Chicago Atlantic Real Estate Finance (REFI)
Originates senior secured loans to licensed U.S. cannabis operators.
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Originates senior secured loans primarily to state-licensed U.S. cannabis operators. The externally managed commercial mortgage REIT secures loans with assets such as real estate, equipment, receivables, licenses, and other borrower assets.
Originates senior secured loans primarily to state-licensed cannabis operators in U.S. limited-license states. The commercial mortgage REIT may take collateral in real estate, equipment, receivables, licenses, and other borrower assets.
Chicago Atlantic REIT Manager handles loan management and day-to-day operations, while the company has no direct employees. Its origins lie in loans transferred from affiliated Chicago Atlantic funds.
The portfolio is principally tied to licensed cannabis operators, though the investment objective permits selected lending outside cannabis. The loans use senior secured structures. External management and a limited operating history shape the business.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 12, 2026 | Atlantic Equities | Target | Target: — | Target: $16 |
| Nov 6, 2025 | Oppenheimer | Target | Target: — | Target: $14 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $13.4M · Total debt $140.5M · Total assets $461.7M · Shareholders' equity $301.6M
- Revenue
- $15.2M
- Operating income
- $9.9M
- Net income
- $7.5M
HistoryDividendAnnual yieldUpcoming
| Institutions | ≈ 27.27% | 6.99M shares | |
|---|---|---|---|
| 103 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 8.02% | 2.05M shares | |
| 10 holders · as of Aug 28, 2026 | |||
| Other | ≈ 64.71% | 16.58M shares | |
| remainder | |||
25.62M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Two share counts disagree (25.62M in the company's Sep 22, 2026 report, 21.31M elsewhere); stakes use the report.
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 6.71% | 1.72M | as of Jun 30, 2026 |
Fielder Capital Group LLCInstitution | 3.83% | 982,283 | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 3.08% | 788,254 | as of Jun 30, 2026 |
John MazarakisInsiderdirector, officer: Executive Chairman | 2.06% | 526,562 | filed Aug 28, 2026 |
State Street CorpInstitution | 1.95% | 499,188 | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 27, 2026 | John Mazarakis | director, officer: Executive Chairman | +7,530 | $10.67 |
| Aug 26, 2026 | John Mazarakis | director, officer: Executive Chairman | +40,181 | $10.67 |
| Aug 21, 2026 | John Mazarakis | director, officer: Executive Chairman | +145 | $10.67 |
| Aug 19, 2026 | Peter Sack | director, officer: Co-Chief Executive Officer | +3,500 | $10.45 |
| Aug 18, 2026 | Peter Sack | director, officer: Co-Chief Executive Officer | +1,500 | $10.43 |
- Advanced Flower Capital
Direct senior-credit rival in cannabis lending
- Innovative Industrial Properties
Cannabis real-estate capital via sale-leaseback structures
CompareAfter hours
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Chicago Atlantic Real Estate Finance | $10.84 | −0.18% | $230.2M | 7.9 | 5.4 | 3.8 | −22.2% |
| Advanced Flower Capital | $3.50 | 0.00% | $78.7M | 18.2 | 5.0 | 3.2 | +68.9% |
| Innovative Industrial Properties | $56.74 | −0.11% | $1.63B | 12.7 | 14.6 | 6.2 | +0.7% |
| Median | 15.4 | 9.8 | 4.7 | +34.8% |