Chicago Atlantic Real Estate Finance Announces Fourth Quarter 2024 Financial Results
Chicago Atlantic Real Estate Finance (NASDAQ: REFI) has released its Q4 and full-year 2024 financial results. The company reported Q4 net income of $7.9 million ($0.39 per diluted share), down 30.1% sequentially. The loan portfolio reached $410.2 million across 30 companies, with a weighted average yield of 17.2%.
Key Q4 highlights include $90.7 million in gross originations and a new $50 million unsecured term loan at 9.0% interest. The company maintained a quarterly dividend of $0.47 per share plus a special dividend of $0.18 per share. For full-year 2024, net income was $37.0 million ($1.88 per diluted share), with total dividends of $2.06 per share.
The company's portfolio shows 62.1% variable-rate loans, with only one loan on non-accrual status. Book value per share slightly decreased to $14.83, and the company maintains a pipeline of nearly $500 million in potential deals.
Chicago Atlantic Real Estate Finance (NASDAQ: REFI) ha pubblicato i risultati finanziari del quarto trimestre e dell'intero anno 2024. L'azienda ha riportato un reddito netto di 7,9 milioni di dollari (0,39 dollari per azione diluita), in calo del 30,1% rispetto al trimestre precedente. Il portafoglio prestiti ha raggiunto 410,2 milioni di dollari distribuiti su 30 aziende, con un rendimento medio ponderato del 17,2%.
I principali risultati del quarto trimestre includono 90,7 milioni di dollari in originazioni lorde e un nuovo prestito a termine non garantito di 50 milioni di dollari con un tasso d'interesse del 9,0%. L'azienda ha mantenuto un dividendo trimestrale di 0,47 dollari per azione più un dividendo straordinario di 0,18 dollari per azione. Per l'intero anno 2024, il reddito netto è stato di 37,0 milioni di dollari (1,88 dollari per azione diluita), con dividendi totali di 2,06 dollari per azione.
Il portafoglio della società mostra il 62,1% di prestiti a tasso variabile, con solo un prestito in stato di non accrescimento. Il valore contabile per azione è leggermente diminuito a 14,83 dollari, e l'azienda mantiene un portafoglio di quasi 500 milioni di dollari in potenziali affari.
Chicago Atlantic Real Estate Finance (NASDAQ: REFI) ha publicado sus resultados financieros del cuarto trimestre y del año completo 2024. La compañía reportó un ingreso neto del cuarto trimestre de 7,9 millones de dólares (0,39 dólares por acción diluida), una caída del 30,1% en comparación con el trimestre anterior. La cartera de préstamos alcanzó 410,2 millones de dólares en 30 empresas, con un rendimiento promedio ponderado del 17,2%.
Los aspectos destacados del cuarto trimestre incluyen 90,7 millones de dólares en originaciones brutas y un nuevo préstamo a plazo no garantizado de 50 millones de dólares con un interés del 9,0%. La compañía mantuvo un dividendo trimestral de 0,47 dólares por acción más un dividendo especial de 0,18 dólares por acción. Para el año completo 2024, el ingreso neto fue de 37,0 millones de dólares (1,88 dólares por acción diluida), con dividendos totales de 2,06 dólares por acción.
La cartera de la empresa muestra un 62,1% de préstamos a tasa variable, con solo un préstamo en estado de no acumulación. El valor contable por acción disminuyó ligeramente a 14,83 dólares, y la empresa mantiene una cartera de casi 500 millones de dólares en posibles acuerdos.
시카고 애틀랜틱 부동산 금융 (NASDAQ: REFI)가 2024년 4분기 및 연간 재무 결과를 발표했습니다. 회사는 4분기 순이익이 790만 달러 (희석 주당 0.39달러)로, 전분기 대비 30.1% 감소했다고 보고했습니다. 대출 포트폴리오는 4억 1020만 달러, 30개 기업에 걸쳐 있으며, 가중 평균 수익률은 17.2%입니다.
4분기 주요 하이라이트에는 9070만 달러의 총 기원금과 9.0% 이자율의 새로운 5천만 달러 무담보 기한 대출이 포함됩니다. 회사는 주당 0.47달러의 분기 배당금과 주당 0.18달러의 특별 배당금을 유지했습니다. 2024년 전체 연간 순이익은 3700만 달러 (희석 주당 1.88달러)로, 총 배당금은 주당 2.06달러였습니다.
