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Chicago Atlantic Real Estate Finance, Inc.
REFICIK 0001867949NasdaqEmerging GrowthReal Estate Investment TrustsMarylandFY ends Dec 31
Period
FY 2025
Revenue
—
Net Income
$36.01M
Total Assets
$424.92M
Equity
$307.81M
Shares Out
21.08M
Op. Cash Flow
$28.79M
Business
Chicago Atlantic Real Estate Finance, Inc. is a commercial mortgage real estate investment trust that originates, structures and invests in secured first mortgage loans and alternative structured financings. It primarily offers senior loans, delayed draw term loans, secured revolvers and other mortgage-related credit facilities, and may opportunistically invest in mezzanine loans, preferred equity and joint venture equity. The company is externally managed by Chicago Atlantic REIT Manager, LLC, whose investment committee sources, underwrites and approves investments. Its lending activity serves state-licensed cannabis operators and property owners in the U.S. and Canada, and it typically co-lends with affiliates or third‑party co‑investors.
Summary from filing dated 2025-03-12
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Interest income | 63 | 62 | 63 | 51 | |
| Interest expense | −8 | −7 | −6 | — | |
| Net interest income | 55 | 55 | 57 | 49 | |
| Management and incentive fees, net | 8 | 8 | — | — | |
| General and administrative expense | 5 | 5 | 5 | 4 | |
| Professional fees | 2 | 2 | 2 | 2 | |
| Stock based compensation | 3 | 3 | 1 | 435,623 | |
| Provision (benefit) for current expected credit losses | 731,051 | −583,298 | 940,385 | 4 | |
| Total expenses | 20 | 18 | 19 | 17 | |
| Change in unrealized gain (loss) on investments | 165,000 | −240,604 | 75,604 | — | |
| Realized gain on debt securities, at fair value | 0 | 72,428 | 104,789 | — | |
| Net income before income taxes | 36 | 37 | 39 | 32 | |
| Income tax expense | 0 | 0 | 0 | 0 | |
| Net income | 36 | 37 | 39 | 32 | |
| Basic earnings per common share (in Dollars per share) | 1.71 | 1.92 | 2.14 | 1.83 | |
| Diluted earnings per common share (in Dollars per share) | 1.68 | 1.88 | 2.11 | 1.82 | |
| Basic weighted average shares of common stock outstanding (in Shares) | 21 | 19 | 18 | 18 | |
| Diluted weighted average shares of common stock outstanding (in Shares) | 21 | 20 | 18 | 18 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Loans held for investment | 333 | 364 | 337 | 339 | — | |
| Loans held for investment - related party (Note 9) | 76 | 38 | 16 | — | — | |
| Loans held for investment, at carrying value | 409 | 402 | 354 | 339 | — | |
| Current expected credit loss reserve | −5 | −4 | −5 | −4 | — | |
| Loans held for investment at carrying value, net | 404 | 398 | 349 | 335 | — | |
| Loans, at fair value - related party | 0 | 5 | 0 | — | — | |
| Cash and cash equivalents | 15 | 26 | 8 | 6 | 80 | |
| Interest receivable | 4 | 2 | 1 | 1 | 197,735 | |
| Other receivables and assets, net | 874,245 | 459,187 | 705,960 | 1 | 874,170 | |
| Related party receivables | 1 | 3 | 107,225 | — | — | |
| Total Assets | 425 | 435 | 359 | 343 | 278 | |
| Revolving loan | 49 | 55 | 66 | 58 | — | |
| Notes payable, net | 49 | 49 | — | — | — | |
| Dividend payable | 11 | 14 | 14 | 14 | 5 | |
| Related party payables | 2 | 2 | 2 | — | — | |
| Management and incentive fees payable | 3 | 3 | — | — | — | |
| Interest payable | 1 | 1 | 1 | 2 | 7 | |
