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REFI Posts $0.43 Q4 Adjusted EPS as Revenue Surges 15.6% Year-Over-Year

Earnings Per Share (adj.)
$0.43
estimate N/A
Revenue
$14.2M
estimate N/A

Adjusted EPS holds flat. Chicago Atlantic Real Estate Finance, Inc (NASDAQ: REFI) reported adjusted earnings per share of $0.43 for Q4 2025, matching the prior quarter’s $0.43 and up 10.3% from the year-ago quarter’s $0.39. The mortgage REIT posted GAAP EPS of $0.38 and adjusted net income of $9.3 million on net income of $8.2 million. The company’s earnings call is scheduled for 9:00 AM ET today.

Revenue climbs 15.6% year-over-year. Total revenue reached $14.2 million, flat sequentially versus Q3 2025’s $16.1 million but up 15.6% from $13.9 million in Q4 2024. The year-over-year revenue expansion reflects portfolio growth in the company’s cannabis real estate lending business, though sequential momentum has stalled after three consecutive quarters of softer results. The stock traded at $12.26 with volume of 125,243 shares, well below its 52-week high of $15.77.

What to Watch: Management’s commentary on the earnings call at 9:00 AM ET today will be critical—specifically any guidance on portfolio originations, credit quality trends in the cannabis lending space, and whether the company can reignite sequential revenue growth after three quarters of flat-to-declining performance. The dividend sustainability discussion will also matter for this mortgage REIT trading 22% below its 52-week high.

This article was generated using AlphaStreet’s proprietary financial analysis technology and reviewed by our editorial team.

Tags: REFI
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