Chicago Atlantic Real Estate Finance Inc
NASDAQ:REFI
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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.
Consistent Performance: Chicago Atlantic delivered another solid quarter, emphasizing disciplined execution and principal protection amid volatility in private credit markets.
Loan Portfolio: The portfolio stood at approximately $400 million in principal across 26 companies with a weighted average yield to maturity of 16.5%.
Interest Rate Protection: 86% of the loan portfolio is insulated from further interest rate declines, thanks to fixed rates or rate floors at or above 7%.
Earnings & Dividend: Net interest income was $13.7 million, down 5.1% from the previous quarter. Distributable earnings per share for Q3 were $0.50 (basic), and a $0.47 per share dividend was distributed in October.
Management Confidence: Management and the board increased their share ownership to nearly 1.8 million shares, citing confidence in strategy and portfolio quality.
Strong Pipeline: The investment pipeline is around $441 million, diversified across multiple opportunity types including ESOPs, M&A, and restructurings.
Stable Credit Quality: The portfolio maintains strong real estate coverage (1.2x) and a low weighted average loan-to-enterprise value ratio (43.5%).
