GlobeNewswire Inc.T3·16d ago
REFI Chicago Atlantic Real Estate Finance, Inc. Common Stock
XNAS
9.12
Delayed
Stock quote, options chain, IV rank, technicals, AI analysis, and institutional ownership. Iron condor setups Expected move IV rank history Fibonacci levels Insider trading
Market data may be delayed, incomplete, or inaccurate. Not a recommendation to buy, sell, or hold any security. Verify quotes with your broker before trading. See Terms §17.
REFI
$9.12
—
Key stats
$9.12
- 52-Week Range
- $8.59 – $13.49
- YTD
- -25.61%
- IV Rank (30D)
- 9.45
- Straddle Price
- $8.68
- P/C Vol Ratio
- 1.38
- Market Cap
- $0.2B
- Open
- $8.87
- Day Range
- $8.83 – $9.14
- Volume
- 103,947
- Prev Close
- $8.68
Fair Value
+50.0% vs price
A blended fair-value estimate combining up to six valuation methods. Each method is weighted by how well it fits the company — DCF down-weights for unprofitable names; DDM only fires for steady dividend payers; comparables down-weight when peer multiples disagree.
- DCF (quality-aware) — projects free cash flow with a horizon that scales to business quality. True compounders (quality 6/6) get 10 years explicit + 10 years fade before terminal; cyclical/struggling names (quality 0-1) get a 5-year terminal cliff. Quality is scored from ROE, gross margin, growth, FCF margin, debt load, and FCF consistency — the same factors that drive market premium for compounders.
- Market-Implied Growth (in Model Inputs) — reverse-DCF that answers "what growth rate is the market pricing in?". Lets you sanity-check the deviation: if implied growth is plausible for the business, the model's bearish flag may be wrong; if implausible, the market may be over-extrapolating.
- DDM (Gordon Growth Dividend Model) — values the stream of future dividends. Only used when trailing yield ≥ 2% and dividend payments are stable — below that the dividend is a token payout and Gordon (which values only the dividend stream) systematically underprices growth names, so those route to DCF + comparables + market anchor instead.
- P/E, EV/EBITDA, P/B, P/S — applies the peer-group median multiple to this company's per-share metric. Peers come from the same set as the "Related symbols" card. Earnings/sales metrics are forward-tilted by the company's recent revenue growth (capped at 25%) so they're comparable to peers' growth-embedded multiples — mimics how analysts use NTM rather than TTM. Per-multiple weights are biased by company quality (e.g. P/B down-weighted for asset-light tech).
- Market Anchor (SMA50) — the 50-day moving average, weighted by recent trading-range stability (tighter Bollinger bands → higher weight). Captures information fundamentals miss (forward consensus, sentiment, supply/demand) — but only when recent trading is steady enough that the market has converged on a view. During wild breakouts or breakdowns the anchor's weight collapses.
- Options Expected (B-L 30d) — the risk-neutral expected stock price at 30-day options expiration, derived from the full implied-volatility surface via Breeden-Litzenberger (second derivative of call price wrt strike → implied PDF, then E[S_T]). Forward-looking, captures all options-implied information (smile, skew, term structure) in one number. Weighted by chain liquidity. SP500-only at present (pre-computed daily). Backtest evidence: adds modest alpha across most bucket × holding combos.
- Blended value — weighted average. Confidence reflects how many methods fired and how tight peer dispersion is.
- Deviation pill — green when blended FV ≥ 10% above current price (undervalued); red when ≥ 10% below; grey otherwise.
| 10-yr Treasury (rf) | 4.91% |
| Beta vs SPY | 0.66 |
| Cost of Equity (CAPM) | 8.19% (VRP-adj) |
| WACC | 8.27% |
| Volatility Risk Premium | +181.4pp (IV − HV30) |
| Effective Tax Rate | 21.0% |
| Rev. Growth (YoY, DCF input) | +3.0% |
| DCF Horizon | 10 years explicit + fade |
| Forward Tilt (NTM/TTM) | ×1.03 (applied to P/E, EV/EBITDA, P/S) |
| Free Cash Flow (TTM) | $0.0B |
| Return on Equity (TTM) | 9.8% |
| Book / Price | 154.9% — banking bias active (P/B is primary) |
| Debt / Equity | 0.00 |
| Quality Score | 2/6 — normal (10y DCF) |
| SMA 50 | $10.03 (Market Anchor value) |
| SMA 20 / Bollinger Mid | $9.16 |
| Bollinger Width / SMA20 | 115.5% (drives anchor stability) |
| Net Debt | $-0.0B |
| Market Cap | $0B |
Peers used for multiples: AGNC, ARR, BXMT, DX, NLY, ORC, RITM, STWD
Blended Fair Value
$20.47
Deviation
+50.0%
| Method | Implied Price | Weight | Detail |
|---|---|---|---|
| DCF | $24.27 | 26% | |
| DDM (Gordon) | $37.30 | 21% | |
| Peer P/E | $22.38 | 8% | median 15.1× · 3 peers |
| Peer EV/EBITDA | n/a | 0% | median 18.2× · 3 peers |
| Peer P/B | $10.74 | 8% | median 0.8× · 8 peers |
| Peer P/S | n/a | 0% | median 1.8× · 4 peers |
| Market Anchor (SMA50) | $10.03 | 37% | stability 72% (BB-width) |
| Options Expected (B-L 30d) | n/a | 0% |
As of 2026-11-05 · updated
Related
About
- Industry (SIC)
- REAL ESTATE INVESTMENT TRUSTS (6798) · industry map
- Exchange
- XNAS
- Market Cap
- $0.2B
- List Date
- 2021-12-08
- CIK
- 0001867949
- Next Earnings
- 2026-11-10 (Pre-Market)
- EPS Forecast
- $0.46 (2 est.)
