Chicago Atlantic Real Estate Finance Announces Third Quarter 2025 Financial Results
Chicago Atlantic Real Estate Finance (NASDAQ: REFI) reported third-quarter 2025 results for the period ended September 30, 2025. Key operating figures include net interest income $13.69M, diluted net income $8.93M ($0.42 per share), and distributable earnings $10.52M ($0.50 per share). The Company reported total loan principal outstanding $399.95M with unfunded commitments $29.76M and a pipeline of over $415M of opportunities.
Capital position: total leverage ~$101.7M, $69.1M available on the revolving facility, and approx. $63M total liquidity. The Company extended its Revolving Loan maturity to June 30, 2028 and noted that 86% of loans have interest-rate floors at or above prevailing Prime.
Chicago Atlantic Real Estate Finance (NASDAQ: REFI) ha riportato i risultati del terzo trimestre 2025 per il periodo terminato il 30 settembre 2025. Le principali metriche operative includono reddito netto da interessi $13,69 milioni, utile netto diluito $8,93 milioni ($0,42 per azione), e utili distribuiti $10,52 milioni ($0,50 per azione). L'azienda ha riportato capitale principale dei prestiti in essere $399,95 milioni con impegni non finanziati $29,76 milioni e una pipeline di opportunità superiore a $415 milioni.
Posizione di capitale: leva totale ~ $101,7 milioni, $69,1 milioni disponibili sul circolante, e circa $63 milioni di liquidità totale. L'azienda ha esteso la scadenza del Revolving Loan al 30 giugno 2028 e ha notato che l'86% dei prestiti hanno piani di tasso di interesse al di sopra o al livello del tasso Prime vigente.
Chicago Atlantic Real Estate Finance (NASDAQ: REFI) informó los resultados del tercer trimestre de 2025 para el periodo que terminó el 30 de septiembre de 2025. Las cifras operativas clave incluyen ingreso neto por intereses $13,69 M, ingreso neto diluido $8,93 M ($0,42 por acción), y ganancias distribuidas $10,52 M ($0,50 por acción). La compañía reportó principal total de préstamos en curso $399,95 M con compromisos no financiados $29,76 M y una cartera de oportunidades de más de $415 M.
Posición de capital: apalancamiento total ~ $101,7 M, $69,1 M disponibles en la facilidad revolvente, y aprox. $63 M de liquidez total. La compañía extendió su vencimiento de la Revolving Loan a 30 de junio de 2028 y señaló que el 86% de los préstamos tienen pisos de tasa de interés en o por encima del Prime vigente.
Chicago Atlantic Real Estate Finance (NASDAQ: REFI) 는 2025년 9월 30일 종료된 2025년 3분기 실적을 보고했습니다. 주요 영업 수치는 순이자수익 $13.69M, 희석 순이익 $8.93M ($0.42 per share), 및 배당 가능 수익 $10.52M ($0.50 per share) 이 포함됩니다. 회사는 총 대출 원리금 잔액 $399.95M과 미확정 약정 $29.76M 및 $415M 이상의 기회 파이프라인을 보고했습니다.
자본 상태: 총 레버리지 약 $101.7M, 회전 한도에서 $69.1M 가능, 및 총 유동성 약 $63M. 회사는 회전 대출 만기를 2028년 6월 30일로 연장했고 대출의 86%가 현재의 프라임(Prime) 금리 수준 이상으로 설정되어 있음을 주목했습니다.
Chicago Atlantic Real Estate Finance (NASDAQ: REFI) a publié les résultats du troisième trimestre 2025 pour la période se terminant le 30 septembre 2025. Les chiffres opérationnels clés incluent le revenu net d'intérêts de 13,69 M$, le résultat net dilué de 8,93 M$ (0,42 $ par action), et les gains distribuables de 10,52 M$ (0,50 $ par action). La société a rapporté un principal total de prêts en cours de 399,95 M$ avec des engagements non financés de 29,76 M$ et une pipeline d'opportunités de plus de 415 M$.
Position de capital : levier total d'environ 101,7 M$, 69,1 M$ disponibles sur la ligne revolver, et environ 63 M$ de liquidité totale. La société a prolongé l'échéance de son Revolving Loan au 30 juin 2028 et a noté que 86 % des prêts ont des planchers de taux d'intérêt au ou au-delà du Prime en vigueur.
