Highest-materiality recent filing
Chicago Atlantic Q2 net income $7.5M, EPS $0.34; merger with LIEN on track for Q4
Q2 2026 net income $7.47M ($0.34/share) vs $8.88M ($0.41) in Q2 2025; distributable earnings $9.29M ($0.44 basic).
REFI issues 4.3M shares for $62.5M in second-lien notes on 32 cannabis retail properties
Issued 4,306,754 shares at $14.53/share to Koach for $62.5M in second-lien notes secured by 32 retail properties leased to cannabis operators.
Chicago Atlantic Real Estate Finance to merge with Chicago Atlantic BDC in stock-for-stock deal
Each REFI share converted into Acquiror shares based on NAV ratio (Exchange Ratio); fractional shares paid in cash.
Chicago Atlantic REIT re-elects five directors, ratifies BDO USA as auditor for FY2026
John Mazarakis, Anthony Cappell, Jason Papastavrou, Elizabeth Stavola, Brandon Konigsberg re-elected to board until 2027.
Chicago Atlantic Q1 net income $4.8M ($0.23/share) vs $10M a year ago; provision spikes
Net interest income $13.1M flat YoY; net income fell 52% to $4.8M ($0.23 diluted EPS).
Chicago Atlantic Q4 net income $8.16M ($0.38/shr); distributable earnings $0.44/shr
Net interest income Q4 $14.24M vs $13.69M Q3; net income $8.16M ($0.38/shr) vs $8.93M ($0.42) Q3.
Chicago Atlantic Q3 2025 net income $0.42/sh, down 25% YoY; portfolio grows to $400M
Net interest income $13.7M, down from $14.5M in Q3 2024; net income $8.9M ($0.42/sh).
Chicago Atlantic Q2 distributable EPS $0.51; extends credit facility to 2028
Net income $8.88M ($0.41 diluted); distributable earnings $10.85M ($0.51) vs $9.93M ($0.50) YoY.
Shareholders elect seven directors and ratify BDO USA as auditor at annual meeting
All seven director nominees elected; John Mazarakis received 7,539,827 for, 1,063,174 withheld; others had similar margins.
REFI Q1 net income $10.0M ($0.47 diluted); book value $14.87, dividend $0.47
Net income $10.0M ($0.47 diluted), up 20.5% sequentially; distributable earnings $9.7M.
Chicago Atlantic raises ATM offering to $100M, cuts sales agent commission to 2%
New at-the-market sales agreements increase aggregate offering size from $75M to $100M.
Chicago Atlantic Q4 net income $7.9M; FY distributable earnings $40M, down 10.5% YoY
Q4 net interest income $14.1M, net income $7.9M ($0.39 diluted); distributable earnings $9.2M ($0.47 basic).
Andreas Bodmeier resigns from board effective Jan 1, 2025; stays as President and CIO
Resignation effective Jan 1, 2025 to ensure board remains majority independent per Nasdaq Rule 5605(b).
Director Donald Gulbrandsen resigns from board effective Jan 1, 2025; no disagreement
Donald Gulbrandsen notified board of resignation on Dec 11, 2024, effective Jan 1, 2025.
Chicago Atlantic Q3 net income $11.2M ($0.56/sh), up 22% QoQ per share; $50M unsecured note
Net income of $11.2M ($0.56 diluted EPS) vs $9.2M ($0.46) in Q2 2024, a 21.7% per-share increase.
Chicago Atlantic closes $50M unsecured term loan at 9.0%, rated BBB+ by Egan-Jones
Entered into $50M unsecured term loan maturing Oct 2028; fixed cash interest rate of 9.0% per annum.
Chicago Atlantic Q2 net income $9.2M ($0.46 EPS); distributable earnings $0.50/sh
Net interest income $13.2M; net income $9.2M ($0.46 diluted EPS); distributable earnings $9.8M ($0.50/sh).
Annual meeting elects nine directors; three receive >30% withhold votes
Shareholders elected nine directors to serve until 2025; all nominees received majority 'for' votes.
REFI Q1 net income $8.7M ($0.47/share); distributable earnings $0.52/share; portfolio yield 19.4%
Net interest income $13.2M; net income $8.7M ($0.47 diluted EPS); distributable earnings $9.7M ($0.52).
Q4 net income $9.4M ($0.51 diluted EPS); sequential decrease of 5.8% due to higher management fees.
