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].

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 ...

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 ...

Financial Data and Key Metrics Changes - The net interest income for Q1 2024 declined sequentially from $14.8 million to $13.2 million, a decrease of 10.8% [17] - The weighted average loan-to-enterprise value was 40.5%, down from 44.1% at year-end [9] - Adjusted distributable earnings per weighted average diluted share was $0.52 for Q1 2024, compared to $0.53 for Q4 2023 [23] - The company had $81.3 million outstanding on the credit facility as of March 31, compared to $66 million as of December 31, 2023 [19] Business Line Data and Key Metrics Changes - The loan portfolio had total commitments of $401 million across 28 portfolio companies, with a weighted average yield to maturity of 19.4%, consistent with December 31 [15] - The portfolio remains predominantly floating rate, with 77% based off the prime rate [9] - The real estate coverage ratio of the portfolio was 1.3x as of March 31, down from 1.5x at December 31, 2023 [32] Market Data and Key Metrics Changes - The company reported strong loan demand driven by improving sentiment in the cannabis industry, which has helped in accessing additional capital [28] - Positive developments in state-level cannabis legalization were noted, with Florida and Ohio making progress [13] Company Strategy and Development Direction - The company is focused on growing the loan portfolio in a disciplined manner while maintaining strong credit quality and an attractive weighted average portfolio yield [27] - The pipeline of actionable deals stands at $585 million, with a focus on operators in limited license states and those transitioning from medical to adult use [28] - The company affirmed its guidance issued in conjunction with the Q4 release [23] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the regulatory changes in the cannabis industry, which are expected to bring significant benefits, including increased access to capital [8] - The company does not expect any immediate changes from the recent regulatory announcements for another 18 to 24 months [34] - Management noted that creditworthiness among operators is improving, with strong EBITDA performance [36] Other Important Information - The company issued approximately 896,000 shares through the ATM program at a weighted average price of $15.93, raising net proceeds of approximately $13.9 million [14] - The company’s CECL reserve as of March 31 was approximately $5.4 million, an increase from $5 million as of December 31, 2023 [20] Q&A Session Summary Question: Insights on the short and long-term impacts of DA rescheduling on the business - Management indicated that any impact from the regulatory changes would likely be felt after the 24-month mark, with no immediate changes expected [34] Question: Changes in the industry and operator landscape - Management reported positive interactions with operators, noting improved creditworthiness and strong EBITDA performance [36] Question: Competition in the lending space post-regulatory changes - Management stated that there are currently no signs of increased competition based on recent data and deals observed [39]

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 ...