Company Overview - Chicago Atlantic is a commercial mortgage REIT and lender focused on state-licensed cannabis operators[11] - The company has closed over 100 cannabis loans across its platform[9] - Since its inception in 2019, the origination team has closed over $28 billion in credit facilities, with $22 billion to cannabis operators[11] - The company is evaluating a near-term pipeline of approximately $650 million in potential loans[9] Portfolio Highlights - The outstanding loan principal is $4219 million with a gross portfolio yield of 168%[9] - The real estate collateral coverage in the current portfolio is 12x[9] - The top 10 loans account for 616% of the total principal outstanding[28] - Floating-rate loans constitute 407% of the portfolio, while fixed-rate loans make up 593%[29] Financial Performance - For the three months ended June 30, 2025, net income was $887 million, or $042 per basic share[75] - Distributable Earnings for the quarter were $1085 million, or $052 per basic share[76] - The company's total assets as of June 30, 2025, were $4552 million[71] Market Opportunity - The U S cannabis industry is estimated to reach $35 billion in retail revenue in 2025 and is projected to grow to $69 billion by 2031[55] - Chicago Atlantic estimates the current value of the U S cannabis debt market to be $12 billion, with the company holding approximately 18% market share[57] - Assuming the company maintains its 18% debt market share, the private credit opportunity could grow to over $4 billion by 2031[58]

Company Overview - Chicago Atlantic has closed over $2.7 billion in loans since its platform inception[9, 10] - The company has closed over 95 cannabis loans across its platform[9] - The outstanding loan principal is approximately $407 million[9] - The gross portfolio yield is 16.9%[9] Portfolio Diversification - The top 10 loans account for 61.5% of the principal outstanding[35] - Fixed-rate loans constitute 41.5% of the portfolio, while floating-rate loans make up 58.5%[35] - Loans with Retail/Industrial collateral represent 35.3% of the portfolio[39] Market and Financial Performance - REFI has outperformed the median and average total return of mortgage REITs by approximately 51% and 55%, respectively[33] - The U S cannabis industry is estimated to be $35 billion in top-line retail revenue in 2025 and is projected to grow to $69 billion by 2031[60] - As of March 31, 2025, loans held for investment at carrying value, net is $396,181,421[81] - For the three months ended March 31, 2025, net income was $10,041,312, or $0.48 per basic common share[85]