REFIMEDIUM SIGNALFINANCIAL10-K

REFI shows a notable decline in cash reserves alongside improved operating cash flow generation, suggesting active deployment of capital.

The company reduced its cash position by over 40% while simultaneously improving operating cash flow by roughly a quarter, indicating management is actively deploying available capital rather than holding excess liquidity. This pattern suggests either increased lending activity or strategic investments, which could signal growth initiatives but also reduces financial flexibility.

Comparing 2026-03-12 vs 2025-03-12View on EDGAR →
FINANCIAL ANALYSIS

The financial picture shows a mixed but potentially positive trend, with cash reserves declining meaningfully to $14.9M while operating cash flow improved to $28.8M. This combination suggests REFI is actively putting capital to work in its lending business while generating stronger operational cash flows. The reduced cash cushion warrants monitoring, but the improved operating performance indicates the capital deployment may be generating returns.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
-43.4%
$26.4M→$14.9M

Cash declined 43.4% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Operating Cash Flow
Cash Flow
+24.3%
$23.2M→$28.8M

Operating cash flow grew 24.3% — strong conversion of earnings to cash, healthy business fundamentals.

LANGUAGE CHANGES
NEW — 2026-03-12
PRIOR — 2025-03-12
ADDED
As of March 6, 2026, there were 21,080,272 shares of the Registrant s common stock outstanding.
Form 10-K Summary 95 Signatures 95 i FORWARD -LOOKING STATEMENTS This report contains information that may constitute forward-looking statements.
B USINESS Organization Chicago Atlantic Real Estate Finance, Inc., and its wholly owned consolidated financing subsidiary, Chicago Atlantic Lincoln, LLC ( CAL ) (collectively the Company , we , "us" or our ), is a commercial mortgage real estate investment trust ( REIT ) incorporated in the state of Maryland on March 30, 2021.
The Company has elected to be taxed as a REIT for United States federal income tax purposes under the Internal Revenue Code of 1986, as amended (the Code ), commencing with its taxable year ended December 31, 2021.
The Company believes that it has qualified as a REIT and that its method of operation will enable it to continue to qualify as a REIT.
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REMOVED
As of March 7, 2025, there were 20,893,785 shares of the Registrant s common stock outstanding.
Form 10-K Summary 86 Signatures 87 i FORWARD -LOOKING STATEMENTS This report contains information that may constitute forward-looking statements.
B USINESS Overview We are a commercial mortgage real estate investment trust ("REIT").
We commenced operations on March 30, 2021 and completed our initial public offering ( IPO ) in December 2021.
We are externally managed by Chicago Atlantic REIT Manager, LLC (our Manager ).
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