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Chicago Atlantic Real Estate Finance (REFI) investor relations material
Chicago Atlantic Real Estate Finance Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary7 Aug, 2025
Executive summary
Maintained a disciplined, low-leverage approach in cannabis lending, focusing on state-licensed, consumer and product-focused operators in limited license jurisdictions, with a diversified portfolio and strong real estate collateral coverage.
Closed over $2.8B in loans since inception, with $421.9M in outstanding principal as of June 30, 2025, and a near-term pipeline of $650M under evaluation.
Net interest income for Q2 2025 was $14.4M, up from $13.2M in Q2 2024 and $13.0M in Q1 2025, driven by higher fee income.
Net income for Q2 2025 was $8.9M, down 3% year-over-year; six-month net income rose 6% to $18.9M.
Regular dividend of $0.47 per share declared and paid in July 2025, consistent with prior quarters.
Financial highlights
Loan portfolio principal totaled $421.9M across 30 companies as of June 30, 2025, with a weighted average yield to maturity of 16.8%.
Net interest income for Q2 2025 was $14.4M, up 9% year-over-year; six-month net interest income was $27.5M.
Distributable earnings for Q2 2025 were $10.9M ($0.52 per basic share, $0.51 diluted); six-month distributable earnings were $20.6M.
Book value per share was $14.71 as of June 30, 2025, with 21.5M shares outstanding on a fully diluted basis.
Total assets as of June 30, 2025, were $455.2M, up from $435.1M at year-end 2024.
Outlook and guidance
Affirmed 2025 outlook, with a $650M pipeline of cannabis lending opportunities and plans to redeploy repayments for growth in H2 2025.
Expect to maintain a dividend payout ratio of 90% to 100% of basic distributable earnings per share for the 2025 tax year, with a potential special dividend in Q4 if required.
Management expects continued strong demand for cannabis financing due to limited traditional lending options and high barriers to entry.
Sufficient liquidity is anticipated for the next twelve months, supported by cash on hand, credit facility, and cash flows from operations.
The U.S. cannabis industry is projected to grow from $35B in 2025 to $69B by 2031, with an estimated 11%+ annual growth rate.
How will pipeline growth impact net portfolio growth?
How are large prepayments being redeployed?
How does the broader platform enhance deal flow?
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Next Chicago Atlantic Real Estate Finance earnings date
Q3 20254 Nov, 2025
Next Chicago Atlantic Real Estate Finance earnings date
Q3 20254 Nov, 2025
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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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