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AI brief of an SEC Form 8-K · Chicago Atlantic Real Estate Finance, Inc. (REFI)

Chicago Atlantic Q2 net income falls to $7.5 million from $8.9 million a year earlier

Negative Impact 3 of 5 earnings Written later

Chicago Atlantic Real Estate Finance reported second quarter 2026 net income of $7,473,326, or $0.34 per diluted share, down from $8,877,375, or $0.41 per diluted share, a year earlier. The company attributed the weaker earnings to the timing of loan deployment, and book value per share fell to $14.15 from $14.39 at March 31, 2026, while its pending merger with Chicago Atlantic BDC is expected to close in the fourth quarter of 2026.

Key points

  • Q2 2026 net income was $7.5 million ($0.34 per diluted share), versus $8.9 million ($0.41) in Q2 2025 and $4.8 million in Q1 2026.
  • Net interest income was $12.8 million, compared with $14.4 million in Q2 2025; distributable earnings were $9.3 million ($0.43 diluted) versus $10.9 million ($0.51) a year earlier.
  • Regular dividend declared at $0.47 per share; full-year 2026 outlook calls for a dividend payout ratio of about 90% to 100% of distributable earnings per diluted share.
  • Merger with Chicago Atlantic BDC, Inc. (LIEN) is expected to close in Q4 2026, with former REFI stockholders expected to own about 50.5% of LIEN, based on March 31, 2026 figures.

The filing

CompanyChicago Atlantic Real Estate Finance, Inc. (REFI)
Form8-K, current report
Filed with the SECAug 11, 2026, 7:02 AM ET
Accession number0001213900-26-087484

Items reported: 2.02 Results of Operations7.01 Regulation FD Disclosure

Read the filing on SEC.gov ↗

Written by AI on Nov 9, 2026, 11:44 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on August 11, 2026.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.