Chicago Atlantic Real Estate Finance, Inc.

REFI: Is Chicago Atlantic Real Estate Finance, Inc. Halal?

Chicago Atlantic Real Estate Finance, Inc.

NASDAQReal EstateUS

$10.48

+2.44%

Market Cap: 223.4M

Compliance Status

Not Halal

Screened on Aug 12, 2026 · AAOIFI Standard 21

F

Non-Compliant

0Score

Is Chicago Atlantic Real Estate Finance, Inc. (REFI) halal? Not Halal. Based on AAOIFI screening, Chicago Atlantic Real Estate Finance, Inc. has involvement in prohibited business activities with a compliance score of 0/100 (Grade: F).

Business activity

Involved in prohibited business activities.

Failed

Company debt

Over the limit

How much the company borrows, compared to its total value. AAOIFI allows up to 30%.

44.1% of 30.0% limit

What this means for you

Most scholars advise not holding REFI

It does not pass AAOIFI Shariah screening.

See halal alternatives from the same sector further down this page

About Chicago Atlantic Real Estate Finance, Inc.

Chicago Atlantic Real Estate Finance, Inc. functions as a commercial real estate financing enterprise operating throughout the United States. Its primary activities include developing, arranging, and deploying capital into various secured debt instruments, notably first mortgage loans, which are collateralized by commercial properties. A specific area of focus for the company is extending senior-priority loans to both state-approved operators and property owners within the legal cannabis industry. Chicago Atlantic has chosen to be taxed as a Real Estate Investment Trust (REIT), which allows it to avoid federal corporate income tax, conditional on distributing a minimum of 90% of its taxable profits to its investors. The firm was established in 2021 and is headquartered in Chicago, Illinois.

Sector: Real Estate · Industry: REIT - Mortgage

Shariah Compliance Status

AAOIFI Standard 21Updated Aug 12, 2026

Business Activity Screen

Failed

Checks if the business is involved in prohibited activities (alcohol, gambling, pork, conventional banking, etc.)

  • Prohibited industry: REIT - Mortgage

Compliance History

Not Halal, unchanged since Aug 2026.

No status changes recorded since we began tracking.

Tracked since Aug 2026. Updates automatically on each re-screen.

Fiscal: FY 2025Data source: FMP

Halal Alternatives in Real Estate

This stock is not Shariah-compliant. Here are halal alternatives from the same sector, ranked by compliance score:

Hotel101 Global Holdings Corp. Class A Ordinary Shares
HBNBA+

Hotel101 Global Holdings Corp. Class A Ordinary Shares

$5.85

+2.82%

Global Medical REIT Inc.
GMREA+

Global Medical REIT Inc.

$35.74

-1.24%

Maui Land & Pineapple Company, Inc.
MLPA+

Maui Land & Pineapple Company, Inc.

$17.34

-3.02%

Jones Lang LaSalle Incorporated
JLLA+

Jones Lang LaSalle Incorporated

$362.74

-0.36%

NNN REIT, Inc.
NNNA+

NNN REIT, Inc.

$49.38

+1.52%

More Real Estate Stocks

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Frequently Asked Questions

Is Chicago Atlantic Real Estate Finance, Inc. (REFI) halal to invest in?
Chicago Atlantic Real Estate Finance, Inc. (REFI) is rated Not Halal under AAOIFI Standard 21 screening. It fails either the business activity screen (primary involvement in prohibited sectors such as conventional banking, alcohol, or gambling) or one of the quantitative financial ratio thresholds. Muslim investors should avoid or exit this position.
Why did Chicago Atlantic Real Estate Finance, Inc. get a F compliance rating?
Chicago Atlantic Real Estate Finance, Inc. (REFI) received a grade of F (Non-Compliant) based on three AAOIFI Standard 21 financial ratios: debt-to-market-cap of 44.1% (limit 30%). The grade reflects the margin of safety across all three ratios relative to their thresholds.
What could change Chicago Atlantic Real Estate Finance, Inc.'s Shariah verdict?
Chicago Atlantic Real Estate Finance, Inc.'s verdict is re-evaluated at each annual re-screen. Three events could change it: (1) the debt-to-market-cap ratio crossing 30%, typically from new debt issuance or a major drop in share price; (2) interest-bearing deposits exceeding 30% of market cap; or (3) prohibited revenue (alcohol, gambling, conventional finance, etc.) exceeding 5% of total revenue. Verdict flips are tracked in the compliance history section above.
How often is Chicago Atlantic Real Estate Finance, Inc. re-screened for Shariah compliance?
Chicago Atlantic Real Estate Finance, Inc. (REFI) is re-screened annually using the most recent full-year financial data from SEC filings. HalalScreener also triggers an on-demand re-screen whenever the stored data is more than 7 days old, ensuring the ratios reflect the latest available financial statements. Last screened: Aug 12, 2026.

Screened according to AAOIFI Standard No. 21 · For informational purposes only. Consult a qualified Islamic finance advisor before investing.

Disclaimer: This screening is for informational purposes only and does not constitute financial, legal, or religious advice. Compliance is evaluated using AAOIFI financial standards (debt, deposits, and prohibited income ratios) and publicly available data. Ethical, political, social, or environmental considerations are outside the scope of this screening. Individual scholars and methodologies may differ. Always consult a qualified Islamic finance advisor before making investment decisions.