REFIChicago Atlantic Real Estate Finance, Inc.
Real Estate Investment Trusts · $188M market cap
1.4×
More likely than average to be taken private
Top 11% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works
Takeover signals
What an activist or buyer would see: cheap, overpaid, diluted or under pressure.
4of 15 firedHow well they predict deals →
- Earnings not backed by cashYes80% of net incomeCash flow under 80% of net income
- Payouts exceed cash flowYes152% of cash flowBuybacks + dividends over cash flow
- Shareholder dissentYes70% lowest supportAny vote under 80% support
- Quiet on AIYes0.3 per 10K words · 15th pctBottom quartile of AI mentions in 10-Ks
11 other checks
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Dilutive SBCNo7% of revenueOver 10% of revenue
- Goodwill-heavyNo—Over 40% of assets
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$188M market capMarket cap $500M–$5B
- Recurring revenueNo—10-K business scored 7+ of 10 for recurring revenue
- AI-rollup shapedNo—10-K business scored 5+ of 10 as an AI-rollup target
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$1M netNet sales over $10M in 12 months
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Jul 13, 2026 | 8-K | Chicago Atlantic BDC, Inc. (LIEN) | — | — |
| Jun 18, 2026 | 8-K | Chicago Atlantic BDC, Inc. | — | — |
Key numbers
- Revenue
- —
- Operating margin
- —
- EBITDA
- —
- Net debt / EBITDA
- —
- $36M net debt
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | — | $49M | — | — | — | |
| Net income | — | $32M | $39M | $37M | $36M | 2.8% |
| Operating cash flow | — | $17M | $28M | $23M | $29M | 24% |
| Stock-based comp | $30K | $436K | $1M | $3M | $3M | 10% |
| Dividends | — | $28M | $39M | $42M | $44M | 5.3% |
13D filers
None on file.
Insider trading
+$1Mnet buying by insiders, open market, last 12 months
Bought $1M · 8 tradesSold $0 · 0 trades
Pay vs performance
No pay-versus-performance disclosure yet.