Is Chicago Atlantic Real Estate Finance, Inc. (REFI) Halal?
Shariah Screening — 5 Standards
Based on financial data from December 2025
| Standard | Debt Ratio | Cash Ratio | Receivables | Income | Status |
|---|---|---|---|---|---|
| AAOIFI | 40.2% / 30% | 10.2% / 30% | 1.9% / 30% | 113.36% / 5% | ✗ NOT HALAL |
| DJIM | 40.2% / 33% | 10.2% / 33% | 1.9% / 33% | 113.36% / 5% | ✗ NOT HALAL |
| MSCI | 23.9% / 33% | 6.1% / 33% | 1.1% / 33% | 113.36% / 5% | ✗ NOT HALAL |
| S&P | 40.2% / 33% | 10.2% / 33% | 1.9% / 33% | 113.36% / 5% | ✗ NOT HALAL |
| FTSE | 23.9% / 33% | 6.1% / 33% | 1.1% / 50% | 113.36% / 5% | ✗ NOT HALAL |
Financial Highlights
Profitability
| Gross Margin | 100.0% | |
| Operating Margin | 57.7% | |
| Net Margin | 65.9% | |
| Return on Equity (ROE) | 11.7% | |
| Return on Assets (ROA) | 8.4% |
Cash Flow & Balance Sheet
| Operating Cash Flow | $29M |
| Free Cash Flow | $29M |
| Total Debt | $98M |
| Debt-to-Equity | 32.0 |
| Current Ratio | 25.9 |
| Total Assets | $425M |
Price & Trading
| Last Close | $11.93 |
| 50-Day MA | $12.19 |
| 200-Day MA | $13.00 |
| Avg Volume | 149K |
| Beta | 0.3 |
|
52-Week Range
$11.41
| |
About Chicago Atlantic Real Estate Finance, Inc. (REFI)
Chicago Atlantic Real Estate Finance, Inc. operates as a commercial mortgage real estate investment trust in the United States. It engages in originating, structuring, and investing in first mortgage loans and alternative structured financings secured by commercial real estate properties. The company's loan portfolio is comprised of senior loans to state-licensed operators in the cannabis industry. It has elected to be taxed as a real estate investment trust (REIT) and would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. Chicago Atlantic Real Estate Finance, Inc. was incorporated in 2021 and is based in Miami Beach, Florida.
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Frequently Asked Questions
Is Chicago Atlantic Real Estate Finance, Inc. (REFI) halal to invest in?
Based on our screening using AAOIFI Standard 21 (the strictest methodology), Chicago Atlantic Real Estate Finance, Inc. is Not Halal. The company fails one or more screening criteria. We screen against all 5 major standards: AAOIFI, DJIM, MSCI, S&P, and FTSE.
What is Chicago Atlantic Real Estate Finance, Inc.'s debt ratio?
Chicago Atlantic Real Estate Finance, Inc.'s debt ratio is 40.2% under the AAOIFI standard (which uses market capitalization as the denominator). The AAOIFI threshold is 30%. Under MSCI and FTSE (which use total assets as the denominator), the debt ratio is 23.9%.
What are Chicago Atlantic Real Estate Finance, Inc.'s key financial metrics?
Chicago Atlantic Real Estate Finance, Inc. has a market capitalization of $241M, trailing P/E ratio of 6.8, and revenue of $56M. The company maintains a gross margin of 100.0% and a net margin of 65.9%. Return on equity stands at 11.7%.
How often is the screening data updated?
Our screening data is updated regularly using the latest available financial statements and market data. Stock prices and market caps are refreshed frequently, while financial statements are updated quarterly when companies report earnings.
Disclaimer: HalalStockGuide.com provides Shariah compliance screening for educational and informational purposes only. This is not a fatwa, financial advice, or a recommendation to buy or sell any security. Screening results are based on publicly available financial data and established methodologies. Always consult a qualified Islamic scholar and a licensed financial advisor before making investment decisions.