REFI extends credit facility maturity to June 2026, ups accordion to $150M
Fifth Amended and Restated LSA extends maturity from Dec 16, 2024 to June 30, 2026.
Chicago Atlantic Q3 distributable earnings $0.57/share, up 3.6%; originations $35.4M
Distributable earnings $0.57 per diluted share, up 3.6% sequentially; net interest income $13.7M.
Chicago Atlantic Q2 distributable earnings $0.55/share; net interest income $13.7M; NY fund $150M
Net interest income $13.7M (down 8.3% sequentially); provision for credit losses $5.2M (up $1.1M).
Chicago Atlantic Real Estate Finance enters $75M at-the-market equity offering
Entered ATM sales agreements with BTIG, Compass Point, and Oppenheimer to sell up to $75M of common stock.
REIT Q1 net income $10.7M ($0.60/dil sh), up 46% qoq; distributable earnings $11.1M ($0.62/sh)
Net interest income $14.9M, up 1% sequentially; total expenses $4.1M, down 18%.
Chicago Atlantic Q4 2022 net income $7.3M ($0.41/sh); yield to maturity 19.7%, floating rate 83%
Q4 net interest income $14.8M (+14.1% seq); net income $7.3M ($0.41/sh), down 25.7% seq.
Chicago Atlantic extends $92.5M credit facility maturity to Dec 2024
Amended $92.5M secured revolving credit facility with six FDIC-insured banks.
Net income $9.8M ($0.55/diluted), up 31% sequentially from $7.5M ($0.42) in Q2 2022.
CFO Lindsay Menze resigns effective Sept 30; Phillip Silverman named Interim CFO
Lindsay Menze tendered resignation as CFO and Secretary on Sept 16, 2022, effective Sept 30, 2022.
Chicago Atlantic Q2 adjusted distributable earnings $0.50/share; dividend raised 17.5% to $0.47
Net income of $7.5M ($0.42/diluted share); adjusted distributable earnings of $8.8M ($0.50/share).
REFI stockholders elect all nine director nominees and ratify BDO as auditor
All nine director nominees elected; Jason Papastavrou received highest withheld votes at 321,143.
Chicago Atlantic upsizes revolving credit facility to $65M from $45M
Aggregate commitment increased from $45.0M to $65.0M.
Chicago Atlantic Q1 net income $7.8M, dividend up 53.8% to $0.40
Net income $7.8M ($0.44 diluted EPS); adjusted distributable earnings $8.0M ($0.45/share).
Amendment to February 8, 2022 8-K regarding $ loan commitment to FarmaceuticalRX LLC.
Chicago Atlantic REFI provides audited FY2020 financials of its Michigan cannabis borrower
Borrower's audited FY2020: revenue $22.97M, net income $7.19M, total assets $59.16M.
Chicago Atlantic Q4 net income $4.4M ($0.57 EPS); dividend raised 53.8% to $0.40
Net income $4.4M in Q4, $0.57 basic EPS; Adjusted Distributable Earnings $4.6M, $0.61 per share.
Verano revenue grew to $228.5M in 2020 from $65.9M in 2019; net income of $124.7M vs $18.4M loss.
REFI funds $30M senior secured loan to FarmaceuticalRX for Ohio marijuana facility
$34M aggregate loan commitment to FarmaceuticalRX; REFI funded $30M.
Chicago Atlantic funds $10M initial advance of $25M credit facility to Sanctuary Medicinals
Funded $10M initial advance under a new $25M senior secured credit facility to Sanctuary Medicinals LLC.
Chicago Atlantic REFI funds $16.1M on $100M credit facility for Michigan cannabis operator
Entered First Amendment to $100M senior secured credit facility with a vertically integrated Michigan cannabis operator.
REFI upsizes revolving credit facility to $45M, acquires $10M Verano loan from affiliate
Revolving credit facility increased from $10M to $45M with two FDIC-insured banks; matures Dec 16, 2023 with one-year extension option.
On September 16, 2022, Lindsay Menze tendered her resignation as Chief Financial Officer and Secretary of Chicago Atlantic Real Estate Finance, Inc. (the “Company”), effective as of the close of business on September 30, 2022.
In connection with Ms. Menze’s resignation, on September 20, 2022, the Company’s Board of Directors appointed Phillip Silverman, the Company’s Controller, as Interim Chief Financial Officer and Secretary of the Company, effective as of the close of business on September 30, 2022.
Max materiality 0.80 · Median 0.65 · Most common event earnings