- Headquarters
- Chicago, IL
- Homepage
- https://www.chicagoatlanticcredit.com
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.
Summary
—
composite
—
No summary data available for this symbol yet.
Each spoke is this symbol's rank within its sector (0–100; the dotted ring marks the sector median at 50). Higher is more constructive for a long. One spoke — News sentiment — is an absolute reading, not a sector rank. Grayed spokes have no data. A fuller shape is a summary, not a recommendation.
Chart
Seasonality
| Month | '21 | '22 | '23 | '24 | '25 | '26 | Avg |
|---|---|---|---|---|---|---|---|
| Jan | -- | 12.09% | 3.00% | -0.75% | -1.16% | 1.14% | 2.86% |
| Feb | -- | 6.37% | -3.87% | 0.80% | 5.85% | -2.33% | 1.36% |
| Mar | -- | -11.92% | -6.57% | -3.72% | -9.48% | -7.89% | -7.92% |
| Apr | -- | -2.15% | 4.42% | 0.96% | -2.16% | 8.37% | 1.89% |
| May | -- | -0.47% | 3.56% | -0.82% | 0.69% | -5.33% | -0.47% |
| Jun | -- | -12.29% | 2.71% | -2.10% | -2.72% | -4.80% | -3.84% |
| Jul | -- | -6.26% | 0.93% | 6.32% | -6.95% | -10.70% | -3.33% |
| Aug | -- | 7.08% | -0.07% | 0.70% | 10.39% | 9.90% | 5.60% |
| Sep | -- | -5.63% | -3.22% | -1.77% | -9.93% | -7.14% | -5.54% |
| Oct | -- | 1.72% | -3.63% | -1.75% | 2.14% | -10.98% | -2.50% |
| Nov | -- | 9.83% | 9.87% | 7.19% | -2.45% | 2.93%* | 5.47% |
| Dec | 0.97% | -7.89% | 3.32% | -4.81% | -2.62% | -- | -2.21% |
| Total | 0.97% | -12.56% | 9.72% | -0.45% | -18.53% | -25.79% | -7.77% |
Technical Indicators
Quick-reference for reading the values below. Indicators combine to confirm a view — no single one is a trade signal on its own.
Trend Indicators
- SMA 20 / 50 / 200 — price above = uptrend, below = downtrend. SMA 50 crossing SMA 200 is the golden/death cross.
- EMA 12 / 26 — faster-reacting averages; 12 above 26 is short-term bullish.
- MACD — bullish when MACD > signal (green badge), bearish when below. Divergence from price often precedes reversals.
- ADX (14) — trend strength regardless of direction. <20 range, 20–25 weak trend, 25–50 trend, >50 strong trend.
- +DI / −DI — +DI > −DI favors bulls; the reverse favors bears. Read alongside ADX.
Momentum Oscillators
- RSI (14) — <30 oversold, >70 overbought. 40–60 is neutral; trending names can stay extreme.
- Stochastic %K / %D — <20 oversold, >80 overbought. %K crossing %D is an early momentum signal.
- Williams %R — inverted scale: <−80 oversold, >−20 overbought.
Oscillators work best in range-bound markets; in strong trends they give premature reversal signals.
Volume & Volatility
- Bollinger Bands — price at upper band = overbought, lower = oversold. Narrow bands (squeeze) often precede expansion.
- OBV — cumulative volume; rising OBV confirms uptrend, falling OBV confirms downtrend. Divergence from price is a warning.
- Vol SMA 20 / Vol ROC — today's volume vs. 20-day average. Positive ROC with price move = conviction.
- ATR / True Range — average daily $ move; sizing and stop-loss reference.
- HV 20 / 30 / 60 — realized (historical) volatility. Compare to IV on the options cards: IV > HV = rich premium.
Confluence matters: trend + momentum + volume agreeing carries far more weight than any single indicator. For how these feed the spread scanner score, see the algorithm docs →
Trend Indicators
SMA 20: $9.16
SMA 50: $10.03
SMA 200: $11.07
Current: $9.12
EMA 12: $9.07
EMA 26: $9.37
MACD: -0.3054 | Signal: 0.0188
BEARISH
ADX (14): 29.23
TREND
+DI: 21.37
−DI: 27.52
Momentum Oscillators
RSI (14): 43.40
NEUTRAL
Stoch %K: 25.47
Stoch %D: 17.30
Williams %R: -45.36
Volume & Volatility
BB Upper: $9.64
BB Lower: $8.67
NEUTRAL
OBV: -5,903,129
Vol SMA 20: 168,601
Vol ROC: -16.13%
ATR: $0.29
True Range: $0.46
HV 20: 38.3%
HV 30: 37.3%
HV 60: 29.5%
Data Summary
Data Points: 500
Last Updated:
Date Range: 2024-11-06T00:00:00 – 2026-11-04T00:00:00
AI Analysis
Here is the LLM Stock Analysis Report for REFI:
Executive Summary BULLISH/BEARISH: NEUTRAL (Confidence Level: 6/10)
Key drivers: Positive earnings sentiment, CEO participation in fireside chat Primary risks: Low volatility, beta below market average
Investment thesis: REFI's low volatility and positive earnings outlook make it an attractive opportunity for investors seeking stable returns.
