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43 /100
COMPONENT-LIMITED
Score updated Oct 13, 2026

REFI — Chicago Atlantic Real Estate Finance, Inc. Dilution Risk Tracker

Track REFI dilution risk with DilutionWatch's stock tracker. DilutionScore™ measures dilution risk across 5 factors — lower scores indicate higher risk of share dilution.

⚠️ Not financial advice. Do your own research before making any investment decisions.

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As of October 13, 2026, Chicago Atlantic Real Estate Finance, Inc. (REFI) has a DilutionWatch DilutionScore of 43/100, rated MEDIUM dilution risk. This is a component-limited score because one or more material inputs are unavailable or not applicable. Chicago Atlantic Real Estate Finance, Inc. has a market capitalization of $239.56M, 25.62M shares outstanding, 103 institutional holders tracked. Stored dilution-related fields include shelf registration capacity of $452.11M.

This page includes automatically generated factual summaries from DilutionWatch data. It is not financial advice, not investment research, and not a recommendation. Do your own research. Read the full disclaimer and terms of service.

Score Breakdown

📋 Offering Ability
92
💰Cash Runway—
📊 Float Risk
30
⚠️ Warrant Exposure
40
🔄 Convertible Debt
40

Dilution Forecast

⛅
Watch
Minor dilution signals detected
model est. 10%
💰 Capital Raise model 20%
• Active shelf registration ($452M, 189% of market cap)
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Market Data

Market Cap$239.56M
Shares Outstanding25.62M
Float17.97M
Cash$13.35M
Debt$269.65M
Short InterestN/A

Source-Backed Evidence Depth

This public preview uses stored DilutionWatch fields and linked SEC/market records only. Missing values are not estimated.

FieldCurrent ValueBasis
DilutionScore43/100DilutionWatch score record
Shares Outstanding25.62MVerified float table or market cache
Public Float17.97MVerified float table or market cache
Market Cap$239.56MMarket data cache
Cash RunwayNot applicable / unavailableDilutionWatch score inputs
Shelf Capacity$452.11MSEC-derived dilution fields
ATM CapacityNone in current score inputsSEC-derived dilution fields
Outstanding WarrantsNone in current score inputsSEC-derived dilution fields

Recent source-backed SEC insight records available on this page: 2.

Recent SEC source mix: S-3 1, XBRL 1.

The page does not infer future share issuance, financing probability, cash needs, management intent, or price impact when source fields are absent.

Institutional Holdings

QoQ: ↑ 14.6% shares (2026Q1 vs prior)
103 institutional holders · 7.62M shares
#1 VANGUARD CAPITAL MANAGEMENT LLC 1.46M shares
#2 BlackRock, Inc. 1.43M shares
#3 Fielder Capital Group LLC 959.8K shares
+ 17 more holders Sign up free to view →

Institutional holder totals are aggregated from ownership filings and may use a different share basis or reporting date than public float. They are not a reconciliation against tradeable float.

Short Interest

Short Interest1.88M
Days to Cover6.3
% of Float10.4%
FINRA data as of Sep 30, 2026

Recent SEC Activity

xbrl XBRL CONVERTIBLE 2022-04-14
S-3 SHELF 2026-01-16
Full SEC filing analysis available with free account →

Recent News

No recent news available for this ticker.

Factual REFI Dilution Snapshot

Chicago Atlantic Real Estate Finance, Inc. (REFI) has a DilutionScore of 43/100, rated Medium dilution risk. Score date: October 13, 2026.

This automatically generated snapshot is assembled from stored DilutionWatch data fields and may contain data-source errors or omissions. It is not financial advice, not investment research, and not a recommendation. Do your own research and review the full disclaimer and terms of service.

DilutionScore History — Last 90 Days

REFI's DilutionScore is currently 43/100 (Medium risk), with 2 score changes tracked over 89 days. The score improved from 42/100 (Medium risk).

Period Score Risk Level Duration
Oct 13, 202643/100MEDIUM1 day
Aug 22 – Oct 12, 202642/100MEDIUM52 days
Jul 16 – Aug 21, 202639/100MEDIUM36 days

Score recalculated daily from SEC filings and market data. Sign up free for real-time score change alerts.

Share Dilution History

REFI shares outstanding have increased 0.6% from 21.08M (Mar 2026) to 21.21M (May 2026). Each increase represents potential dilution to existing shareholders.

Date Shares Outstanding Public Float Change
May 08, 202621.21M17.97M▲ 0.60%
May 03, 202621.21M17.86M▲ 0.11%
Apr 28, 202621.21M17.84M▼ 0.21%
Apr 26, 202621.21M17.88M▼ 0.90%
Mar 14, 202621.08M18.04M▲ 0.02%

Share counts sourced from verified regulatory filings. Increases indicate dilution events.

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Score Coverage Note