Chicago Atlantic Real Estate Finance Q3 2024 Results

Chicago Atlantic Real Estate Finance, Inc. ( (REFI) ) has released its Q3 earnings. Here is a breakdown of the information Chicago Atlantic Real Estate Finance, Inc. presented to its investors.

Chicago Atlantic Real Estate Finance, Inc. is a commercial mortgage REIT specializing in senior secured loans primarily to state-licensed cannabis operators in the United States, leveraging its expertise in real estate, credit, and cannabis industries.

In the third quarter of 2024, Chicago Atlantic Real Estate Finance reported robust financial results, reflecting its strategic portfolio management and expansion efforts. The company has made significant strides in its investment activities, particularly within the cannabis sector, showcasing its commitment to maintaining a strong position in this growing industry.

Key financial highlights for the quarter include a total loan principal outstanding of $362.3 million across 29 portfolio companies and a portfolio weighted average yield to maturity of 18.3%. The company managed to decrease its interest expense while achieving a net income of approximately $11.2 million, representing a 21.7% increase per share compared to the previous quarter. Additionally, the firm’s book value per common share rose to $15.05.

Chicago Atlantic has increased its secured revolving credit facility commitments and entered into a $50 million unsecured term loan, enhancing its liquidity and capital deployment capabilities. With a strong pipeline and increased liquidity, the company is well-positioned to capitalize on opportunities in both existing and new markets.

Looking ahead, Chicago Atlantic remains optimistic about its growth prospects, driven by its strategic focus on the cannabis industry and disciplined portfolio management. The company continues to affirm its outlook for 2024, emphasizing its role as a leading capital partner in the sector.