Company Performance - Chicago Atlantic Real Estate Finance, Inc. reported quarterly earnings of $0.46 per share, exceeding the Zacks Consensus Estimate of $0.45 per share, but down from $0.52 per share a year ago, representing an earnings surprise of 2.22% [1] - The company posted revenues of $13.04 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 6.38%, and down from $15.34 million year-over-year [2] - Over the last four quarters, the company has surpassed consensus EPS estimates two times and topped consensus revenue estimates just once [2] Stock Outlook - The stock has underperformed the market, losing about 5.3% since the beginning of the year compared to the S&P 500's decline of 4.7% [3] - The current consensus EPS estimate for the coming quarter is $0.47 on revenues of $14.13 million, and for the current fiscal year, it is $1.83 on revenues of $56.98 million [7] - The estimate revisions trend for the company is currently unfavorable, resulting in a Zacks Rank 4 (Sell), indicating expected underperformance in the near future [6] Industry Context - The Financial - Miscellaneous Services industry, to which Chicago Atlantic belongs, is currently in the bottom 43% of over 250 Zacks industries, suggesting a challenging environment [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact investor sentiment [5]

Earnings Supplemental For the quarter ended March 31, 2025 Important Disclosure Information Forward Looking Statements 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 Chicago Atlantic Real Estate Finance, Inc. ("Chicago Atlantic", "REFI", the "Company", and "we", "us", and "our") that a ...

Financial Performance - Net interest income for the first quarter of 2025 was approximately $13.0 million, a decrease from $14.1 million as of December 31, 2024[6]. - Net income was approximately $10.0 million, or $0.47 per weighted average diluted common share, reflecting a sequential increase of 20.5% on a per share basis[6]. - Net income for Q1 2025 reached $10,041,312, an increase of 26.8% compared to $7,919,692 in Q4 2024[19]. - Distributable earnings were approximately $9.7 million, or $0.47 and $0.46 per basic and diluted weighted average common share, respectively[12]. - Distributable earnings for Q1 2025 were $9,727,657, compared to $9,214,434 in Q4 2024, reflecting a growth of 5.6%[19]. - Basic distributable earnings per weighted average share remained stable at $0.47 for both Q1 2025 and Q4 2024[19]. - Diluted distributable earnings per weighted average share also held steady at $0.46 for Q1 2025, consistent with Q4 2024[19]. Portfolio and Investments - As of March 31, 2025, total loan principal outstanding was $407.0 million across 30 portfolio companies, with $19.8 million of unfunded commitments[6]. - The portfolio weighted average yield to maturity was approximately 16.9% as of March 31, 2025, compared to 17.2% as of December 31, 2024[6]. - The total reserve for current expected credit losses decreased to $3.3 million, approximately 0.8% of the aggregate portfolio principal balance of loans held for investment of $401.5 million[12]. - The provision for current expected credit losses showed a benefit of $(1,073,276) in Q1 2025, compared to a provision of $301,491 in Q4 2024[19]. - The change in unrealized gain on investments was not reported for Q1 2025, while it was $165,000 in Q4 2024[19]. Shareholder Returns - Chicago Atlantic paid a regular quarterly cash dividend of $0.47 per share for the first quarter of 2025[6]. - Book value per common share increased from $14.83 as of December 31, 2024, to $14.87 as of March 31, 2025[12]. Expenses and Leverage - Total expenses were approximately $4.1 million, representing a sequential decrease of approximately 28.3%[6]. - The Company had $88.0 million of total leverage, resulting in a consolidated leverage ratio of approximately 28%[6]. Share Count and Adjustments - The number of basic weighted average shares outstanding increased to 20,858,466 in Q1 2025 from 19,830,596 in Q4 2024, representing a growth of 5.2%[19]. - The diluted weighted average shares outstanding rose to 21,264,891 in Q1 2025, up from 20,256,628 in Q4 2024, indicating an increase of 5.0%[19]. - Adjustments to net income included a stock-based compensation of $649,312 for Q1 2025, down from $845,524 in Q4 2024[19].

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 ☐ 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. (Exact name of Registrant as specified in its charter) | Maryland | 86-3125132 | | --- | --- | | (State or other jurisdiction of | (I.R.S. Employer | | incorporation or org ...

CHICAGO, May 07, 2025 (GLOBE NEWSWIRE) -- 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 first quarter ended March 31, 2025. Peter Sack, Co-Chief Executive Officer, noted, "We have entered 2025 much like we did in 2024 with significant volatility in the financial services sector and within the cannabis industry. The broader sentiment in cannabis is more muted than most pa ...

Group 1 - Chicago Atlantic Real Estate Finance declared a base quarterly cash dividend of $0.47 per share, unchanged from the previous distribution, resulting in an annualized dividend of $1.88 per share, which equates to a 13.52% dividend yield [1] - The mortgage REIT has maintained this base quarterly dividend, indicating stability in its dividend policy [1] Group 2 - Pacifica Yield focuses on long-term wealth creation by targeting undervalued yet high-growth companies, high-dividend stocks, REITs, and firms in the green energy sector [1]

CHICAGO, April 17, 2025 (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 first quarter ended March 31, 2025. The Company plans to issue its earnings release and supplemental financial information before the market opens on Wednesday, May 7, 2025. Chicago Atlantic will host a conference call and live audio webcast, both open for the ge ...

