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Chicago Atlantic Reports Net Income Of $7.8M For Q1 2022, Higher Dividends

Chicago Atlantic Real Estate Finance, Inc. REFI released its results for the first quarter ended March 31, 2022.

First Quarter 2022 Financial Results

  • Net income of approximately $7.8 million, or $0.44 per weighted average diluted common share

  • Total interest income of approximately $9.8 million

  • Total expenses of approximately $2.0 million

  • Adjusted distributable earnings of approximately $8.0 million, or $0.45 per weighted average diluted common share

  • Book value per common share of $15.17 as of March 31, 2022 compared with $15.13 as of December 31, 2021

Investment Activity and Portfolio Performance

  • As of March 31, 2022, total loan commitments of approximately $321.1 million ($281.5 million funded, $39.6 million unfunded) across 22 portfolio companies

  • As of May 10, 2022, total loan commitments of approximately $337.3 million ($306.1 million funded, $31.2 million unfunded) across 22 portfolio companies

  • The portfolio’s weighted average yield to maturity was approximately 17.5% as of May 10, 2022 compared with approximately 17.2% as of March 31, 2022, and approximately 17.1% as of December 8, 2021, the date of the IPO

Dividends

  • On April 14, 2022, Chicago Atlantic paid a regular quarterly cash dividend of $0.40 per share of common stock for the first quarter of 2022 to common stockholders of record on March 31, 2022. The dividend represented a 53.8% increase from the fourth quarter of 2021.

John Mazarakis, executive chairman of Chicago Atlantic, stated, “The cannabis industry is one of the few sectors today that presents returns more correlated to regulatory milestones than the overall economic or interest rate environment. With a pipeline of $911 million in potential fundings, we continue to benefit from cannabis operators in our targeted limited-license states that are seeking debt capital to invest in accretive expansion plans to meet accelerating demand.”

The company will host a conference call and live audio webcast, both open for the general public to hear, on May 12 at 10:00 a.m. Eastern Time.

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Chicago Atlantic Real Estate Funds $30M Senior Secured Credit To Florida Cannabis Operator

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