Financial Data and Key Metrics Changes - The loan portfolio totaled $362 million with a weighted average yield to maturity of 18.3%, down from 18.7% at June 30 due to repricing amendments and a 50 basis point decrease in the prime rate [17][19] - Net interest income increased to $14.5 million from $13.2 million in the previous quarter, with gross interest income rising by 4% [23] - Adjusted distributable earnings per weighted average diluted share was $0.56 for Q3 2024, compared to $0.50 for the second quarter [29] Business Line Data and Key Metrics Changes - Gross originations during the quarter were $32.7 million, with $24 million to new borrowers and $8.7 million to existing borrowers [18] - The company successfully retained and extended $89 million of loans maturing in 2024, with $47 million repaid with full recovery of principal and interest [16] Market Data and Key Metrics Changes - The pipeline across the Chicago Atlantic platform has grown to $560 million, focusing on operators in limited license states transitioning from medical to adult use [13][36] - Florida represents 7% of the portfolio, and the company underwrote investments based on the existing medical market [11] Company Strategy and Development Direction - The company aims to build an investment platform focused on strong operators in attractive markets, emphasizing disciplined expertise and a unique competitive position [10][12] - The company is exploring other sources of accretive capital to accelerate deployment, including a $50 million unsecured term loan [14] Management's Comments on Operating Environment and Future Outlook - Management noted that the election results do not significantly impact the company, as they do not invest based on speculative political events [11] - The company believes federal rescheduling of cannabis is likely in 2025, which could facilitate further investment opportunities [12] Other Important Information - Total leverage was at 18% of book equity at quarter end, with a debt service coverage ratio of approximately 7.2 to 1 [21] - The company received a BBB+ rating from Egan-Jones for both the company and the unsecured term loan [14] Q&A Session Summary Question: Update on the core cannabis industry and market weaknesses - Management focuses on dissecting the portfolio into nascent, emerging, and mature markets, actively managing and pivoting as needed [33][35] Question: Pipeline for new loans and opportunities in specific states - The pipeline is strong at approximately $560 million, with significant focus on operators in Ohio, Missouri, and Maryland [36]

Company Performance - Chicago Atlantic Real Estate Finance, Inc. reported quarterly earnings of $0.56 per share, exceeding the Zacks Consensus Estimate of $0.55 per share, but down from $0.57 per share a year ago, representing an earnings surprise of 1.82% [1] - The company posted revenues of $14.46 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 2.57%, compared to $13.73 million in the same quarter last year [2] - Over the last four quarters, the company has surpassed consensus EPS estimates just once and topped consensus revenue estimates two times [2] Stock Performance - Chicago Atlantic Real Estate Finance shares have declined approximately 3.7% since the beginning of the year, while the S&P 500 has gained 24.3% [3] - The current consensus EPS estimate for the upcoming quarter is $0.53 on revenues of $15.15 million, and for the current fiscal year, it is $2.10 on revenues of $58.39 million [7] Industry Outlook - The Zacks Industry Rank for Financial - Miscellaneous Services is currently in the top 31% of over 250 Zacks industries, indicating a favorable outlook for the industry [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact stock performance [5][6]