CHICAGO, March 17, 2025 (GLOBE NEWSWIRE) -- Chicago Atlantic Real Estate Finance, Inc. (NASDAQ:REFI), a commercial mortgage real estate investment trust, announced that its board of directors has declared a regular quarterly cash dividend of $0.47 per share for the first quarter of 2025. The regular quarterly dividend, which equates to an annualized rate of $1.88 per common share, is payable on April 15, 2025, to shareholders of record as of the close of business on March 31, 2025. About Chicago Atlantic Re ...

Financial Data and Key Metrics Changes - The company's net interest income for Q4 was $14.1 million, a decrease of 2.7% from $14.5 million in Q3, primarily due to a 50 basis point decrease in the prime rate [21] - The total operating expenses, excluding management incentive fees and provision for credit losses, increased by approximately $250,000 quarter over quarter [24] - The book value per common share decreased to $14.83 as of December 31, 2024, from $14.94 as of December 31, 2023, mainly due to dividends paid in excess of GAAP net income [29] Business Line Data and Key Metrics Changes - The loan portfolio principal totaled $410 million across thirty portfolio companies, with a weighted average yield to maturity of 17.2%, down from 18.3% at the end of Q3 [16] - Gross origination during Q4 was $90.7 million, with $52.6 million funded to new borrowers and $38.1 million to existing borrowers [16] - The cannabis pipeline across the Chicago Atlantic platform now stands at approximately $490 million, with current liquidity of approximately $67 million [12] Market Data and Key Metrics Changes - The US cannabis industry is experiencing muted conditions due to the failure of Florida's adult-use ballot initiative and pricing pressure in some markets, leading to near record lows in equity values [7][8] - The company has diversified its investments across nine states, including Ohio, Nevada, Illinois, Florida, Pennsylvania, Missouri, and Minnesota [11] Company Strategy and Development Direction - The company focuses on deploying capital with consumer and product-focused operators in limited license jurisdictions, maintaining a low leverage profile [11] - The strategy emphasizes credit and collateral first, aiming to create a differentiated and low-levered risk-return profile insulated from cannabis equity volatility [9] - The company aims to be the number one top-performing exchange-listed mortgage REIT, currently ranked third based on total return [10] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing uncertainty surrounding tax policy, economy, tariffs, inflation, and Federal Reserve interest rate direction [18] - The company plans to maintain a dividend payout ratio based on basic distributable earnings per share of 90% to 100% for 2025 [31] - Management expressed confidence in the ability to execute for shareholders despite challenges in the industry [14] Other Important Information - The company raised approximately $38.4 million of net proceeds from common stock issuances through its ATM program [27] - The debt service coverage ratio on a consolidated basis was approximately 5.5 to 1, significantly above the requirement of 1.35 to 1 [20] Q&A Session Summary Question: Can you talk about demand for loans and leverage expectations? - Management indicated that while the profile of demand has changed due to compressed equity valuations, the maturation of the industry offsets this change [34] Question: Update on credit quality and loan number nine? - Overall credit quality remains stable, with only one loan on non-accrual status. Management is working to remedy operational issues with loan number nine [36][37] Question: Thoughts on scheduling and industry reform? - Management stated that the industry is awaiting clearer signals from the administration regarding reform, but they will continue to invest assuming no changes occur [40] Question: How do you view the impact of 280E on borrowers? - Management considers unpaid tax liabilities as a form of indebtedness and incorporates this into their underwriting process [45] Question: Update on New York market? - Management expressed encouragement regarding the progress in New York, highlighting the opening of stores and crackdowns on illegal operators [55] Question: Thoughts on the upcoming debt maturities in 2026? - Management aims to be a lender of choice as maturities arise, emphasizing that the market will likely work through these maturities in a normal course [75]

Group 1 - Chicago Atlantic Real Estate Finance, Inc. reported quarterly earnings of $0.46 per share, missing the Zacks Consensus Estimate of $0.48 per share, and down from $0.53 per share a year ago, representing an earnings surprise of -4.17% [1] - The company posted revenues of $14.07 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 0.13%, but down from $14.84 million year-over-year [2] - The stock has added about 3% since the beginning of the year, while the S&P 500 has declined by -5.3% [3] Group 2 - The earnings outlook for Chicago Atlantic Real Estate Finance is mixed, with the current consensus EPS estimate for the coming quarter at $0.54 on revenues of $14.26 million, and $2.11 on revenues of $57.57 million for the current fiscal year [7] - The Zacks Industry Rank for Financial - Miscellaneous Services is currently in the top 16% of over 250 Zacks industries, indicating a favorable outlook for the industry [8] Group 3 - The company has surpassed consensus EPS estimates just once over the last four quarters, while it has topped consensus revenue estimates two times in the same period [2] - The current status of estimate revisions translates into a Zacks Rank 3 (Hold) for the stock, suggesting it is expected to perform in line with the market in the near future [6]