Chicago Atlantic Real Estate Finance (NASDAQ: REFI) berichtete über die Ergebnisse des dritten Quartals 2025 für den Zeitraum zum 30. September 2025. Wichtige Betriebskennzahlen schließen Nettozinsertrag $13,69 Mio., verwässertes Nettoeinkommen $8,93 Mio. ($0,42 pro Aktie) und verteilbare Erträge $10,52 Mio. ($0,50 pro Aktie) ein. Das Unternehmen meldete gesamtes ausstehendes Darlehenskapital $399,95 Mio. mit ungeförderten Verpflichtungen $29,76 Mio und einer Pipeline von über $415 Mio an Chancen.
Kapitalposition: Gesamtverschuldung/LTV ca. $101,7 Mio., $69,1 Mio verfügbar auf der revolvierenden Kreditfazilität, und ca. $63 Mio. an Liquidität insgesamt. Das Unternehmen verlängerte die Laufzeit des Revolving Loan bis zum 30. Juni 2028 und stellte fest, dass 86 % der Kredite Zinssatzböden haben, die dem aktuellen Prime entsprechen oder darüber liegen.
Chicago Atlantic Real Estate Finance (بورصة ناسداك: REFI) أعلنت عن نتائج الربع الثالث من عام 2025 للفترة المنتهية في 30 سبتمبر 2025. تشمل الأرقام التشغيلية الرئيسية دخل الفوائد الصافي 13.69 مليون دولار, صافي الدخل المخفّف 8.93 مليون دولار (0.42 دولار للسهم), و الأرباح القابلة للتوزيع 10.52 مليون دولار (0.50 دولار للسهم). أعلنت الشركة عن إجمالي رأس المال القرضي القائم 399.95 مليون دولار مع التزامات غير ممولة 29.76 مليون دولار وبناء من أكثر من $415 مليون من الفرص.
الوضع الرأسمالي: الرفع الكلي حوالي 101.7 مليون دولار, $69.1 مليون متاح في تسهيلات المَرتَجَعة، و تقريباً 63 مليون دولار من السيولة الإجمالية. الشركة مدت استحقاق Revolving Loan حتى 30 يونيو 2028 ونوهت بأن 86% من القروض لديها أسس سعر الفائدة عند أو فوق Prime الجاري.
- Total loan principal outstanding $399.95M (12.3% increase YoY)
- Revolving credit maturity extended to June 30, 2028
- Available secured revolving capacity $69.1M
- Estimated total liquidity approximately $63M
- Diluted net income $8.93M, down ~20% YoY ($0.42 vs $0.56)
- Debt/equity ratio rose to 32.8% from 18.3% YoY (14.5ppt increase)
- (Benefit) provision for credit losses swung to a $557,220 provision from a $989,597 benefit
Insights
Quarter shows stable operations with mixed earnings and solid liquidity; portfolio growth signals potential but earnings and book value dipped versus prior year.
Chicago Atlantic Real Estate Finance reported
Key operating metrics present a mixed picture: gross unlevered yield to maturity fell to
Watch near term moves on deployment of the
CHICAGO, Nov. 04, 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 quarter ended September 30, 2025.
Peter Sack, Co-Chief Executive Officer, noted, “Our loan portfolio and earnings performance this quarter continue to benefit from a focus on proven operators in limited-license states, strong underwriting, and disciplined deployment of available liquidity. We also remain well-insulated from potential adjustments in the Prime rate with
Results of Operations
| For the three months ended | ||||||||||||||||||||||||
| September 30, 2025 | June 30, 2025 | September 30, 2024 | ||||||||||||||||||||||
| Total Amount | Per Share | Total Amount | Per Share | Total Amount | Per Share | |||||||||||||||||||
| OPERATING RESULTS | ||||||||||||||||||||||||
| Net interest income | $ | 13,685,274 | $ | 0.64 | $ | 14,424,987 | $ | 0.67 | $ | 14,459,393 | $ | 0.72 | ||||||||||||
| Total expenses before provision for expected credit losses | $ | 4,193,515 | $ | 0.20 | $ | 4,565,322 | $ | 0.21 | $ | 4,237,354 | $ | 0.21 | ||||||||||||
| Net income – diluted | $ | 8,934,539 | $ | 0.42 | $ | 8,877,375 | $ | 0.41 | $ | 11,211,636 | $ | 0.56 | ||||||||||||
| (Benefit) provision for current expected credit losses | $ | 557,220 | $ | 0.03 | $ | 1,147,290 | $ | 0.05 | $ | (989,597 | ) | $ | (0.05 | ) | ||||||||||
| Distributable earnings – basic | $ | 10,522,142 | $ | 0.50 | $ | 10,850,941 | $ | 0.52 | $ | 11,159,241 | $ | 0.57 | ||||||||||||
| Diluted weighted average shares of common stock outstanding | 21,485,776 | – | 21,487,106 | – | 20,058,417 | – | ||||||||||||||||||
| Regular dividends declared (per share) | – | $ | 0.47 | – | $ | 0.47 | – | $ | 0.47 | |||||||||||||||
| PORTFOLIO PERFORMANCE | ||||||||||||||||||||||||
| Total loan principal outstanding | $ | 399,948,492 | $ | 421,918,148 | $ | 356,285,780 | ||||||||||||||||||
| Portfolio companies | 26 | 30 | 29 | |||||||||||||||||||||
| Unfunded commitments | $ | 29,761,667 | $ | 16,595,000 | $ | 6,000,000 | ||||||||||||||||||
| Gross unlevered weighted average yield to maturity | 16.5 | % | 16.8 | % | 18.2 | % | ||||||||||||||||||
| Aggregate loan portfolio bearing a variable interest rate | 63.3 | % | 59.3 | % | 62.2 | % | ||||||||||||||||||
| Book value per share | $ | 14.71 | $ | 14.71 | $ | 15.05 | ||||||||||||||||||
| Debt/equity ratio | 32.8 | % | 38.8 | % | 18.3 | % | ||||||||||||||||||
Subsequent Portfolio Activity
- During the subsequent period from October 1, 2025, to November 4, 2025, the Company advanced approximately
$3.3 million to existing borrowers on delayed draw term loan facilities.
