REFI (Chicago Atlantic Real Estate Finance) Scaled Net Operating Assets: 0.92 (As of Mar. 2026)

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REFI Chicago Atlantic Real Estate Finance Inc REFI
46 GF Score
Price $9.99
GF Value $13.73
Valuation Modestly Undervalued
! 5 Warning Signs
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What is Chicago Atlantic Real Estate Finance Scaled Net Operating Assets?

Chicago Atlantic Real Estate Finance REFI +1.01% 46 Scaled Net Operating Assets is 0.92 as of Mar. 2026. GuruFocus rates REFI with a GF Score™ of 46/100 and a GF Value™ of $13.73 (Modestly Undervalued). The stock has 5 warning signs investors should review.

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

Chicago Atlantic Real Estate Finance's operating assets for the quarter that ended in Mar. 2026 was $408.09 Mil. Chicago Atlantic Real Estate Finance's operating liabilities for the quarter that ended in Mar. 2026 was $16.08 Mil. Chicago Atlantic Real Estate Finance's Total Assets for the quarter that ended in Dec. 2025 was $424.92 Mil. Therefore, Chicago Atlantic Real Estate Finance's scaled net operating assets (SNOA) for the quarter that ended in Mar. 2026 was 0.92.

REFI
46GF Score
Chicago Atlantic Real Estate Finance Inc REFI
Scaled Net Operating Assets is just one metric. See GF Score™, valuation, warning signs, and more.
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Chicago Atlantic Real Estate Finance Scaled Net Operating Assets Calculation

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

Chicago Atlantic Real Estate Finance's Scaled Net Operating Assets (SNOA) for the fiscal year that ended in Dec. 2025 is calculated as

Scaled Net Operating Assets (SNOA)(A: Dec. 2025 )
=(Operating Assets (A: Dec. 2025 )-Operating Liabilities (A: Dec. 2025 ))/Total Assets (A: Dec. 2024 )
=(409.967-18.667)/435.149
=0.90

where

Operating Assets(A: Dec. 2025 )
=Total Assets - Balance Sheet Cash And Cash Equivalents
=424.916 - 14.949
=409.967

Operating Liabilities(A: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=117.101 - 49.334 - 49.1
=18.667

Chicago Atlantic Real Estate Finance's Scaled Net Operating Assets (SNOA) for the quarter that ended in Mar. 2026 is calculated as

Scaled Net Operating Assets (SNOA)(Q: Mar. 2026 )
=(Operating Assets (Q: Mar. 2026 )-Operating Liabilities (Q: Mar. 2026 ))/Total Assets (Q: Dec. 2025 )
=(408.093-16.083)/424.916
=0.92

where

Operating Assets(Q: Mar. 2026 )
=Total Assets - Balance Sheet Cash And Cash Equivalents
=435.949 - 27.856
=408.093

Operating Liabilities(Q: Mar. 2026 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=132.526 - 49.393 - 67.05
=16.083

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

What does a Scaled Net Operating Assets of 0.92 mean?
Chicago Atlantic Real Estate Finance (REFI) has a Scaled Net Operating Assets of 0.92 as of Mar. 2026. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on Chicago Atlantic Real Estate Finance and its competitors.
Is Chicago Atlantic Real Estate Finance's Scaled Net Operating Assets too high?
Chicago Atlantic Real Estate Finance's current Scaled Net Operating Assets is 0.92. Overall, Chicago Atlantic Real Estate Finance has a GF Score™ of 46/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Chicago Atlantic Real Estate Finance's Scaled Net Operating Assets compare to ACRE and RC?
Chicago Atlantic Real Estate Finance's Scaled Net Operating Assets of 0.92 can be compared against companies in the REITs industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Scaled Net Operating Assets for a REITs company?
A good Scaled Net Operating Assets depends on the REITs industry context. However, Scaled Net Operating Assets should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Scaled Net Operating Assets mean?
A high Scaled Net Operating Assets can signal that a stock is expensive relative to its fundamentals. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on Chicago Atlantic Real Estate Finance and its competitors. Chicago Atlantic Real Estate Finance's current Scaled Net Operating Assets is 0.92. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Chicago Atlantic Real Estate Finance stock overvalued right now?
Based on GuruFocus' analysis, Chicago Atlantic Real Estate Finance (REFI) is currently considered Modestly Undervalued. The stock's GF Value™ is $13.73, compared to a current price of $9.99 — trading 27.3% below its estimated fair value. The current Scaled Net Operating Assets is 0.92. Chicago Atlantic Real Estate Finance's overall GF Score™ is 46/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Scaled Net Operating Assets calculated?
Scaled Net Operating Assets is calculated from a company's financial statements. For Chicago Atlantic Real Estate Finance (REFI), the current Scaled Net Operating Assets is 0.92 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Chicago Atlantic Real Estate Finance (REFI) Overvalued in 2026?

Based on GuruFocus' analysis, Chicago Atlantic Real Estate Finance stock appears to be undervalued. The current stock price of $9.99 is trading 27.3% below its estimated GF Value™ of $13.73. GuruFocus considers Chicago Atlantic Real Estate Finance to be Modestly Undervalued.

Key valuation signals for REFI:

  • Scaled Net Operating Assets: 0.92
  • GF Value™: $13.73 vs. price of $9.99 (27.3% below fair value)
  • GF Score™: 46/100 with 5 warning signs

No single metric tells the full story. See the REFI stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Chicago Atlantic Real Estate Finance Business Description

Industry Real EstateREITs
Address 1680 Michigan Avenue, Suite 700, Miami Beach, FL, USA, 33139
Chicago Atlantic Real Estate Finance Inc is engaged in a commercial real estate finance company. The Company operates as one operating segment, and its primary investment objective is to provide attractive, risk-adjusted returns for stockholders over time, mainly through consistent current income (dividends and distributions) and secondarily, through capital appreciation. The company operates mainly within the USA itself.
46GF Score

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Scaled Net Operating Assets is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$9.99
Price
$13.73
GF Value