Chicago Atlantic Real Estate Finance Inc
NASDAQ:REFI
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Chicago Atlantic Real Estate Finance Inc
NASDAQ:REFI
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US |
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EnviTec Biogas AG
XETRA:ETG
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DE |
Chicago Atlantic Real Estate Finance Inc
Chicago Atlantic Real Estate Finance, Inc. is a commercial mortgage real estate investment trust. The company is headquartered in Chicago, Illinois. The company went IPO on 2021-12-08. The Company’s primary investment objective is to provide risk-adjusted returns for stockholders over time primarily through current income dividends and other distributions and secondarily through capital appreciation. The company intends to achieve this objective by originating, structuring and investing in first mortgage loans and alternative structured financings secured by commercial real estate properties. Its portfolio is comprised primarily of senior loans to state-licensed operators in the cannabis industry. Its loans are generally secured by real estate, equipment, receivables, licenses or other assets of the borrowers to the extent permitted by applicable laws and regulations governing such borrowers. The company also invests in mezzanine loans, preferred equity or other forms of joint venture equity. The company is externally managed by Chicago Atlantic REIT Manager, LLC.
Chicago Atlantic Real Estate Finance, Inc. is a commercial mortgage real estate investment trust. The company is headquartered in Chicago, Illinois. The company went IPO on 2021-12-08. The Company’s primary investment objective is to provide risk-adjusted returns for stockholders over time primarily through current income dividends and other distributions and secondarily through capital appreciation. The company intends to achieve this objective by originating, structuring and investing in first mortgage loans and alternative structured financings secured by commercial real estate properties. Its portfolio is comprised primarily of senior loans to state-licensed operators in the cannabis industry. Its loans are generally secured by real estate, equipment, receivables, licenses or other assets of the borrowers to the extent permitted by applicable laws and regulations governing such borrowers. The company also invests in mezzanine loans, preferred equity or other forms of joint venture equity. The company is externally managed by Chicago Atlantic REIT Manager, LLC.
Portfolio: Loan portfolio principal was approximately $411 million across 26 companies with a weighted average yield to maturity of 16.3%, and the company is targeting net portfolio growth in 2026.
Pipeline: Pipeline stands at $616 million (up from $415 million last quarter) and management says demand has increased following federal rescheduling commentary, but pricing and underwriting standards have not loosened.
Rate protection: 62.4% of loans are floating (primarily prime‑linked) but only 9% of the portfolio is exposed to further rate declines due to floors; management highlights minimal sensitivity to rate declines (100 bp decline ~ $14,000 NII impact).
Credit & workouts: Two Arizona loans are nonaccrual tied to the same sponsor; loan #9 was advanced additional capital after a foreclosure/restructuring and is current on interest but remains on nonaccrual pending sustained performance.
Financials & liquidity: Q4 net interest income $14.2 million (up 4% QoQ); CECL reserve $5.1 million (1.23% of principal); total liquidity ~ $50 million net and ~$53 million available on the revolver today.
Capital return: Q4 distributable earnings per share $0.44 (basic); January dividend of $0.47 declared and paid; company expects a 90%–100% distributable earnings payout ratio for 2026, with a potential special dividend if taxable income requires it.
