Chicago Atlantic Real Estate Finance (REFI) Operating Expenses (2022 - 2026)
Chicago Atlantic Real Estate Finance's (REFI) quarterly Operating Expenses came in at $5.1 million in Q2 2026, down 10.07% year-over-year from $5.7 million in Q2 2025, and down 36.4% quarter-over-quarter from $8.1 million in Q1 2026.
Analysis
Chicago Atlantic Real Estate Finance (REFI) Operating Expenses (2022 - 2026) Analysis & Trends
Chicago Atlantic Real Estate Finance has disclosed Operating Expenses across 5 years of filings, most recently posting $5.1 million for Q2 2026.
- In Q2 2026, Operating Expenses fell 10.07% year-over-year to $5.1 million; the TTM figure through Jun 2026 stood at $24.0 million (up 34.0% YoY), while the FY2025 annual figure was $19.5 million, up 10.19% from the prior year.
- Operating Expenses came in at $5.1 million for Q2 2026 at Chicago Atlantic Real Estate Finance, down from $8.1 million in the prior quarter.
- In the past five years, Operating Expenses ranged from a high of $8.1 million in Q1 2026 to a low of $2.0 million in Q1 2022.
- Average Operating Expenses over 5 years is $4.8 million, with a median of $4.6 million recorded in 2024.
- Year-over-year, Operating Expenses sank 33.41% in 2025 and soared 169.2% in 2026.
- Over 5 years, Operating Expenses stood at $7.5 million in 2022, then dropped by 26.61% to $5.5 million in 2023, then grew by 8.6% to $6.0 million in 2024, then climbed by 1.63% to $6.1 million in 2025, then retreated by 15.52% to $5.1 million in 2026.
- Per Business Quant data, the three most recent Operating Expenses figures were $5.1 million in Q2 2026, $8.1 million in Q1 2026, and $6.1 million in Q4 2025.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Annaly Capital Management | 16.87 Bn | 13.96 Bn | - | 71.74 Mn |
| 2 | AGNC Investment | 12.43 Bn | 11.10 Bn | - | 30.00 Mn |
| 3 | Starwood Property Trust | 5.84 Bn | 3.67 Bn | - | 524.77 Mn |
| 4 | Rithm Capital | 5.57 Bn | 5.57 Bn | - | 1.28 Bn |
| 5 | Dynex Capital | 2.88 Bn | 2.27 Bn | - | 16.21 Mn |
| 6 | Two Harbors Investment | 2.65 Bn | 2.01 Bn | - | 51.40 Mn |
| 7 | Blackstone Mortgage Trust | 2.35 Bn | 1.91 Bn | - | 111.00 Mn |
| 8 | Armour Residential REIT | 2.11 Bn | 2.02 Bn | - | 17.16 Mn |
| 9 | Ellington Financial | 1.71 Bn | 1.46 Bn | - | 76.02 Mn |
| 10 | Chicago Atlantic Real Estate Finance | 230.27 Mn | 216.02 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 |