Chicago Atlantic Real Estate Finance Inc's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Chicago Atlantic Real Estate Finance Inc (REFI) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Chicago Atlantic Real Estate Finance Inc vs Its Competitors
- TTM: Trailing 12-month revenue of 52M vs 292M combined for its competitors (15.0% combined share).
- Scale: Chicago Atlantic Real Estate Finance Inc ranks #143 of 187 companies by market capitalization in the Real Estate Investment Trusts industry, holding 0.0% of industry market cap.
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
API endpoints for this dataset
Chicago Atlantic Real Estate Finance Inc vs. its Competitors, Q2 2026
Net income growth, year on year
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in Chicago Atlantic Real Estate Finance Inc reports; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Chicago Atlantic Real Estate Finance Inc and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Chicago Atlantic Real Estate Finance Inc | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (8) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Chicago Atlantic Real Estate Finance Inc's competitor groups requires a Commercial License.
Chicago Atlantic Real Estate Finance Inc's Competitor Quality Breadth
Group definitions: see Methodology: Performance Group Definitions.
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Chicago Atlantic Real Estate Finance Inc | - | - | - | Yes |
| Competitors combined (3) | ||||
| Similar-Size Competitors (10) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
REFI Stock Performance relative to its Competitors
REFI Stock Performance relative to Similar-Size Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Innovative Industrial Properties Inc | 282.9% | Outperformed |
| 2 | Advanced Flower Capital Inc | 282.9% | Outperformed |
| 3 | Power Reit | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Chicago Atlantic Real Estate Finance Inc's best-performing competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Publicly Traded Peers of Chicago Atlantic Real Estate Finance Inc
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
 Chicago Atlantic Real Estate Finance Inc |
191.08 | 51.54 |
 Innovative Industrial Properties Inc |
1,533.14 | 263.89 |
 Advanced Flower Capital Inc |
73.54 | 25.59 |
 Power Reit |
2.48 | 2.79 |
| SUBTOTAL | 1,800.24 | 343.81 |
Sources: see Methodology: Peer & Competitor Identification, Sourcing.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Chicago Atlantic Real Estate Finance Inc versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Chicago Atlantic Real Estate Finance Inc's Competitors Named by the Company
Competitive relationships identified from Chicago Atlantic Real Estate Finance Inc reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Advanced Flower Capital Inc | Company report | 85% |
| Innovative Industrial Properties Inc | Company report | 85% |
| Power Reit | Company report | 85% |
Company report basis, confidence, active dates and source counts for Chicago Atlantic Real Estate Finance Inc's named competitors require a Commercial License.
Methodology: see Methodology: Peer & Competitor Identification, Sourcing.
Chicago Atlantic Real Estate Finance Inc's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Innovative Industrial Properties Inc | Cannabis Portfolio 100.00 % |
Source: operating segment revenue as reported in each company's reports (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
Chicago Atlantic Real Estate Finance Inc's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Chicago Atlantic Real Estate Finance Inc | 191 | - | - |
| Innovative Industrial Properties Inc | 1,533 | 11,473,391 | 6,054,217 |
| Advanced Flower Capital Inc | 74 | - | - |
| Power Reit | 2 | 1,394,696 | -780,303 |
| PEERS TOTAL | 1,609 | 11,690,752 | 5,715,893 |
Chicago Atlantic Real Estate Finance Inc's Position in Industry Market Structure
Market-capitalization share and concentration across all 181 companies in Chicago Atlantic Real Estate Finance Inc's industry classification, broader than the peer set above. Market cap in millions of $.Chicago Atlantic Real Estate Finance Inc ranks #143 of 181 companies by market capitalization in its industry, holding 0.01 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 413, indicating a unconcentrated market structure (see Methodology: Market Structure & Concentration).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Welltower Inc | 180,807 | 12.02 % |
| 2 | Prologis Inc | 121,613 | 8.09 % |
| 3 | Equinix Inc | 100,396 | 6.67 % |
| 4 | American Tower Corporation | 88,026 | 5.85 % |
| 5 | Simon Property Group inc | 1,234 | 5.2% |
| 6 | Digital Realty Trust Inc | 1,234 | 5.2% |
| 7 | Public Storage | 1,234 | 5.2% |
| 8 | Realty Income Corporation | 1,234 | 5.2% |
| 9 | Ventas inc | 1,234 | 5.2% |
| 10 | Crown Castle Inc | 1,234 | 5.2% |
| 143 | Chicago Atlantic Real Estate Finance Inc | 191 | 0.01 % |
Market cap and industry share for the rest of Chicago Atlantic Real Estate Finance Inc's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-11-06.
