The dividend is fully covered by distributable earnings but at the upper end of the 90-100% payout range, leaving little room for earnings volatility. Traders should monitor asset quality, reinvestment pace, and whether the $616M pipeline translates into yield-accretive originations. Declining book value remains a concern for long-term value preservation.
Price Chart
Executive Summary
Chicago Atlantic Real Estate Finance (REFI) reported Q4 and full-year 2025 results, showing modest quarterly revenue growth but a decline in annual net income and distributable earnings per share. While net interest income rose slightly year-over-year, net income fell to $36.0M from $37.0M in 2024, and diluted distributable EPS dropped to $1.88 from $2.03. The company highlighted a strong $616M investment pipeline and stable portfolio yields, but declining book value per share and lower earnings relative to dividends raise sustainability concerns.
Key Financial Metrics
Key Facts
- Q4 2025 net interest income: $14.2M (up 1.2% YoY), driven by portfolio growth
- Full-year 2025 net income: $36.0M (down from $37.0M in 2024)
- Diluted distributable EPS: $1.88 in 2025 vs. $2.03 in 2024
- Dividend declared: $1.88 per share, matching distributable EPS — payout ratio near 100%
- Book value per share declined to $14.60 from $14.83 in 2024
- Investment pipeline increased to $616M as of Q4 2025
- Subsequent to year-end: $51.1M in new loans funded, $40.4M in repayments
Financial Impact
Annual net income down $1.0M YoY; distributable earnings up slightly to $40.4M but per-share metric declined due to share count increase
Risk Factors
- Dividend sustainability if distributable earnings decline further
- Exposure to cannabis-sector credit risk and regulatory uncertainty
- Portfolio yield compression (16.3% in Q4 vs 17.2% YoY)
- Book value erosion due to net asset declines and share count growth
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3254459 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 16, 2026 5w ago | Press Release | $11.01 $10.69 | ▼ −2.91% | ▼ −4.73% | $9.20 (−16.44%) |
Aug 28, 2026 8w ago | Insider Buy | $10.68 $10.95 | ▲ +2.53% | ▲ +2.42% | $9.20 (−13.86%) |
Aug 28, 2026 8w ago | Insider Cluster | $10.68 $10.95 | ▲ +2.53% | ▲ +2.42% | $9.20 (−13.86%) |
Aug 25, 2026 9w ago | Insider Cluster | $10.68 $10.88 | ▲ +1.87% | ▲ +1.99% | $9.20 (−13.86%) |
Aug 21, 2026 9w ago | Insider Cluster | $10.78 $10.68 | ▼ −0.93% | ▼ −1.40% | $9.20 (−14.66%) |
Aug 19, 2026 9w ago | Insider Cluster | $10.61 $10.67 | ▲ +0.57% | ▼ −0.55% | $9.20 (−13.29%) |
Aug 11, 2026 11w ago | DEFA14A | $10.24 $10.37 | ▼ −1.32% | ▼ −1.72% | $9.20 (+10.11%) |
Aug 11, 2026 11w ago | 425 | $10.24 $10.37 | ▼ −1.32% | ▼ −1.72% | $9.20 (+10.11%) |
Aug 11, 2026 11w ago | 8-K | $10.24 $10.37 | ▼ −1.32% | ▼ −1.72% | $9.20 (+10.11%) |
Jul 21, 2026 14w ago | Press Release | $10.38 | awaiting T+5 | awaiting T+5 | $9.20 (−11.37%) |
US Market Status
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