Chicago Atlantic Real Estate Finance(US:REFI)2025-05-07 11:18Financial Performance - Net interest income for the first quarter of 2025 was approximately $13.0 million, a decrease from $14.1 million as of December 31, 2024[6]. - Net income was approximately $10.0 million, or $0.47 per weighted average diluted common share, reflecting a sequential increase of 20.5% on a per share basis[6]. - Net income for Q1 2025 reached $10,041,312, an increase of 26.8% compared to $7,919,692 in Q4 2024[19]. - Distributable earnings were approximately $9.7 million, or $0.47 and $0.46 per basic and diluted weighted average common share, respectively[12]. - Distributable earnings for Q1 2025 were $9,727,657, compared to $9,214,434 in Q4 2024, reflecting a growth of 5.6%[19]. - Basic distributable earnings per weighted average share remained stable at $0.47 for both Q1 2025 and Q4 2024[19]. - Diluted distributable earnings per weighted average share also held steady at $0.46 for Q1 2025, consistent with Q4 2024[19]. Portfolio and Investments - As of March 31, 2025, total loan principal outstanding was $407.0 million across 30 portfolio companies, with $19.8 million of unfunded commitments[6]. - The portfolio weighted average yield to maturity was approximately 16.9% as of March 31, 2025, compared to 17.2% as of December 31, 2024[6]. - The total reserve for current expected credit losses decreased to $3.3 million, approximately 0.8% of the aggregate portfolio principal balance of loans held for investment of $401.5 million[12]. - The provision for current expected credit losses showed a benefit of $(1,073,276) in Q1 2025, compared to a provision of $301,491 in Q4 2024[19]. - The change in unrealized gain on investments was not reported for Q1 2025, while it was $165,000 in Q4 2024[19]. Shareholder Returns - Chicago Atlantic paid a regular quarterly cash dividend of $0.47 per share for the first quarter of 2025[6]. - Book value per common share increased from $14.83 as of December 31, 2024, to $14.87 as of March 31, 2025[12]. Expenses and Leverage - Total expenses were approximately $4.1 million, representing a sequential decrease of approximately 28.3%[6]. - The Company had $88.0 million of total leverage, resulting in a consolidated leverage ratio of approximately 28%[6]. Share Count and Adjustments - The number of basic weighted average shares outstanding increased to 20,858,466 in Q1 2025 from 19,830,596 in Q4 2024, representing a growth of 5.2%[19]. - The diluted weighted average shares outstanding rose to 21,264,891 in Q1 2025, up from 20,256,628 in Q4 2024, indicating an increase of 5.0%[19]. - Adjustments to net income included a stock-based compensation of $649,312 for Q1 2025, down from $845,524 in Q4 2024[19].