Capital Activity
- As of September 30, 2025, the Company had approximately
$101.7 million of total leverage, comprised of$52.4 million drawn on the Revolving Loan and$49.3 million , at carrying value, of notes payable due 2028.
- On August 5, 2025, Chicago Atlantic Lincoln, LLC (“CAL”), a wholly-owned financing subsidiary of the Company, amended its secured revolving credit facility (the “Revolving Loan”) to extend the contractual maturity for an additional two-year period, from June 30, 2026, to June 30, 2028. The Company retained its option to extend the term of the Revolving Loan for an additional one-year period, provided no events of default exist and the Company provides 365 days’ notice of the extension. No other material terms of the Revolving Loan were modified as a result of the execution of this Amendment.
- As of November 4, 2025, the Company has
$69.1 million available on its secured revolving credit facility, and total liquidity, net of estimated liabilities, of approximately$63 million .
2025 Outlook
Chicago Atlantic affirmed its outlook previously issued on March 12, 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 Third Quarter 2025 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, New York, and London.
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
| CHICAGO ATLANTIC REAL ESTATE FINANCE, INC. CONSOLIDATED BALANCE SHEETS | ||||||||
| September 30, 2025 | December 31, 2024 | |||||||
| (unaudited) | ||||||||
| Assets | ||||||||
| Loans held for investment | $ | 379,132,272 | $ | 364,238,847 | ||||
| Loans held for investment – related party (Note 8) | 18,918,950 | 38,238,199 | ||||||
| Loans held for investment, at carrying value | 398,051,222 | 402,477,046 | ||||||
| Current expected credit loss reserve | (4,990,988 | ) | (4,346,869 | ) | ||||
| Loans held for investment at carrying value, net | 393,060,234 | 398,130,177 | ||||||
| Loans, at fair value – related party (amortized cost of | – | 5,335,000 | ||||||
| Cash and cash equivalents | 28,920,537 | 26,400,448 | ||||||
| Other receivables and assets, net | 581,815 | 459,187 | ||||||
| Interest receivable | 4,488,146 | 1,453,823 | ||||||
| Related party receivables | 26,432 | 3,370,339 | ||||||
| Total Assets | $ | 427,077,164 | $ | 435,148,974 | ||||
| Liabilities | ||||||||
| Revolving loan | $ | 52,400,000 | $ | 55,000,000 | ||||
| Notes payable, net | 49,274,644 | 49,096,250 | ||||||
| Dividend payable | 9,905,390 | 13,605,153 | ||||||
| Related party payables | 3,073,015 | 2,043,403 | ||||||
| Management and incentive fees payable | 1,435,071 | 2,863,158 | ||||||
| Accounts payable and other liabilities | 1,059,768 | 2,285,035 | ||||||
| Interest reserve | 14,597 | 1,297,878 | ||||||
| Total Liabilities | 117,162,485 | 126,190,877 | ||||||
| Commitments and contingencies (Note 9) | ||||||||
| Stockholders' equity | ||||||||
| Common stock, par value | 210,753 | 208,292 | ||||||
| Additional paid-in-capital | 322,226,137 | 318,886,768 | ||||||
| Accumulated deficit | (12,522,211 | ) | (10,136,963 | ) | ||||
| Total stockholders' equity | 309,914,679 | 308,958,097 | ||||||
| Total liabilities and stockholders' equity | $ | 427,077,164 | $ | 435,148,974 | ||||
| CHICAGO ATLANTIC REAL ESTATE FINANCE, INC. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | ||||||||||||||||
| For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenues | ||||||||||||||||
| Interest income | $ | 15,250,866 | $ | 16,258,744 | $ | 46,860,217 | $ | 46,624,842 | ||||||||
