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 ...

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]

Portfolio Composition - As of September 30, 2023, approximately 81.1% of the company's portfolio consisted of floating rate loans, while 18.9% were fixed rate loans[151]. - The company primarily focuses on financing senior secured loans for established state-licensed operators in the cannabis industry, with loans ranging from $5 million to $200 million[145]. - As of September 30, 2023, 26.3% of the principal of loans held in the company's portfolio were backed by personal or corporate guarantees, up from 13.6% as of December 31, 2022[147]. - The company's loans are secured by real estate and other collateral, with strict loan covenants imposed for additional protection[147]. - As of September 30, 2023, the loan portfolio included 27 loans with a carrying value of approximately $338.8 million, compared to 22 loans valued at $339.3 million as of December 31, 2022[182]. - The outstanding principal of the loan portfolio was approximately $341.8 million as of September 30, 2023, compared to $343.0 million as of December 31, 2022[182]. - The weighted-average yield-to-maturity internal rate of return (YTM IRR) for the loan portfolio was 19.3% as of September 30, 2023, down from 19.7% as of December 31, 2022[182]. - Approximately 81.1% of the loan portfolio consisted of floating rate loans as of September 30, 2023, compared to 83.1% as of December 31, 2022[183]. - The largest loan commitment is $30,000,000 with a carrying value of $29,307,787, yielding an interest rate of P+6.5% Cash[184]. - A loan in Michigan has a commitment of $35,891,668 and a carrying value of $38,299,176, with an interest rate of P+6.65% Cash[184]. - The loan portfolio includes a loan with a commitment of $25,000,000 in Illinois, carrying a value of $20,763,000, with an interest rate of P+6% Cash[184]. - A loan in Florida has a commitment of $13,000,000 and a carrying value of $4,863,651, with an interest rate of P+9.25% Cash[184]. - The company has a loan with a commitment of $18,746,662 in New York, carrying a value of $18,417,846, with an interest rate of 15% Cash[186]. - The company has a loan in Ohio with a commitment of $15,000,000, carrying a value of $14,831,662, with an interest rate of P+1.75% Cash[186]. Financial Performance - The company aims to provide attractive, risk-adjusted returns primarily through consistent current income dividends and capital appreciation[144]. - Interest income increased by approximately $1.4 million, or 10%, during the quarter ended September 30, 2023, driven by an increase in the Prime Rate from 6.25% to 8.50%[176]. - Net interest income rose approximately $0.8 million or 6% over the comparative period, attributed to increased interest income offset by higher interest expenses[176]. - Interest income for the nine months ended September 30, 2023, increased by approximately $10.9 million, or 31%, compared to the same period in 2022[179]. - Distributable Earnings for the three months ended September 30, 2023, were $10,537,182, compared to $10,299,294 for the same period in 2022[194]. - Net income for the nine months ended September 30, 2023, was approximately $29.3 million, an increase of $4.3 million compared to $25.0 million for the same period in 2022[202]. - Net cash provided by operating activities increased to approximately $12.9 million in 2023 from $12.4 million in 2022, reflecting a growth of about 4%[203]. - Net cash provided by investing activities was approximately $8.8 million in 2023, a significant recovery from a cash outflow of approximately $120.7 million in 2022[205]. - Cash outflows for loan origination and funding were $67.4 million in 2023, down from $134.3 million in 2022, indicating a reduction of approximately 50%[206][207]. - Net cash used in financing activities was approximately $18.7 million in 2023, compared to a net cash inflow of $37.4 million in 2022[208]. - Cash inflows from common stock sales through direct offerings totaled approximately $7.2 million in 2023, including $6.0 million from a registered direct offering[209]. - Total cash dividends declared for the nine months ended September 30, 2023, amounted to $1.41 per common share, compared to $1.34 per common share in 2022, representing an increase of approximately 5.2%[215]. - The company intends to pay dividends to stockholders in an amount equal to its net taxable income, subject to Board authorization[192]. Risk Management - The company is exposed to market risks primarily related to fluctuations in interest rates, which could impact net interest income and overall financial performance[231]. - The company’s loan portfolio is concentrated in the cannabis industry, which involves significant risks due to federal illegality and regulatory changes[237]. - As of September 30, 2023, the principal amounts of loans are generally protected by underlying collateral value, but risks remain for loans not fully collateralized by real estate[241]. - The company has recorded zero realized loan losses since its inception, indicating strong loan performance and risk management[221]. - The CECL Reserve is estimated using a third-party probability-weighted model, considering historical loss data and macroeconomic forecasts[216][224]. - The top three borrowers represented approximately 29.7% of principal outstanding as of September 30, 2023, with the largest loan accounting for approximately 11.2%[244]. - As of September 30, 2023, 74% of the portfolio was fully secured by real estate, with an average real estate collateral coverage of 1.5x[241]. - The current expected credit loss reserve was approximately $5.1 million, representing 150 basis points of aggregate loan commitments as of September 30, 2023[178]. - The decrease in expected credit losses was attributed to changes in risk ratings and improvements in enterprise valuations of borrowers during the nine months ended September 30, 2023[183]. Operational Strategy - The company intends to grow its portfolio by continuing to make loans to leading operators in the cannabis industry, although there is no assurance of achieving its investment objectives[144]. - The company expects to raise additional equity and/or debt financing to increase liquidity as the cannabis industry evolves[197]. - The company has a Revolving Loan with an outstanding balance of $63.0 million, which is also subject to market interest rate fluctuations[232]. - The company has not incurred any excise tax expense for the three and nine months ended September 30, 2023, indicating compliance with REIT distribution requirements[159]. - The company operates as a commercial mortgage real estate investment trust (REIT) and has elected to be taxed as a REIT since December 31, 2021[149]. - The Shelf Registration Statement became effective on January 19, 2023, allowing the Company to sell up to $500 million of its securities[201].