Chicago Atlantic Real Estate Finance, Inc. (REFI) Form 10-Q — Aug 11, 2026
Chicago Atlantic Real Estate Finance (REFI) reported Q2 2026 net income of $7.5 million, or $0.35 basic EPS, down from $8.9 million, or $0.42, a year earlier, as interest income slipped to $15.2 million from $16.5 million and six-month net income fell to $12.3 million from $18.9 million. Credit quality drove the decline: the company booked a $4.4 million first-half credit-loss provision and raised its CECL reserve to 2.27% of loan principal from 1.23% at year-end, with Loan #4 and Loan #34 on non-accrual and Loan #36's LTV rising to 107.2% before a May amendment shifted it to 0% cash plus 13.75% PIK interest.
Key figures
- Eps
- 0.35
- Revenue
- 30383710
- Net Income
- 7473326
- Revenue Yoy
- -3.9% (six-month interest income vs H1 2025)
- Total Assets
- 461699086
- Cash Position
- 13351699
- Shares Outstanding
- 25621146
- Loan36 ltv
- 107.2% vs 65.3% at Dec 31, 2025
- H1 basic eps
- 0.58
- Unsecured notes
- $50.0 million at 9.00% fixed, maturing October 18, 2028
- Non accrual loans
- Loan #4 and Loan #34
- Q2 basic eps 2025
- 0.42
- H1 2025 net income
- 18918686
- H1 2026 net income
- 12313690
- Q2 2025 net income
- 8877375
- Koach share issuance
- 4,306,754 shares at $14.53 (16.8% of post-issuance shares)
- Revolver outstanding
- $91.05 million of $110.0 million commitment
- Koach notes principal
- approximately $62.5 million at 12.0% per annum
- Dividend paid july 2026
- approximately $10.0 million
- Cecl reserve june 30 2026
- 9370918
- Total stockholders equity
- 301648038
- Closing price june 30 2026
- 10.72
- Top3 borrower concentration
- 31.5% of principal outstanding
- Quarterly dividend per share
- $0.47
- Cecl reserve pct of principal
- 2.27% vs 1.23% at Dec 31, 2025
- Credit loss provision h1 2026
- 4389145
- Shares outstanding june 30 2026
- 21314392
Price after filing
Close on the filing date to close N calendar days later (from $10.27). Historical, not a forecast.
AI analysis
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