| Interest expense | (1,565,592 | ) | (1,799,351 | ) | (5,708,022 | ) | (5,742,333 | ) | ||||||||
| Net interest income | 13,685,274 | 14,459,393 | 41,152,195 | 40,882,509 | ||||||||||||
| Expenses | ||||||||||||||||
| Management and incentive fees, net | 1,435,071 | 1,669,116 | 5,103,561 | 5,198,738 | ||||||||||||
| General and administrative expense | 1,298,910 | 1,254,062 | 3,766,140 | 3,898,864 | ||||||||||||
| Professional fees | 530,880 | 468,652 | 1,503,939 | 1,327,659 | ||||||||||||
| Stock based compensation | 928,654 | 845,524 | 2,459,094 | 2,213,150 | ||||||||||||
| Provision (benefit) for current expected credit losses | 557,220 | (989,597 | ) | 631,233 | (884,789 | ) | ||||||||||
| Total expenses | 4,750,735 | 3,247,757 | 13,463,967 | 11,753,622 | ||||||||||||
| Change in unrealized gain (loss) on investments | – | – | 165,000 | (75,604 | ) | |||||||||||
| Realized gain on debt securities, at fair value | – | – | – | 72,428 | ||||||||||||
| Net Income before income taxes | 8,934,539 | 11,211,636 | 27,853,228 | 29,125,711 | ||||||||||||
| Income tax expense | – | – | – | – | ||||||||||||
| Net Income | $ | 8,934,539 | $ | 11,211,636 | $ | 27,853,228 | $ | 29,125,711 | ||||||||
| Earnings per common share: | ||||||||||||||||
| Basic earnings per common share | $ | 0.42 | $ | 0.57 | $ | 1.33 | $ | 1.53 | ||||||||
| Diluted earnings per common share | $ | 0.42 | $ | 0.56 | $ | 1.30 | $ | 1.49 | ||||||||
| Weighted average number of common shares outstanding: | ||||||||||||||||
| Basic weighted average shares of common stock outstanding | 21,074,771 | 19,625,190 | 20,979,467 | 19,094,462 | ||||||||||||
| Diluted weighted average shares of common stock outstanding | 21,485,776 | 20,058,417 | 21,413,422 | 19,531,691 | ||||||||||||
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 | Three months ended | Nine months ended | Nine months ended | |||||||||||||
| September 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 | |||||||||||||
| Net Income | $ | 8,934,539 | $ | 11,211,636 | $ | 27,853,228 | $ | 29,125,711 | ||||||||
| Adjustments to net income | ||||||||||||||||
| Stock based compensation | 928,654 | 845,524 | 2,459,094 | 2,213,150 | ||||||||||||
| Amortization of debt issuance costs | 101,729 | 91,678 | 322,186 | 182,593 | ||||||||||||
| Provision (benefit) for current expected credit losses | 557,220 | (989,597 | ) | 631,233 | (884,789 | ) | ||||||||||
| Change in unrealized gain (loss) on investments | – | – | (165,000 | ) | 75,604 | |||||||||||
| Distributable Earnings | $ | 10,522,142 | $ | 11,159,241 | $ | 31,100,741 | $ | 30,712,269 | ||||||||
| Basic weighted average shares of common stock outstanding (in shares) | 21,074,771 | 19,625,190 | 20,979,467 | 19,094,462 | ||||||||||||
| Basic Distributable Earnings per Weighted Average Share | $ | 0.50 | $ | 0.57 | $ | 1.48 | $ | 1.61 | ||||||||
| Diluted weighted average shares of common stock outstanding (in shares) | 21,485,776 | 20,058,417 | 21,413,422 | 19,531,691 | ||||||||||||
| Diluted Distributable Earnings per Weighted Average Share | $ | 0.49 | $ | 0.56 | $ | 1.45 | $ | 1.57 | ||||||||
FAQ
What were Chicago Atlantic (REFI) third-quarter 2025 net income and EPS?
How large was Chicago Atlantic's loan portfolio at September 30, 2025 (REFI)?
What liquidity and available credit did REFI report on November 4, 2025?
Did Chicago Atlantic change its revolving loan terms in 2025 (REFI)?
How did REFI's credit loss provisions change in Q3 2025?
What portion of REFI's loans have interest-rate floors above Prime?
