Financial Data and Key Metrics Changes - The company's net interest income for Q1 2025 was $13 million, a 7.3% decrease from $14.1 million in Q4 2024, primarily due to a decrease in non-recurring fees and the impact of a 50 basis point decrease in the prime rate [14][18] - The loan portfolio principal totaled $407 million across 30 portfolio companies, with a weighted average yield to maturity of 16.9%, down from 17.2% in the previous quarter [10][11] - Total leverage was 28% of book equity as of March 31, compared to 34% at the end of 2024 [11] Business Line Data and Key Metrics Changes - Gross originations during the quarter were $4.4 million, with $500,000 funded to new borrowers and $3.9 million to existing borrowers on delayed draw, offset by sales and repayments of $9.2 million [10] - The percentage of fixed-rate loans and floating-rate loans with floors at or above the prevailing prime rate was 71.2% [10] Market Data and Key Metrics Changes - The cannabis pipeline across the Chicago Intake platform stands at $462 million, with expectations for deployments to accelerate in Q2 and Q3 [8][21] - The company remains the third top-performing exchange-listed mortgage REIT, outperforming the median and average total return for all exchange-listed mortgage REITs by approximately 51% and 55% respectively since inception [9] Company Strategy and Development Direction - The company aims to create a differentiated and low-levered risk-return profile insulated from cannabis equity volatility, focusing on credit and collateral first [6][8] - The management emphasizes a disciplined and patient approach to capital deployment, prioritizing credit protection and risk-adjusted returns [8] Management's Comments on Operating Environment and Future Outlook - Management noted that the current operating environment is characterized by volatility in the cannabis equity markets, which affects capital providers [6] - The company is optimistic about net portfolio growth in 2025, with significant maturities expected and a focus on refinancing strong-performing assets [30][42] Other Important Information - The company raised approximately $1 million in net proceeds from the issuance of common stock through its ATM program, with a weighted average selling price representing a premium to book value [18] - The CECL reserve on loans held for investment decreased to approximately $3.3 million from $4.4 million, primarily due to the reversal of reserves related to loan number nine [15][16] Q&A Session Summary Question: Can you provide details on the near-term pipeline of $462 million? - Management indicated that the pipeline is generally related to CapEx and expects deployments to accelerate in Q2 and Q3 [21][22] Question: How are pricing assumptions being adjusted in underwriting? - Management noted that pricing in the industry is evolving, with downward price compression observed in various states, including Massachusetts [24][26] Question: What visibility do you have into repayments and net portfolio growth? - Management aims for net portfolio growth in 2025, with a focus on refinancing strong-performing assets [30][42] Question: How would rescheduling impact the business? - Management believes rescheduling would significantly increase after-tax free cash flow for borrowers, enhancing downside protection and supporting growth [33] Question: What are the unfunded commitments at the end of the quarter? - The company has approximately $19.8 million in unfunded commitments, which are contingent on meeting certain conditions [44] Question: How does the allocation process for funding opportunities work? - Management explained that all opportunities are given equal consideration across funds, but specific allocations depend on eligibility and diversification requirements [50]

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Chicago Atlantic Real Estate Finance, Inc. (REFI) came out with quarterly earnings of $0.46 per share, beating the Zacks Consensus Estimate of $0.45 per share. This compares to earnings of $0.52 per share a year ago. The ...

Earnings Supplemental For the quarter ended March 31, 2025 Important Disclosure Information Forward Looking Statements This presentation contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities and Exchange Act of 1934, as amended (the "Exchange Act"), regarding future events and the future results of Chicago Atlantic Real Estate Finance, Inc. ("Chicago Atlantic", "REFI", the "Company", and "we", "us", and "our") that a ...

Exhibit 99.1 Chicago Atlantic Real Estate Finance Announces First Quarter 2025 Financial Results CHICAGO — (May 7, 2025) Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) ("Chicago Atlantic" or the "Company"), a commercial mortgage real estate investment trust, today announced its results for the first quarter ended March 31, 2025. Peter Sack, Co-Chief Executive Officer, noted, "We have entered 2025 much like we did in 2024 with significant volatility in the financial services sector and within the ...

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 ☐ 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 | (I.R.S. Employer | | incorporation or org ...

CHICAGO, May 07, 2025 (GLOBE NEWSWIRE) -- Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) ("Chicago Atlantic" or the "Company"), a commercial mortgage real estate investment trust, today announced its results for the first quarter ended March 31, 2025. Peter Sack, Co-Chief Executive Officer, noted, "We have entered 2025 much like we did in 2024 with significant volatility in the financial services sector and within the cannabis industry. The broader sentiment in cannabis is more muted than most pa ...

