Chicago Atlantic Real Estate Finance (REFI) Operating Expenses (2022 - 2026)
Chicago Atlantic Real Estate Finance (REFI) posted Operating Expenses of $8.1 million for Q1 2026, up 32.84% sequentially from $6.1 million in Q4 2025, and up 169.2% YoY from $3.0 million in Q1 2025.
Chicago Atlantic Real Estate Finance (REFI) Operating Expenses (2022 - 2026) Analysis & Trends
Chicago Atlantic Real Estate Finance has reported Operating Expenses for 5 years, with the latest figure at $8.1 million in Q1 2026.
- Quarterly Operating Expenses rose 169.2% year-over-year to $8.1 million in Q1 2026, while the trailing twelve-month figure through Mar 2026 was $24.6 million (up 51.69% YoY) and the FY2025 annual result came in at $19.5 million, up 10.19% from the prior year.
- Operating Expenses climbed to $8.1 million in Q1 2026 per REFI's latest filing, from $6.1 million in the prior quarter.
- Over five years, Operating Expenses peaked at $8.1 million in Q1 2026 and troughed at $2.0 million in Q1 2022.
- A 5-year average of $4.7 million and a median of $4.5 million in 2024 frame the typical range for Operating Expenses.
- The sharpest annual moves came in 2025 and 2026: Operating Expenses slumped 33.41% in 2025, then jumped 169.2% in 2026.
- Over 5 years, Operating Expenses stood at $7.5 million in 2022, then fell by 26.61% to $5.5 million in 2023, then rose by 8.6% to $6.0 million in 2024, then increased by 1.63% to $6.1 million in 2025, then jumped by 32.84% to $8.1 million in 2026.
- According to Business Quant data, Operating Expenses over the past three periods registered $8.1 million, $6.1 million, and $4.8 million for Q1 2026, Q4 2025, and Q3 2025 respectively.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Annaly Capital Management | 17.29 Bn | 14.38 Bn | - | 71.74 Mn |
| 2 | AGNC Investment | 12.65 Bn | 11.32 Bn | - | 30.00 Mn |
| 3 | Starwood Property Trust | 5.95 Bn | 3.79 Bn | - | 524.77 Mn |
| 4 | Rithm Capital | 5.71 Bn | 5.71 Bn | - | 1.28 Bn |
| 5 | Dynex Capital | 2.93 Bn | 2.32 Bn | - | 16.21 Mn |
| 6 | Blackstone Mortgage Trust | 2.40 Bn | 1.97 Bn | - | 111.00 Mn |
| 7 | Armour Residential REIT | 2.12 Bn | 2.03 Bn | - | 17.16 Mn |
| 8 | Ellington Financial | 1.73 Bn | 1.49 Bn | - | 76.02 Mn |
| 9 | Orchid Island Capital | 1.34 Bn | 654.61 Mn | 61.82 Mn | 6.76 Mn |
| 10 | Chicago Atlantic Real Estate Finance | 219.65 Mn | 206.30 Mn | - | 5.14 Mn |
Historic Data
Download 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 |