{"schema_version":"secwatch.filing_event.v1","accession":"0001213900-25-022933","form_type":"8-K","ticker":"REFI","cik":"0001867949","company_name":"Chicago Atlantic Real Estate Finance, Inc.","filed_at":"2025-03-12T23:59:59+00:00","discovered_at":"2026-05-14T18:03:05.412702+00:00","generated_at":"2026-05-24T22:44:53.036266+00:00","sec_items":["2.02","7.01","9.01"],"event_type":"earnings","sentiment":"negative","materiality_score":0.65,"calibrated_materiality_score":0.65,"confidence":"high","headline":"Chicago Atlantic Q4 net income $7.9M; FY distributable earnings $40M, down 10.5% YoY","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001213900-25-022933","json":"https://secwatch.observer/filing/0001213900-25-022933.json","markdown":"https://secwatch.observer/filing/0001213900-25-022933.md","text":"https://secwatch.observer/filing/0001213900-25-022933.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1867949/000121390025022933/0001213900-25-022933-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1867949/000121390025022933/ea0233880-8k_chicago.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-24T22:44:53.036266+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}