Chicago Atlantic Q2 net income $7.5M, EPS $0.34; merger with LIEN on track for Q4

Chicago Atlantic Real Estate Finance, Inc.

2026-Q2 EPS reported $0.57

Q2 2026 net income $7.47M ($0.34/share) vs $8.88M ($0.41) in Q2 2025; distributable earnings $9.29M ($0.44 basic).
Loan principal $453.1M at June 30, up from $421.9M a year ago; book value $14.15/share, down from $14.71.
Gross originations $59.2M in Q2; net interest income $12.83M, down from $14.42M YoY.
Dividend maintained at $0.47/share; FY2026 payout ratio target 90-100% of distributable earnings.
Merger with Chicago Atlantic BDC (LIEN) expected to close Q4 2026; REFI holders ~50.5% pro forma based on 3/31 NAVs.

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