REFI at a glance
Chicago Atlantic Real Estate Finance, Inc. (REFI, SEC CIK 1867949) filed its latest 10-K annual report on March 12, 2026, a 10-Q quarterly report on August 11, 2026, an 8-K current report on August 11, 2026 and Form 4 insider filings as recently as August 28, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended December 31, 2025 (FY2025), Chicago Atlantic Real Estate Finance, Inc. (REFI) reported revenue of $62.9 million (up 1.3% from FY2024) and net income of $36.0 million. Diluted EPS was $1.68.
- The most recent insider open-market purchase reported on Form 4 was by Mazarakis John on August 27, 2026 of 7,530 shares at $10.67 per share.
- In the last 90 days, REFI insiders reported 8 open-market purchases ($1.3M) and 0 open-market sales ($0) on Form 4, a net purchase of $1.3M.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $62.9M
- +1.3% vs prior year
- Insiders · 90 days
- 8 buys · 0 sells
- Net +$1.3M
- Latest 8-K
- Aug 11, 2026
- Item 2.02 · Item 7.01
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Jun 30, 2026
Risk Factors
- New merger risk triggered by June 17, 2026 agreement with LIEN, requiring stockholder, regulatory, and third-party approvals
- Most material update: REFI’s planned BDC election, replacing REIT regulation with leverage, affiliate-transaction, and portfolio-composition limits
- Regulatory risk: merger requires REFI’s majority-of-the-minority stockholder approval and Rule 17a-8 approvals
- Operational risk: merger pendency may divert management attention, disrupt borrower relationships, and impair employee retention
- Financial risk: exchange-ratio changes from credit losses, loan valuations, and July 2026 issuance may reduce shares received by REFI stockholders
AI summary of the REFI 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 2.02: Results of Operations and Financial Condition
- No substantive earnings information provided in the submitted Item 2.02 excerpt
- Financial results, reporting period, and investor-relevant figures unavailable from the supplied text
Item 7.01: Regulation FD Disclosure
- Proposed merger of REFI into Chicago Atlantic BDC, Inc. (LIEN), subject to stockholder approval
- Merger Agreement dated June 17, 2026, unanimously approved by both boards following independent special committee recommendations
Item EX-99.1: Item EX-99.1
- Q2 net income $7.5M, or $0.34 diluted EPS, down from $8.9M and $0.41 year over year
- Distributable earnings $0.43 diluted per share versus $0.51, while regular dividend remained $0.47 per share
Item 1.01: Entry into a Material Definitive Agreement
- Unregistered common-stock issuance under Securities Act Section 4(a)(2) and Regulation D Rule 506
- Shares sold only to accredited investors, limiting participation to qualified private-market investors
Item 7.01: Regulation FD Disclosure
- Merger with LIEN remains subject to SEC Form N-14 registration and joint proxy/prospectus filings
- Shareholders should await definitive merger materials before evaluating exchange ratio, consideration value, and transaction terms
Item EX-99.1: Item EX-99.1
- $62.5M second-lien notes secured by 32 cannabis retail properties, expanding REFI’s asset-backed cannabis real-estate exposure
- Consideration paid in 4,306,754 REFI shares valued at $14.53, creating equity dilution for existing shareholders
Item 7.01: Regulation FD Disclosure
- Exhibits 99.1 and 99.2 are furnished under Regulation FD rather than filed under Exchange Act Section 18
- Reduced liability and incorporation-by-reference protections for the disclosed exhibits
Item EX-99.1: Item EX-99.1
- All-stock REFI–LIEN merger creates surviving Nasdaq-listed BDC LIEN, subject to stockholder and regulatory approvals
- REFI shareholders expected to own approximately 50.5% of LIEN, based on March 31, 2026 NAVs
Item 1.01: Entry into a Material Definitive Agreement
- REFI to merge into Chicago Atlantic BDC, converting REFI from REIT to BDC before closing
