REFI
Chicago Atlantic Real Estate Finance, Inc.13.01
+0.21+1.64%
Dec 16, 4:00:01 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Growth targeted, credits detailed
Q&A largely reaffirms prepared optimism on cannabis lending demand, with management targeting 2026 net portfolio growth but flagging repayment uncertainty amid $50 million liquidity. Rescheduling accelerates M&A without new competition, pricing shifts, or underwriting easing—pipeline swelled to $616 million from $415 million last quarter. Loan nine advanced post-restructuring and dispensary buys, now current yet conservatively nonaccrual; two new Arizona nonaccruals link to one sponsor's pricing squeeze. Early repayments mixed healthy refinancings and opt-outs. Pipeline swells, liquidity pinches. Tone stays confident; watch credit workouts and deployment pace.
Key Stats
Market Cap
274.19MP/E (TTM)
7.70Basic EPS (TTM)
1.69Dividend Yield
0.15%Recent Filings
10-K
FY2025 results
Chicago Atlantic Real Estate Finance delivered steady FY2025 results with $411M in loans held for investment, up slightly from $405M, while Distributable Earnings held at $40M despite Prime rate cuts compressing yields from 17.2% to 16.3%. Q4 saw $47M advanced offset by $85M repayments including six full payoffs yielding $2M fees, yet non-accruals rose to $49M (12% of principal) on Loans #4/34/6/9 prompting $0.7M CECL hike to 1.2% coverage. Revolving Loan averaged $33M drawn at year-end with $61M available post-extension to 2028; $50M notes at 9% steady. Steady $1.88/share dividend. Federal cannabis rescheduling stalls, risking borrower access.
8-K
Q4 earnings up, portfolio yields 16.3%
Chicago Atlantic reported Q4 net income of $8.2M ($0.38/share), up slightly from $7.9M last year, with net interest income rising to $14.2M on a $411M loan portfolio yielding 16.3%. Portfolio grew via originations while debt/equity fell to 32%. Expects 90-100% distributable earnings payout in 2026. Strong pipeline buffers rate risks.
10-Q
Q3 FY2025 results
Chicago Atlantic posted Q3 net interest income of $13.7M, down 5% y/y from $14.5M yet stable q/q amid $56.8M repayments and $40.8M originations that trimmed loans held for investment to $393.1M net. Net income fell 20% y/y to $8.9M ($0.42 diluted EPS), pressured by a $0.6M CECL provision versus prior reversal, while expenses climbed on stock-based comp and professional fees. Cash swelled to $28.9M with $22.3M YTD operating cash flow; $57.6M revolver availability backs $101.7M total debt (Revolver at 7.25% to 2028, $50M unsecured notes at 9% to 2028). Non-GAAP metrics not disclosed in the 10-Q. Two non-accrual loans linger. Cannabis remains federally illegal.
8-K
Q3 earnings dipped; portfolio yields firm.
Chicago Atlantic Real Estate Finance reported Q3 net income of $8.9M ($0.42/share), down from $11.2M ($0.56/share) last year, with distributable earnings at $10.5M ($0.50/share). Loan portfolio shrank to $399.9M from $421.9M prior quarter yet yielded 16.5%, supported by 86% floored loans. Portfolio grew via originations; liquidity hit $63M post-Revolving Loan extension to 2028. Strong pipeline exceeds $415M.
8-K
Extends revolver to 2028
Chicago Atlantic extended its secured revolving credit facility maturity from June 30, 2026, to June 30, 2028, via amendment on August 5, retaining a one-year extension option. Q2 net interest income hit $14.4M with $422M loans outstanding at 16.8% yield, distributable earnings $0.51/share. Liquidity stands at $97.6M available. Maturity extended two years.
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