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Chicago Atlantic Real Estate Finance Announces Fourth Quarter 2024 Financial Results
REFIChicago Atlantic Real Estate Finance(REFI) GlobeNewswire·2025-03-12 11:00

Core Viewpoint - Chicago Atlantic Real Estate Finance, Inc. reported its financial results for the fourth quarter and full year of 2024, highlighting a disciplined underwriting process and a strong portfolio focused on cannabis operators, with a significant growth pipeline for 2025 [1][2]. Portfolio Performance - As of December 31, 2024, the total loan principal outstanding was 410.2millionacross30portfoliocompanies,withaweightedaverageyieldtomaturityofapproximately17.2410.2 million across 30 portfolio companies, with a weighted average yield to maturity of approximately 17.2%, down from 18.3% in the previous quarter [5][6]. - The aggregate loan portfolio with variable interest rates was 62.1%, while fixed-rate loans increased from 31.9% in 2023 to 37.9% in 2024 [6]. Investment Activity - The company had total gross originations of 90.7 million in the fourth quarter, with 52.6millionfundedtonewborrowersand52.6 million funded to new borrowers and 38.1 million to existing borrowers [6]. - A 50millionunsecuredtermloanwasenteredintowithafixedinterestrateof9.050 million unsecured term loan was entered into with a fixed interest rate of 9.0%, used to repay outstanding borrowings and for working capital [6]. Financial Results - Net interest income for the fourth quarter was approximately 14.1 million, a slight decrease from 14.5millioninthepreviousquarter[5][10].−Netincomeforthefullyearwasapproximately14.5 million in the previous quarter [5][10]. - Net income for the full year was approximately 37.0 million, or 1.88perdilutedshare,representingayear−over−yeardecreaseof10.51.88 per diluted share, representing a year-over-year decrease of 10.5% [10][22]. - The company declared total dividends of 2.06 per common share in 2024, down from 2.17in2023[10].CapitalActivityandDividends−Thecompanypaidaregularquarterlycashdividendof2.17 in 2023 [10]. Capital Activity and Dividends - The company paid a regular quarterly cash dividend of 0.47 per share and a special cash dividend of 0.18pershareforthefourthquarterof2024[6][10].−AsofMarch12,2025,thecompanyhad0.18 per share for the fourth quarter of 2024 [6][10]. - As of March 12, 2025, the company had 71.5 million available on its secured revolving credit facility and total liquidity of approximately $67 million [6]. 2025 Outlook - Chicago Atlantic anticipates continued growth in 2025, supported by a strong liquidity position and a collaborative approach with borrowers [2][8].