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 ...

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 ...

[Company Overview & Management Insights](index=1&type=section&id=Company%20Overview%20%26%20Management%20Insights) Executive leadership highlighted improved regulatory conditions, new investment opportunities, and continued growth in loan originations, supported by an extended credit facility [Management Commentary](index=1&type=section&id=Management%20Commentary) Chicago Atlantic's executive leadership highlighted improved regulatory conditions creating new investment opportunities and the anticipated wall of debt maturities among cannabis operators - Executive Chairman John Mazarakis noted that the **improved regulatory landscape** is feeding new investment opportunities and significantly improving borrower equity value, with a **meaningful opportunity over the next 12-18 months** from a 'wall of debt maturities' among larger cannabis operators[2](index=2&type=chunk) - Co-Chief Executive Officer Tony Cappell highlighted **continued growth in gross loan originations**, an increase in the **weighted average yield to maturity to 19.4%**, and **improving credit quality** of operators, enabling selective capital deployment[2](index=2&type=chunk) - The company **extended its credit facility until June 2026** and increased its **accordion feature up to $150 million** to support additional opportunities[2](index=2&type=chunk) [Operational Performance](index=1&type=section&id=Operational%20Performance) Chicago Atlantic maintained a robust loan portfolio with significant commitments and a high weighted average yield, alongside active origination and repayment activities [Investment Activity](index=1&type=section&id=Investment%20Activity) As of December 31, 2023, Chicago Atlantic maintained a robust loan portfolio with total commitments of $378.8 million and a high weighted average yield to maturity of 19.4% Portfolio Investment Metrics (as of Dec 31, 2023) | Metric | Value (Dec 31, 2023) | Value (Sep 30, 2023) | Change (QoQ) | | :-------------------------------- | :------------------- | :------------------- | :----------- | | Total Loan Commitments (million $) | $378.8 | N/A | N/A | | Funded Loans (million $) | $371.3 | N/A | N/A | | Future Fundings (million $) | $7.5 | N/A | N/A | | Weighted Average Yield to Maturity (%) | 19.4% | 19.3% | +0.1% | | Real Estate Collateral Coverage (x) | 1.5x | 1.5x | 0x | | Loan to Enterprise Value (%) | 44.1% | 42.5% | +1.6% | | Variable Interest Rate Loans (%) | 81% | 81% | 0% | Fourth Quarter 2023 Originations and Repayments | Activity | Amount (million $) | | :-------------------------------- | :------------- | | Total Gross Originations | $24.7 | | Funded to New Borrowers | $8.6 | | Funded to Existing Borrowers | $16.1 | | Principal Repayments | $13.7 | | Unscheduled Early Repayments | $10.9 | Non-Recurring Fee Income | Period | Amount (million $) | | :-------------------------------- | :------------- | | Q4 2023 | $1.8 | | Q3 2023 | $0.7 | | Change (QoQ) | +$1.1 | [Capital Management & Dividends](index=2&type=section&id=Capital%20Management%20%26%20Dividends) The company extended its credit facility and increased its accordion feature, while consistently paying regular and special cash dividends to shareholders [Credit Facility and Liquidity](index=2&type=section&id=Credit%20Facility%20and%20Liquidity) Chicago Atlantic amended its secured revolving credit facility, extending its maturity to June 2026 and increasing the accordion feature to $150 million - On February 28, 2024, Chicago Atlantic amended its **$100.0 million secured revolving credit facility**, extending the **maturity date to June 2026** with a one-year extension option and increasing the **accordion feature up to $150.0 million**[8](index=8&type=chunk) Credit Facility and Leverage | Metric | As of Dec 31, 2023 | As of Mar 11, 2024 | | :-------------------------------- | :------------------- | :------------------- | | Outstanding on Credit Facility (million $) | $66.0 | $94.0 | | Leverage Ratio (Debt to Book Equity) | ~24% | N/A | | Total Liquidity (net of estimated liabilities) (million $) | N/A | ~$10 | [Dividend Payments](index=2&type=section&id=Dividend%20Payments) In January 2024, Chicago Atlantic paid a regular quarterly cash dividend of $0.47 per share and a special cash dividend of $0.29 per share for Q4 2023 - On January 12, 2024, Chicago Atlantic paid a **regular quarterly cash dividend of $0.47 per share** of common stock for Q4 2023[8](index=8&type=chunk) - A **special cash dividend of $0.29 per share** of common stock, included in fiscal 2023 taxable income, was also paid on January 12, 2024[8](index=8&type=chunk) [Financial Performance - Quarterly](index=2&type=section&id=Financial%20Performance%20-%20Quarterly) Chicago