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Side-by-side financial comparison of FiscalNote Holdings, Inc. (NOTE) and Chicago Atlantic Real Estate Finance, Inc. (REFI). Click either name above to swap in a different company.
FiscalNote Holdings, Inc. is the larger business by last-quarter revenue ($22.2M vs $14.2M, roughly 1.6× Chicago Atlantic Real Estate Finance, Inc.). On growth, Chicago Atlantic Real Estate Finance, Inc. posted the faster year-over-year revenue change (1.2% vs -24.7%). Over the past eight quarters, Chicago Atlantic Real Estate Finance, Inc.'s revenue compounded faster (3.7% CAGR vs -16.8%).
FiscalNote Holdings, Inc., or commonly FiscalNote, is a publicly traded software, data, and media company headquartered in Washington, D.C. The company was founded by Timothy Hwang, Gerald Yao, and Jonathan Chen in 2013. FiscalNote provides software tools, platforms, data services, and news through the FiscalNote Government Relationship Management (GRM) service, its core product. The company also uses an artificial intelligence platform to analyze proposed U.S. legislation based on key phrase...
Chicago Atlantic Real Estate Finance, Inc. is a commercial real estate finance firm that primarily originates, underwrites, and manages secured senior mortgage loans for US commercial real estate assets. Its core segments include multifamily residential, industrial, retail, and office properties, serving experienced real estate operators and project sponsors.
NOTE vs REFI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $22.2M | $14.2M |
| Net Profit | — | $8.2M |
| Gross Margin | — | — |
| Operating Margin | -83.7% | 57.3% |
| Net Margin | — | 57.3% |
| Revenue YoY | -24.7% | 1.2% |
| Net Profit YoY | — | 3.0% |
| EPS (diluted) | $-2.81 | $0.38 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $22.2M | $14.2M | ||
| Q3 25 | $22.4M | $13.7M | ||
| Q2 25 | $23.3M | $14.4M | ||
| Q1 25 | $27.5M | $13.0M | ||
| Q4 24 | $29.5M | $14.1M | ||
| Q3 24 | $29.4M | $14.5M | ||
| Q2 24 | $29.2M | $13.2M | ||
| Q1 24 | $32.1M | $13.2M |
| Q4 25 | — | $8.2M | ||
| Q3 25 | $-24.9M | $8.9M | ||
| Q2 25 | $-13.3M | $8.9M | ||
| Q1 25 | $-4.3M | $10.0M | ||
| Q4 24 | — | $7.9M | ||
| Q3 24 | $-14.9M | $11.2M | ||
| Q2 24 | $-12.8M | $9.2M | ||
| Q1 24 | $50.6M | $8.7M |
| Q4 25 | -83.7% | 57.3% | ||
| Q3 25 | -43.4% | 65.3% | ||
| Q2 25 | -31.9% | 61.5% | ||
| Q1 25 | -50.0% | 77.0% | ||
| Q4 24 | -19.4% | 56.3% | ||
| Q3 24 | -23.1% | 77.5% | ||
| Q2 24 | -27.2% | 69.7% | ||
| Q1 24 | -35.6% | 65.9% |
| Q4 25 | — | 57.3% | ||
| Q3 25 | -110.8% | 65.3% | ||
| Q2 25 | -57.0% | 61.5% | ||
| Q1 25 | -15.4% | 77.0% | ||
| Q4 24 | — | 56.3% | ||
| Q3 24 | -50.7% | 77.5% | ||
| Q2 24 | -43.6% | 69.7% | ||
| Q1 24 | 157.6% | 65.9% |
| Q4 25 | $-2.81 | $0.38 | ||
| Q3 25 | $-1.73 | $0.42 | ||
| Q2 25 | $-0.08 | $0.41 | ||
| Q1 25 | $-0.03 | $0.47 | ||
| Q4 24 | $1.88 | $0.39 | ||
| Q3 24 | $-1.33 | $0.56 | ||
| Q2 24 | $-0.09 | $0.46 | ||
| Q1 24 | $0.37 | $0.47 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $26.3M | $14.9M |
