Welcome to our dedicated page for Chicago Atlantic Real Estate Finance news (Ticker: REFI), a resource for investors and traders seeking the latest updates and insights on Chicago Atlantic Real Estate Finance stock.
Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) is a market-leading commercial mortgage real estate investment trust (REIT) specializing in the cannabis sector. The company focuses on originating senior secured loans primarily to state-licensed cannabis operators in limited-license states across the United States. As part of the Chicago Atlantic platform, REFI leverages extensive expertise in real estate, credit, and cannabis industries to provide attractive risk-adjusted returns for its stockholders through consistent income dividends and capital appreciation.
Recent Achievements and Current Projects
Chicago Atlantic continues to make significant strides in the dynamic cannabis market. In the third quarter of 2023, the company successfully demonstrated the strength of its loan portfolio, thanks to diligent underwriting and a focus on high-quality operators. With a current portfolio yield to maturity of 19.3%, the company has reported sequential gross originations growth of $35 million.
Looking forward, Chicago Atlantic shows positive momentum, aided by improvements in the equities of cannabis operators and the expected regulatory relief in the sector. The company's robust originations pipeline anticipates greater demand for capital from larger operators in the next 12 to 18 months. Notably, REFI has maintained a low leverage ratio and plans to expand its credit facility to fund new opportunities.
Financial Condition and Dividends
Chicago Atlantic's financial health remains strong with a disciplined approach to balance sheet management. As part of its commitment to stockholders, the company regularly distributes dividends and other distributions. Recent financial results indicate a solid performance, with the company posting its Third Quarter 2023 Earnings Supplemental on the Investor Relations page of its website.
Partnerships and Collaborations
Chicago Atlantic collaborates closely with notable cannabis operators and maintains a significant position within the cannabis financing ecosystem. The company’s partnerships are strategically aligned to enhance its market presence and support its growth objectives.
Operational Significance
By focusing on senior secured loans, Chicago Atlantic plays a crucial role in supporting the cannabis industry's growth and stability. The company's operations are characterized by sound risk management practices and a strategic focus on high-potential markets.
Stay Updated
For the latest updates, financial performance, and developments, investors are encouraged to monitor Chicago Atlantic’s investor relations website, where important information, earnings calls, and presentations are regularly posted.
Chicago Atlantic Real Estate Finance (NASDAQ: REFI) has announced two dividend distributions: a regular quarterly cash dividend of $0.47 per common share for Q4 2024, and a special dividend of $0.18 per common share. The regular dividend represents an annualized rate of $1.88 per share. Both dividends will be paid on January 13, 2025, to shareholders of record as of December 31, 2024. The special dividend is required to maintain REIT compliance with U.S. federal income tax rules and was calculated based on estimated 2024 performance.
Chicago Atlantic and Lineage Merchant Partners announced merger agreements between Vireo Growth and three single-state cannabis operators: Proper Cannabis (Missouri), Deep Roots Harvest (Nevada), and WholesomeCo Cannabis (Utah). The company also signed an MOU to acquire The Flowery (Florida).
The combined entity will operate across seven states, managing 1,043,500 square feet of cultivation and manufacturing space, and 48 retail dispensaries. The deals are collectively valued at approximately $397 million, supported by a $75 million equity offering at $0.625 per share.
John Mazarakis, Chicago Atlantic's co-founder, has been appointed CEO and Co-Executive Chairman of Vireo, bringing experience from overseeing $2 billion in cannabis-related investments and leading the public listing of a cannabis-focused mortgage REIT (NASDAQ: REFI).
Chicago Atlantic Real Estate Finance (NASDAQ: REFI) reported its Q3 2024 financial results with net income of $11.2 million, or $0.56 per diluted share, up 21.7% sequentially. The portfolio includes $362.3 million in total loan principal across 29 companies, with a weighted average yield of 18.3%. The company had total gross originations of $32.7 million in Q3. Notable developments include securing a $50 million unsecured term loan at 9% interest and receiving a BBB+ investment grade rating. The company maintains strong liquidity with approximately $80 million available and affirmed its 2024 outlook.
