Chicago Atlantic Real Estate Finance, Inc. (NASDAQ:REFI) on Thursday reported fourth-quarter 2025 adjusted earnings per share of $0.43, falling short of the analyst estimate of $0.46. The commercial mortgage REIT generated net interest income of $14.2 million, or $0.66 per share, compared with $14.1 million in the same period a year earlier.
Despite the earnings miss, the company’s shares rose 2.39% in after-hours trading following the release of the results.
Net income for the quarter totaled $8.2 million, or $0.38 per share, compared with $7.9 million, or $0.39 per share, in the fourth quarter of 2024. Distributable earnings on a diluted basis were $0.43 per share, down from $0.46 per share in the prior-year period.
Total loan principal outstanding stood at $411.1 million at the end of the year, slightly higher than $410.2 million reported a year earlier.
“We completed 2025 on a strong note with new originations leading to net portfolio growth for the year and potential regulatory relief improving equity valuations and sentiment among our borrowers,” said Peter Sack, Co-Chief Executive Officer. He added that more than 90% of the company’s portfolio remains protected from additional interest rate declines through fixed-rate loans or floating-rate loans with floors at or above the prevailing Prime rate.
For the full year 2025, Chicago Atlantic reported net income of $36.0 million, or $1.68 per diluted share, compared with $37.0 million, or $1.88 per diluted share, in 2024.
Distributable earnings for the year totaled $1.88 per share, down from $2.03 per share in the previous year.
The company maintained its quarterly dividend at $0.47 per share. For 2026, Chicago Atlantic expects to keep its dividend payout ratio between roughly 90% and 100% of distributable earnings on a full-year basis.
As of March 12, 2026, the company reported $52.9 million available under its secured revolving credit facility and total liquidity of about $50.0 million. The firm also said its pipeline for new investments has grown to $616 million.