Recent news sentiment impact: The recent headlines have been generally positive, with a focus on dividend declarations, earnings releases, and executive participation in fireside chats. This has contributed to the overall neutral sentiment.
Technical Analysis Trend Direction:
- Short-term (1-4 weeks): Bearish
- Medium-term (1-3 months): Neutral
- Long-term (3-12 months): Bullish
Support/Resistance Levels: $11.30 (current price), $10.94 (lower Bollinger band), $12.43 (upper Bollinger band)
Momentum Signals:
- RSI interpretation: Overbought (>70) at 40.94
- MACD signal: Bearish crossover (-0.16 / -0.04)
- Bollinger Bands position: Neutral squeeze
Volume Analysis:
- Volume trends: Weak volume trend
- Institutional interest signals: No significant institutional activity detected
News & Sentiment Analysis Recent Headlines Summary: Positive earnings sentiment, CEO participation in fireside chats, and dividend declarations.
Sentiment Assessment: AGGREGATE SENTIMENT: POSITIVE
Catalyst Identification:
- Upcoming events: Earnings release, product launch
- Regulatory changes: None identified
Market Narrative: The recent positive news headlines have contributed to a neutral sentiment, which aligns with the technical analysis.
Risk & Volatility Assessment Beta Interpretation: LOW RISK (beta 0.72 vs SPY)
Volatility Regime: CURRENT VOLATILITY LEVELS: LOW (stock moves less than market)
Options Market Signals:
- IV rank: MEDIUM
- Put/call ratios: BULLISH sentiment
Downside Protection: Support levels and risk management considerations:
Market Context & Positioning Sector Performance: Relative strength vs sector/market: NEUTRAL
Institutional Activity: No significant institutional activity detected.
Correlation Analysis:
- R-squared interpretation: LOW CORRELATION (0.36) with market
Relative Valuation: Position within trading range:
Key Levels & Action Items Critical Price Levels: $11.30 (current price), $10.94 (lower Bollinger band), $12.43 (upper Bollinger band)
Breakout/Breakdown Levels: None identified
Time-Sensitive Catalysts:
- Earnings release: No specific date available
- Product launch: No specific date available
Risk Management:
- Stop-loss levels: Set stop-loss at 10% below current price ($10.23)
- Position sizing considerations:
This comprehensive analysis report provides a detailed review of REFI's technical, news, and risk factors. The report highlights the stock's low volatility and positive earnings outlook, which contribute to its neutral sentiment. However, it also notes the potential risks associated with REFI's low beta and lack of institutional activity. The report concludes by providing key levels and action items for investors considering a position in REFI.
Generated
News
All REFI news →
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Showing 1–10 of 50
Page 1 of 5
Earnings History
15 of 15 under expected move
Avg Expected Move
11.99%
Avg Actual Move
1.74%
| Earnings Date | Timing | Expected Move | Actual Move | Ratio | Outcome |
|---|---|---|---|---|---|
| 2023-03-09 | Pre-Market | 6.85% | 2.38% | 0.35x | Within |
| 2023-05-09 | Pre-Market | 10.64% | 0.21% | 0.02x | Within |
| 2023-08-09 | Pre-Market | 13.80% | 0.26% | 0.02x | Within |
| 2023-11-08 | Pre-Market | 4.97% | 2.32% | 0.47x | Within |
| 2024-03-12 | Pre-Market | 13.74% | 1.10% | 0.08x | Within |
| 2024-05-07 | Pre-Market | 9.47% | 0.19% | 0.02x | Within |
| 2024-08-07 | Pre-Market | 11.00% | 2.39% | 0.22x | Within |
| 2024-11-07 | Pre-Market | 39.31% | 1.22% | 0.03x | Within |
| 2025-03-12 | Pre-Market | 13.07% | 3.46% | 0.26x | Within |
| 2025-05-07 | After-Close | 4.26% | 1.30% | 0.31x | Within |
| 2025-08-07 | Pre-Market | 9.07% | 2.72% | 0.30x | Within |
| 2025-11-04 | Pre-Market | 8.41% | 1.30% | 0.15x | Within |
| 2026-03-12 | After-Close | 10.96% | 0.00% | 0.00x | Within |
| 2026-05-07 | Pre-Market | 13.27% | 5.14% | 0.39x | Within |
| 2026-08-11 | After-Close | 11.00% | 2.15% | 0.20x | Within |
Earnings calendar: this week’s reports with expected vs actual moves →
REFI Options Activity & IV Rank
REFI IV rank history, 52-week IV rank and IV percentile →
Volatility Metrics
Current IV: 36.3%
7-DTE IV: —
Expected Move: $8.68
7-DTE Move: $8.68
Days to Exp: 16 (2026-11-20)
Options Flow
Call Volume: 8
Put Volume: 11
P/C Volume: 1.375
BEARISH
Call OI: 6
Put OI: 10
P/C OI: 1.667
Total OI: 16
ATM Options Pricing
ATM Call: $7.50
ATM Put: $1.18
Call %: 82.2%
Put %: 12.9%
Chain Summary
Chain Volume: 101
Chain OI: 84
Last Updated: 11/4/2026
Spread Scanner GPU
Each spread is ranked by a composite score built in three stages. Full documentation →
Stage 1 — Base Score (GPU scanner)
score = P(profit) × (credit / spread_width)
P(profit) from short leg delta (1 − |delta|), penalised above 85%. Credit uses mid-price to handle illiquid chains fairly.