회사의 포트폴리오는 62.1%의 변동 금리 대출을 보여주며, 단 하나의 대출만이 미수금 상태입니다. 주당 장부 가치는 14.83달러로 약간 감소하였으며, 회사는 거의 5억 달러에 달하는 잠재 거래 파이프라인을 유지하고 있습니다.
Chicago Atlantic Real Estate Finance (NASDAQ: REFI) a publié ses résultats financiers du quatrième trimestre et de l'année complète 2024. La société a rapporté un revenu net de 7,9 millions de dollars (0,39 dollar par action diluée), en baisse de 30,1 % par rapport au trimestre précédent. Le portefeuille de prêts a atteint 410,2 millions de dollars répartis sur 30 entreprises, avec un rendement moyen pondéré de 17,2 %.
Les points forts du quatrième trimestre incluent 90,7 millions de dollars en origines brutes et un nouveau prêt à terme non garanti de 50 millions de dollars avec un intérêt de 9,0 %. La société a maintenu un dividende trimestriel de 0,47 dollar par action ainsi qu'un dividende spécial de 0,18 dollar par action. Pour l'année complète 2024, le revenu net était de 37,0 millions de dollars (1,88 dollar par action diluée), avec des dividendes totaux de 2,06 dollars par action.
Le portefeuille de l'entreprise montre 62,1 % de prêts à taux variable, avec un seul prêt en statut de non-accrétion. La valeur comptable par action a légèrement diminué à 14,83 dollars, et l'entreprise maintient un pipeline de près de 500 millions de dollars en affaires potentielles.
Chicago Atlantic Real Estate Finance (NASDAQ: REFI) hat seine finanziellen Ergebnisse für das vierte Quartal und das Gesamtjahr 2024 veröffentlicht. Das Unternehmen berichtete für das vierte Quartal von einem Nettogewinn von 7,9 Millionen Dollar (0,39 Dollar pro verwässerter Aktie), was einem Rückgang von 30,1% im Vergleich zum Vorquartal entspricht. Das Kreditportfolio erreichte 410,2 Millionen Dollar über 30 Unternehmen, mit einer gewichteten durchschnittlichen Rendite von 17,2%.
Zu den wichtigsten Highlights des vierten Quartals gehören 90,7 Millionen Dollar an Bruttooriginierungen und ein neuer unbesicherter Terminkredit über 50 Millionen Dollar mit einem Zinssatz von 9,0%. Das Unternehmen behielt eine vierteljährliche Dividende von 0,47 Dollar pro Aktie sowie eine Sonderdividende von 0,18 Dollar pro Aktie bei. Für das Gesamtjahr 2024 betrug der Nettogewinn 37,0 Millionen Dollar (1,88 Dollar pro verwässerter Aktie), bei Gesamtdividenden von 2,06 Dollar pro Aktie.
Das Portfolio des Unternehmens zeigt 62,1% variabel verzinste Kredite, wobei nur ein Kredit im Nicht-Zinsstatus ist. Der Buchwert pro Aktie sank leicht auf 14,83 Dollar, und das Unternehmen hält eine Pipeline von fast 500 Millionen Dollar an potenziellen Geschäften.
- Strong gross originations of $90.7 million in Q4 2024
- Secured new $50 million unsecured term loan
- Maintained high portfolio yield of 17.2%
- Pipeline of nearly $500 million in potential deals
- 29 out of 30 loans performing with only one on non-accrual status
- Net income decreased 30.1% sequentially in Q4 2024
- Portfolio yield declined from 18.3% to 17.2% quarter-over-quarter
- Book value per share decreased from $14.94 to $14.83 year-over-year
- Annual dividend decreased from $2.17 in 2023 to $2.06 in 2024
- Net interest income decreased 3.8% year-over-year
Insights
Chicago Atlantic's Q4 2024 results reveal a sequential decline in performance metrics, with net income decreasing 30.1% to
The portfolio's weighted average yield compressed to
On the positive side, Chicago Atlantic maintained robust origination activity with
Dividend coverage appears reasonable, with the
Chicago Atlantic's position as the largest lending platform focused on cannabis demonstrates significant market leadership in a capital-constrained industry. Their nearly
The company's disciplined underwriting approach—focusing on strong operators, strategic state selection, cash flow fundamentals, and appropriate leverage—has yielded notable stability in a volatile sector. Their default assumption that federal regulatory conditions remain unchanged shows realistic planning rather than banking on speculative regulatory reform to drive returns.
