COMP <GO>

REFI vs BRT // EV/EBITDA & P/E VALUATION

Chicago Atlantic Real Estate Finance Inc. (NASDAQ) VS. BRT Apartments Corp. (MD) (NYSE) • 15-METRIC TALLY: REFI 2 — BRT 3

■ METRIC PARITY

LAST: $8.96 (-0.88%) • MKT CAP: $229.6M

valuation

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LAST: $13.28 (+2.31%) • MKT CAP: $249.6M

valuation

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15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (REFI VS. BRT) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	REFI	BRT	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	11.70%	-6.50%	+18.20	REFI	/roic <GO>
EV/EBITDA & P/E Valuation ACTIVE	—	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	12.54%	5.65%	+6.89	REFI	/fcf-yield <GO>
Operating Margin	—	-12.90%	—	TIE	/operating-margins <GO>
Net Profit Margin	—	-12.30%	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	—	1.50%	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	7.57%	-7.57	BRT	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	3/9	3/9	0.00	TIE	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	31.9	42.4	-10.53	BRT	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	6.0x	—	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$229.6M	$249.6M	-$20.0M	BRT	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	REFI REV	BRT REV	REFI GROSS %	BRT GROSS %	REFI FCF	BRT FCF
FY 2025	$0	$97.0M	—	—	$28.8M	$14.1M
FY 2024	$0	$95.6M	—	—	$23.2M	$24.1M
FY 2023	$0	$93.6M	—	—	$28.4M	$19.6M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

REFI // BETA —

BRT // BETA —