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 ...

Financial Data and Key Metrics Changes - Net interest income increased by $1.8 million or 14.1% to $14.8 million compared to $12.9 million in Q3, with total net interest income for the year at $48.9 million [79] - Adjusted distributable earnings per share for Q4 was $0.57, and $2.11 for the year ended December 31, 2022, with total dividend distributions amounting to $2.10 per share for the year, approximately 99.5% of adjusted distributable earnings [80] - Diluted earnings per common share for the year was $1.82, with Q4 diluted earnings per share at $0.41, a decrease of $0.14 primarily due to increased provision for expected credit losses [81] Business Line Data and Key Metrics Changes - The loan portfolio grew to total loan commitments of $351 million across 22 portfolio companies, with a weighted average yield to maturity of 19.7%, up from 18.3% at September 30 [68] - The percentage of floating rate loans increased from 60% to 83% as of year-end, benefiting from rising rates [75] Market Data and Key Metrics Changes - The cannabis industry is projected to grow from a current size of $30 billion to $40 billion to an expected $50 billion to $75 billion in retail sales within the next five years [11] - Missouri and Maryland have transitioned to adult use, with Missouri exceeding expectations in sales after legalization [12][55] Company Strategy and Development Direction - The company aims to maintain a conservative approach to capital deployment, focusing on strong credit operators and fulfilling growth capital needs of existing borrowers [72] - The strategy includes targeting limited licensed states and monitoring local market pricing to maximize returns on a risk-adjusted basis [63] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about rising interest rates and their potential impact on disposable income and the broader economy, indicating a cautious approach to portfolio management [33][34] - The company remains optimistic about the cannabis market's growth potential, particularly with the anticipated transition from medical to recreational sales in certain states [36][58] Other Important Information - The company expanded its credit facility to $92.5 million and retained an option for a one-year extension without fees [16] - The CECL reserve approximated 1.2% of outstanding principal as of Q4, with 87% of the portfolio secured by real estate [24] Q&A Session Summary Question: What carries the most risk for the portfolio in 2023? - Management indicated that they want to be conservative and are closely monitoring the portfolio, acknowledging that rising interest rates and broader economic headwinds are significant concerns [27][28] Question: How is the health of the borrower base? - Management noted that the portfolio is performing well, with a focus on strong credit operators and a commitment to maintaining a robust underwriting process [29][84] Question: What is the expected loan deployment volume for 2023? - The company plans for loan deployment between $20 million and $30 million in Q1 and Q2, with expectations to grow the credit facility further [39][41] Question: Which states are currently causing stress in operations? - Management highlighted Pennsylvania and Ohio as states of concern due to their conservative medical markets, while expressing optimism about Maryland and Missouri [43][52] Question: How does the company view the pipeline for new loans? - Management expressed confidence in the pipeline, noting that demand for capital significantly exceeds supply, allowing for selective underwriting [47][66]

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 ...

Chicago Atlantic Real Estate Finance, Inc. (NASDAQ:REFI) Q2 2022 Earnings Conference Call August 9, 2022 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 Lindsay Menze - Chief Financial Officer Conference Call Participants Aaron Hecht - JMP Securities Gaurav Mehta - EF Hutton Mark Smith - Lake Street Capital Markets LLC Harrison Vivas - Cowen and Compan ...