Chicago Atlantic Q4 net income $7.9M; FY distributable earnings $40M, down 10.5% YoY

Chicago Atlantic Real Estate Finance, Inc.

Q4 net interest income $14.1M, net income $7.9M ($0.39 diluted); distributable earnings $9.2M ($0.47 basic).
Full-year distributable earnings $40.0M ($2.08 basic), down 10.5% YoY; total dividends $2.06/sh vs $2.17 in 2023.
Portfolio loan principal $410.2M, yield 17.2% (down from 18.3%), one loan on non-accrual; unfunded commitments $20.9M.
Entered $50M unsecured term loan at 9.0% fixed, maturity Oct 2028; leverage ratio 34% debt to book equity.
Outlook: dividend payout target 90-100% of distributable earnings; may pay special dividend in Q4 2025.

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