The portfolio diversification across 30 companies helps mitigate industry-specific risks, while the
Their
CHICAGO, March 12, 2025 (GLOBE NEWSWIRE) -- Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) (“Chicago Atlantic” or the “Company”), a commercial mortgage real estate investment trust, today announced its results for the fourth quarter and year ended December 31, 2024.
Peter Sack, Co-Chief Executive Officer, noted, “Since establishing the Chicago Atlantic platform in 2019, we have maintained a disciplined underwriting process that reflects the core tenets of successful direct lending. We focus on strong operators, the right states, cash flow, leverage, and collateral to manage downside risk and protect principal. This consistent process has worked extremely well for us as we are the largest platform focused on cannabis, and the third best exchange-listed mortgage REIT on a total return basis across all sectors of the financial services industry, benchmarked since inception1. Our default underwriting assumption for several years now has been that the federal regulatory environment remains unchanged and that operators will continue to need debt capital to grow. This philosophy and our strong liquidity have enabled us to grow the portfolio in 2024 and build a pipeline of nearly
Portfolio Performance
- As of December 31, 2024, total loan principal outstanding of
$410.2 million , across 30 portfolio companies, with$20.9 million of unfunded commitments. - Portfolio weighted average yield to maturity was approximately
17.2% as of December 31, 2024, compared with18.3% as of September 30, 2024. The decrease primarily results from the 50-basis point prime rate cut during the quarter, and fourth quarter advances originated at yields modestly below our historical weighted average. - The aggregate loan portfolio, including loans held for investment and loans held at fair value, which bear a variable interest rate was
62.1% as of December 31, 2024, compared with62.8% as of September 30, 2024. Fixed rate loans and loans with a prime rate floor greater than or equal to the prevailing prime rate increased from31.9% as of December 31, 2023 to37.9% as of December 31, 2024.
Investment Activity
- During the fourth quarter, Chicago Atlantic had total gross originations of
$90.7 million , of which$52.6 million and$38.1 million was funded to new borrowers and existing borrowers on delayed draw term loan facilities, respectively. - As of December 31, 2024, one loan remains on non-accrual status, and all other loans are performing.
Capital Activity and Dividends
- During the fourth quarter, the Company entered into a
$50.0 million unsecured term loan (the "Unsecured Notes") with a fixed interest rate of9.0% and a maturity date of October 2028. The Unsecured Notes can be prepaid in whole or in part at any time and can be repaid without penalty after two years. The full balance of the loan was drawn at closing and used to repay current outstanding borrowings on the Company’s senior secured revolving credit facility and for other working capital purposes. - As of December 31, 2024, the Company had
$55.0 million drawn on its secured revolving credit facility and$50.0 million of Unsecured Notes, resulting in a consolidated leverage ratio (debt to book equity) of approximately34% . - As of March 12, 2025, the Company has
$71.5 million available on its secured revolving credit facility, and total liquidity, net of estimated liabilities, of approximately$67 million . - On January 13, 2025, Chicago Atlantic paid a regular quarterly cash dividend of
$0.47 per share of common stock for the fourth quarter of 2024 to common stockholders of record on December 31, 2024. Additionally, on January 13, 2025, Chicago Atlantic paid a special cash dividend of$0.18 per share to stockholders of record on December 31, 2024 relating to undistributed earnings for fiscal year 2024.
Fourth Quarter 2024 Financial Results
- Net interest income of approximately
$14.1 million as of December 31, 2024, compared to$14.5 million as of September 30, 2024. During the quarter, we recognized approximately$1.9 million in prepayment and other fee income. - Interest expense decreased approximately
$0.4 million due to lower weighted average borrowings during the comparative period ending September 30, 2024. - Total expenses of approximately
$5.7 million before provision for current expected credit losses, representing a sequential increase of approximately34.1% . - Net Income of approximately
$7.9 million , or$0.39 per weighted average diluted common share, representing a sequential decrease of30.1% on a per share basis. - The total reserve for current expected credit losses increased sequentially by
$0.3 million to$4.3 million and amounts to approximately1.1% of the aggregate portfolio principal balance of loans held for investment of$410.2 million as of December 31, 2024. - Distributable Earnings of approximately
$9.2 million , or$0.47 and$0.46 per basic and diluted weighted average common share, respectively. - On a fully diluted basis, there were 21,240,464 and 20,060,677 common shares outstanding as of December 31, 2024 and September 30, 2024, respectively.
