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Chicago Atlantic Real Estate Finance (REFI) investor relations material
Chicago Atlantic Real Estate Finance Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Delivered consistent performance amid a volatile private credit environment, focusing on principal protection, net portfolio growth, and lending to state-licensed cannabis operators with a diversified, low-leverage portfolio.
Closed over $3.2B in loans since inception, with $399.9M in outstanding loan principal as of September 30, 2025, and a robust origination team emphasizing capital preservation and risk-adjusted returns.
Management and board increased share ownership to 1.8 million shares and executed open market repurchases, reflecting confidence in the business.
86% of loans have interest rate floors at or above the Prime rate, insulating from rate changes.
Funded the largest real estate-backed revolving credit facility in U.S. cannabis history with Verano.
Financial highlights
Loan portfolio principal was $399.9M across 26 companies as of September 30, 2025, with a weighted average yield to maturity of 16.5%.
Net income for Q3 2025 was $8.9M, down from $11.2M in Q2 2025 and $11.2M in Q3 2024.
Net interest income for Q3 2025 was $13.7M, a decrease from $14.4M in Q2 2025 and $14.5M in Q3 2024.
Distributable earnings for Q3 2025 were $10.5M ($0.50 per share), down from $11.2M ($0.56) in Q3 2024.
Book value per share was $14.71 with 21.5 million shares outstanding on a fully diluted basis.
Outlook and guidance
Management expects net growth in the loan portfolio for 2025, supported by a robust origination pipeline of over $415M and extended credit facility maturity.
Dividend payout ratio is expected to remain at 90%-100% of basic distributable earnings for 2025, with a special dividend possible if required by taxable income.
The U.S. cannabis industry is projected to grow from $35B in 2025 to $69B by 2031, with an estimated 11%+ annual growth rate.
What drove the shift to credit loss provision?
Portfolio companies decreased; loan principal grew. Why?
Yields down, debt/equity up. Future return impact
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Next Chicago Atlantic Real Estate Finance earnings date
Q4 202511 Mar, 2026
Next Chicago Atlantic Real Estate Finance earnings date
Q4 202511 Mar, 2026
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Frequently asked questions
Chicago Atlantic Real Estate Finance, Inc. is a commercial real estate finance company that primarily focuses on originating, structuring, and investing in senior secured loans. The company provides financing solutions to operators and property owners, primarily within the cannabis industry, although it extends its services to other sectors as well. Its loan portfolio typically includes loans backed by real estate or other collateral, and the company aims to provide flexible capital tailored to the needs of its borrowers. The company is headquartered in Chicago, United States, and its shares are listed on the NASDAQ.
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