Chicago Atlantic Real Estate Finance, Inc. · NASDAQ:REFI
Chicago Atlantic Real Estate Finance — Q3 2025 Earnings Presentation
23 slides from Chicago Atlantic Real Estate Finance's earnings presentation, Nov 4, 2025
Slide 1: Real Estate Finance Earnings Supplemental
CONFIDENTIAL | Chicago Atlantic Advisers, LLC REAL ESTATE FINANCE EARNINGS SUPPLEMENTAL For the quarter ended September 30, 2025
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains forward - looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21 E of the Securities and Exchange Act of 1934 , as amended (the “Exchange Act”), regarding future events and the future results
Slide 3: Market and Industry Data; Important Notices
Market and Industry Data In this presentation, the Company relies on and refers to certain information and statistics obtained from third - party sources which it believes to be reliable, including reports by market research firms . The Company has not independently verified the accuracy or complete
Slide 4: Chicago Atlantic Real Estate Finance: Company Overview
Chicago Atlantic Real Estate Finance: Company Overview Chicago Atlantic Real Estate Finance, Inc 4 » Commercial mortgage REIT and institutional lender to state - licensed operators in the cannabis industry. » Manages a diversified portfolio of borrowers, geographies and asset types with strong real
Slide 5: Industry-Leading Management and Investment Team
P e t e r S a c k ( 1 ) C o - C E O Tony Cappell (1) Co - CEO John Mazarakis (1) Executive Chairman ▪ ▪ Debt investor with over 15 years of experience, beginning at Wells Fargo Foothill ▪ Completed over 150 deals, comprising over $5bn in total credit ▪ MBA from Chicago Booth and BA from University o
Slide 6: Board of Directors
Elizabeth Stavola Michael Steiner Brandon Konigsberg Jason Papastavrou ▪ Founder & President of MPX Bioceutical Corp (MPX) which went public in 2017 ▪ Founder & Creator of the brands CBD for Life, Melting Point Extracts (MPX), Health for Life AZ, GreenMart of Maryland & Nevada ▪ Former CSO & Board M
Slide 7: Target Loan Profile
Target Loan Profile Presented for illustrative purposes only, actual loan characteristics may differ. Chicago Atlantic Real Estate Finance, Inc 7 Real estate financing, capital expenditure and growth/acquisition capital USES OF CAPITAL $10 - $50 million SIZE 2 - 3 years TERM Term loans and delayed d
Slide 8: Portfolio Diversification
(1) As of September 30, 2025. (2) As of September 30, 2025, approximately $232.8 million (58.2%) and $20.2 million (5.1%) of total outstanding principal bears interest based on the Prime Rate and Secured Overnight Financing Rate (“SOFR”), respectively. (3) Reflects prevailing Prime rate of 7.00% as
Slide 9: Portfolio Diversification (Continued)
Chicago Atlantic Real Estate Finance, Inc 9 (1) As of September 30, 2025, and reflects aggregate of total loan portfolio including loans held for investment and loans at fair value. (2) SSO = single state operator, MSO = multi - state operator. (3) “Other” location category includes approximately $1
Slide 10: Loan Collateral Coverage
Chicago Atlantic Real Estate Finance, Inc 10 (1) Our loans to owner operators in the state - licensed cannabis industry are secured by additional collateral, including personal and corporate guarantee(s), where applicable subject to local laws and regulations. Loan to enterprise value ratio (LTEV) i
Slide 11: Distributable Earnings and Dividends
Chicago Atlantic Real Estate Finance, Inc 11 (1) Distributable earnings per share based on basic weighted average common shares outstanding at the end of each respective quarter. Distributable Earnings and Dividends 1 $ - $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 $0.70 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2
Slide 12: The Cannabis Landscape in the U.S.: Where We See Opportunities
Chicago Atlantic Real Estate Finance, Inc 12 The Cannabis Landscape in the U.S. Where We See Opportunities WE FOLLOW ALPHA INTO INDUSTRIES WITH LOW COMPETITION LACK OF TRADITIONAL FINANCING Banks generally don’t lend to firms in this industry, allowing higher interest rates, attractive collateral, a
Slide 13: The Cannabis Landscape in the U.S.: How the landscape changed
The Cannabis Landscape in the U.S. How the landscape changed over past 6 years 2019 2025 (1) MJBiz Factbook 2025 Q1 (2) Statista x Legal in 41 states and the District of Columbia 1 x Medical use only: 17 states x Recreational/Medical use: 24 states & District of Columbia x Industry revenue estimated
Slide 14: The Cannabis Industry: Size of Opportunity and Growth Projections
The Cannabis Industry: Size of Opportunity and Growth Projections Assuming the cannabis market enterprise value at 1x revenue, and a 35% debt to 65% equity capital structure 2 , the current value of the U.S. cannabis debt market can be estimated to be $12B . With our closed cannabis loans of over $2
Slide 15: Competitive Investment Landscape
COMPETITORS: GROUPS COMPETITIVE ADVANTAGES Competitive Investment Landscape Mortgage REITs Sale/ Leaseback REITs Cannabis - Focused Lenders Community Banks Chicago Atlantic Real Estate Finance, Inc 15 Greater diversification Shorter loan durations Deal leads Lower LTVs Close relationships with manag
Slide 16: Comprehensive Investment Process
MANAGEMENT AND ONSITE MEETINGS Comprehensive Investment Process SOURCE AND REVIEW 1 SCREENING 2 GEOGRAPHY / INDUSTRY ▪ Focus primarily on U.S. borrowers ▪ (Local) industry dynamics FINANCIALS / OPERATIONS ▪ Historical financial statements / tax returns ▪ Projects of the business and financials ▪ Div
Slide 17: Comprehensive Investment Process (cont'd)
Comprehensive Investment Process (cont’d) STRUCTURING 4 MONITORING 5 QUARTERLY VALUATIONS REGULAR REPORTING BY BORROWERS ▪ Monthly reporting of financial and operational metrics by our borrowers provides an “early warning” approach to portfolio monitoring REGULAR INTERNAL MEETINGS ▪ Monthly tear she
Slide 18: Appendix: Financial Overview
Appendix Financial Overview For the three months ended September 30, 2025
Slide 19: Consolidated Balance Sheets
Consolidated Balance Sheets Chicago Atlantic Real Estate Finance, Inc 19
Slide 20: Portfolio Overview
1 The table shown presents the Company’s portfolio of loans held for investment. Refer to Note 3 of the consolidated financial statements within Form 10 - Q as of September 30, 2025, for additional information 2 Loan has been placed on non - accrual status as of September 30, 2025. 3 “Floating” repr
Slide 21: Consolidated Statements of Operation
Consolidated Statements of Operation Chicago Atlantic Real Estate Finance, Inc 21
Slide 22: Reconciliation of Distributable Earnings to GAAP Net Income
Reconciliation of Distributable Earnings to GAAP Net Income Chicago Atlantic Real Estate Finance, Inc 22
Slide 23: About Chicago Atlantic
About CHICAGO ATLANTIC Chicago Atlantic Real Estate Finance, Inc 23 (1) Capital under management represent total committed investor capital, total available leverage including undrawn capital, and capital invested by co - investors and managed by the firm. As of June 30, 2025. (2) As of September 30
Chicago Atlantic Real Estate Finance — Q3 2025 Earnings Presentation on 6ix