| Accounts payable and other liabilities | 834,977 | 1 | 1 | 1 | — | |
| Interest reserve | 12,686 | 1 | — | — | 7 | |
| Total Liabilities | 117 | 126 | 87 | 79 | 14 | |
| Commitments and contingencies (Note 10) | — | — | — | — | — | |
| Common stock, par value $0.01 per share, 100,000,000 shares authorized and 21,080,272 and 20,829,228 shares issued and outstanding, respectively | 210,803 | 208,292 | 181,972 | 176,859 | 173,551 | |
| Additional paid-in-capital | 323 | 319 | 277 | 269 | — | |
| Accumulated deficit | −16 | −10 | −6 | −5 | −177,560 | |
| Total stockholders equity | 308 | 309 | 272 | 264 | 264 | |
| Total liabilities and stockholders equity | 425 | 435 | 359 | 343 | 278 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Accretion of deferred loan origination fees and other discounts | −2 | −2 | −3 | −3 | |
| Paid-in-kind interest | −6 | −9 | −9 | −7 | |
| Interest received through net settlement transactions | −1 | — | — | — | |
| Change in unrealized (gain) loss on investments | −165,000 | 240,604 | −75,604 | — | |
| Realized gain on debt securities, at fair value | 0 | −72,428 | −104,789 | — | |
| Amortization of debt issuance costs | 406,663 | 256,998 | 550,906 | 563,464 | |
| Interest receivable | −3 | −449,683 | 200,272 | −1 | |
| Other receivables and assets, net | −473,513 | 185,256 | −51,375 | −106,074 | |
| Interest reserve | −1 | −4 | −793,304 | −14 | |
| Related party payables | 171,517 | −8,128 | 654,016 | 1 | |
| Related party receivables | 2 | −3 | −107,225 | — | |
| Proceeds from the redemption of debt securities, at fair value | 0 | 839,093 | 3 | — | |
| Management and incentive fees payable | 235,418 | −380,617 | −51,825 | 2 | |
| Interest payable | 199,313 | 597,435 | — | — | |
| Accounts payable and accrued expenses | −316,172 | 509,765 | 168,550 | 764,233 | |
| Net cash provided by operating activities | 29 | 23 | 28 | 17 | |
| Issuance of and fundings of loans held for investment | −76 | −155 | −92 | −150 | |
| Principal repayment of loans held for investment | 79 | 102 | 77 | 18 | |
| Principal repayment of loans held at fair value | 6 | −6 | — | — | |
| Proceeds from sale of loans | 0 | 19 | 13 | 7 | |
| Net cash provided by/(used in) investing activities | 9 | −39 | −2 | −125 | |
| Proceeds from sale of common stock | 1 | 40 | 7 | 5 | |
| Proceeds from notes payable | 0 | 50 | — | — | |
| Proceeds from borrowings on revolving loan | 142 | 159 | 82 | 58 | |
| Repayment of borrowings on revolving loan | −148 | −170 | −74 | — | |
| Dividends paid to common shareholders | −44 | −42 | −39 | −28 | |
| Payment of debt issuance costs | −109,999 | −1 | −112,279 | −501,040 | |
| Payment of offering costs | −160,738 | −1 | −284,574 | −124,500 | |
| Net cash (used in)/provided by financing activities | −49 | 35 | −24 | 34 | |
| Net (decrease) increase in cash and cash equivalents | −11 | 19 | 2 | −75 | |
| Interest reserve withheld from funding of loans | 176,760 | 4 | 2 | — | |
| OID withheld from funding of loans held for investment | 2 | 2 | 1 | 3 | |
| Dividends declared and not yet paid | 11 | 14 | 14 | 14 | |
| Transfer of loans held for investment to loans held for sale | 0 | 19 | 13 | — | |
| Non-cash exchange of loans with related party (Note 9) | 0 | 6 | — | — | |
| Interest paid during the period | 7 | 6 | 5 | 2 |
Filings
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