Chicago Atlantic Real Estate Finance
Originates senior secured loans to licensed U.S. cannabis operators.
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Profile
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
Categories
Key statistics
Year to date −12.8% · Average volume (30d) 166.6K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Target |
|---|---|---|---|
| Aug 12, 2026 | Atlantic Equities | Target | $16 |
| Nov 6, 2025 | Oppenheimer | Target | $14 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 11, 2026Q2 FY26 | $0.48 | $0.43 | −10.4% | $14.2M | $12.8M | −9.4% | −0.10% |
| May 7, 2026Q1 FY26 | $0.48 | $0.46 | −4.2% | $13.7M | $13.1M | −4.1% | +2.93% |
| Mar 12, 2026Q4 FY25 | $0.42 | $0.43 | +2.4% | $14.3M | $14.2M | −0.7% | 0.00% |
| Nov 4, 2025Q3 FY25 | $0.46 | $0.49 | +6.5% | $14.2M | $13.7M | −3.6% | −0.15% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $13.0M | $14.6M | $13.7M | $16.1M | $15.2M | $15.2M | |
| Gross profit | $13.0M | $14.6M | $13.7M | $14.1M | $13.4M | $13.6M | |
| Operating income | $0 | $0 | $0 | $8.2M | $6.9M | $9.9M | |
| Net income | $10.0M | $8.9M | $8.9M | $8.2M | $4.8M | $7.5M | |
| Diluted EPS | $0.47 | $0.41 | $0.42 | $0.38 | $0.23 | $0.34 | |
| Gross margin | 100.0% | 100.0% | 100.0% | 87.9% | 88.7% | 89.5% | |
| Operating margin | 0.0% | 0.0% | 0.0% | 50.7% | 45.4% | 64.8% |
Fiscal years (4-quarter sums)FY22 $47.5M · FY23 $57.4M · FY24 $54.8M · FY25 $57.4M
Balance sheet, Jun 30, 2026Cash & short-term investments $13.4M · Total debt $49.5M · Total assets $461.7M · Shareholders' equity $301.6M
Dividends
Raised for 3 straight years — most recently to $0.47 from $0.40 in Jun 2022. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 30, 2026 | Jun 30 | Jul 15 | $0.47 | |
| Mar 31, 2026 | Mar 31 | Apr 15 | $0.47 | |
| Dec 31, 2025 | Dec 31 | Jan 15 | $0.47 | |
| Sep 30, 2025 | Sep 30 | Oct 15 | $0.47 | |
| Jun 30, 2025 | Jun 30 | Jul 15 | $0.47 | |
| Mar 31, 2025 | Mar 31 | Apr 15 | $0.47 | |
| Dec 31, 2024 | Dec 31 | Jan 13 | $0.65 | special dividend |
| Sep 30, 2024 | Sep 30 | Oct 15 | $0.47 |
Ownership
Shares outstanding 21.31M · Float 18.49M · 86.7% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 1.43M | 6.69% | 13F | May 13, 2026 |
| Fielder Capital Group LLC | 959.8K | 4.50% | 13F | May 12, 2026 |
| Vanguard Capital Management LLC | 727.9K | 3.41% | 13F | May 15, 2026 |
| John Mazarakis · director, officer: Executive Chairman | 526.6K | 2.47% | Form 4 | Aug 28, 2026 |
| State Street Corp | 510.5K | 2.40% | 13F | May 15, 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 |
Peers
- Advanced Flower Capital
Direct senior-credit rival in cannabis lending
- Innovative Industrial Properties
Cannabis real-estate capital via sale-leaseback structures
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Chicago Atlantic Real Estate Finance | $10.60 | −0.80% | $227.6M | 7.8 | 5.3 | 3.8 | −22.2% |
| Advanced Flower Capital | $3.65 | +1.38% | $82.1M | 18.9 | 5.1 | 3.4 | +68.9% |
| Innovative Industrial Properties | $56.50 | +0.29% | $1.63B | 12.7 | 14.2 | 6.2 | +0.7% |
| Median | 15.8 | 9.7 | 4.8 | +34.8% |