Financial Data and Key Metrics Changes - Adjusted distributable earnings decreased to $0.55 per weighted average diluted share for Q2 from $0.62 in Q1, while diluted earnings per weighted average common share fell to $0.47 from $0.60 in Q1, primarily due to a higher provision for expected credit losses and stock-based compensation [10] - Total operating expenses before CECL provision decreased by 5.8%, mainly due to a reduction in net management and incentive fees [10] - The company increased its CECL reserve by $1.1 million as of June 30 [10] Business Line Data and Key Metrics Changes - The loan portfolio had total loan commitments of $329 million across 25 portfolio companies, with a weighted average yield to maturity of 19.2%, slightly down from 19.4% at March 31 [20] - New originations were limited to $1.9 million, offset by $6.9 million in principal repayments, with $5 million related to unscheduled early repayments [20] - The portfolio remains 88% floating rate based on the prime rate, consistent with the last quarter and up from 60% in June 2022 [20] Market Data and Key Metrics Changes - The company noted improvements in wholesale pricing in limited license states transitioning from medical to adult-use, indicating a cautiously optimistic outlook [18] - The Federal Reserve's recent rate increase to 8.5% is expected to positively impact portfolio yield [20] Company Strategy and Development Direction - The company is focused on a partnership with New York, committing $150 million to the New York State Cannabis Social Equity Investment Fund, with plans to replicate this model in other states [44] - The company aims to remain disciplined in pursuing new opportunities while navigating the current economic environment [18] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the volatility in the financial sector and cannabis industry, emphasizing the importance of yield in the current market [17] - The company is optimistic about transaction activity in states like Maryland and Missouri, with a robust pipeline of actionable deals exceeding $400 million [31] Other Important Information - The company’s balance sheet remains under-levered at 16% of book equity, with a debt service coverage ratio of 11.5:1, significantly above the requirement of 1.35:1 [46] - Approximately 74% of the portfolio is fully secured by real estate collateral, with a weighted average real estate collateral coverage of 1.5x as of June 30 [23] Q&A Session Summary Question: Additional details on the New York deal and potential timing for additional capital - The company is committed to the New York partnership and is working on identifying and due diligence of dispensary locations [44] Question: Observations on industry headwinds and geographic weaknesses - Management reported efficiency in operations and mentioned a scheduled sale, indicating proactive measures in response to challenges [41] Question: Details on the non-accrual loan and its implications - The carrying value of the non-accrual loan is $16.2 million, with $600,000 of income that would have been recognized had it not been placed on non-accrual status [56]

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, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 001-41123 CHICAGO ATLANTIC REAL ESTATE FINANCE, INC. (Exact name of registrant as specified in its charter) (State or other ...

Chicago Atlantic Real Estate Finance, Inc. (NASDAQ:REFI) Q1 2023 Earnings Conference Call May 9, 2023 9:00 AM ET Company Participants Harry Sullivan - SCR Partners John Mazarakis - Executive Chairman Anthony Cappell - CEO & Director Phillip Silverman - Interim CFO, Company Secretary & Controller Conference Call Participants Aaron Hecht - JMP Securities Mark Smith - Lake Street Capital Markets Operator Good day, and thank you for standing by. Welcome to the Chicago and Atlantic Real Estate Finance, Inc. Firs ...

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, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 001-41123 CHICAGO ATLANTIC REAL ESTATE FINANCE, INC. (Exact name of registrant as specified in its charter) (State or other ...

Important Disclosure Information In this presentation, the Company relies on and refers to certain information and statistics obtained from third-party sources which it believes to be reliable, including reports by market research firms. The Company has not independently verified the accuracy or completeness of any such third-party information. Because the cannabis industry is relatively new and rapidly evolving, such market and industry data may be subject to significant change in a relatively short time p ...

Chicago Atlantic Real Estate Finance, Inc. (NASDAQ:REFI) Q4 2022 Earnings Conference Call March 9, 2023 9:00 AM ET Company Participants Tripp Sullivan - SCR Partners, LLC John Mazarakis - Executive Chairman Anthony Cappell - Chief Executive Officer Andreas Bodmeier - Co-President and Chief Investment Officer Phil Silveran - Interim Chief Financial Officer Conference Call Participants Aaron Hecht - JMP Securities Gaurav Mehta - EF Hutton Mark Smith - Lake Street Operator Good day, and thank you for standing ...

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, 2022 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 ...

Third Quarter 2022 Earnings Supplemental November 9, 2022 Important Disclosure Information This presentation contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, 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 the beliefs and assumptions of the management of the Company. Words such as "address," "anticipate," ...

Chicago Atlantic Real Estate Finance, Inc. (NASDAQ:REFI) Q3 2022 Results Conference Call November 9, 2022 9:00 AM ET Company Participants Tripp Sullivan - SCR Partners, LLC John Mazarakis - Executive Chairman Tony Cappell - Chief Executive Officer Andreas Bodmeier - Co-President and Chief Investment Officer Phil Silveran - Interim Chief Financial Officer Conference Call Participants Aaron Hecht - JMP Securities Gaurav Mehta - EF Hutton Mark Smith - Lake Street Capital Markets Operator Good day, ladies and g ...

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, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 001-41123 CHICAGO ATLANTIC REAL ESTATE FINANCE, INC. (Exact name of registrant as specified in its charter) Maryland 86 ...