Chicago Atlantic Real Estate Finance, Inc. (REFI)

REFI Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022
Net Income	30.81	36.01	37.05	38.71	32.29
Provision for Credit Losses	5.64	0.73	-0.58	0.94	3.89
Stock-Based Compensation	3.58	3.37	3.06	1.48	0.44
Other Adjustments	-7.98	-9.47	-10.42	-12.07	-9.23
Changes in Trading Assets	-	-	0.84	-0.66	-
Changes in Accrued Interest and Accounts Receivable	-2.23	-0.38	-3.71	0.09	-1.01
Changes in Accounts Payable	-0.13	0.17	-0.01	0.65	1.29
Changes in Accrued Expenses	-1.44	0.12	0.73	0.12	3.26
Changes in Other Operating Activities	-2.76	-1.76	-3.79	-0.84	-13.92
Operating Cash Flow	24.33	28.79	23.16	28.42	17.01
Operating Cash Flow Growth	1.95%	24.32%	-18.50%	67.11%	-
Net Change in Loans Held-for-Investment	-0.54	8.74	-58.3	-15.33	-131.94
Other Investing Activities	-	-	19	13.4	6.7
Investing Cash Flow	4.96	8.74	-39.3	-1.93	-125.24
Short-Term Debt Issued	181.85	142.1	159	82	58
Short-Term Debt Repaid	-152.8	-148	-170	-74	-
Net Short-Term Debt Issued (Repaid)	29.05	-5.9	-11	8	58
Long-Term Debt Issued	-	-	50	-	-
Net Long-Term Debt Issued (Repaid)	-	-	50	-	-
Issuance of Common Stock	-	1.03	39.59	7.22	4.51
Net Common Stock Issued (Repurchased)	-	1.03	39.59	7.22	4.51
Common Dividends Paid	-40.15	-43.84	-41.63	-39.13	-28.17
Other Financing Activities	-0.22	-0.27	-2.32	-0.4	-0.63
Financing Cash Flow	-11.31	-48.98	34.64	-24.31	33.71
Net Cash Flow	17.98	-11.45	18.5	2.18	-74.53
Free Cash Flow	24.33	28.79	23.16	28.42	17.01
Free Cash Flow Growth	-15.50%	24.32%	-18.50%	67.11%	-
FCF Margin	48.87%	52.52%	41.83%	50.40%	37.81%
Free Cash Flow Per Share	1.13	1.34	1.17	1.55	0.96
Levered Free Cash Flow	53.3	28.27	70.1	46.07	79.91
Unlevered Free Cash Flow	-6.56	-1.84	-5.94	-0.64	-10.38

Updated May 7, 2026. Data Source: Fiscal.ai. Banks template. Financial Sources.

SEC Filings: 10-K · 10-Q