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:   2026-08-11T11:02:17+00:00
Accession:  0001213900-26-087484
Event type: earnings
Sentiment:  neutral
Materiality: 0.60
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1867949/000121390026087484/0001213900-26-087484-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1867949/000121390026087484/ea0301176-8k425_chicago.htm
  HTML page:      https://secwatch.observer/filing/0001213900-26-087484

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer