Chicago Atlantic Real Estate Finance

What Chicago Atlantic Real Estate Finance does

Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) is a publicly traded commercial mortgage REIT that originates senior secured loans primarily to state-licensed cannabis operators in limited-license U.S. states. The company was originally formed as Silver Spike Investment Corp., adopted its current name in 2022 upon electing REIT status, and is part of the broader Chicago Atlantic sponsor platform, whose affiliated entities have sourced and closed more than $2 billion in cannabis credit facilities since 2019. REFI operates from a single headquarters in Chicago and has between 251 and 500 employees, with a co-CEO leadership structure and an institutional credit-first underwriting process.

The company's revenue model is driven by interest income on a portfolio of senior secured loans collateralized primarily by cannabis-related real estate, supplemented by participation fees on syndicated facilities such as the $195 million Verano Holdings transaction co-arranged with Needham Bank. REFI has demonstrated the capacity to originate across the cannabis capital stack — from second-mortgage loans ($41M to Vireo Growth) to large MSO-level syndicated facilities — and administers the $200 million New York Social Equity Cannabis Investment Fund under the state's CAURD program in partnership with DASNY. Reported combined portfolio metrics include a 16.7% portfolio yield and a 2.2% non-accrual rate.

In June 2026, REFI announced a definitive all-stock, NAV-for-NAV merger with Chicago Atlantic BDC, Inc. (NASDAQ: LIEN) under which REFI will elect BDC regulation and merge into LIEN, creating a combined entity with approximately $613 million in pro-forma NAV and a $771 million investment portfolio. The transaction is expected to close in Q4 2026, pending stockholder and regulatory approvals, and will reposition the surviving entity as a diversified direct lender rather than a pure cannabis mortgage REIT.

Name

Chicago Atlantic Real Estate Finance

Legal name

Chicago Atlantic Real Estate Finance, Inc.

Website

https://refi.reit

Company type

Public

Founded year

2019

Operating status

Operating

Headcount range

251–500 employees

Short description

Chicago Atlantic Real Estate Finance (NASDAQ: REFI) is a Chicago-based commercial mortgage REIT that originates senior secured loans to state-licensed cannabis operators in limited-license U.S. states, pending a Q4 2026 merger into Chicago Atlantic BDC.

Ownership category

akta.pro rank

Product category

Commercial Mortgage REIT

NAICS

Real Estate Credit (522292)

SIC

Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

Debt & Structured Finance / Mortgage Brokerage (BPAJABAK)

akta.pro secondary industries

Commercial Mortgage Brokerage (FSAEAEAB), Real Estate Capital Markets Advisory (Debt/Equity Placement, Refinancing) (BPAJANAE), Real Estate (Commercial Property, REITs) (FSABACAH)

Keywords

• Cannabis real estate lending
• Mortgage REIT
• Senior secured loans
• Specialty finance
• Cannabis credit facilities

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Interest Income from Senior Secured Loans: Chicago Atlantic Real Estate Finance operates as a commercial mortgage REIT, generating revenue primarily through interest income on its portfolio of senior secured loans originated to state-licensed cannabis operators. The company targets higher-yielding lending opportunities in the limited-license cannabis sector, with a combined portfolio yield of 16.7% reported in connection with the merger.
2. Loan Origination and Financing Services: The company provides financing solutions including senior secured loans and participates in larger financing arrangements, such as the $195 million loan to Verano Holdings backed by Chicago Atlantic Financial Services, demonstrating capabilities in complex cannabis industry financing transactions.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Chicago Atlantic Real Estate Finance is a publicly traded commercial mortgage REIT that originates senior secured loans primarily to state-licensed cannabis operators in limited-license U.S. states. The company leverages real estate, credit, and cannabis sector expertise to underwrite and fund credit facilities secured by cannabis-related real estate and assets, earning revenue through interest income on its loan portfolio.

Product overview

Chicago Atlantic Real Estate Finance, Inc. (REFI) is a publicly traded commercial mortgage REIT that operates as a single unified lending platform. The company specializes in originating senior secured loans primarily to state-licensed cannabis operators in limited-license states across the United States. As of June 2026, REFI announced a definitive merger agreement with Chicago Atlantic BDC, Inc. (LIEN) to combine into a larger BDC-focused entity with approximately $613 million in net asset value and $771 million in investment portfolio, expanding beyond traditional cannabis real estate lending into diversified direct lending through the manager's private credit platform.

Differentiator

Problem solved

Functional benefit

Products and services

• Senior Secured Loans to Cannabis Operators

Quantifiable outcome

• Portfolio yield of 16.7% on combined entity
• +3 more outcomes

Named customers2 records

Segments2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core.

• Chicago Atlantic BDC, Inc.coreStrategic or Co-development Partner · 18 June 2026Chicago Atlantic Real Estate Finance agreed to merge with Chicago Atlantic BDC, Inc. in an all-stock, NAV-for-NAV exchange. REFI will elect to be regulated as a BDC and merge into LIEN. Upon closing, former REFI stockholders would own approximately 50.5% of the combined entity, creating a scaled BDC with pro-forma NAV of $613 million and portfolio of $771 million. The transaction is expected to close in Q4 2026.
• DASNY (Dormitory Authority of the State of New York)coreStrategic or Co-development PartnerChicago Atlantic administers the $200 million New York Social Equity Cannabis Investment Fund in partnership with DASNY, the state agency administering the CAURD (Conditional Adult-Use Retail Dispensary) program launched in 2021.

Scale indicators17 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Chicago Atlantic BDC: Sister company under the Chicago Atlantic platform and direct peer that originates senior secured loans to cannabis operators. Announced merger partner with REFI (LIEN), creating a $613M pro-forma NAV combined BDC.
• AFC Gamma: Publicly traded specialty finance company that provides senior secured loans to state-licensed cannabis operators, with a similar business model of senior-secured, real-estate-backed lending to cannabis MSOs.
• NewLake Capital Partners: Publicly traded cannabis-focused REIT that provides sale-leaseback financing and real estate capital to licensed cannabis operators, overlapping with REFI's real estate-backed lending model.
• Silver Spike Capital: Externally managed specialty finance company focused on cannabis and health-and-wellness debt investments; closely comparable to REFI's cannabis credit origination and underwriting approach.
• Innovative Industrial Properties: Public cannabis-focused REIT that acquires and leases industrial real estate to licensed cannabis operators; comparable through its overlapping cannabis real estate finance focus and as a counterparty on REFI-related transactions (e.g., Vireo acquisition).

Broad incumbents

• Blackstone Mortgage Trust: Large publicly traded commercial mortgage REIT that originates senior loans secured by commercial real estate; broader and more diversified than REFI but operates in the same core commercial mortgage REIT category.
• Starwood Property Trust: Diversified commercial mortgage REIT with a senior lending focus; comparable through its core commercial real estate debt origination model, though substantially larger and broader in scope than REFI.
• Apollo Commercial Real Estate Finance: Publicly traded commercial mortgage REIT focused on senior and mezzanine real estate debt; comparable as a CRE debt peer but operates at much greater scale and with broader sector exposure.
• Ladder Capital: Publicly traded commercial real estate finance company that originates and invests in senior secured commercial real estate loans; comparable CRE lending focus, though with broader tenant and asset diversification.
• Ares Commercial Real Estate: Specialty commercial mortgage REIT affiliated with Ares Management that originates senior secured loans on income-producing real estate; comparable through its CRE lending mandate and REIT structure.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds4 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Chicago Atlantic Real Estate Finance