
| Interest Coverage | 13.4 | 7.7 | 6.2 | 6.2 |
| Equity | 264M | 272M | 309M | 310M |
| Total Assets | 343M | 359M | 435M | 427M |
| Total Liabilities | 79M | 87M | 126M | 3.1M |
| Intangibles | N/A | N/A | N/A | N/A |
| Retained Earnings | -5.1M | -5.8M | -10M | -10M |
| Working Capital | N/A | -1.0M | 1.1M | 1.1M |
| Current Assets | N/A | 107K | 3.4M | 3.4M |
| Current Liabilities | 1.1M | 1.1M | 2.3M | 2.3M |
| Per Share Data | ||||
| EPS | 1.82 | 2.11 | 1.88 | 1.69 |
| Owner EPS | 0.93 | 1.47 | 1.02 | 1.00 |
| Book Value | 14.88 | 14.82 | 15.68 | 14.71 |
| Cash Flow/Share | 0.96 | 1.55 | 1.18 | 1.70 |
| Dividends/Share | 1.59 | 2.13 | 2.11 | 2.05 |
| Shares Out. | 17.7M | 18.3M | 19.7M | 21.1M |
| Valuation | ||||
| P/E Ratio | 5.5 | 5.8 | 7.2 | 7.0 |
| P/FCF | 51.7 | 15.5 | 27.9 | N/A |
| EV/EBIT | N/A | N/A | 6.5 | N/A |
| Price/Book | 0.7 | 0.8 | 0.9 | 0.8 |
| Price/Sales | 3.6 | 3.3 | 4.5 | 4.5 |
| FCF Yield | 1.9% | 6.5% | 3.6% | N/A |
| Market Cap | 176M | 225M | 266M | 250M |
| Avg. Price | 9.87 | 10.38 | 12.60 | 11.86 |
| Year-End Price | 9.93 | 12.25 | 13.52 | 11.86 |
Chicago Atlantic Real Estate Finance, Inc. passes 3 of 9 quality checks, indicating weak fundamentals.
Chicago Atlantic Real Estate Finance, Inc. trades at 6.3x trailing earnings, compared to its 15-year median P/E of 5.8x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 24.5x vs a median of 27.9x. The company's 5-year average ROIC is 15.1%. Total shareholder yield (dividends) is 17.3%. At current prices, the estimated annualized return to fair value is +32.0%.
Chicago Atlantic Real Estate Finance, Inc. (REFI) has a current P/E ratio of 6.3, compared to its historical median P/E of 5.8. The stock is currently considered Fair based on its historical valuation range.
Chicago Atlantic Real Estate Finance, Inc. (REFI) has a 5-year average return on invested capital (ROIC) of 15.1%. This indicates strong capital allocation and a potential competitive advantage.
Chicago Atlantic Real Estate Finance, Inc. (REFI) has a market capitalization of $250M. It is classified as a small-cap stock.
Yes, Chicago Atlantic Real Estate Finance, Inc. (REFI) pays a dividend with a trailing twelve-month yield of 17.29%.
Based on historical P/E analysis, Chicago Atlantic Real Estate Finance, Inc. (REFI) appears fair. The current P/E of 6.3 is 9% above its historical median of 5.8. The estimated fair value CAGR (P/E method) is 1.8%.
Chicago Atlantic Real Estate Finance, Inc. (REFI) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
Chicago Atlantic Real Estate Finance, Inc. (REFI) reported annual revenue of $55 million in its most recent fiscal year, based on SEC EDGAR filings.
Chicago Atlantic Real Estate Finance, Inc. (REFI) has a net profit margin of 67.4%. This is a strong margin indicating high profitability.
Chicago Atlantic Real Estate Finance, Inc. (REFI) generated $10 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Chicago Atlantic Real Estate Finance, Inc. (REFI) has a debt-to-equity ratio of 0.16. This indicates a conservatively financed balance sheet.
Chicago Atlantic Real Estate Finance, Inc. (REFI) reported earnings per share (EPS) of $1.88 in its most recent fiscal year.
Chicago Atlantic Real Estate Finance, Inc. (REFI) has a return on equity (ROE) of 12.8%. This indicates moderate shareholder returns.
The Ledger Terminal provides 3 years of financial data for Chicago Atlantic Real Estate Finance, Inc. (REFI), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Chicago Atlantic Real Estate Finance, Inc. (REFI) has a book value per share of $15.68, based on its most recent annual SEC filing.