---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-25-022933"
form_type: "8-K"
ticker: "REFI"
cik: "0001867949"
company_name: "Chicago Atlantic Real Estate Finance, Inc."
filed_at: "2025-03-12T23:59:59+00:00"
generated_at: "2026-05-24T22:44:53.036266+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Chicago Atlantic Q4 net income $7.9M; FY distributable earnings $40M, down 10.5% YoY

## Summary
- Q4 net interest income $14.1M, net income $7.9M ($0.39 diluted); distributable earnings $9.2M ($0.47 basic).
- Full-year distributable earnings $40.0M ($2.08 basic), down 10.5% YoY; total dividends $2.06/sh vs $2.17 in 2023.
- Portfolio loan principal $410.2M, yield 17.2% (down from 18.3%), one loan on non-accrual; unfunded commitments $20.9M.
- Entered $50M unsecured term loan at 9.0% fixed, maturity Oct 2028; leverage ratio 34% debt to book equity.
- Outlook: dividend payout target 90-100% of distributable earnings; may pay special dividend in Q4 2025.

## SEC filing metadata
- accession: 0001213900-25-022933
- form_type: 8-K
- ticker: REFI
- cik: 0001867949
- company_name: Chicago Atlantic Real Estate Finance, Inc.
- filed_at: 2025-03-12T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1867949/000121390025022933/0001213900-25-022933-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1867949/000121390025022933/ea0233880-8k_chicago.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-25-022933
- JSON: https://secwatch.observer/filing/0001213900-25-022933.json
- Plain text: https://secwatch.observer/filing/0001213900-25-022933.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.