---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-26-087484"
form_type: "8-K"
ticker: "REFI"
cik: "0001867949"
company_name: "Chicago Atlantic Real Estate Finance, Inc."
filed_at: "2026-08-11T11:02:17+00:00"
generated_at: "2026-08-11T11:05:09.197099+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Chicago Atlantic Q2 net income $7.5M, EPS $0.34; merger with LIEN on track for Q4

## Summary
- Q2 2026 net income $7.47M ($0.34/share) vs $8.88M ($0.41) in Q2 2025; distributable earnings $9.29M ($0.44 basic).
- Loan principal $453.1M at June 30, up from $421.9M a year ago; book value $14.15/share, down from $14.71.
- Gross originations $59.2M in Q2; net interest income $12.83M, down from $14.42M YoY.
- Dividend maintained at $0.47/share; FY2026 payout ratio target 90-100% of distributable earnings.
- Merger with Chicago Atlantic BDC (LIEN) expected to close Q4 2026; REFI holders ~50.5% pro forma based on 3/31 NAVs.

## SEC filing metadata
- accession: 0001213900-26-087484
- form_type: 8-K
- ticker: REFI
- cik: 0001867949
- company_name: Chicago Atlantic Real Estate Finance, Inc.
- filed_at: 2026-08-11T11:02:17+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1867949/000121390026087484/0001213900-26-087484-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1867949/000121390026087484/ea0301176-8k425_chicago.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-26-087484
- JSON: https://secwatch.observer/filing/0001213900-26-087484.json
- Plain text: https://secwatch.observer/filing/0001213900-26-087484.txt

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