Chicago Atlantic Real Estate Finance (REFI) Company Report

Chicago Atlantic Real Estate Finance Inc. reported a $400,000,000 loan portfolio principal as of September 30, 2025, with a weighted average yield to maturity of 16.5%.
For Q3 2025, net interest income was $13,700,000, and basic distributable earnings per share were $0.50.
The loan portfolio demonstrates strong insulation against interest rate declines, with only approximately 14% exposed to further rate reductions, as 86% is either fixed rate or protected by primary floors of 7% or higher.
Management and the Board of Directors increased their collective ownership to nearly 1,800,000 shares through open market purchases, signaling confidence.
The company's cannabis pipeline is approximately $441,000,000, and it funded a $75,000,000 three-year secured revolver with Verano during the quarter.

Nov 4, 2025, 2:00 PM

Chicago Atlantic Real Estate Finance Reports Q3 2025 Results

REFI

Earnings

Dividends

New Projects/Investments

Net Income for the three months ended September 30, 2025, was $8,934,539, with Basic Earnings Per Share of $0.42 and Diluted Earnings Per Share of $0.42.
Distributable Earnings per Weighted Average Share for the three months ended September 30, 2025, were $0.50 (Basic) and $0.49 (Diluted).
As of September 30, 2025, Total Assets were $427,077,164, and Loans held for investment, at carrying value, totaled $398,051,222.
Chicago Atlantic Real Estate Finance operates as a commercial mortgage REIT and institutional lender to state-licensed cannabis operators, with the U.S. cannabis industry estimated to grow from $35 billion in 2025 to $69 billion by 2031.
The company offers an annualized dividend yield of approximately 12-14%.

Nov 4, 2025, 2:00 PM

REFI Reports Q3 2025 Results with Strong Portfolio Protection and Management Share Purchases

REFI

Earnings

Dividends

New Projects/Investments

Chicago Atlantic Real Estate Finance reported net interest income of $13.7 million for Q3 2025, a 5.1% decrease from Q2 2025, and basic distributable earnings per share of $0.50, a modest decrease from $0.52 in Q2 2025.
As of September 30, 2025, the loan portfolio principal totaled approximately $400 million across 26 portfolio companies, with a weighted average yield to maturity of 16.5%.
The portfolio demonstrates strong insulation against interest rate declines, with 86% of loans being either fixed-rate or protected by prime floors of 7% or higher, and total leverage stood at 33% of book equity.
Management and the board of directors recently purchased shares on the open market, increasing their collective ownership to nearly 1.8 million shares on a fully diluted basis, reflecting confidence in the company's strategy and a cannabis pipeline of approximately $441 million.
REFI declared a $0.47 per common share dividend for Q3 2025 and expects to maintain a dividend payout ratio of 90%-100% of basic distributable earnings per share for the 2025 tax year.

Nov 4, 2025, 2:00 PM

Chicago Atlantic Real Estate Finance Announces Q3 2025 Financial Results

REFI

Earnings

Dividends

New Projects/Investments

For Q3 2025, Chicago Atlantic Real Estate Finance reported diluted net income of $8,934,539 ($0.42 per share) and basic distributable earnings of $10,522,142 ($0.50 per share).
The company declared a regular dividend of $0.47 per share for Q3 2025.
As of September 30, 2025, the total loan principal outstanding was $399,948,492 with a gross unlevered weighted average yield to maturity of 16.5%. The company also noted a pipeline of over $415 million in new opportunities.
The Revolving Loan maturity was extended to June 30, 2028, and the company reported approximately $63 million in total liquidity as of November 4, 2025.

Nov 4, 2025, 12:01 PM

Chicago Atlantic Announces Q3 2025 Results

REFI

Earnings

Dividends

Guidance Update

For the quarter ended September 30, 2025, Chicago Atlantic Real Estate Finance reported net income of $8,934,539 and diluted earnings per share of $0.42, with basic distributable earnings per share of $0.50.
The company declared a regular dividend of $0.47 per share for the quarter ended September 30, 2025.
As of September 30, 2025, the total loan principal outstanding was $399,948,492, and the gross unlevered weighted average yield to maturity was 16.5%. Additionally, 86% of current loans are structured with interest rate floors greater than or equal to the prevailing Prime rate.
The contractual maturity of the Revolving Loan was extended to June 30, 2028, and as of November 4, 2025, the company had $69.1 million available on its secured revolving credit facility, with total liquidity of approximately $63 million.
Chicago Atlantic affirmed its outlook previously issued on March 12, 2025.

Nov 4, 2025, 12:00 PM

Chicago Atlantic Officers and Directors Purchase Shares

REFI

Officers and Directors of Chicago Atlantic Real Estate Finance, Inc. (REFI) purchased approximately 54,000 shares of common stock for an approximate value of $673,000 in the last three weeks.
Following these purchases, Officers and Directors now beneficially own approximately 1,770,000 shares, representing about 8.2% of fully diluted common shares outstanding.
Co-Chief Executive Officer Peter Sack stated that these purchases demonstrate confidence in the Company's opportunities and commitment to generating strong risk-adjusted returns, especially when the market's valuation is disconnected from the portfolio's value.

Oct 17, 2025, 11:00 AM

Earnings Transcripts

Quarterly earnings call transcripts for Chicago Atlantic Real Estate Finance.

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