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 ...

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, 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 86-3125 ...

Chicago Atlantic Real Estate Finance, Inc. (NASDAQ:REFI) Q1 2022 Earnings Conference Call May 12, 2022 10:00 AM ET Company Participants Tripp Sullivan – Investor Relations John Mazarakis – Executive Chairman Tony Cappell – Chief Executive Officer Andreas Bodmeier – Co-President and Chief Investment Officer Conference Call Participants Aaron Hecht – JMP Securities Mark Smith – Lake Street Capital Markets Gaurav Mehta – EF Hutton Operator Welcome to the Chicago Atlantic Real Estate Finance, Inc. First Quarter ...

[Part I. Financial Information](index=4&type=section&id=Part%20I.%20Financial%20Information) This part details the company's unaudited financial statements, management's analysis, market risk disclosures, and internal control assessments [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) Presents the unaudited consolidated balance sheets, income statements, equity, and cash flows for the period ended March 31, 2022 [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Consolidated Balance Sheets Highlights (Unaudited) | | March 31, 2022 | December 31, 2021 | |:---|:---:|:---:| | **Assets** | | | | Loans held for investment, net | $278,644,076 | $196,850,024 | | Cash | $6,078,178 | $80,248,526 | | **Total Assets** | **$285,907,904** | **$278,170,455** | | **Liabilities** | | | | Total Liabilities | $16,523,388 | $14,092,487 | | **Stockholders' Equity** | | | | Total stockholders' equity | $269,384,516 | $264,077,968 | | **Total liabilities and stockholders' equity** | **$285,907,904** | **$278,170,455** | - Total assets grew to **$285.9 million** as of March 31, 2022, primarily driven by a significant increase in 'Loans held for investment, net' which rose to **$278.6 million** from $196.9 million at the end of 2021[13](index=13&type=chunk) - This growth was funded by a decrease in cash from **$80.2 million to $6.1 million**[13](index=13&type=chunk) [Consolidated Statements of Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income) Consolidated Statements of Income (Unaudited) | | For the three months ended March 31, 2022 | |:---|:---:| | **Revenues** | | | Interest income | $9,833,053 | | Total revenues | $9,833,053 | | **Expenses** | | | Total expenses | $2,029,101 | | **Net Income** | **$7,803,952** | | **Earnings per common share:** | | | Basic EPS | $0.44 | | Diluted EPS | $0.44 | [Consolidated Statements of Equity](index=6&type=section&id=Consolidated%20Statements%20of%20Equity) - Total stockholders' equity increased from **$264.1 million** at the start of the year to **$269.4 million** at March 31, 2022[17](index=17&type=chunk) - The increase was driven by net income of **$7.8 million** and net proceeds from stock issuance of **$4.5 million**, partially offset by dividends declared of **$7.1 million**[17](index=17&type=chunk) [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Consolidated Statements of Cash Flows Highlights (Unaudited) | | For the three months ended March 31, 2022 | |:---|:---:| | Net cash provided by operating activities | $3,035,632 | | Net cash used in investing activities | ($77,175,374) | | Net cash (used in) provided by financing activities | ($30,606) | | **Change in cash** | **($74,170,348)** | | Cash, beginning of period | $80,248,526 | | Cash, end of period | $6,078,178 | - The significant decrease in cash during the quarter was primarily due to **$82.8 million** used for the issuance and funding of loans, which is classified under investing activities[19](index=19&type=chunk) [Notes to Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) - The Company is a commercial mortgage REIT focused on originating, structuring, and investing in first mortgage loans, primarily to **state-licensed operators in the cannabis industry**[21](index=21&type=chunk)[22](index=22&type=chunk)[23](index=23&type=chunk) - The Company adopted **ASC 326 (CECL)** at inception, which requires the recognition of lifetime expected credit losses for loans at the time of origination[34](index=34&type=chunk) - As of March 31, 2022, the Company had a secured revolving credit facility with a total commitment of **$45 million**, which was subsequently increased to **$65 million** in May 2022[87](index=87&type=chunk)[134](index=134&type=chunk) - On January 5, 2022, underwriters partially exercised their over-allotment option, resulting in the issuance of **302,800 shares** of common stock and raising **$4.5 million** in net proceeds[114](index=114&type=chunk) - A regular cash dividend of **$0.40 per share** was declared for the first quarter of 2022[129](index=129&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Analyzes the company's Q1 2022 operating results, financial condition, liquidity, and capital resources [Overview](index=30&type=section&id=Overview) - The company's primary objective is to provide attractive, risk-adjusted returns through income and capital appreciation by originating and investing in loans for **state-licensed cannabis operators**[139](index=139&type=chunk) - The company is an externally managed Maryland corporation that elected to be taxed as a **REIT**, commencing with the taxable year ending December 31, 2021[143](index=143&type=chunk) [Results of Operations](index=34&type=section&id=Results%20of%20Operations) Q1 2022 Financial Results | Metric | Amount | |:---|:---| | Net Income | ~$7.8 million | | Basic EPS | $0.44 | | Interest Income | ~$9.8 million | | Management & Incentive Fees | $671,505 | | Provision for CECL | $51,343 | - For the three months ended March 31, 2022, the company reported net income of approximately **$7.8 million**, or **$0.44 per basic weighted average common share**[160](index=160&type=chunk) [Loan Portfolio](index=34&type=section&id=Loan%20Portfolio) Loan Portfolio Growth | Metric | March 31, 2022 | December 31, 2021 | |:---|:---:|:---:| | Number of Loans | 22 | 21 | | Loans Receivable (Carrying Value) | ~$278.8 million | ~$197.0 million | | Aggregate Commitment | ~$321.1 million | ~$235.1 million | | Outstanding Principal | ~$282.7 million | ~$200.6 million | | Weighted-Average YTM IRR | 17.2% | 18.6% | - During Q1 2022, the company closed credit facilities with three new borrowers with aggregate commitments of **$75 million** and advanced **$29.2 million** on existing facilities[153](index=153&type=chunk) - As of March 31, 2022, approximately **63.4% of the portfolio consisted of floating-rate loans** tied to the prime rate, an increase from 53.2% at year-end 2021[165](index=165&type=chunk) [Liquidity and Capital Resources](index=39&type=section&id=Liquidity%20and%20Capital%20Resources) - As of March 31, 2022, the company had approximately **$6.1 million in unrestricted cash**, down from $80.2 million at the end of 2021, reflecting the deployment of capital into new loans[181](index=181&type=chunk) - The company's secured revolving credit facility was increased from $10 million to $45 million in December 2021 and further to **$65 million** in May 2022[183](index=183&type=chunk)[184](index=184&type=chunk)[188](index=188&type=chunk) [Non-GAAP Financial Measures](index=37&type=section&id=Non-GAAP%20Financial%20Measures) Reconciliation of Net Income to Adjusted Distributable Earnings (Q1 2022) | | Amount (in thousands) | |:---|:---:| | Net Income | $7,804 | | Non-cash equity compensation expense | $121 | | Depreciation and amortization | $72 | | Provision for current expected credit losses | $51 | | **Distributable Earnings** | **$8,049** | | **Adjusted Distributable Earnings** | **$8,049** | | Adjusted Distributable Earnings per Weighted Average Share (Diluted) | $0.45 | [Quantitative and Qualitative Disclosures About Market Risk](index=45&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Details the company's primary market risk exposures, including interest rate, credit, and real estate risks - The company is primarily exposed to **interest rate risk**, with **63.4%** of the loan portfolio composed of floating-rate loans with prime rate floors as of March 31, 2022[211](index=211&type=chunk) - A hypothetical **100 basis point increase** in the prime rate would increase annual interest income by approximately **$1,245,000**[211](index=211&type=chunk) - Credit risk is concentrated, with the **top three borrowers representing 31.6%** of funded principal as of March 31, 2022[237](index=237&type=chunk) - To mitigate risk, **94% of the portfolio is secured by real estate**, and all loans are secured by equity pledges and all asset liens, with an average real estate collateral coverage of **1.9x**[232](index=232&type=chunk) [Controls and Procedures](index=49&type=section&id=Item%204.%20Controls%20and%20Procedures) Reports that disclosure controls were not effective due to two material weaknesses in internal financial reporting controls - Management concluded that **disclosure controls and procedures were not effective** as of March 31, 2022[241](index=241&type=chunk) - The ineffectiveness is due to two previously reported material weaknesses: inadequate design of **IT general controls** and inadequate design of controls over the development of the **CECL allowance**[241](index=241&type=chunk) - **Remediation efforts are underway**, including hiring additional personnel, designing formal controls, and implementing a new ERP system[242](index=242&type=chunk)[243](index=243&type=chunk) [Part II. Other Information](index=52&type=section&id=Part%20II.%20Other%20Information) Covers legal proceedings, risk factors, and the use of proceeds from the company's recent equity offerings [Legal Proceedings](index=52&type=section&id=Item%201.%20Legal%20Proceedings) Confirms the absence of any material pending legal proceedings against the company - As of the reporting date, the company is **not involved in any material legal proceedings**[248](index=248&type=chunk) [Risk Factors](index=52&type=section&id=Item%201A.%20Risk%20Factors) States there have been no material changes to risk factors previously disclosed in the 2021 Form 10-K - There have been **no material changes** to the risk factors disclosed in the company's 2021 Form 10-K[249](index=249&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=52&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Details the deployment of net proceeds from the company's IPO and concurrent private placement - The company received net proceeds of approximately **$96.2 million** from its IPO and an additional **$7.5 million** from a concurrent private placement[250](index=250&type=chunk) - Since the IPO, proceeds have been used to fund approximately **$78.6 million** in loans to new portfolio companies and **$36.1 million** to existing portfolio companies[251](index=251&type=chunk)

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, 2021 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 jurisdi ...

Company Overview - Chicago Atlantic Real Estate Finance, Inc completed a successful IPO in December 2021 (NASDAQ: REFI)[6] - The company has closed $1.2 billion in loans since its platform inception[6] - The company has closed 38 cannabis loans across its platform[6] - The company has a near-term pipeline under evaluation of $979 million[6] - The current portfolio size is $324 million with a substantial pipeline[6] - The current portfolio has 1.8x real estate collateral coverage[6] - The gross portfolio yield is 17.3%[6] Portfolio Diversity - The portfolio is diversified across operators, geographies, and asset types[15] - $285 million is the principal outstanding as of March 17, 2022[15] - 89.9% of the real estate collateral type is industrial, while 9.7% is retail[15] Market Opportunity - The U S cannabis sales are estimated to have a 20%+ annual growth rate[29] - U S cannabis sales are projected to reach $42.9 billion[29]