Stage 2 — Skew Adjustment (±25% cap)
RR and BF (30-delta) from the persisted per-symbol skew snapshot — wing strikes picked by real greeks.delta, not a moneyness proxy. Put skew boosts bull puts, penalises bear calls. High butterfly boosts iron condors. Calendars are skew-neutral.
Stage 3 — Technical Overlay (±50% cap, 5 groups)
Group 1 · Directional Bias (±0.25)
- RSI <40 bullish / >60 bearish
- MACD crossover + histogram trend
- Price vs SMA 50 & SMA 200
Group 2 · Momentum (±0.10)
- Stochastic %K <20 / >80
- Williams %R <−80 / >−20
Group 3 · Volatility (up to −0.25 / +0.15)
- Blended ATR + straddle expected-move penalty
- Bollinger Band signal (+ counter-trend penalty)
- BB width — vol contraction boost for ICs
Group 4 · IV Regime (±0.15)
- IV rank ≥ 75 → strong boost for credit spreads
- IV rank < 25 → penalty (selling cheap vol)
Group 5 · Liquidity (penalty up to −0.10)
- Min open interest across all legs
- OI < 100 → −0.10 · OI < 500 → −0.05
score = base_score × skew_multiplier × tech_multiplier
Both multipliers are shown per spread. Beta is informational only — ATR already captures realized vol. Full algorithm documentation →
Enter a ticker to scan for optimal spread opportunities.
Evaluates all bull put, bear call, iron condor, and calendar spread combinations using GPU-accelerated analysis.
Dealer Positioning
TYPICAL γ
Estimated net dealer gamma is at the 40th percentile of this name's own daily history, within its typical range. This describes current positioning; it is not a forecast or a trading signal.
Gamma percentile
40%
vs own history
GEX tilt
+0.41
OI-weighted, today
Vanna tilt
+0.05
δ-sensitivity to IV
Charm tilt
-0.12
δ-decay vs time
? What is this?
· 5 ATM contracts, 0k total OI
Net dealer gamma is an estimate of the aggregate gamma held by options market makers across this name's option chain, weighted by open interest. Dealer positions aren't public, so it uses a standard simplifying assumption: dealers are treated as long the calls and short the puts that are open. Actual dealer books can differ.
Gamma percentile ranks today's estimate against this name's own daily history, from 0% (the lowest reading on record) to 100% (the highest). Raw gamma scales with how much open interest a chain carries, so it isn't comparable across names; the percentile is. The badge marks the bottom 20% as low and the top 20% as high.
Tilts run from −1 to +1 and show how lopsided the estimated dealer exposure is. GEX tilt compares call gamma with put gamma. Vanna tilt describes how the hedge would shift if implied volatility changed, and charm tilt how it would shift with the passage of time.
This card describes estimated positioning and where it sits historically. It is not a forecast of price direction or volatility and not a trading signal. Market-wide view: Dealer positioning screener.
Skew (Wing IV − ATM IV)
DTE:
Wing Δ:
Wing vs ATM
IV(put wing) − IV(ATM), in vol pointsHow much the OTM put trades above (or below) the at-the-money strike. Measures the height of the put-side tail relative to ATM — i.e. how expensive crash insurance is on this name.
- Positive (typical) — wing IV > ATM IV. Standard equity put skew: portfolios bid up crash protection, so OTM puts trade richer than ATM.
- Near zero or negative (unusual) — wing IV ≤ ATM IV. Flat or inverted put side. Common when there's no fear demand, in tightly mean-reverting names, or right after an earnings catalyst clears.
- Percentile vs own 3-yr history: high = wings rich (good time to sell wing premium); low = wings cheap (good time to buy protection).
- Not directional — high or low wings don't predict up or down moves. It's a price tag on tail insurance, not a forecast.
Risk Reversal
IV(call wing) − IV(put wing), equal delta on each sideWhich side of the smile is the market paying up for? Measures the tilt of the surface — call skew vs put skew at matched deltas.
- Negative (typical) — puts richer than calls. Standard equity behavior: hedging demand makes puts carry a premium. Most large-caps sit in the −1 to −5 vol-point range.
- Strongly negative (< −5 pts) — heavy downside hedging, elevated fear, or an upcoming catalyst (earnings, FDA, macro event). Worth flagging.
- Positive — calls richer than puts. Unusual for equities; signals bullish momentum, short-squeeze positioning, or takeover/M&A speculation.
- Near zero — symmetric surface. Market sees roughly equal up/down risk. Rare for large-caps; more common in commodities and FX.
Reading them together
Wing-vs-ATM tells you how expensive the tails are. Risk Reversal tells you which side is favored. Combined:
- High wing percentile + deeply negative RR → strong put bid; stress or major event priced in. Owning protection costs a premium; selling put premium is dangerous.
- Low wing percentile + near-zero RR → complacency; insurance cheap and balanced. Good environment to add cheap downside hedges.
- Positive RR + elevated wings → call-side fear-of-missing-out; common in squeeze setups. Upside calls expensive, downside puts not bid.
14 DTE / 10d
—
—
pts
EXTREME
as of Nov 4 · ATM 72.9% / Wing —
30 DTE / 10d
—
—
pts
EXTREME
as of Nov 4 · No data
Extreme reading.
