---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-26-053036"
form_type: "8-K"
ticker: "REFI"
cik: "0001867949"
company_name: "Chicago Atlantic Real Estate Finance, Inc."
filed_at: "2026-05-07T23:59:59+00:00"
generated_at: "2026-05-14T22:02:20.702939+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Chicago Atlantic Q1 net income $4.8M ($0.23/share) vs $10M a year ago; provision spikes

## Summary
- Net interest income $13.1M flat YoY; net income fell 52% to $4.8M ($0.23 diluted EPS).
- Provision for credit losses $3.8M (vs $1.1M benefit last year); book value per share $14.39 from $14.60.
- Distributable earnings $0.47 basic, $0.46 diluted; regular quarterly dividend maintained at $0.47/share.
- Loan portfolio $413.6M; weighted average yield 15.8%; debt/equity ratio rose to 38.4%.
- FY2026 outlook: dividend payout 90-100% of distributable earnings; special dividend possible in Q4.

## SEC filing metadata
- accession: 0001213900-26-053036
- form_type: 8-K
- ticker: REFI
- cik: 0001867949
- company_name: Chicago Atlantic Real Estate Finance, Inc.
- filed_at: 2026-05-07T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1867949/000121390026053036/0001213900-26-053036-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1867949/000121390026053036/ea0289393-8k_chicago.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-26-053036
- JSON: https://secwatch.observer/filing/0001213900-26-053036.json
- Plain text: https://secwatch.observer/filing/0001213900-26-053036.txt

## Source-grounded claims
- claim_id: e0fbbe8b28d8fd3d19fe799fccb0973fa123c58c
  claim: Chicago Atlantic Real Estate Finance, Inc. reported first quarter ended March 31, 2026 results: net income Net income $ 4,840,364 $ 0.23, EPS Distributable earnings - diluted $ 9,833,020 $ 0.46.
  evidence_excerpt: $ 0.61 $ 14,238,203 $ 0.66 $ 13,041,933 $ 0.61 Total expenses before provision for expected credit losses $ 4,239,871 $ 0.20 $ 5,981,137 $ 0.28 $ 4,073,897 $ 0.19 Net income $ 4,840,364 $ 0.23 $ 8,157,249 $ 0.38 $ 10,041,312 $ 0.47 (Benefit) provision for current expected credit losses $ 3,837,851 $ 0.18 $ 99,817 $ 0.00 $ (1,073,276 ) $ (0.05 ) Distributable
  evidence_url: https://www.sec.gov/Archives/edgar/data/1867949/000121390026053036/0001213900-26-053036-index.htm

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