Chicago Atlantic Real Estate Finance

REFI · NASDAQ

$9.08+$0.31 (+3.53%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $8.77

REFI analyst rating

BuyConsensus of 1 analyst over the last 12 months. 100% rate it a buy.

Strong buy0
Buy1
Hold0
Underperform0
Sell0

12-month price target · 6 analysts

Average $15.43 (+69.9% upside)

Low: $10.60
Now: $9.08
High: $21.00

Upgrades and downgrades

The latest rating actions, newest first

REFI analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Citizens	Aug 12, 2026	Maintains	Market Outperform	$18.00 → $16.00	26%

The case for and against

Updated Jun 5, 2025

Bull case

Chicago Atlantic Real Estate Finance Inc. (REFI) has demonstrated robust performance in the cannabis sector, achieving a remarkable 34% annualized return over the past three years, which positions it favorably for institutional investments as the industry matures. The company has maintained a stable investment portfolio without experiencing significant setbacks, marking it as a high-quality player among its peers. Additionally, REFI's management is adept at navigating the complexities of a highly regulated industry, with projected normalized distributable EPS estimates indicating potential for continued value creation as market access improves.

Bear case

Chicago Atlantic Real Estate Finance Inc. faces significant challenges, evidenced by an adjusted distributable EPS of $0.46, which fell short of both internal and consensus expectations, highlighting operational inefficiencies in management and incentive fees that are anticipated to revert. The company’s revenue is under pressure due to fluctuating interest rates, with increased financing costs potentially outpacing interest income, compounded by competition risks in the commercial real estate sector. Additionally, regulatory uncertainties surrounding the cannabis industry and the illiquidity of loans further exacerbate credit and interest rate risks, undermining the company's ability to achieve its investment objectives.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.