Historically these have been contrarian — on the small set of observed earnings-day cases, large negative wing-vs-ATM gaps (calls pricing much richer than puts at the same delta) preceded sharp drops in the underlying within 1-12 days. Not financial advice and the dataset is small.
Percentile is the rank of today's reading within ~3 years of this symbol's own history. High percentile = wings are rich relative to history; not a directional signal. Skew is read off the chain in real time, not from CBOE SKEW.
Volatility Surface
Enter a ticker to render the implied volatility surface.
Volatility Smile
Enter a ticker to render the implied volatility smile.
IV Rank (7 DTE)
IV Rank (30 DTE)9.4LowNov 4
Straddle Price (30 DTE)$8.68Nov 4
Beta Analysis
Risk Metrics
Beta: 0.4238
Alpha: -37.29%
Correlation: 0.2111
R-Squared: 4.5%
Stock Volatility: 25.8%
Market Volatility: 12.8%
Analysis Details
Benchmark: SPY
Data Points: 251
Period: 252 trading days
Data Points: 251
Period: 252 trading days
Interpretation:
Low volatility - stock moves less than market
Low volatility - stock moves less than market
Beta & Alpha Over Time
Notable investors who own REFI
1 of 37 tracked investors
| Investor | Value | Share of their portfolio | Rank | Q/Q shares | Source |
|---|---|---|---|---|---|
| Renaissance Technologies Hedge fund Jim Simons | $414K | #2667 of 3138 | -24.3% | 13F |
Hedge funds, activists, holding companies and family offices we track, from their latest 13F (quarter-end value) and Form 4 filings in the last 3 years. Family offices · all institutions
REFI Institutional Ownership (13F)
Latest filings — 2026-09-30
? 13F Guide
Diluted shares outstanding: 21,472,162 (as of 2026-03-31)
Institutional managers with $100M+ AUM file Form 13F-HR quarterly, due 45 days after quarter end. Holdings are reported gross at quarter-end market value — they are a snapshot, not a real-time position.
- Shares — long equity positions in this name, aggregated across share classes.
- Calls / Puts — notional value of long call / put exposure where this ticker is the underlying.
- % of Float — holder's reported shares divided by the latest diluted shares outstanding. Sums above 100% indicate large custodian / prime broker positions where the same shares are reported by multiple filers.
- Custodian badge — filers with more than 5,000 holdings are typically broker-dealers / custodians reporting customer-held shares, not active managers.
Each filer is counted once at its latest 13F-HR filing. New filings are ingested on a weekly cadence.
2 filers$28.94K notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | GROUP ONE TRADING LLC Custodian | $16.08K | 55.56% | 2026-06-30 |
| 2 | Simplex Trading, LLC Custodian | $12.86K | 44.44% | 2026-06-30 |
1 filers$132.93K notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Citadel Advisors LLC Custodian | $132.93K | 100.00% | 2026-06-30 |
REFI Insider Trading (Form 4)
Latest: 2026-08-28Form 4 filings — insider beneficial-ownership changes by officers, directors, and 10%+ holders. Filed within 2 business days of transaction.
| Filed | Reporter | Role | Action | Shares | Avg Price | Net $ | Link |
|---|---|---|---|---|---|---|---|
| 2026-08-28 | John Mazarakis | Executive Chairman | Buy (P) | +47,711 | $10.67 | $508.9K | EDGAR |
| 2026-08-25 | John Mazarakis | Executive Chairman | Buy (P) | +145 | $10.67 | $1.5K | EDGAR |
| 2026-08-21 | Peter Sack | Co-Chief Executive Officer | Buy (P) | +5,000 | $10.44 | $52.2K | EDGAR |
| 2026-08-19 | Anthony Cappell | Co-Chief Executive Officer | Buy (P) | +45,000 | $10.40 | $468.2K | EDGAR |
| 2026-08-19 | John Mazarakis | Executive Chairman | Buy (P) | +25,000 | $10.25 | $256.3K | EDGAR |
| 2026-04-22 | Elizabeth Mary Stavola | Director | Award (A) | +6,324 | — | EDGAR | |
| 2026-04-22 | David Kite | President and COO | Award (A) | +37,099 | — | EDGAR | |
| 2026-04-22 | Anthony Cappell | Co-Chief Executive Officer | Award (A) | +37,099 | — | EDGAR | |
| 2026-04-22 | Peter Sack | Co-Chief Executive Officer | Award (A) | +37,099 | — | EDGAR | |
| 2026-04-22 | Phillip Silverman | Chief Financial Officer | Award (A) | +32,462 | — | EDGAR | |
| 2026-04-22 | John Mazarakis | Executive Chairman | Award (A) | +37,099 | — | EDGAR | |
| 2026-04-22 | Jason D Papastavrou | Director | Award (A) | +6,324 | — | EDGAR | |
| 2026-04-22 | Brandon Konigsberg | Director | Award (A) | +6,324 | — | EDGAR | |
| 2025-10-16 | Peter Sack | Co-Chief Executive Officer | Buy (P) | +8,150 | $12.43 | $101.3K | EDGAR |
| 2025-10-16 | Brandon Konigsberg | Director | Buy (P) | +7,000 | $12.33 | $86.3K | EDGAR |
Codes: P = open-market purchase · S = open-market sale · A = grant/award · M = option exercise · F = tax withholding at vest · G = bona-fide gift · D = disposition to issuer · J = other (described in filing footnote — typically 401(k), trust, inheritance) · W = will/inheritance. Only P / S codes carry directional signal.