- Stock-for-stock consideration based on each company’s closing NAV per share, limiting transaction-related dilution
AI summaries of REFI 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for REFI
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Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| Mazarakis John | Buy | Aug 27, 2026 | 7,530 | $10.67 |
| Mazarakis John | Buy | Aug 26, 2026 | 40,181 | $10.67 |
| Mazarakis John | Buy | Aug 21, 2026 | 145 | $10.67 |
| Sack Peter | Buy | Aug 19, 2026 | 2,000 | $10.39 |
| Sack Peter | Buy | Aug 19, 2026 | 1,500 | $10.53 |
| Sack Peter | Buy | Aug 18, 2026 | 1,500 | $10.43 |
| Mazarakis John | Buy | Aug 17, 2026 | 25,000 | $10.25 |
| Cappell Anthony | Buy | Aug 17, 2026 | 45,000 | $10.40 |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|
| Profitability | ||||
| Revenue | $62.9M | $62.1M | $62.9M | |
| Net Income | $38.7M | $37.0M | $36.0M | |
| Net Margin | 61.5% | 59.7% | 57.2% | |
| Balance Sheet | ||||
| Total Assets | $359.2M | $435.1M | $424.9M | |
| Equity | $271.9M | $309.0M | $307.8M | |
| ROE | 14.2% | 12.0% | 11.7% | |
| Per Share | ||||
| EPS | $2.11 | $1.88 | $1.68 | |
| Cash Flow | ||||
| Operating CF | $28.4M | $23.2M | $28.8M | |
Source: XBRL data in Chicago Atlantic Real Estate Finance, Inc. (REFI)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
REFI filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-Q quarterly reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| 4 | Aug 28, 2026 | - | - | - |
| 4 | Aug 25, 2026 | - | - | - |
| 4 | Aug 21, 2026 | - | - | - |
| 4 | Aug 19, 2026 | - | - | - |
| 4 | Aug 19, 2026 | - | - | - |
| 10-Q | Aug 11, 2026 | Jun 30, 2026 | Analysis | |
| 8-K | Aug 11, 2026 | - | Analysis | - |
| 8-K | Jul 13, 2026 | - | Analysis | - |
| 8-K | Jun 18, 2026 | - | Analysis | - |
| 8-K | Jun 11, 2026 | - | Analysis | - |
| 8-K | May 7, 2026 | - | Analysis | |
| 10-Q | May 7, 2026 | Mar 31, 2026 | Analysis | |
| 4 | Apr 22, 2026 | - | - | - |
| 4 | Apr 22, 2026 | - | - | - |
| 4 | Apr 22, 2026 | - | - | - |
| 4 | Apr 22, 2026 | - | - | - |
| 4 | Apr 22, 2026 | - | - | - |
| 4 | Apr 22, 2026 | - | - | - |
| 4 | Apr 22, 2026 | - | - | - |
| 4 | Apr 22, 2026 | - | - | - |
| 10-K | Mar 12, 2026 | Dec 31, 2025 | - | |
| 8-K | Mar 12, 2026 | - | Analysis | - |
| 10-Q | Nov 4, 2025 | Sep 30, 2025 | Analysis | |
| 10-Q | Aug 7, 2025 | Jun 30, 2025 | - | |
| 10-Q | May 7, 2025 | Mar 31, 2025 | - |
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REFI SEC filings: frequently asked questions
Are REFI insiders buying or selling?
In the last 90 days, Chicago Atlantic Real Estate Finance, Inc. (REFI) officers, directors and 10% owners reported 8 open-market purchases worth $1.3 million by 3 insiders and no open-market sales on Form 4. Many insider sales are pre-planned or for taxes, so purchases usually carry more information.
What was REFI's revenue in fiscal year 2025?
For the fiscal year ended December 31, 2025 (FY2025), Chicago Atlantic Real Estate Finance, Inc. (REFI) reported revenue of $62.9 million (up 1.3% from FY2024) and net income of $36.0 million. Diluted EPS was $1.68. The figures come from the XBRL data in the 10-K.
What did REFI report in its latest 8-K?
Chicago Atlantic Real Estate Finance, Inc. (REFI) filed an 8-K on August 11, 2026 reporting Item 2.02 (Results of Operations and Financial Condition) and Item 7.01 (Regulation FD Disclosure). No substantive earnings information provided in the submitted Item 2.02 excerpt.
What are the latest REFI SEC filings?
Chicago Atlantic Real Estate Finance, Inc. (REFI) filed its latest 10-K annual report on March 12, 2026, a 10-Q quarterly report on August 11, 2026, an 8-K current report on August 11, 2026 and a Form 4 insider filing on August 28, 2026.
What is REFI's SEC CIK number?
Chicago Atlantic Real Estate Finance, Inc. (REFI)'s SEC Central Index Key (CIK) is 1867949. EDGAR lists every REFI filing under that number.
Ask anything about REFI
The research agent reads REFI's filings, financials, insider trades and 13F holders, then answers with sources.