secwatch.observer — SEC 8-K summary
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Issuer:     Chicago Atlantic Real Estate Finance, Inc. (REFI)
CIK:        0001867949
Form:       8-K
Filed at:   2025-03-12T23:59:59+00:00
Accession:  0001213900-25-022933
Event type: earnings
Sentiment:  negative
Materiality: 0.65
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1867949/000121390025022933/0001213900-25-022933-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1867949/000121390025022933/ea0233880-8k_chicago.htm
  HTML page:      https://secwatch.observer/filing/0001213900-25-022933

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