Chicago Atlantic Real Estate Finance(REFI) - 2024 Q4 - Annual Results

Financial Performance - Net income for the fourth quarter of 2024 was approximately $7.9 million, or $0.39 per weighted average diluted common share, a sequential decrease of 30.1%[10] - Net income for Q4 2024 was $7,919,692, a decrease of 15.7% from $9,397,523 in Q4 2023[20] - Total revenues for the year ended December 31, 2024, were $62,104,092, slightly down from $62,900,004 in 2023[20] - Net interest income for Q4 2024 was $14,068,376, compared to $14,839,485 in Q4 2023, reflecting a decrease of 5.2%[20] - Distributable earnings for the fourth quarter of 2024 were approximately $9.2 million, or $0.47 and $0.46 per basic and diluted weighted average common share, respectively[10] - Distributable Earnings for Q4 2024 were $9,214,434, compared to $9,863,450 in Q4 2023, a decline of 6.6%[24] - Basic Distributable Earnings per Weighted Average Share for Q4 2024 was $0.47, down from $0.54 in Q4 2023[24] - Diluted Distributable Earnings per Weighted Average Share for Q4 2024 was $0.46, compared to $0.53 in Q4 2023[24] Expenses and Costs - Total expenses for the fourth quarter of 2024 were approximately $5.7 million, representing a sequential increase of approximately 34.1%[10] - Total expenses for the year ended December 31, 2024, were $17,737,306, down from $18,617,241 in 2023, indicating a reduction of 4.7%[20] - Management and incentive fees for Q4 2024 were $2,863,158, a decrease from $3,243,775 in Q4 2023[20] - Stock-based compensation for the year ended December 31, 2024, was $3,058,674, significantly higher than $1,479,736 in 2023[20] Portfolio and Loans - As of December 31, 2024, total loan principal outstanding was $410.2 million across 30 portfolio companies, with $20.9 million of unfunded commitments[6] - The portfolio weighted average yield to maturity was approximately 17.2% as of December 31, 2024, down from 18.3% as of September 30, 2024[6] - The total reserve for current expected credit losses increased to $4.3 million, approximately 1.1% of the aggregate portfolio principal balance of loans held for investment[10] Shareholder Returns - The company declared a total of $2.06 in dividends per common share during 2024, compared to $2.17 during 2023[10] Leverage and Book Value - As of December 31, 2024, the company had a consolidated leverage ratio of approximately 34%[6] - The book value per common share decreased from $14.94 as of December 31, 2023, to $14.83 as of December 31, 2024[10] Future Projections - The company expects net interest income of approximately $14.1 million for full year 2025, compared to $14.5 million as of September 30, 2024[10] Share Count - The weighted average number of common shares outstanding increased to 19,830,596 in Q4 2024 from 18,182,403 in Q4 2023[24]