---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-25-040396"
form_type: "8-K"
ticker: "REFI"
cik: "0001867949"
company_name: "Chicago Atlantic Real Estate Finance, Inc."
filed_at: "2025-05-07T23:59:59+00:00"
generated_at: "2026-05-22T09:12:08.504002+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# REFI Q1 net income $10.0M ($0.47 diluted); book value $14.87, dividend $0.47

## Summary
- Net income $10.0M ($0.47 diluted), up 20.5% sequentially; distributable earnings $9.7M.
- Net interest income $13.0M vs $14.1M in Q4 2024; includes $0.4M prepayment fees.
- Loan portfolio $407M principal across 30 cos; weighted avg yield 16.9% (17.2% prior).
- Book value $14.87/share (from $14.83); leverage 28%; paid $0.47 dividend on Apr 15.
- Affirmed 2025 outlook; management sees opportunity amid cannabis disruption and tariff uncertainty.

## SEC filing metadata
- accession: 0001213900-25-040396
- form_type: 8-K
- ticker: REFI
- cik: 0001867949
- company_name: Chicago Atlantic Real Estate Finance, Inc.
- filed_at: 2025-05-07T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1867949/000121390025040396/0001213900-25-040396-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1867949/000121390025040396/ea0240900-8k_chicago.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-25-040396
- JSON: https://secwatch.observer/filing/0001213900-25-040396.json
- Plain text: https://secwatch.observer/filing/0001213900-25-040396.txt

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