Chicago Atlantic Real Estate Finance, Inc. filed its Form 10-Q for the quarterly period ended September 30, 2026, with the SEC on November 10, 2026, reporting third-quarter net income of $6,434,023 and total assets of $468,192,211.

Key Highlights

  • Q3 2026 net income: $6,434,023, compared to $8,934,539 in Q3 2025, according to the filing.
  • Nine-month net income: $18,747,714 for the nine months ended September 30, 2026, versus $27,853,228 for the same period in 2025.
  • Total assets: $468,192,211 as of September 30, 2026, up from $424,915,648 at December 31, 2025.
  • Credit loss provision: Provision for current expected credit losses was $7,157,756 for the nine months ended September 30, 2026, compared to $631,233 for the same period in 2025.
  • Dividends declared: $0.47 per common share in Q3 2026, the same rate as Q3 2025.
  • Share count increase: Common shares outstanding rose to 25,621,819 as of November 6, 2026, from 21,080,272 at December 31, 2025, following issuance of 4,306,754 shares in exchange for notes.
  • Revolving loan balance: $94,350,000 as of September 30, 2026, up from $49,100,000 at December 31, 2025.

Chicago Atlantic REFI's Third-Quarter 2026 Financial Results and Balance Sheet Shifts

Chicago Atlantic Real Estate Finance, Inc. (NASDAQ:REFI), a Maryland corporation focused on commercial real estate lending, reported net interest income of $12,469,833 for the three months ended September 30, 2026, down from $13,685,274 in the prior-year quarter, according to the filing. Interest income for the quarter was $15,458,739, while interest expense rose to $2,988,906 from $1,565,592 in Q3 2025. For the nine months ended September 30, 2026, net interest income was $38,428,565 versus $41,152,195 for the same period in 2025.

Total expenses for the third quarter were $7,230,109, compared to $4,750,735 in Q3 2025. The increase was driven in part by a provision for current expected credit losses of $2,768,611 in Q3 2026, up from $557,220 in Q3 2025. The current expected credit loss reserve on the balance sheet stood at $12,281,248 as of September 30, 2026, compared to $5,062,785 at December 31, 2025. The filing also reported a gain on foreclosure, net, of $943,298 and a realized gain on investment of $232,037 in Q3 2026, with no comparable items in Q3 2025.

Basic earnings per common share were $0.25 for Q3 2026, compared to $0.42 for Q3 2025. For the nine months ended September 30, 2026, basic EPS was $0.83, down from $1.33 in the same period of 2025. Total stockholders' equity was $302,652,028 as of September 30, 2026, reflecting notes receivable from stockholders of $(56,776,531) recorded in connection with the Q3 2026 issuance of 4,306,754 shares of common stock in exchange for notes. The company is classified as a non-accelerated filer, smaller reporting company, and emerging growth company in the filing.

What Was Disclosed

The 10-Q for the quarter ended September 30, 2026, disclosed quarterly and year-to-date income statements, a balance sheet showing total assets of $468,192,211, changes in stockholders' equity including a significant share issuance, and an increased credit loss reserve of $12,281,248.