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) reported strong financial results for Q4 2021, with a net income of approximately $4.4 million, or $0.57 per share, and adjusted distributable earnings of $4.6 million. The company has funded $114.7 million in loans since its IPO, targeting the cannabis sector and expanding its loan commitments to $324.2 million as of March 2022. A 53.8% increase in quarterly dividends to $0.40 per share was announced, reflecting confidence in ongoing business growth and market position.
Chicago Atlantic Real Estate Finance (NASDAQ: REFI) announced a $30 million senior secured credit facility for a Florida cannabis operator, funding $17.5 million at closing. The financing will support a new cultivation and processing facility and the establishment of over 20 dispensaries within two years. Since its IPO in December 2021, REFI has extended $109.7 million across various loans, highlighting its growth and commitment in the cannabis sector.
Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) has announced the release of its fourth quarter and annual results for the year ending December 31, 2021. The earnings report will be issued before market opening on March 22, 2022, followed by a conference call at 10:00 a.m. ET that will be accessible to the public. Chicago Atlantic focuses on originating senior secured loans primarily to state-licensed cannabis operators in limited-license states across the U.S.
FARMACEUTICALRX has secured a $34 million senior secured term loan from Chicago Atlantic Real Estate Finance (REFI) and other lenders. The funds will finance the completion of its 100,000 sq. ft. cultivation facility in Ohio, repay current debts, purchase equipment, and cover working capital needs. CEO Rebecca Myers expressed optimism about Ohio's market potential, emphasizing their focus on premium organic medical marijuana products. This partnership aims to enhance their operational capacity and brand presence in the expanding cannabis market.
Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) announced a $10 million funding as part of a $25 million senior secured credit facility for Sanctuary Medicinals LLC. This financing supports Sanctuary's retail and cultivation expansion in Florida, where Sanctuary plans to establish over 18 new dispensaries in 2022. Since its IPO in December 2021, Chicago Atlantic has funded approximately $74.2 million across various operators, emphasizing its role in the cannabis finance sector.
Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) has announced a senior secured credit facility for MEDfarms LLC, a leading cannabis operator in Michigan. This partnership aims to bolster MEDfarms' balance sheet and expand its market share. The funding will enable MEDfarms to open more locations, launch new products, and strengthen vendor and customer relationships. MEDfarms has established itself with four dispensaries and strong brands like "HYMAN" and "Chill Medicated." This collaboration highlights Chicago Atlantic's commitment to the cannabis sector and strategic growth for both companies.
Chicago Atlantic Real Estate Finance, Inc. (REFI) has announced a quarterly dividend of $0.26 per share for the quarter ending December 31, 2021. The payment will be made on January 14, 2022 to shareholders on record as of December 31, 2021. The Board of Directors has indicated that this dividend will result in a total distribution of 100% of the company's distributable earnings for the year. REFI specializes in financing state-licensed cannabis operators and boasts a senior management team with over 100 years of combined experience in real estate credit and investment.
Chicago Atlantic Real Estate Finance, Inc. (REFI) has announced that its subsidiary, Chicago Atlantic Lincoln, LLC, secured a $45 million revolving credit facility with two FDIC-insured banks. The loan has a maturity date of December 16, 2023, with a one-year extension option. Interest rates will float between 0% to 1.25% over the Prime Rate, which has a floor of 3.25%. The funds will be used for additional loans and corporate purposes, reflecting the company's commitment to expanding its investments in the cannabis real estate sector.
Chicago Atlantic Real Estate Finance, Inc. has successfully closed its initial public offering of 6,250,000 shares at a price of $16.00 per share, raising approximately $100 million in gross proceeds. The company's common stock began trading on NASDAQ under the symbol REFI on December 8, 2021. The underwriters also received a 30-day option to purchase up to 937,500 additional shares. Chicago Atlantic focuses on financing state-licensed cannabis operators and aims to qualify as a REIT.
Chicago Atlantic Real Estate Finance has priced its initial public offering (IPO) at $16.00 per share, offering 6,250,000 shares. Trading on NASDAQ under the symbol REFI is set to begin on December 8, 2021, with the offering closing around December 10, 2021. The company aims to raise approximately $100 million in gross proceeds. The net proceeds will be utilized for investments aligned with its strategies. A 30-day option for underwriters to purchase an additional 937,500 shares is also granted.
FAQ
What is the current stock price of Chicago Atlantic Real Estate Finance (REFI)?
What is the market cap of Chicago Atlantic Real Estate Finance (REFI)?
What does Chicago Atlantic Real Estate Finance, Inc. do?
What is the primary investment objective of REFI?
How does Chicago Atlantic ensure the quality of its loan portfolio?
What recent achievements has REFI made?
How does Chicago Atlantic support the cannabis industry?
What are the financial highlights of Chicago Atlantic for the third quarter of 2023?
Where can investors find more information about Chicago Atlantic?
What is the outlook for Chicago Atlantic's future performance?
How does REFI contribute to its stockholders?
What kind of expertise does Chicago Atlantic leverage?