Group 1 - Chicago Atlantic Real Estate Finance declared a base quarterly cash dividend of $0.47 per share, unchanged from the previous distribution, resulting in an annualized dividend of $1.88 per share, which equates to a 13.52% dividend yield [1] - The mortgage REIT has maintained this base quarterly dividend, indicating stability in its dividend policy [1] Group 2 - Pacifica Yield focuses on long-term wealth creation by targeting undervalued yet high-growth companies, high-dividend stocks, REITs, and firms in the green energy sector [1]

CHICAGO, April 17, 2025 (GLOBE NEWSWIRE) -- Chicago Atlantic Real Estate Finance, Inc. (NASDAQ:REFI) ("Chicago Atlantic" or the "Company"), a commercial mortgage real estate investment trust, announced details for the release of its results for the first quarter ended March 31, 2025. The Company plans to issue its earnings release and supplemental financial information before the market opens on Wednesday, May 7, 2025. Chicago Atlantic will host a conference call and live audio webcast, both open for the ge ...

CHICAGO, March 17, 2025 (GLOBE NEWSWIRE) -- Chicago Atlantic Real Estate Finance, Inc. (NASDAQ:REFI), a commercial mortgage real estate investment trust, announced that its board of directors has declared a regular quarterly cash dividend of $0.47 per share for the first quarter of 2025. The regular quarterly dividend, which equates to an annualized rate of $1.88 per common share, is payable on April 15, 2025, to shareholders of record as of the close of business on March 31, 2025. About Chicago Atlantic Re ...

Financial Data and Key Metrics Changes - The company's net interest income for Q4 was $14.1 million, a decrease of 2.7% from $14.5 million in Q3, primarily due to a 50 basis point decrease in the prime rate [21] - The total operating expenses, excluding management incentive fees and provision for credit losses, increased by approximately $250,000 quarter over quarter [24] - The book value per common share decreased to $14.83 as of December 31, 2024, from $14.94 as of December 31, 2023, mainly due to dividends paid in excess of GAAP net income [29] Business Line Data and Key Metrics Changes - The loan portfolio principal totaled $410 million across thirty portfolio companies, with a weighted average yield to maturity of 17.2%, down from 18.3% at the end of Q3 [16] - Gross origination during Q4 was $90.7 million, with $52.6 million funded to new borrowers and $38.1 million to existing borrowers [16] - The cannabis pipeline across the Chicago Atlantic platform now stands at approximately $490 million, with current liquidity of approximately $67 million [12] Market Data and Key Metrics Changes - The US cannabis industry is experiencing muted conditions due to the failure of Florida's adult-use ballot initiative and pricing pressure in some markets, leading to near record lows in equity values [7][8] - The company has diversified its investments across nine states, including Ohio, Nevada, Illinois, Florida, Pennsylvania, Missouri, and Minnesota [11] Company Strategy and Development Direction - The company focuses on deploying capital with consumer and product-focused operators in limited license jurisdictions, maintaining a low leverage profile [11] - The strategy emphasizes credit and collateral first, aiming to create a differentiated and low-levered risk-return profile insulated from cannabis equity volatility [9] - The company aims to be the number one top-performing exchange-listed mortgage REIT, currently ranked third based on total return [10] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing uncertainty surrounding tax policy, economy, tariffs, inflation, and Federal Reserve interest rate direction [18] - The company plans to maintain a dividend payout ratio based on basic distributable earnings per share of 90% to 100% for 2025 [31] - Management expressed confidence in the ability to execute for shareholders despite challenges in the industry [14] Other Important Information - The company raised approximately $38.4 million of net proceeds from common stock issuances through its ATM program [27] - The debt service coverage ratio on a consolidated basis was approximately 5.5 to 1, significantly above the requirement of 1.35 to 1 [20] Q&A Session Summary Question: Can you talk about demand for loans and leverage expectations? - Management indicated that while the profile of demand has changed due to compressed equity valuations, the maturation of the industry offsets this change [34] Question: Update on credit quality and loan number nine? - Overall credit quality remains stable, with only one loan on non-accrual status. Management is working to remedy operational issues with loan number nine [36][37] Question: Thoughts on scheduling and industry reform? - Management stated that the industry is awaiting clearer signals from the administration regarding reform, but they will continue to invest assuming no changes occur [40] Question: How do you view the impact of 280E on borrowers? - Management considers unpaid tax liabilities as a form of indebtedness and incorporates this into their underwriting process [45] Question: Update on New York market? - Management expressed encouragement regarding the progress in New York, highlighting the opening of stores and crackdowns on illegal operators [55] Question: Thoughts on the upcoming debt maturities in 2026? - Management aims to be a lender of choice as maturities arise, emphasizing that the market will likely work through these maturities in a normal course [75]