Chicago Atlantic Real Estate Finance (REFI) Operating Expenses (2022 - 2026)
Chicago Atlantic Real Estate Finance's Operating Expenses came in at $5.14 million for Q2 2026, down 10.1% from $5.71 million a year earlier and down 36.4% from the prior quarter.
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Analysis
Chicago Atlantic Real Estate Finance (REFI) Operating Expenses (2022 - 2026) Analysis & Trends
Over the trailing twelve months to Jun 30, 2026, Chicago Atlantic Real Estate Finance reported Operating Expenses of $24.05 million, up 34.0% year-over-year; for FY2025, it came in at $19.54 million, up 10.2% from FY2024.
- Operating Expenses carries a four-year compound annual growth rate of 89.9% (FY2021 to FY2025).
- Going back by year, Operating Expenses was $17.74 million in FY2024 (-4.7%), $18.62 million in FY2023 (+12.4%), $16.57 million in FY2022 and $1.5 million in FY2021.
- The five-year range for quarterly Operating Expenses is $1.96 million (Q1 2022) to $8.08 million (Q1 2026).
- Year-over-year, Operating Expenses increased in five of the last eight quarters, with growth averaging 26.2%.
- The fastest year-over-year change in Operating Expenses over five years came in Q1 2026 (growth of 169.2%), and the weakest in Q1 2025 (a decline of 33.4%).
- Business Quant data shows REFI's Operating Expenses at $8.08 million (Q1 2026), $6.08 million (Q4 2025) and $4.75 million (Q3 2025) in the three quarters before Q2 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Rocket Companies | 43.26 Bn | 28.94 Bn | - | 2.50 Bn |
| 2 | Orix | 42.40 Bn | 42.90 Bn | - | 4.66 Bn |
| 3 | Royalty Pharma | 33.56 Bn | 33.47 Bn | - | 541.02 Mn |
| 4 | Federal National Mortgage Association Fannie Mae | 24.47 Bn | 24.47 Bn | - | 2.07 Bn |
| 5 | Affirm Holdings | 23.34 Bn | 17.03 Bn | - | 1.02 Bn |
| 6 | Synchrony Financial | 23.06 Bn | -44.91 Bn | - | 1.33 Bn |
| 7 | Royal Gold | 19.98 Bn | 19.21 Bn | 390.45 Mn | 173.18 Mn |
| 8 | Annaly Capital Management | 14.18 Bn | 5.27 Bn | - | 58.19 Mn |
| 9 | Ares Capital | 13.71 Bn | 11.15 Bn | - | - |
| 10 | Chicago Atlantic Real Estate Finance | 213.57 Mn | 128.49 Mn | - | 5.14 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 5.14 Mn |
| Mar 31, 2026 | 8.08 Mn |
| Dec 31, 2025 | 6.08 Mn |
| Sep 30, 2025 | 4.75 Mn |
| Jun 30, 2025 | 5.71 Mn |
| Mar 31, 2025 | 3.00 Mn |
| Dec 31, 2024 | 5.98 Mn |
| Sep 30, 2024 | 3.25 Mn |
| Jun 30, 2024 | 4.00 Mn |
| Mar 31, 2024 | 4.51 Mn |
| Dec 31, 2023 | 5.51 Mn |
| Sep 30, 2023 | 3.84 Mn |
| Jun 30, 2023 | 5.02 Mn |
| Mar 31, 2023 | 4.22 Mn |
| Dec 31, 2022 | 7.51 Mn |
| Sep 30, 2022 | 3.16 Mn |
| Jun 30, 2022 | 3.94 Mn |
| Mar 31, 2022 | 1.96 Mn |
API Access
Chicago Atlantic Real Estate Finance Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=REFI&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "REFI", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=REFI&period=max&api_key=YOUR_API_KEY");
const data = await res.json();