Chicago Atlantic Real Estate Finance Inc's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 138 | Brt Apartments Corp | 226 | -16.78 % |
| 139 | Lument Finance Trust Inc | 216 | 160.06 % |
| 140 | Apartment Investment And Management Company | 212 | -70.39 % |
| 141 | Ares Commercial Real Estate Corporation | 206 | -19.70 % |
| 142 | Nexpoint Diversified Real Estate Trust | 1,234 | 12.3% |
| 143 | Chicago Atlantic Real Estate Finance Inc | 191 | -30.95 % |
| 144 | Rreef Property Trust Inc | 1,234 | 12.3% |
| 145 | Strawberry Fields Reit Inc | 1,234 | 12.3% |
| 146 | Granite Point Mortgage Trust Inc | 1,234 | 12.3% |
| 147 | Orion Properties Inc | 1,234 | 12.3% |
| 148 | Seven Hills Realty Trust | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Chicago Atlantic Real Estate Finance Inc's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-11-06. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Chicago Atlantic Real Estate Finance Inc's Valuation vs Competitive Position
Valuation multiples vs the Real Estate Investment Trusts industry average (283 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Real Estate Investment Trusts industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 8.4x | 30.1x | -21.8x |
| EV / EBITDA | 11.4x | 17.5x | -6.1x |
| P/B | 0.8x | 1.9x | -1.0x |
| Return on Equity | 9.62 % | industry aggregate | 4.02 % |
| Return on Invested Capital | - | 2.10 % (avg) | - |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Chicago Atlantic Real Estate Finance Inc's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in company reports.| Metric | 2021 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | - | 20.00 % | -13.25 % | 0.70 % |
| Operating Margin | - | 68.24 % | 65.12 % | 61.84 % |
| Return on Invested Capital | - | 6.51 % | 4.81 % | 4.61 % |
| P/E | - | 7.2x | 8.3x | 7.6x |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Chicago Atlantic Real Estate Finance Inc's BCG Growth-Share Matrix
See Methodology: BCG Growth-Share Matrix for how relative share and growth are calculated and thresholded.
Chicago Atlantic Real Estate Finance Inc falls in the Dog quadrant: relative market share of 0.00x vs its largest competitor, in an industry growing revenue 2.4% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
Chicago Atlantic Real Estate Finance Inc's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | High | Industry HHI of 413 (see Industry Market Structure & Concentration above) |
Note: see Methodology: Porter's Five Forces. Supplier power and buyer power are covered on Chicago Atlantic Real Estate Finance Inc's dedicated Suppliers and Customers pages, not here.
Chicago Atlantic Real Estate Finance Inc's Industry Attractiveness & Competitive Strength
See Methodology: GE/McKinsey Matrix for how the two axes are built.
Chicago Atlantic Real Estate Finance Inc falls in the Medium attractiveness / Low strength cell: Harvest.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Chicago Atlantic Real Estate Finance Inc's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
No rule matched.
Weaknesses
- Underperforming the U.S.A. 500 over the trailing 12 months.
- Low relative market share vs the industry leader (0.00x).
- Piotroski F-Score of 2 or below, the standard financial-distress signal.
Opportunities
- A meaningful share of competitors (33.30 %) show financial-distress signals, a possible opening to gain share.
Threats
- Tracked peer group's revenue run-rate is broadly decelerating (-11.6% annualized).
Methodology: see Methodology: SWOT Analysis.
Chicago Atlantic Real Estate Finance Inc's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Chicago Atlantic Real Estate Finance Inc | 0.32 | 14.06 | 0.37 |
| Innovative Industrial Properties Inc | 10.23 | 10.41 | 0.22 |
| Advanced Flower Capital Inc | 16.55 | 124.38 | 0.31 |
| Power Reit | 1.98 | 1.98 | 3.96 |
Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Chicago Atlantic Real Estate Finance Inc's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Chicago Atlantic Real Estate Finance Inc | Q2 2026 | - | -15.8 % |
| Innovative Industrial Properties Inc | Q3 2026 | +0.4 % | +8.8 % |
| Advanced Flower Capital Inc | Q2 2026 | - | - |
| Power Reit | Q2 2026 | +154.5 % | +35.7 % |
| PEERS TOTAL | -21.8 % | +78.2 % |
Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Chicago Atlantic Real Estate Finance Inc's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Chicago Atlantic Real Estate Finance Inc | Q2 2026 | -16.2 % | - |
| Innovative Industrial Properties Inc | Q3 2026 | - | - |
| Advanced Flower Capital Inc | Q2 2026 | - | - |
| Power Reit | Q2 2026 | - | - |
Chicago Atlantic Real Estate Finance Inc's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Chicago Atlantic Real Estate Finance Inc | 6.72% | 7.88% | 9.62% |
| Innovative Industrial Properties Inc | 5.57% | 5.44% | 7.50% |
| Advanced Flower Capital Inc | 1.68% | 1.59% | 2.95% |
| Power Reit | - | - | - |
ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Chicago Atlantic Real Estate Finance Inc's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Chicago Atlantic Real Estate Finance Inc | 6.42 | 3.71 |
| Innovative Industrial Properties Inc | 12.38 | 5.81 |
| Advanced Flower Capital Inc | 16.87 | 2.87 |
| Power Reit | - | 0.89 |
| PEERS AVERAGE | 10.45 | 5.24 |
P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.