REFI Insider Holdings
10 insiders · @ $9.12
Officers, directors, and 10%+ owners who have filed a Form 4 in the past two years, ranked by current disclosed exposure (shares × today's price). Shares are direct + indirect (via trusts / LLCs / spouse). Excludes unvested RSU and option grants — those aren't beneficially owned until vest.
| # | Insider | Role | Shares | Disclosed Exposure | Lifetime OM Net | Filings | Last Filed |
|---|---|---|---|---|---|---|---|
| 1 | John Mazarakis | Executive Chairman | 550,556 | $5.02M | $3.93M | 16 | 2026-08-28 |
| 2 | Anthony Cappell | Co-Chief Executive Officer | 473,328 | $4.32M | $3.12M | 9 | 2026-08-19 |
| 3 | Andreas Bodmeier | President and CIO | 398,279 | $3.63M | $2.66M | 6 | 2025-04-03 |
| 4 | Michael L. Steiner | Director | 387,484 | $3.53M | $80.0K | 4 | 2025-04-03 |
| 5 | Peter Sack | Co-Chief Executive Officer | 121,356 | $1.11M | $196.3K | 8 | 2026-08-21 |
| 6 | David Kite | President and COO | 109,611 | $999.7K | $75.0K | 5 | 2026-04-22 |
| 7 | Phillip Silverman | Chief Financial Officer | 71,516 | $652.2K | $10.0K | 5 | 2026-04-22 |
| 8 | Jason D Papastavrou | Director | 58,870 | $536.9K | $576.9K | 7 | 2026-04-22 |
| 9 | Brandon Konigsberg | Director | 33,870 | $308.9K | $102.3K | 6 | 2026-04-22 |
| 10 | Elizabeth Mary Stavola | Director | 6,324 | $57.7K | $0 | 1 | 2026-04-22 |
Lifetime OM Net = signed sum of open-market buys (P) and sells (S) over their career; excludes grants, tax withholdings, and dispositions to issuer. A large negative number is normal for long-tenured executives — they've sold compensation grants over many years.
REFI Board & Officers
As of SEC filings through Aug 28, 2026Directors 7
- Anthony Cappell · since Dec 7, 2021
- Brandon Konigsberg · since Dec 7, 2021
- Jason D Papastavrou · since Dec 7, 2021
- John Mazarakis · since Dec 7, 2021
- Michael L. Steiner · since Dec 7, 2021
- Peter Sack · since Dec 7, 2021
- Elizabeth Mary Stavola · since Jun 13, 2025
Officers 5
- Anthony Cappell · Chief Executive Officer · since Dec 7, 2021
- Peter Sack · Co-Chief Executive Officer · listed since Apr 2024
- Phillip Silverman · Chief Financial Officer · listed since Apr 2024
- David Kite · Chief Operating Officer · since Dec 7, 2021
- John Mazarakis · Executive Chairman · listed since Oct 2025
Changes in the last 10 years (28)
| Oct 2, 2025 | John Mazarakis listed as Executive Chairman (previously Executive COB) in SEC filings |
| Jun 13, 2025 | Elizabeth Mary Stavola became a director |
| Dec 27, 2024 | The company announced the departure of Donald E. Gulbrandsen as Co-President and CIO in an SEC filing |
| Dec 27, 2024 | The company announced the departure of Andreas Bodmeier from the board in an SEC filing |
| Dec 11, 2024 | The company announced the departure of Donald E. Gulbrandsen from the board in an SEC filing |
| Apr 3, 2024 | Phillip Silverman listed as Chief Financial Officer (previously Interim CFO) in SEC filings |
| Apr 3, 2024 | Peter Sack listed as Co-Chief Executive Officer (previously Co-President) in SEC filings |
| Apr 3, 2024 | Donald E. Gulbrandsen first listed as Co-President and CIO in an SEC filing |
| Sep 30, 2022 | Phillip Silverman became Interim CFO |
| Sep 16, 2022 | The company announced the departure of Lindsay Menze as Chief Financial Officer in an SEC filing |
| Jun 10, 2022 | John Mazarakis listed as Executive COB (previously Exec. Chairman of the Board) in SEC filings |
| Dec 7, 2021 | Peter Sack became a director |
| Dec 7, 2021 | Peter Sack became Co-President |
| Dec 7, 2021 | Michael L. Steiner became a director |
| Dec 7, 2021 | Lindsay Menze became Chief Financial Officer |
| Dec 7, 2021 | John Mazarakis became a director |
| Dec 7, 2021 | John Mazarakis became Exec. Chairman of the Board |
| Dec 7, 2021 | Jason D Papastavrou became a director |
| Dec 7, 2021 | Frederick C Herbst became a director |
| Dec 7, 2021 | Donald E. Gulbrandsen became a director |
| Dec 7, 2021 | David Kite became Chief Operating Officer |
| Dec 7, 2021 | Chicago Atlantic Fund QP, LLC became a 10% owner |
| Dec 7, 2021 | Chicago Atlantic CRE Holdings, LLC became a 10% owner |
| Dec 7, 2021 | Brandon Konigsberg became a director |
| Dec 7, 2021 | Anthony Cappell became a director |
| Dec 7, 2021 | Anthony Cappell became Chief Executive Officer |
| Dec 7, 2021 | Andreas Bodmeier became a director |
| Dec 7, 2021 | Andreas Bodmeier became Co-President and CIO |
Not reported recently (4)
- Andreas Bodmeier · Last reported as Co-President and CIO in an SEC filing dated Apr 3, 2025
- Frederick C Herbst · Last reported as a director in an SEC filing dated Jun 13, 2024
- Chicago Atlantic CRE Holdings, LLC · Last reported as a 10% owner in an SEC filing dated Jun 10, 2022
- Chicago Atlantic Fund QP, LLC · Last reported as a 10% owner in an SEC filing dated Jun 10, 2022
Compiled from SEC filings by the company and its directors and officers. Dates are as stated in those filings. Where no filing says when someone left, we show the last filing that listed them.
