Chicago Atlantic Real Estate Finance (REFI) investor relations material

Executive summary

• Q3 distributable earnings were $12.6M, or $0.49 per diluted share; GAAP net income was $6.4M, or $0.25 per diluted share.

• Total loan principal rose $74.6M QoQ to $527.7M, including Koach Notes; the proposed merger with Chicago Atlantic BDC is targeted to close in 2027, subject to approvals.

Financial highlights

• Q3 net interest income was $12.47M versus $13.69M YoY; net income was $6.43M versus $8.93M, and diluted EPS was $0.25 versus $0.42.

• Distributable earnings included $2.6M of Koach Notes income; supplemental net interest income including Koach was $15.1M.

• Q3 provision for credit losses was $2.77M versus $0.56M YoY; the quarterly dividend was $0.47 per share, or 94.5% of Q3 distributable EPS.

• Nine-month net income was $18.75M versus $27.85M; nine-month distributable earnings were $31.69M versus $31.10M.

Outlook and guidance

• Q4 originations are expected to slow amid limited liquidity; as of Nov. 10, liquidity net of estimated liabilities was ~$12.0M, with additional liquidity opportunities under review.

• Pipeline declined from ~$204M to ~$174M since Q2 following substantial fundings and limited available liquidity; election outcomes could create opportunities in Pennsylvania, Texas and Georgia.

• Merger closing is targeted for 2027, subject to stockholder, regulatory and other approvals; proxy solicitation was expected in Q4 2026.

• FY 2026 dividend payout target is 90%–100% of distributable earnings, assuming standalone operations and subject to Board authorization and merger terms.

• Management expects opportunities to sell properties at attractive cap rates and reinvest at higher cap rates, but could not forecast timing.