← Chicago Atlantic Real Estate Finance
The business behind the dividend
| Measure | REFI | Median | Formula |
|---|---|---|---|
| Return on equity | 11.7% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 10.1% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | — | — | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | — | — | Operating cash flow − capital expenditure |
| Operating margin | — | — | Operating income ÷ revenue |
| Net margin | — | — | Net income ÷ revenue |
| Debt to equity | 0.16x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 5.19x | 4.22x | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 0.80x | 1.66x | Operating cash flow ÷ net income |
| Accruals | 1.7% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Current ratio, Free cash flow, Net margin, Operating margin, Owner earnings — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | Median |
|---|---|---|---|---|---|
| Return on equity | 11.7% | 12.0% | 14.2% | 12.2% | 12.2% |
| Return on capital employed | 10.1% | 10.3% | 7.0% | 5.4% | 10.1% |
| Operating margin | — | — | — | 66.1% | 66.1% |
| Net margin | — | — | — | 66.1% | 66.1% |
| Debt to equity | 0.16x | 0.16x | 1.05x | 1.27x | 1.05x |
| Cash conversion | 0.80x | 0.63x | 0.73x | 0.53x | 0.73x |
How it compares in real estate
Among the 20 real estate companies here measured on operating cash flow, Chicago Atlantic Real Estate Finance pays out less than 9 of them. The median for that group is 152.3%, against this company’s 152.3%.
Closest on operating cash flow
- Orchid Island Capital (ORC) 148.5%
- Ares Commercial Real Estate (ACRE) 182.7%
- TWO Harbors Investment (TWO-PC) 192.2%
- MFA Financial (MFA) 194.4%
Same sector and same denominator, so the figures are comparable. All 130 in real estate →