| Total DebtLower is stronger | $128.4M | $49.3M |
| Stockholders' EquityBook value | $62.0M | $307.8M |
| Total Assets | $255.1M | $424.9M |
| Debt / EquityLower = less leverage | 2.07× | 0.16× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $26.3M | $14.9M | ||
| Q3 25 | $31.2M | $28.9M | ||
| Q2 25 | $38.5M | $35.6M | ||
| Q1 25 | $46.3M | $9.9M | ||
| Q4 24 | $34.6M | $26.4M | ||
| Q3 24 | $32.7M | $6.8M | ||
| Q2 24 | $37.7M | $7.1M | ||
| Q1 24 | $43.6M | $6.9M |
| Q4 25 | $128.4M | $49.3M | ||
| Q3 25 | $131.5M | $49.3M | ||
| Q2 25 | $116.7M | $49.2M | ||
| Q1 25 | $118.0M | $49.2M | ||
| Q4 24 | $147.1M | $49.1M | ||
| Q3 24 | $152.2M | $54.0M | ||
| Q2 24 | $145.9M | $76.8M | ||
| Q1 24 | $153.0M | — |
| Q4 25 | $62.0M | $307.8M | ||
| Q3 25 | $75.5M | $309.9M | ||
| Q2 25 | $95.1M | $310.0M | ||
| Q1 25 | $98.7M | $310.8M | ||
| Q4 24 | $97.8M | $309.0M | ||
| Q3 24 | $98.5M | $295.5M | ||
| Q2 24 | $106.9M | $292.7M | ||
| Q1 24 | $106.1M | $286.0M |
| Q4 25 | $255.1M | $424.9M | ||
| Q3 25 | $273.9M | $427.1M | ||
| Q2 25 | $288.3M | $455.2M | ||
| Q1 25 | $299.7M | $414.7M | ||
| Q4 24 | $326.2M | $435.1M | ||
| Q3 24 | $337.9M | $365.9M | ||
| Q2 24 | $346.3M | $386.5M | ||
| Q1 24 | $357.8M | $383.7M |
| Q4 25 | 2.07× | 0.16× | ||
| Q3 25 | 1.74× | 0.16× | ||
| Q2 25 | 1.23× | 0.16× | ||
| Q1 25 | 1.20× | 0.16× | ||
| Q4 24 | 1.50× | 0.16× | ||
| Q3 24 | 1.54× | 0.18× | ||
| Q2 24 | 1.36× | 0.26× | ||
| Q1 24 | 1.44× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-279.0K | $28.8M |
| Free Cash FlowOCF − Capex | $-1.9M | — |
| FCF MarginFCF / Revenue | -8.7% | — |
| Capex IntensityCapex / Revenue | 7.4% | — |
| Cash ConversionOCF / Net Profit | — | 3.53× |
| TTM Free Cash FlowTrailing 4 quarters | $-18.6M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-279.0K | $28.8M | ||
| Q3 25 | $-8.3M | $8.2M | ||
| Q2 25 | $-6.2M | $6.5M | ||
| Q1 25 | $3.3M | $7.6M | ||
| Q4 24 | $-1.3M | $23.2M | ||
| Q3 24 | $-3.0M | $8.2M | ||
| Q2 24 | $-3.7M | $6.2M | ||
| Q1 24 | $2.7M | $6.9M |
| Q4 25 | $-1.9M | — | ||
| Q3 25 | $-10.4M | — | ||
| Q2 25 | $-7.7M | — | ||
| Q1 25 | $1.3M | — | ||
| Q4 24 | $-3.4M | — | ||
| Q3 24 | $-5.4M | — | ||
| Q2 24 | $-6.5M | — | ||
| Q1 24 | $1.0M | — |
| Q4 25 | -8.7% | — | ||
| Q3 25 | -46.2% | — | ||
| Q2 25 | -33.0% | — | ||
| Q1 25 | 4.7% | — | ||
| Q4 24 | -11.4% | — | ||
| Q3 24 | -18.4% | — | ||
| Q2 24 | -22.1% | — | ||
| Q1 24 | 3.3% | — |
| Q4 25 | 7.4% | — | ||
| Q3 25 | 9.3% | — | ||
| Q2 25 | 6.4% | — | ||
| Q1 25 | 7.2% | — | ||
| Q4 24 | 6.8% | — | ||
| Q3 24 | 8.3% | — | ||
| Q2 24 | 9.4% | — | ||
| Q1 24 | 5.3% | — |
| Q4 25 | — | 3.53× | ||
| Q3 25 | — | 0.92× | ||
| Q2 25 | — | 0.73× | ||
| Q1 25 | — | 0.76× | ||
| Q4 24 | — | 2.92× | ||
| Q3 24 | — | 0.73× | ||
| Q2 24 | — | 0.68× | ||
| Q1 24 | 0.05× | 0.79× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NOTE
| Subscription | $21.2M | 95% |
| Advisory Advertising And Other | $1.0M | 5% |
REFI
Segment breakdown not available.
