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) completed a registered direct offering of 395,779 shares at $15.16 per share, raising approximately $6 million in net proceeds. The shares were sold directly to institutional investors under the effective shelf registration statement. The funds will be used to support a robust loan pipeline and for general corporate purposes. Executive Chairman John Mazarakis emphasized a disciplined capital raising approach aimed at funding higher-yielding loans to state-licensed cannabis operators in limited-license states across the U.S.
Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) has declared a quarterly cash dividend of $0.47 per share for Q4 2022, totaling an annualized rate of $1.88. This is payable on January 13, 2023, to shareholders of record as of December 30, 2022. Additionally, the company announced a special cash dividend of $0.29 per share for the 2022 tax year, also payable on January 13. Executive Chairman John Mazarakis stated that the combined regular and special dividends of $1.81 reflect their effective capital redeployment amidst expected economic challenges in 2023.
Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) reported strong Q3 2022 results, exceeding expectations with a net income of approximately $9.8 million ($0.55 per diluted share), a 31.0% increase sequentially. Net interest income rose by 13.4% to $12.9 million, while total expenses decreased 1.1% to $2.9 million. The company increased its full-year earnings guidance to $2.01-$2.05 per share, up from $1.95-$2.00. As of September 30, 2022, the leverage ratio was at 20.0%, with a book value of $15.23 per share.
Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) will showcase its investment strategies at the Sidoti September Virtual Investor Conference on September 21-22, 2022. The company’s presentation is scheduled for 10:00 a.m. ET on September 21 and will be accessible live online. Investors can register for the presentation and one-on-one meetings through Sidoti's website. Chicago Atlantic specializes in securing loans primarily for state-licensed cannabis operators in the U.S., leveraging deep real estate and credit expertise.
Chicago Atlantic Real Estate Finance (NASDAQ: REFI) declared a quarterly cash dividend of $0.47 per share for Q3 2022, equating to an annualized rate of $1.88. The dividend will be payable on October 14, 2022 to shareholders of record as of September 30, 2022. Additionally, the company is set to release its Q3 earnings on November 9, 2022, before the market opens, with a conference call scheduled for 9:00 a.m. Eastern Time on that day.
Chicago Atlantic Real Estate Finance (NASDAQ: REFI) reported second quarter results for 2022, showing total interest income of approximately $11.9 million and net income of about $7.5 million, or $0.42 per diluted share. The company's strategy focuses on lending within limited-license states, resulting in a strong portfolio with a weighted average yield of 17.7%. With total loan commitments around $357.1 million, the company expects to maintain its $0.47 quarterly dividend and projects Adjusted Distributable Earnings of $1.00 to $1.05 per share for the second half of 2022.
Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) plans to release its second quarter earnings on August 9, 2022, before market opening. A conference call for investors will occur the same day at 9:00 a.m. ET. Participants can access the call via phone or through a live audio webcast available on the company’s Investor Relations website. A replay will be accessible for a week following the event. Chicago Atlantic specializes in providing senior secured loans to state-licensed cannabis operators across limited-license states in the U.S.
Chicago Atlantic Real Estate Finance (NASDAQ: REFI) announced a 17.5% increase in its quarterly cash dividend to $0.47 per share for Q2 2022, equating to an annualized rate of $1.88. The dividend will be paid on July 15, 2022 to shareholders of record by June 30, 2022. Executive Chairman John Mazarakis expressed confidence in the company's portfolio performance, highlighting strong demand for debt capital from cannabis operators.
Chicago Atlantic Real Estate Finance (NASDAQ: REFI) announced an increase in its secured revolving credit facility from $45 million to $65 million. This amendment, effective immediately, allows for the loan's maturity to extend to December 16, 2023, with an option for a one-year extension. The loan will have an interest rate ranging from 0% to 1.25% above the Prime Rate, maintaining a minimum floor of 3.25%. The Company plans to utilize these funds for additional loans and general corporate purposes, enhancing its capacity to support growth.
Chicago Atlantic Real Estate Finance (NASDAQ: REFI) reported robust financial results for Q1 2022, including total interest income of approximately $9.8 million and net income of $7.8 million, or $0.44 per diluted share. The company boasts a loan funding pipeline of $911 million, with $86.7 million funded during the quarter. A notable increase in the regular quarterly dividend to $0.40 per share reflects a 53.8% rise from Q4 2021. As of May 10, 2022, total loan commitments reached approximately $337.3 million. The portfolio's weighted average yield to maturity improved to approximately 17.5%.
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