Full Year 2024 Financial Results
- Net interest income of approximately
$55.0 million , representing a year-over-year decrease of3.8% . The decrease in interest income is partially driven by the decrease in the prime rate of 100 basis points during the year from8.50% to7.50% , which impacted the approximately62.1% of the Company’s aggregate loan portfolio, which bears a floating rate as of December 31, 2024. - We recognized approximately
$3.2 million in prepayment and other fee income during the year ended December 31, 2024, as compared to$3.5 million for the year ended December 31, 2023. - Total expenses of approximately
$18.3 million before provision for current expected credit losses, representing a year-over-year increase of3.6% . - Net Income of approximately
$37.0 million , or$1.88 per weighted average diluted common share. - Distributable Earnings of approximately
$40.0 million , or$2.08 per weighted average basic common share and$2.03 per weighted average diluted common share, representing a year-over-year decrease of10.5% . - The Company declared a total of
$2.06 in dividends per common share during 2024, compared to$2.17 during 2023. Total 2024 dividends included regular quarterly dividends totaling$1.88 per diluted share and a special dividend of$0.18 per diluted share. - Book value per common share decreased from
$14.94 as of December 31, 2023 to$14.83 as of December 31, 2024.
2025 Outlook
Chicago Atlantic offered the following outlook for full year 2025:
- The Company expects to maintain a dividend payout ratio based on Distributable Earnings per weighted average diluted share of approximately
90% to100% on a full year basis. - If the Company’s taxable income requires additional distribution in excess of the regular quarterly dividend, in order to meet its 2025 taxable income distribution requirements, the Company expects to meet that requirement with a special dividend in the fourth quarter of 2025.
Conference Call and Quarterly Earnings Supplemental Details
Chicago Atlantic will host a conference call and live audio webcast, both open for the general public to hear, later today at 9:00 a.m. Eastern Time. The number to call for this interactive teleconference is (833) 630-1956 (international callers: 412-317-1837). The live audio webcast of the Company’s quarterly conference call will be available online in the Investor Relations section of the Company’s website at www.refi.reit. The online replay will be available approximately one hour after the end of the call and archived for one year.
Chicago Atlantic posted its Fourth Quarter 2024 Earnings Supplemental on the Investor Relations page of its website. Chicago Atlantic routinely posts important information for investors on its website, www.refi.reit. The Company intends to use this website as a means of disclosing material information, for complying with our disclosure obligations under Regulation FD and to post and update investor presentations and similar materials on a regular basis. The Company encourages investors, analysts, the media and others interested in Chicago Atlantic to monitor the Investor Relations page of its website, in addition to following its press releases, SEC filings, publicly available earnings calls, presentations, webcasts and other information posted from time to time on the website. Please visit the IR Resources section of the website to sign up for email notifications.
About Chicago Atlantic Real Estate Finance, Inc.
Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) is a market-leading commercial mortgage REIT utilizing significant real estate, credit and cannabis expertise to originate senior secured loans primarily to state-licensed cannabis operators in limited-license states in the United States. REFI is part of the Chicago Atlantic platform which has offices in Chicago, Miami, and New York and has deployed over
Forward-Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect our current views and projections with respect to, among other things, future events and financial performance. Words such as “believes,” “expects,” “will,” “intends,” “plans,” “guidance,” “estimates,” “projects,” “anticipates,” and “future” or similar expressions are intended to identify forward- looking statements. These forward-looking statements, including statements about our future growth and strategies for such growth, are subject to the inherent uncertainties in predicting future results and conditions and are not guarantees of future performance, conditions or results. More information on these risks and other potential factors that could affect our business and financial results is included in our filings with the SEC. New risks and uncertainties arise over time, and it is not possible to predict those events or how they may affect us. We do not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Contact:
Tripp Sullivan
SCR Partners
IR@REFI.reit
1 Source: S&P Capital IQ Total Return, inclusive of dividends declared and stock price appreciation/(depreciation), for exchange-listed mortgage REITs. Total return is calculated based on a hypothetical
| CHICAGO ATLANTIC REAL ESTATE FINANCE, INC. CONSOLIDATED BALANCE SHEETS | ||||||||
| December 31, 2024 | December 31, 2023 | |||||||
| Assets | ||||||||
| Loans held for investment | $ | 364,238,847 | $ | 337,238,122 | ||||
| Loans held for investment - related party | 38,238,199 | 16,402,488 | ||||||
| Loans held for investment, at carrying value | 402,477,046 | 353,640,610 | ||||||
| Current expected credit loss reserve | (4,346,869 | ) | (4,972,647 | ) | ||||
| Loans held for investment at carrying value, net | 398,130,177 | 348,667,963 | ||||||
| Loans, at fair value - related party (amortized cost of | 5,335,000 | - | ||||||
| Cash and cash equivalents | 26,400,448 | 7,898,040 | ||||||
| Other receivables and assets, net | 459,187 | 705,960 | ||||||
| Interest receivable | 1,453,823 | 1,004,140 | ||||||
| Related party receivables | 3,370,339 | 107,225 | ||||||
| Debt securities, at fair value | - | 842,269 | ||||||
| Total Assets | $ | 435,148,974 | $ | 359,225,597 | ||||
| Liabilities | ||||||||
| Revolving loan | $ | 55,000,000 | 66,000,000 | |||||
| Notes payable, net | 49,096,250 | - | ||||||
| Dividend payable | 13,605,153 | 13,866,656 | ||||||
| Related party payables | 2,043,403 | 2,051,531 | ||||||
| Management and incentive fees payable | 2,863,158 | 3,243,775 | ||||||
| Accounts payable and other liabilities | 2,285,035 | 1,135,355 | ||||||
| Interest reserve | 1,297,878 | 1,074,889 | ||||||
| Total Liabilities | 126,190,877 | 87,372,206 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders' equity | ||||||||
| Common stock, par value 20,829,228 and 18,197,192 shares issued and outstanding, respectively | 208,292 | 181,972 | ||||||
| Additional paid-in-capital | 318,886,768 | 277,483,092 | ||||||
| Accumulated deficit | (10,136,963 | ) | (5,811,673 | ) | ||||
| Total stockholders' equity | 308,958,097 | 271,853,391 | ||||||
| Total liabilities and stockholders' equity | $ | 435,148,974 | $ | 359,225,597 | ||||
| CHICAGO ATLANTIC REAL ESTATE FINANCE, INC. CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||
| Three months ended December 31, | For the year ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenues | ||||||||||||||||
| Interest income | $ | 15,479,250 | $ | 16,530,028 | $ | 62,104,092 | $ | 62,900,004 | ||||||||
| Interest expense | (1,410,874 | ) | (1,690,543 | ) | (7,153,207 | ) | (5,752,908 | ) | ||||||||
| Net interest income | 14,068,376 | 14,839,485 | 54,950,885 | 57,147,096 | ||||||||||||
| Expenses | ||||||||||||||||
| Management and incentive fees, net | 2,863,158 | 3,243,775 | 8,061,896 | 8,782,834 | ||||||||||||
| General and administrative expense | 1,490,103 | 1,426,554 | 5,388,967 | 5,260,287 | ||||||||||||
| Professional fees | 483,408 | 555,623 | 1,811,067 | 2,153,999 | ||||||||||||
| Stock based compensation | 845,524 | 537,131 | 3,058,674 | 1,479,736 | ||||||||||||
| (Benefit) provision for current expected credit losses | 301,491 | (253,495 | ) | (583,298 | ) | 940,385 | ||||||||||
| Total expenses | 5,983,684 | 5,509,588 | 17,737,306 | 18,617,241 | ||||||||||||
