Chicago Atlantic Real Estate Finance Announces Fourth Quarter 2021 Financial Results

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[{"type":"text","content":"CHICAGO, March 22, 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 fourth quarter and period ended December 31, 2021. Anthony Cappell, Chief Executive Officer of Chicago Atlantic, noted, “In the short time since our initial public offering, we have remained laser-focused on growing the loan originations pipeline, putting our capital to work at attractive yields, and building on Chicago Atlantic’s first-mover advantage in the cannabis space. As of last week, we have completed total loan fundings since the IPO of $114.7 million to 13 separate borrowers – nearly half were new relationships – and upsized our credit facility to meet the growing demand for capital in the limited-license states where we focus. The brand our principals have established over the past three years and a well-earned reputation for delivering on our commitments are quickly making us a lender of choice to leading cannabis operators.” Financial Highlights Net income of approximately $4.4 million in the fourth quarter of 2021, or $0.57 per basic weighted average common shareAdjusted Distributable Earnings of approximately $4.6 million in the fourth quarter of 2021, or $0.61 per basic weighted average common shareNet income of approximately $9.5 million in 2021 (for the period April 1 to December 31, 2021), or $1.47 per basic weighted average common shareAdjusted Distributable Earnings of approximately $9.9 million in 2021 (for the period April 1 to December 31, 2021), or $1.54 per basic weighted average common shareBook value per common share of $15.13 as of December 31, 2021 Investment Activity and Portfolio Performance As of December 31, 2021, total loan commitments of approximately $235.1 million ($200.4 million funded, $34.7 million unfunded) across 21 portfolio companiesAs of March 17, 2022, total loan commitments of approximately $324.2 million ($284.1 million funded, $40.1 million unfunded) across 23 portfolio companiesSince the IPO through March 17, 2022, funded a total of approximately $114.7 million, resulting in full deployment of the IPO proceedsThe portfolio’s weighted average yield to maturity was approximately 17.3% as of March 17, 2022 compared with approximately 18.6% as of December 31, 2021, an...

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