ETF Holders
26 ETFs hold REFI
25 shown · $27.71M total exposure · 0.01% AUM-weighted avg weight
| # | ETF | Provider | Weight | $ Exposure | ETF AUM | As Of |
|---|---|---|---|---|---|---|
| 1 | VTI Vanguard Morningstar Total Stock Market ETF | Vanguard | 0.00% | $6.1M | — | 2026-09-30 |
| 2 | IWM iShares Russell 2000 ETF | iShares (BlackRock) | 0.01% | $5.1M | $77.4B | 2026-11-03 |
| 3 | MORT VanEck Mortgage REIT Income ETF | VanEck | 1.02% | $3.2M | $324.0M | 2026-11-03 |
| 4 | VXF Vanguard Extended Market ETF | Vanguard | 0.00% | $2.9M | — | 2026-09-30 |
| 5 | REM iShares Mortgage Real Estate ETF | iShares (BlackRock) | 0.67% | $2.9M | $449.2M | 2026-11-03 |
| 6 | IWN iShares Russell 2000 Value ETF | iShares (BlackRock) | 0.01% | $2.0M | $14.3B | 2026-11-03 |
| 7 | VTWO Vanguard Russell 2000 ETF | Vanguard | 0.01% | $1.3M | — | 2026-09-30 |
| 8 | RIET Hoya Capital High Dividend Yield ETF | Nport | 1.19% | $1.3M | — | 2026-08-31 |
| 9 | FDM First Trust Dow Jones Select MicroCap Index Fund | First Trust | 0.36% | $969,313 | $268.2M | 2026-11-03 |
| 10 | IWC iShares Micro-Cap ETF | iShares (BlackRock) | 0.05% | $596,108 | $1.2B | 2026-11-03 |
| 11 | CNBS Amplify Seymour Cannabis ETF | Amplify | 0.43% | $293,400 | $68.3M | 2026-11-04 |
| 12 | VTWV Vanguard Russell 2000 Value ETF | Vanguard | 0.02% | $209,628 | — | 2026-09-30 |
| 13 | VRAI Virtus Real Asset Income ETF | Nport | 0.95% | $176,920 | — | 2026-07-31 |
| 14 | PRFZ Invesco RAFI US 1500 Small-Mid ETF | Nport | 0.01% | $175,817 | — | 2026-07-31 |
| 15 | RFLR Innovator U.S. Small Cap Managed Floor ETF | Innovator | 0.13% | $124,397 | $96.7M | 2026-11-04 |
| 16 | RSSL Global X Russell 2000 ETF | Global X | 0.01% | $99,536 | — | 2026-11-04 |
| 17 | ROSC Hartford Multifactor Small Cap ETF | Nport | 0.13% | $78,461 | — | 2026-07-31 |
| 18 | IWV iShares Russell 3000 ETF | iShares (BlackRock) | 0.00% | $67,348 | $20.6B | 2026-11-03 |
| 19 | OMFS Invesco Russell 2000 Dynamic Multifactor ETF | Invesco | 0.02% | $47,862 | — | 2026-11-03 |
| 20 | VTHR Vanguard Russell 3000 ETF | Vanguard | 0.00% | $15,551 | — | 2026-09-30 |
| 21 | ITWO ProShares Russell 2000 High Income ETF | ProShares | 0.01% | $11,701 | — | 2026-11-04 |
| 22 | URTY ProShares UltraPro Russell2000 | ProShares | 0.00% | $9,321 | — | 2026-11-04 |
| 23 | UWM ProShares Ultra Russell2000 | ProShares | 0.00% | $6,393 | — | 2026-11-04 |
| 24 | EBIT Harbor AlphaEdge Small Cap Earners ETF | Nport | 0.03% | $3,367 | — | 2026-07-31 |
| 25 | HDG ProShares Hedge Replication ETF | ProShares | 0.00% | $255 | — | 2026-11-04 |
Fundamentals
Quarterly filings sourced from SEC 10-Q / 10-K reports. TTM tiles aggregate the most recent four quarters; bars show the last ~12 quarters oldest → newest.
Metrics
- Revenue — top-line sales. Look for consistent YoY growth; seasonal businesses need same-quarter comparisons (Q4 '24 vs Q4 '23).
- Net Income — bottom-line profit after all expenses. Can be volatile from one-time items; red bars = net loss.
- Diluted EPS — net income per share assuming options/converts are exercised. Direct input to the P/E ratio.
- Operating Cash Flow — cash generated from core operations, before capex and financing. Harder to manipulate than net income; growing OCF is a quality signal.
How to read the bars
- Sequential growth — quarter-over-quarter trend. Accelerating bars are a momentum signal.
- YoY growth — compare to the same quarter a year earlier to remove seasonality.
- Quality — OCF should roughly track Net Income over time. Large divergence (net income ≫ OCF) flags accruals risk.