Chicago Atlantic Real Estate Finance (NASDAQ: REFI) has secured a $50 million unsecured term loan from institutional private lending platforms. The loan, maturing in October 2028, carries a fixed 9.0% interest rate and is interest-only. The funds were used to repay existing borrowings on the company's $110 million senior secured revolving credit facility and for working capital. Egan-Jones has assigned a BBB+ rating to both the company and the senior unsecured term loan, reflecting investment grade status.
Chicago Atlantic Real Estate Finance (NASDAQ: REFI) has announced the schedule for its third quarter 2024 earnings release and conference call. The company, a commercial mortgage real estate investment trust, plans to release its earnings and supplemental financial information before the market opens on Thursday, November 7, 2024.
A conference call and live audio webcast will be held the same day at 9:00 a.m. Eastern Time. Interested parties can join the interactive teleconference by calling (833) 630-1956 (international callers: 412-317-1837). The live audio webcast will be available in the Investor Relations section of the company's website at www.refi.reit. An online replay will be accessible approximately one hour after the call ends and will be archived for one year.
Chicago Atlantic announced that Silver Spike Investment Corp. (SSIC) has acquired a loan portfolio from Chicago Atlantic Loan Portfolio, (CALP) in exchange for newly issued shares. As a result, CALP and legacy SSIC stockholders now own 72.8% and 27.2% of the company's common stock, respectively. The company has been renamed Chicago Atlantic BDC, Inc., with its ticker symbol changing to "LIEN" effective October 2, 2024.
Additionally, Chicago Atlantic and Silver Spike Capital have formed a joint venture to combine their investment management businesses in the cannabis industry. The company now has net assets of approximately $300 million and investments in 28 portfolio companies. Key management changes include Andreas Bodmeier becoming CEO and Dino Colonna assuming the role of President.
The transactions aim to capitalize on opportunities in private markets, particularly in the rapidly growing cannabis sector, by providing debt capital to lower middle market companies.
Chicago Atlantic Real Estate Finance (NASDAQ: REFI) has declared a regular quarterly cash dividend of $0.47 per share for the third quarter of 2024. This dividend equates to an annualized rate of $1.88 per common share. The payment is scheduled for October 15, 2024, to shareholders of record as of the close of business on September 30, 2024. Chicago Atlantic Real Estate Finance is a commercial mortgage real estate investment trust (REIT) that provides consistent returns to its shareholders through regular dividend payments.
Chicago Atlantic Real Estate Finance (NASDAQ: REFI) reported its Q2 2024 financial results. The company saw total loan principal outstanding of $383.3 million across 31 portfolio investments. Weighted average yield to maturity decreased to 18.7% from 19.4% in Q1 2024. The company had total gross originations of $20.9 million in Q2. Chicago Atlantic increased its secured revolving credit facility to $105.0 million and issued shares through its ATM program, raising net proceeds of $6.3 million.
Financial highlights include:
- Net interest income of $13.2 million
- Net Income of $9.2 million, or $0.46 per diluted share
- Distributable Earnings of $9.8 million, or $0.50 per diluted share
- Book value per share of $14.92 as of June 30, 2024
The company affirmed its 2024 outlook previously issued on March 12, 2024.
Chicago Atlantic Real Estate Finance (NASDAQ: REFI) has announced its schedule for the release of second quarter 2024 earnings. The company, a commercial mortgage real estate investment trust, plans to issue its earnings release before the market opens on Wednesday, August 7, 2024. Following the release, Chicago Atlantic will host a conference call at 9:00 a.m. Eastern Time on the same day.
Interested parties can access the conference call via webcast on the company's investor relations website or participate by telephone after registering through an online form. Upon registration, participants will receive dial-in information and a unique PIN for call access. A replay of the webcast will be available on the company's website for at least 30 days after the call.
Chicago Atlantic Real Estate Finance (NASDAQ: REFI) announced a regular quarterly cash dividend of $0.47 per share for Q2 2024. This dividend translates to an annualized rate of $1.88 per common share. Shareholders of record by June 28, 2024, will receive the dividend on July 15, 2024. This announcement underscores the company's commitment to delivering consistent returns to its shareholders.
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