| Change in unrealized (loss) gain on investments | (165,000 | ) | (37,163 | ) | (240,604 | ) | 75,604 | |||||||||
| Realized gain on debt securities, at fair value | - | 104,789 | 72,428 | 104,789 | ||||||||||||
| Net Income before income taxes | 7,919,692 | 9,397,523 | 37,045,403 | 38,710,248 | ||||||||||||
| Income tax expense | - | - | - | - | ||||||||||||
| Net Income | $ | 7,919,692 | $ | 9,397,523 | $ | 37,045,403 | $ | 38,710,248 | ||||||||
| Earnings per common share: | ||||||||||||||||
| Basic earnings per common share | $ | 0.40 | $ | 0.52 | $ | 1.92 | $ | 2.14 | ||||||||
| Diluted earnings per common share | $ | 0.39 | $ | 0.51 | $ | 1.88 | $ | 2.11 | ||||||||
| Weighted average number of common shares outstanding: | ||||||||||||||||
| Basic weighted average shares of common stock outstanding | 19,830,596 | 18,182,403 | 19,279,501 | 18,085,088 | ||||||||||||
| Diluted weighted average shares of common stock outstanding | 20,256,628 | 18,564,530 | 19,713,916 | 18,343,725 | ||||||||||||
Distributable Earnings
In addition to using certain financial metrics prepared in accordance with GAAP to evaluate our performance, we also use Distributable Earnings to evaluate our performance. Distributable Earnings is a measure that is not prepared in accordance with GAAP. We define Distributable Earnings as, for a specified period, the net income (loss) computed in accordance with GAAP, excluding (i) non-cash equity compensation expense, (ii) depreciation and amortization, (iii) any unrealized gains, losses or other non-cash items recorded in net income (loss) for the period, regardless of whether such items are included in other comprehensive income or loss, or in net income (loss); provided that Distributable Earnings does not exclude, in the case of investments with a deferred interest feature (such as OID, debt instruments with PIK interest and zero coupon securities), accrued income that we have not yet received in cash, (iv) provision for current expected credit losses and (v) one-time events pursuant to changes in GAAP and certain non-cash charges, in each case after discussions between our Manager and our independent directors and after approval by a majority of such independent directors. We believe providing Distributable Earnings on a supplemental basis to our net income as determined in accordance with GAAP is helpful to stockholders in assessing the overall performance of our business. As a REIT, we are required to distribute at least
In our Annual Report on Form 10-K, we defined Distributable Earnings so that, in addition to the exclusions noted above, the term also excluded from net income Incentive Compensation paid to our Manager. We believe that revising the term Distributable Earnings so that it is presented net of Incentive Compensation, while not a direct measure of net taxable income, over time, can be considered a more useful indicator of our ability to pay dividends. This adjustment to the calculation of Distributable Earnings has no impact on period-to-period comparisons. Distributable Earnings should not be considered as substitutes for GAAP net income. We caution readers that our methodology for calculating Distributable Earnings may differ from the methodologies employed by other REITs to calculate the same or similar supplemental performance measures, and as a result, our reported Distributable Earnings may not be comparable to similar measures presented by other REITs.
| Three months ended December 31, | For the year ended December 31, | ||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||
| Net Income | $ | 7,919,692 | $ | 9,397,523 | $ | 37,045,403 | $ | 38,710,248 | |||||||||||
| Adjustments to net income | |||||||||||||||||||
| Stock based compensation | 845,524 | 537,131 | 3,058,674 | 1,479,736 | |||||||||||||||
| Amortization of debt issuance costs | (17,273 | ) | 145,128 | 256,998 | 550,906 | ||||||||||||||
| (Benefit) provision for current expected credit losses | 301,491 | (253,495 | ) | (583,298 | ) | 940,385 | |||||||||||||
| Change in unrealized (loss) gain on investments | 165,000 | 37,163 | 240,604 | (75,604 | ) | ||||||||||||||
| Distributable Earnings | $ | 9,214,434 | $ | 9,863,450 | $ | 40,018,381 | $ | 41,605,671 | |||||||||||
| Basic weighted average shares of common stock outstanding (in shares) | 19,830,596 | 18,182,403 | 19,279,501 | 18,085,088 | |||||||||||||||
| Basic Distributable Earnings per Weighted Average Share | $ | 0.47 | $ | 0.54 | $ | 2.08 | $ | 2.30 | |||||||||||
| Diluted weighted average shares of common stock outstanding (in shares) | 20,256,628 | 18,564,530 | 19,713,916 | 18,343,725 | |||||||||||||||
| Diluted Distributable Earnings per Weighted Average Share | $ | 0.46 | $ | 0.53 | $ | 2.03 | $ | 2.27 | |||||||||||
FAQ
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