Atlantic reported Q4 2023 net income of $9.4 million, with an 8.0% sequential increase in net interest income, despite higher expenses [Fourth Quarter 2023 Financial Results](index=2&type=section&id=Fourth%20Quarter%202023%20Financial%20Results) Chicago Atlantic reported a net income of $9.4 million, or $0.51 per diluted share, for Q4 2023, with net interest income increasing by 8.0% sequentially to $14.8 million Fourth Quarter 2023 Key Financial Highlights | Metric | Q4 2023 (million $) | Q3 2023 (million $) | Sequential Change | | :-------------------------------- | :------------- | :------------- | :---------------- | | Net Interest Income | $14.8 | $13.7 | +8.0% | | Total Expenses (before CECL) | $5.8 | N/A | Increase (primarily due to $1.6M increase in net management and incentive fees) | | Total Reserve for CECL | $5.0 | $5.2 | -$0.2 | | Net Income | $9.4 | $10.0 | -5.8% | | Diluted EPS ($) | $0.51 | $0.54 | -5.6% | | Distributable Earnings | $9.8 | $10.5 | -7.0% | | Distributable Earnings per Diluted Share ($) | $0.53 | $0.57 | -7.0% | | Book Value per Common Share ($) | $14.94 | $15.17 | -1.5% (due to special dividend) | - Net interest income included approximately **$1.8 million of interest income** from prepayment fees and acceleration of original issue discounts[8](index=8&type=chunk) - The **total reserve for current expected credit losses decreased by $0.2 million to $5.0 million**, representing **1.4% of the portfolio principal balance**[8](index=8&type=chunk) [Financial Performance - Annual](index=3&type=section&id=Financial%20Performance%20-%20Annual) For full year 2023, Chicago Atlantic achieved $38.7 million in net income and $41.5 million in Distributable Earnings, alongside increased total dividends per share [Full Year 2023 Financial Results](index=3&type=section&id=Full%20Year%202023%20Financial%20Results) For the full year 2023, Chicago Atlantic achieved a net income of $38.7 million and Distributable Earnings of $41.5 million, representing a 7.6% year-over-year increase Full Year 2023 Key Financial Highlights | Metric | FY 2023 (million $) | FY 2022 (million $) | Year-over-Year Change | | :-------------------------------- | :------------- | :------------- | :-------------------- | | Net Interest Income | $57.1 | N/A | +17.0% | | Total Expenses (before CECL) | $17.7 | N/A | +39.4% | | Net Income | $38.7 | $32.3 | +19.8% | | Diluted EPS ($) | $2.11 | N/A | N/A | | Distributable Earnings | $41.5 | $37.2 | +7.6% | | Distributable Earnings per Diluted Share ($) | $2.26 | $2.10 | +7.6% | | Total Dividends per Common Share ($) | $2.17 | $2.10 | +3.3% | | Book Value per Common Share ($) | $14.94 | $14.86 | +0.5% | - Total 2023 dividends included **regular quarterly dividends totaling $1.88 per diluted share** and a **special dividend of $0.29 per diluted share**[11](index=11&type=chunk) [2024 Outlook](index=3&type=section&id=2024%20Outlook) For 2024, Chicago Atlantic anticipates maintaining a dividend payout ratio of 90% to 100% of Distributable Earnings, with potential special dividends for taxable income [Financial Outlook](index=3&type=section&id=Financial%20Outlook) For 2024, Chicago Atlantic anticipates maintaining a dividend payout ratio of approximately 90% to 100% of Distributable Earnings, with potential special dividends - The Company expects to maintain a **dividend payout ratio of approximately 90% to 100%** based on Distributable Earnings per weighted average diluted share on a full year basis[11](index=11&type=chunk) - If taxable income requires additional distribution, the Company expects to meet that requirement with a **special dividend in the fourth quarter of 2024**[11](index=11&type=chunk) [Corporate Information & Disclosures](index=4&type=section&id=Corporate%20Information%20%26%20Disclosures) This section provides details on investor resources, company background as a commercial mortgage REIT, and disclaimers regarding forward-looking statements [Conference Call and Investor Resources](index=4&type=section&id=Conference%20Call%20and%20Investor%20Resources) Chicago Atlantic hosted a conference call on March 12, 2024, and provides investor resources, including earnings supplemental, on its investor relations website - The Company hosted a **conference call on March 12, 2024**, at 9:00 a.m. Eastern Time, accessible via webcast or telephone registration[12](index=12&type=chunk) - Chicago Atlantic posts important investor information, including its Fourth Quarter 2023 Earnings Supplemental, on its **investor relations website (www.refi.reit)** and uses this website for material disclosures under Regulation FD[13](index=13&type=chunk) [About Chicago Atlantic Real Estate Finance, Inc.](index=4&type=section&id=About%20Chicago%20Atlantic%20Real%20Estate%20Finance%2C%20Inc.) Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) is a commercial mortgage REIT specializing in senior secured loans to state-licensed cannabis operators - Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) is a **commercial mortgage REIT**[14](index=14&type=chunk) - The company **originates senior secured loans** primarily to **state-licensed cannabis operators** in limited-license states in the United States[14](index=14&type=chunk) - REFI is **part of the Chicago Atlantic platform**, which has over 70 employees and has deployed **over $2.0 billion across more than 70 loans**[14](index=14&type=chunk) [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) This section disclaims that the release contains forward-looking statements subject to inherent uncertainties and risks, with no obligation to update them - The release contains **forward-looking statements** reflecting current views and projections regarding future events and financial performance, identified by specific cautionary language[15](index=15&type=chunk) - These statements are **subject to inherent uncertainties** and are **not guarantees of future performance**, conditions, or results[15](index=15&type=chunk) - The company undertakes **no obligation to publicly update or revise** any forward-looking statements, except as required by law[15](index=15&type=chunk) [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) This section presents Chicago Atlantic's balance sheets, income statements, and reconciliation of distributable earnings for comprehensive financial review [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) The consolidated balance sheets show Chicago Atlantic's financial position as of December 31, 2023, with increases in total assets and stockholders' equity Consolidated Balance Sheet Highlights | Metric | Dec 31, 2023 ($) | Dec 31, 2022 ($) | | :-------------------------------- | :------------- | :------------- | | **Assets** | | | | Loans held for investment, net | $348,667,963 | $335,332,599 | | Cash and cash equivalents | $7,898,040 | $5,715,827 | | Total Assets | $359,225,597 | $343,271,050 | | **Liabilities** | | | | Revolving loan | $66,000,000 | $58,000,000 | | Total Liabilities | $87,372,206 | $79,238,027 | | **Stockholders' Equity** | | | | Total Stockholders' Equity | $271,853,391 | $264,033,023 | | Total Liabilities and Stockholders' Equity | $359,225,597 | $343,271,050 | [Consolidated Statements of Income](index=6&type=section&id=Consolidated%20Statements%20of%20Income) The consolidated statements of income detail Chicago Atlantic's revenues, expenses, and net income for Q4 2023, Q3 2023, and Q4 2022 Consolidated Statements of Income Highlights | Metric | Q4 2023 ($) | Q3 2023 ($) | Q4 2022 ($) | | :-------------------------------- | :------------- | :------------- | :------------- | | Interest income | $16,530,028 | $15,183,450 | $15,993,588 | | Interest expense | $(1,690,543) | $(1,449,143) | $(1,230,966) | | Net interest income | $14,839,485 | $13,734,307 | $14,762,622 | | Total expenses | $5,509,588 | $3,842,876 | $7,506,905 | | Net Income | $9,397,523 | $9,976,998 | $7,255,717 | | Basic EPS ($) | $0.52 | $0.55 | $0.41 | | Diluted EPS ($) | $0.51 | $0.54 | $0.41 | [Distributable Earnings and Adjusted Distributable Earnings](index=7&type=section&id=Distributable%20Earnings%20and%20Adjusted%20Distributable%20Earnings) This section defines and reconciles Distributable Earnings and Adjusted Distributable Earnings, non-GAAP measures used to evaluate performance and dividend capacity - **Distributable Earnings** is defined as GAAP net income (loss) excluding non-cash equity compensation, depreciation and amortization, unrealized gains/losses, provision for current expected credit losses, and certain one-time events, with accrued income from deferred interest features included[21](index=21&type=chunk) - **Adjusted Distributable Earnings** further excludes certain non-recurring organizational expenses[21](index=21&type=chunk) Distributable Earnings Reconciliation | Metric | FY 2023 ($) | FY 2022 ($) | Q4 2023 ($) | Q3 2023 ($) | | :-------------------------------- | :------------- | :------------- | :------------- | :------------- | | Net Income | $38,710,248 | $32,292,477 | $9,397,523 | $9,976,998 | | Stock based compensation | $1,479,736 | $435,623 | $537,131 | $540,426 | | Amortization of debt issuance costs | $550,906 | $563,464 | $145,128 | $146,676 | | Provision for current expected credit losses | $940,385 | $3,887,405 | $(253,495) | $(41,351) | | Distributable Earnings | $41,500,882 | $37,178,969 | $9,758,661 | $10,537,182 | | Adjusted Distributable Earnings | $41,500,882 | $37,178,969 | $9,758,661 | $10,537,182 | | Adjusted Distributable Earnings per Diluted Share ($) | $2.26 | $2.10 | $0.53 | $0.57 |