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 June 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. (Exact name of Registrant as specified in its charter) | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | - ...

About Chicago Atlantic Real Estate Finance, Inc. The Company plans to issue its earnings release before the market opens on Wednesday, August 7, 2024, and will host a conference call later that day at 9:00 a.m. Eastern Time. Interested parties may access the conference call live via webcast on Chicago Atlantic's investor relations website or may participate via telephone by registering using this online form. Upon registration, all telephone participants will receive the dial-in number along with a unique P ...

CHICAGO, June 14, 2024 (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 second quarter of 2024. The regular quarterly dividend, which equates to an annualized rate of $1.88 per common share, is payable on July 15, 2024, to shareholders of record as of the close of business on June 28, 2024. Contact: Tripp Sullivan SC ...

Chicago Atlantic Real Estate Finance, Inc. (NASDAQ:REFI) Q1 2024 Results Conference Call May 7, 2024 9:00 AM ET Company Participants Tripp Sullivan - IR, SCR Partners John Mazarakis - Executive Chairman Peter Sack - Co-President, Director Phil Silverman - Interim Chief Financial Officer, Company Secretary Conference Call Participants Mark Smith - Lake Street Capital Markets Operator Good day, and thank you for standing by. Welcome to the Chicago Atlantic Real Estate Financing First Quarter 2024 Earnings Cal ...

Exhibit 99.1 Chicago Atlantic Real Estate Finance Announces First Quarter 2024 Financial Results CHICAGO— (May 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 first quarter ended March 31, 2024. John Mazarakis, Executive Chairman of Chicago Atlantic, noted, "We are thrilled with progress toward regulatory reform resulting from the recent news of the DEA's commitme ...

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 March 31, 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. (Exact name of Registrant as specified in its charter) | Maryland | 86-3125132 | | --- | --- | | (State or other jurisdicti ...

Chicago Atlantic Real Estate Finance, Inc. (NASDAQ:REFI) Q4 2023 Earnings Conference Call March 12, 2024 9:00 AM ET Company Participants Tripp Sullivan - IR, SCR Partners John Mazarakis - Executive Chairman Peter Sack - Co-President, Director Phillip Silverman - Interim Chief Financial Officer, Company Secretary Conference Call Participants Pablo Zuanic - Zuanic & Associates Mark Smith - Lake Street Capital Markets Operator Good day, thank you for standing by. Welcome to the Chicago Atlantic Real Estate Fin ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 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. (Exact name of Registrant as specified in its charter) Maryland 86-3125132 (State or other jurisdiction of incorporation or orga ...

Exhibit 99.1 Chicago Atlantic Real Estate Finance Announces Fourth Quarter 2023 Financial Results John Mazarakis, Executive Chairman of Chicago Atlantic noted, "The improvement in the regulatory landscape has fed new investment opportunities for us while significantly improving the equity value of many of our borrowers. In addition, the wall of debt maturities we have anticipated among the larger cannabis operators is beginning to occur, with early indications this opportunity could be as meaningful over th ...

Financial Data and Key Metrics - Adjusted distributable earnings for Q3 2023 was $0.57 per weighted average diluted share, up from $0.55 in Q2 [54] - Q3 earnings per weighted average diluted common share was $0.54, compared to $0.47 in Q2 [60] - Net interest income for Q3 remained consistent with the prior quarter at approximately $13.7 million [63] - The book value as of September 30th increased to $15.17 per common share, compared with $15.06 as of June 30th [68] - The dividend payout ratio for Q3 was approximately 83%, with year-to-date distributions at 80% of taxable income [54] Business Line Data and Key Metrics - Total gross originations increased by $35 million in Q3, with $33 million funded to new borrowers, partially offset by $11 million in principal repayments [30] - The loan portfolio had total commitments of $356 million across 27 portfolio companies, with a weighted average yield to maturity of 19.3% [48] - The portfolio was 81% floating rate, down from 88% last quarter, due to three new fixed-rate loans originated in Q3 [49] - Approximately 74% of the portfolio is fully secured by real estate collateral, with a weighted average real estate coverage of 1.5x [68] Market Data and Key Metrics - The pipeline of actionable deals increased to over $600 million from $400 million last quarter, driven by activity in Maryland, Missouri, and Ohio [14] - The company remains focused on core markets with strong moats and operators excelling in fundamentals [15] - Positive momentum was observed in Western states, with wholesale prices showing signs of stabilization [38] Company Strategy and Industry Competition - The company reaffirmed its 2023 outlook based on results through the first nine months of the year [4] - The company is exploring social equity initiatives in other states, leveraging its scale and expertise in real estate, operational, financial, legal, and credit underwriting [47] - The company believes that larger banks entering the cannabis industry will still prefer proven lenders like Chicago Atlantic due to the learning curve and regulatory hurdles [44] Management Commentary on Operating Environment and Future Outlook - Management remains cautiously optimistic, citing positive developments in several states and the potential rescheduling of cannabis from Schedule I to Schedule III [43] - The company expects the elimination of 280E to improve operator profitability and free cash flow, attracting more equity capital [29] - The company aims to approach leverage equal to 100% of book equity, with a near-term target of 50% [52] Other Important Information - The company funded approximately $19 million of the REIT's $50 million commitment to the Social Equity Investment Fund in Q3 [28] - Loan number 9, which was moved to nonaccrual, is expected to be resolved through a sale, with bids anticipated to exceed the carrying value [58][65] Q&A Session Summary Question: Thoughts on Ohio and other new states - Maryland, Ohio, and Missouri are seeing significant movement, with Ohio's recent ballot passing being particularly encouraging [66] Question: Shift to fixed-rate loans - The company does not expect to move to a fixed-rate structure but acknowledges the benefits of having floors in a declining rate environment [5] Question: Creditworthiness and yield compression - The company has not observed yield compression and expects actual yields to remain stable [11] Question: Loan number 9 resolution - The company expects to resolve Loan number 9 through a sale, with bids anticipated to exceed the carrying value [58][65] Question: Dividend and special dividend - The company is on track to pay a special dividend in Q4, targeting a distribution of 90% to 100% of net income [75] Question: Industry outlook and capital needs - The company believes the industry has bottomed out, with positive momentum in Western states and potential for increased capital needs in new states [38][78]