For the year ending 2025-12-31, REFI had -$11,451,564 decrease in cash & cash equivalents over the period.
| Cash Flow | 2025-12-31 |
|---|---|
| Net income | 36,010,478 |
| Accretion of deferred loan origination fees and other discounts | 2,187,528 |
| Paid-in-kind interest | 6,162,563 |
| Interest received through net settlement transactions | 1,365,150 |
| Provision (benefit) for current expected credit losses | 731,051 |
| Change in unrealized (gain) loss on investments | 165,000 |
| Realized gain on debt securities, at fair value | 0 |
| Amortization of debt issuance costs | 406,663 |
| Stock based compensation | 3,368,861 |
| Interest receivable | 2,555,977 |
| Other receivables and assets, net | 473,513 |
| Interest reserve | -1,285,192 |
| Related party payables | 171,517 |
| Related party receivables | -2,180,402 |
| Proceeds from the redemption of debt securities, at fair value | 0 |
| Management and incentive fees payable | 235,418 |
| Interest payable | 199,313 |
| Accounts payable and accrued expenses | -316,172 |
| Net cash provided by operating activities | 28,792,608 |
| Issuance of and fundings of loans held for investment | 75,984,388 |
| Principal repayment of loans held for investment | 79,221,108 |
| Principal repayment of loans held at fair value | 5,500,000 |
| Proceeds from sale of loans | 0 |
| Net cash provided by/(used in) investing activities | 8,736,720 |
| Proceeds from sale of common stock | 1,033,474 |
| Proceeds from notes payable | 0 |
| Proceeds from borrowings on revolving loan | 142,100,000 |
| Repayment of borrowings on revolving loan | 148,000,000 |
| Dividends paid to common shareholders | 43,843,629 |
| Payment of debt issuance costs | 109,999 |
| Payment of offering costs | 160,738 |
| Net cash (used in)/provided by financing activities | -48,980,892 |
| Net (decrease) increase in cash and cash equivalents | -11,451,564 |
| Cash and cash equivalents, beginning of period | 26,400,448 |
| Cash and cash equivalents, end of period | 14,948,884 |