Financial Performance - Net income for the third quarter was approximately $11.2 million, or $0.56 per weighted average diluted common share, representing a sequential increase of 21.7% on a per share basis[15]. - Net income for the three months ended September 30, 2024, was $11,211,636, compared to $9,976,998 for the same period in 2023, representing a 12.4% increase[24]. - Net interest income for the third quarter was approximately $14.5 million, an increase from $13.2 million as of June 30, 2024[14]. - Net interest income for the three months ended September 30, 2024, was $14,459,393, up from $13,734,307 in the same period last year, indicating a growth of 5.3%[24]. - Distributable Earnings for the three months ended September 30, 2024, were $11,159,241, compared to $10,537,182 for the same period in 2023, reflecting a 5.9% increase[27]. - Basic earnings per common share for the three months ended September 30, 2024, were $0.57, compared to $0.55 for the same period in 2023, marking a 3.6% increase[24]. - Total expenses for the three months ended September 30, 2024, were $3,247,757, down from $3,842,876 in the same period last year, a decrease of 15.5%[24]. - Adjusted Distributable Earnings per Weighted Average Share for the three months ended September 30, 2024, were $0.56, compared to $0.57 for the same period in 2023, a decrease of 1.8%[27]. Loan and Portfolio Information - As of September 30, 2024, total loan principal outstanding was $362.3 million across 29 portfolio companies, with a $6.0 million unfunded commitment[3]. - The portfolio weighted average yield to maturity was approximately 18.3%, down from 18.7% as of June 30, 2024, primarily due to repricing amendments and a 50-basis point decrease in the prime rate[4]. - Total gross originations during the third quarter amounted to $32.7 million, with $24.0 million funded to new borrowers and $8.7 million to existing borrowers[7]. - The total reserve for current expected credit losses decreased to $4.1 million, approximately 1.1% of the aggregate portfolio principal balance of $362.3 million[16]. - The company reported a decrease in the provision for current expected credit losses of $(989,597) for the three months ended September 30, 2024, compared to $(41,351) in the same period last year[27]. Shareholder Information - Book value per common share increased to $15.05 as of September 30, 2024, compared to $14.92 as of June 30, 2024[17]. - The weighted average number of common shares outstanding increased to 19,625,190 for the three months ended September 30, 2024, from 18,175,467 in the same period last year, an increase of 8.0%[27]. - Stock-based compensation for the three months ended September 30, 2024, was $845,524, compared to $540,426 for the same period in 2023, representing a 56.5% increase[27]. - The company intends to pay dividends to stockholders in an amount equal to its net taxable income, subject to Board authorization[25]. Liquidity and Financing - As of November 7, 2024, the Company had approximately $94.5 million available on its secured revolving credit facility, with total liquidity of approximately $80 million[12]. - The Company entered into a $50.0 million unsecured term loan with a fixed interest rate of 9.0% on October 18, 2024[11]. Collateral Coverage - Real estate collateral coverage was 1.2x as of September 30, 2024, compared to 1.3x as of June 30, 2024, and improved to approximately 1.3x as of November 7, 2024[5].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-41123 CHICAGO ATLANTIC REAL ESTATE FINANCE, INC. | --- | --- | |----------------------------------------------------------------------------|--------------------------- ...

CHICAGO, Oct. 23, 2024 (GLOBE NEWSWIRE) -- Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) (“Chicago Atlantic” or the “Company”), a commercial mortgage real estate investment trust, today announced that the Company entered into a $50.0 million unsecured term loan from two institutional private lending platforms to fund the Company’s future investments and other general corporate purposes. The unsecured term loan matures in October 2028, is interest only and bears a fixed cash interest rate of 9.0% ...

CHICAGO, Oct. 17, 2024 (GLOBE NEWSWIRE) -- Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) ("Chicago Atlantic" or the "Company"), a commercial mortgage real estate investment trust, announced details for the release of its results for the third quarter ended September 30, 2024. The Company plans to issue its earnings release and supplemental financial information before the market opens on Thursday, November 7, 2024. Chicago Atlantic will host a conference call and live audio webcast, both open fo ...

Earnings Supplemental For the second quarter ended June 30, 2024 Important Disclosure Information This presentation contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities and Exchange Act of 1934, as amended (the "Exchange Act"), regarding future events and the future results of the Company that are based on current expectations, estimates, forecasts, projections about the industry in which the Company operates and th ...

Chicago Atlantic Real Estate Finance, Inc. (NASDAQ:REFI) Q2 2024 Earnings Conference Call August 7, 2024 9:00 AM ET Company Participants Tripp Sullivan - Investor Relations John Mazarakis - Executive Chairman Peter Sack - Co-Chief Executive Officer Phil Silverman - Chief Financial Officer Conference Call Participants Crispin Love - Piper Sandler Mark Smith - Lake Street Operator Good day and thank you for standing by. Welcome to Chicago Atlantic Real Estate Finance, Inc., Second Quarter 2024 Earnings Confer ...

Chicago Atlantic Real Estate Finance, Inc. (REFI) came out with quarterly earnings of $0.50 per share, missing the Zacks Consensus Estimate of $0.56 per share. This compares to earnings of $0.55 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -10.71%. A quarter ago, it was expected that this company would post earnings of $0.57 per share when it actually produced earnings of $0.52, delivering a surprise of -8.77%. Over the la ...

Exhibit 99.1 Chicago Atlantic Real Estate Finance Announces Second Quarter 2024 Financial Results CHICAGO — (August 7, 2024) Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) ("Chicago Atlantic" or the "Company"), a commercial mortgage real estate investment trust, today announced its results for the second quarter ended June 30, 2024. John Mazarakis, Executive Chairman of Chicago Atlantic, noted, "The pace and direction of federal and state regulations are creating a tailwind in the cannabis indust ...