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, Inc. (NASDAQ: REFI) is set to release its first quarter earnings for the period ending March 31, 2023, on May 9, 2023, before the market opens. Following the earnings announcement, the company will host a conference call at 9:00 a.m. Eastern Time to discuss the results. Interested participants can access the live call through a webcast or register via telephone for dial-in details. Chicago Atlantic specializes in commercial mortgage services, focusing on senior secured loans primarily for state-licensed cannabis operators.
Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) has declared a quarterly cash dividend of $0.47 per share for Q1 2023, amounting to an annualized rate of $1.88. This dividend is payable on April 14, 2023, to shareholders on record by the close of business on March 31, 2023. Following recent banking sector instability, the company has confirmed it has no exposure to Silicon Valley Bank, Signature Bank New York, or First Republic Bank. Chicago Atlantic specializes in providing senior secured loans primarily to state-licensed cannabis operators across limited-license states, with a portfolio exceeding $1.8 billion across more than 50 loans.
Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) reported its fourth quarter and full year 2022 financial results. The company achieved net interest income of approximately $14.8 million for Q4, up 14.1% sequentially, with total expenses at $5 million. Net income decreased by 25.7% to $7.3 million, largely due to current expected credit loss provisions. The full year net income was about $32.3 million, with a total dividend declared of $2.10 per share. For 2023, Chicago Atlantic plans to maintain a dividend payout ratio of 90% to 100% and expects a minimum regular dividend of $0.47 per share. The company has a strong portfolio yield of 19.7% as of year-end.
Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) announced an extension of its $92.5 million secured revolving credit facility maturity from December 16, 2023, to December 16, 2024. The extension was finalized through an amendment with six FDIC-insured financial institutions, retaining a one-year extension option. The revolving loan bears interest at the Prime Rate plus an Applicable Margin based on leverage, currently aligned with the Prime Rate, which has a 3.25% floor. Executive Chairman John Mazarakis expressed satisfaction with the extended maturity, indicating ongoing efforts to expand the facility and its lending group.
Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) announced it will release its fourth quarter results for 2022 on March 9, 2023, prior to market opening. The Company will host a conference call at 9:00 a.m. ET that same day to discuss the results. Interested parties can access the call via webcast or telephone registration. Chicago Atlantic specializes in providing senior secured loans to state-licensed cannabis operators in limited-license states across the U.S., having deployed over $1.8 billion across 50 loans. The upcoming earnings report is anticipated to be a focal point for investors.
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