- Margins — scan the bar ratios: Net Income / Revenue tells you margin trend without needing a separate chart.
TTM (trailing-twelve-month) smooths seasonality and is used for the P/E calculation. Filings appear 30–90 days after the period closes.
Trailing P/E
6.33
TTM Diluted EPS
$1.44
TTM Revenue
—
TTM Net Income
$30.81M
TTM Op. Cash Flow
$24.33M
Quarterly figures (12 quarters)
| Quarter | Period End | Revenue | Net Income | Diluted EPS | Op. Cash Flow |
|---|---|---|---|---|---|
| Q1 '26 | 2026-03-31 | — | $4.84M | $0.23 | $3.16M |
| Q4 '25 | 2025-12-31 | — | $8.16M | $0.38 | $6.52M |
| Q3 '25 | 2025-09-30 | — | $8.93M | $0.42 | $8.19M |
| Q2 '25 | 2025-06-30 | — | $8.88M | $0.41 | $6.46M |
| Q1 '25 | 2025-03-31 | — | $10.04M | $0.47 | $7.63M |
| Q4 '24 | 2024-12-31 | — | $7.92M | $0.39 | $1.83M |
| Q3 '24 | 2024-09-30 | — | $11.21M | $0.56 | $8.20M |
| Q2 '24 | 2024-06-30 | — | $9.18M | $0.46 | $6.21M |
| Q1 '24 | 2024-03-31 | — | $8.73M | $0.47 | $6.92M |
| Q4 '23 | 2023-12-31 | — | $9.40M | $0.51 | $15.50M |
| Q3 '23 | 2023-09-30 | — | $9.98M | $0.54 | $999.96K |
| Q2 '23 | 2023-06-30 | — | $8.64M | $0.47 | $10.21M |
Q1 2026 • period ending 2026-03-31 • filed 2026-05-07
Valuation
Ratios derived from TTM financials and the current market price, sampled daily. History chart shows how expensive the stock is today relative to its own recent past.
Price Multiples
- P/E — price / TTM earnings. Rough market rule: 10–15 value, 15–25 market, >30 growth/premium. Negative when earnings are negative.
- P/B — price / book value. Useful for financials and asset-heavy names; meaningless for asset-light software.
- P/S — price / TTM revenue. Useful when earnings are negative or noisy (early-stage growth).
- EV/EBITDA — capital-structure-neutral. <10 cheap, 10–15 reasonable, >20 rich. Good for comparing across leverage profiles.
- EV/Sales — like P/S but accounts for debt + cash. Compare within sector.
Profitability & Yields
- ROE — return on equity. >15% strong, >25% exceptional. Caution: high leverage inflates ROE.
- ROA — return on assets. Leverage-neutral; >5% solid, >10% exceptional.
- Div Yield — annual dividend / price. Compare to 10Y Treasury; sustained yield >6% often signals distress.
- FCF Yield — free cash flow / market cap. >5% is attractive; negative means burning cash.
Balance Sheet
- Debt/Equity — leverage. <1 conservative, >2 aggressive. Sector-dependent (utilities naturally high, tech low).
- Current Ratio — short-term liquidity. >1.5 comfortable, <1 raises short-term solvency flags.
Reading the history chart
- Compare current level to the 3-year band: near the high end = relatively expensive; near the low = relatively cheap.
- Multiples expanding while earnings are flat = sentiment-driven rally.
- Multiples compressing while earnings grow = value coming from fundamentals.
P/E
6.33
P/B
0.65
P/S
—
EV/EBITDA
—
EV/Sales
—
ROE
10.2%
ROA
7.1%
Div Yield
18.27%
FCF Yield
12.42%
Debt/Equity
0.00
Current Ratio
—
Market Cap
$195.83M
as of 2026-11-04
Short Interest & Float
Regulatory short-interest reports publish on a bi-weekly settlement cadence; short-volume is reported daily by the trade-reporting facilities. Float is derived from insider-ownership filings.
Metric definitions
- Short Interest — total shares currently sold short as of the settlement date. Lags real time by ~8 business days.
- SI % of Float — short interest / free float. The key crowding metric.
- Days to Cover — short interest / avg daily volume. How many full trading days it would take shorts to buy back. High DTC + catalyst = squeeze fuel.
- Short Vol Ratio — today's short-sale volume / total volume. Intraday selling pressure proxy (not the same as short interest).
- Free Float — shares available for public trading (total shares minus insider / restricted).
- Float % — free float / shares outstanding. <50% = tightly held, more prone to squeezes.
How to read the signals
- SI % of Float < 5% — typical, no particular signal.
- 5–15% — elevated; watch for catalysts (earnings, guidance, macro).
- 15–30% — heavily shorted; tight-float names in this range have produced notable squeezes historically.
- >30% — extreme; borrow is likely expensive and squeeze risk is material.
- Days to Cover > 5 combined with high SI% amplifies squeeze potential.
History chart
- Trend matters more than level. Rapidly rising short interest often precedes negative catalysts or heavy hedging.
- A sudden drop in SI after a rally may indicate a squeeze in progress.
Short interest is reported mid-month and end-of-month; short volume is daily.
Short Interest
1.67M
SI % of Float
7.44%
Days to Cover
8.67
Short Vol Ratio
60.1%
Free Float
22.45M
Float %
87.6%
Short interest 2026-10-15 • Short volume 2026-11-04 • Float 2026-10-01