Chicago Atlantic Real Estate Finance Announces First Quarter 2022 Financial Results

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[{"type":"text","content":"CHICAGO, May 12, 2022 (GLOBE NEWSWIRE) -- Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) (“Chicago Atlantic” or the “Company”), a commercial real estate finance company, today announced its results for the first quarter ended March 31, 2022. John Mazarakis, Executive Chairman of Chicago Atlantic, noted, “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.” Tony Cappell, Chief Executive Officer of Chicago Atlantic, added, “We have maintained our strong start to the year with $86.7 million of loan fundings during the quarter and another $25 million funded to date in the second quarter. The deployment of our revolving credit facility and the near-term plans to potentially increase the facility provide additional capital to support our growth.” 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 companiesAs of May 10, 2022, total loan commitments of approximately $337.3 million ($306.1 million funded, $31.2 million unfunded) across 22 portfolio companiesThe 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 First Quarter 2022 Financial Results Total interest income of approximately $9.8 millionTotal expenses of approximately $2.0 millionNet Income of approximately $7.8 million, or $0.44 per weighted average diluted common shareAdjusted Distributable Earnings of approximately $8.0 million, or $0.45 per weighted average diluted common shareBook value per common share of $15.17 as of March 31, 2022 compared with $15.13 as of December 31, 2021 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% in...

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