Chicago Atlantic Real Estate Finance (REFI) is a mortgage REIT that originates and holds first-lien and other senior loans secured by cannabis real estate, a niche most lenders avoid because federal banking rules keep it closed to them. The company's moat is that specialist position: it sources and underwrites these loans directly, and its 62.7% operating margin shows the spread it earns on them. The trade-off is that revenue fell 7.5%, and a $241M market cap with a 6.9x trailing P/E and 5.4x forward P/E prices in a shrinking top line and meaningful borrower concentration risk. Against a 45/100 score and no index membership, the case rests on whether the loan book stabilises and whether any federal rescheduling or banking reform widens the lender pool, neither of which is yet visible in the numbers. This is worth a deeper look mainly to test how durable the 9.6% ROE is if originations keep contracting.
Plain-English pros, cons, and what to watch. Pro feature.
See what each model says, the assumptions behind it, the bad, normal and good cases, and why the fair value changed.
The full quality picture: a reason under every score, how the scores moved, and the conviction breakdown.
The full analyst picture: the price-target distribution against the current price, forward consensus estimates, and how ACCE's own models compare.
Trades are only made public after a delay. We show the delay so you know how old the news is.
Follow the informed money: 13F position changes, insider and Congress trades, and 13D activist filings.
| Date | Type | New | Previous | Price |
|---|---|---|---|---|
| 21 Oct 2026, 12:04 CEST | Fair value | $16.88 | $16.20 | $9.08 |
| 21 Oct 2026, 12:04 CEST | Rating | Undervalued | first publication | $9.08 |
| 16 Oct 2026, 00:00 CEST | Fair value | $16.20 | $12.19 | $9.14 |
| 15 Oct 2026, 00:00 CEST | ACCE price target | $9.80 | first publication | $9.11 |
| 12 Oct 2026, 00:00 CEST | Fair value | $12.19 | $20.02 | $9.42 |
| 8 Oct 2026, 00:00 CEST | Fair value | $20.02 | $16.22 | $9.80 |
| 5 Oct 2026, 00:00 CEST | Fair value | $16.22 | $20.07 | $10.06 |
| 21 Sept 2026, 00:00 CEST | Fair value | $20.07 | $20.53 | $10.98 |
| 17 Sept 2026, 00:00 CEST | Fair value | $20.53 | $20.75 | $10.93 |
| 11 Sept 2026, 00:00 CEST | Fair value | $20.75 | $20.97 | $10.76 |
Answered from Chicago Atlantic Real Estate Finance Inc. Common Stock fundamentals + recent valuations. Every number shows its source and date.
| Company | Price | Fair value | vs fair value | P/E | ROE | Quality | Score |
|---|---|---|---|---|---|---|---|
| REFI Chicago Atlantic Real Estate Finance Inc. Common Stock | $9.37 | $17 | 44% below | 6.9x | 9.6% | 81 | 45 |
| ACRE Ares Commercial Real Estate Corporation Common Stock | $3.35 | $2 | 61% above | - | -0.9% | 50 | 44 |
| ACR ACRES Commercial Realty Corp. Common Stock | $11.69 | $18 | 35% below | - | 5.5% | 43 | 37 |
| AOMR Angel Oak Mortgage REIT Inc. Common Stock | $7.37 | - | - | 10.0x | 7.8% | 67 | 62 |
| RC Ready Capital Corporation Common Stock | $1.05 | - | - | - | -33.5% | 46 | 42 |
| MITT TPG Mortgage Investment Trust Inc. Common Stock | $5.44 | - | - | 7.2x | 8.1% | 67 | 62 |
| KREF KKR Real Estate Finance Trust Inc. Common Stock | $5.76 | - | - | - | -16.5% | 46 | 45 |
Where REFI ranks against its sector peers on each metric.