Chicago Atlantic Real Estate Finance, Inc. · NASDAQ:REFI
Chicago Atlantic Real Estate Finance — Q1 2026 Earnings Presentation
25 slides from Chicago Atlantic Real Estate Finance's earnings presentation, May 7, 2026
Slide 1: Earnings Supplemental
REAL ESTATE FINANCE EARNINGS SUPPLEMENTAL For the three months ended March 31, 2026 CONFIDENTIAL | Chicago Atlantic Advisers, LLC
Slide 2: Important Disclosure Information
Important Disclosure Information Forward Looking Statements This presentation contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), regarding future
Slide 3: Important Disclosure Information
Important Disclosure Information 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 ver
Slide 4: Chicago Atlantic Real Estate Finance: Company Overview
Chicago Atlantic Real Estate Finance: Company Overview Commercial mortgage REIT and institutional lender to state- licensed operators in the cannabis industry. $3.8B+ 120+ Manages a diversified portfolio of borrowers, geographies and in loans closed cannabis loans asset types with strong real es
Slide 5: Industry-Leading Management and Investment Team
Industry-Leading Management and Investment Team Deep Cannabis, Credit and Real Estate Expertise With Entrepreneurial Approach John Mazarakis(1) Tony Cappell(1) Peter Sack(1) Executive Chairman Co-CEO Co-CEO Originated over $500mm in cannabis credit Debt investor with over 15 years of Former Pr
Slide 6: Veteran Independent Directors
Veteran Independent Directors Significant Public Board, REIT, Financial and Corporate Governance Expertise Jason Brandon Michael Elizabeth Papastavrou Konigsberg Steiner Stavola Lead Independent Director Audit Committee Chairman Founder and President of Service Energy Founder & President of
Slide 7: Target Loan Profile
Target Loan Profile USES OF CAPITAL Real estate financing, capital expenditure and growth/acquisition capital SIZE $10-$60 million TERM 2-3 years STRUCTURE Term loans and delayed draw term loans COLLATERAL Mortgage/deed of trust, stock pledge, all asset UCC-1 lien, guarantees AMORTIZATION 50-150 bps
Slide 8: Portfolio Diversification
Portfolio Diversification Our portfolio is diversified by size and interest rate type P R I N C I P A L O U T S T A N D I N G (1) BY LOAN BY RATE TYPE LOANS BY INTEREST SPREAD $160,000,000 0.0% $140,000,000 29.4% 35.2% 46.3% $120,000,000 Average 46.6% Loan Size = $413.6M $100,000,000 3.4% $80,000,00
Slide 9: Portfolio Diversification (Continued)
Portfolio Diversification (Continued) Current Prime Rate and SOFR Rate of 6.75% and 3.68%, respectively. P R I N C I P A L O U T S T A N D I N G (1) PRIME FLOATING LOANS BY RATE FLOOR SOFR FLOATING LOANS BY RATE FLOOR Weighted Average Interest Rate PRIME Floor (7.48%) Weighted Average Interest Rate
Slide 10: Portfolio Diversification (Continued)
Portfolio Diversification (Continued) Our portfolio is diversified across operators, geographies, and asset types P R I N C I P A L O U T S T A N D I N G (1) BY LOCATION3 BY REAL ESTATE PERCENTAGE OF REAL ESTATE COLLATERAL COLLATERAL TYPE VALUE BY STATE AND OPERATOR TYPE2 4% 4% 8% 25.0% 8% 7% 29.1%
Slide 11: Loan Collateral Coverage
Loan Collateral Coverage 43.7% loan to enterprise value and 1.2x real estate collateral coverage LOAN TO ENTERPRISE VALUE RATIO(1)(2) REAL ESTATE COVERAGE RATIO(2) Q4 2025 Q1 2026 Q4 2025 Q1 2026 $300,000,000 60.0% $250,000,000 50.0% $200,000,000 40.0% $150,000,000 30.0% $100,000,000 20.0% 10.0% $50
Slide 12: Distributable Earnings and Dividends
Distributable Earnings and Dividends1 Dividend yield to cost of 11.8%2 and $8.94 common share dividend since inception $0.70 $0.60 $0.50 $0.40 $0.30 $0.20 $0.10 $- Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Slide 13: The Cannabis Landscape in the U.S.
The Cannabis Landscape in the U.S. How the landscape changed over past 7 years 2019 2026 Legalized recreational and medical use Legalized medical use only No regulated use Legal in 36 states and the District of Columbia1 Legal in 42 states and the District of Columbia2 Medical use only: 26 sta
Slide 14: Federal Cannabis Policy Updates: Shift in Regulatory Reform
Federal Cannabis Policy Updates: Shift in Regulatory Reform CONGRESS BANS ACCRETIVE POTENTIAL FOR DOJ RECLASSIFIES UNREGULATED CANNABIS: CURRENT PORTFOLIO & MEDICAL-USE CANNABIS TACIT ENDORSEMENT OF INCREASES LENDING CURRENT STATE PROGRAMS OPPORTUNITIES What Changed1 What Changed3 Improves revenue
Slide 15: Potential Benefits of Regulatory Reform
Potential Benefits of Regulatory Reform Renewed federal momentum around cannabis reform following the April medical rescheduling announcement have revived the possibility of adult use rescheduling and INCREASED MARKET broader regulatory clarity. Potential movement on adult use rescheduling could OPP
Slide 16: The Cannabis Landscape in the U.S.
The Cannabis Landscape in the U.S. Where We See Opportunities LACK OF TRADITIONAL FINANCING Banks generally don’t lend to firms in this industry, allowing higher interest rates, attractive collateral, and lender-friendly covenants. HIGH BARRIERS TO ENTRY Each state has unique investment characterist
Slide 17: Competitive Investment Landscape
Competitive Investment Landscape COMPETITORS: GROUPS COMPETITIVE ADVANTAGES Shorter loan durations Greater diversification Sale/ Mortgage Leaseback REITs REITs Lower LTVs Deal leads Close relationships with Ability to upsize management teams Cannabis- REIT shares 50% of the Community We negotiate th
Slide 18: Comprehensive Investment Process
Comprehensive Investment Process 1 2 OVERVIEW GEOGRAPHY / INDUSTRY FINANCIALS / OPERATIONS SOURCE AND REVIEW Direct Origination Focus primarily on U.S. borrowers Historical financial statements / tax returns Brand Recognition (Local) industry dynamics Projects of the business and financi
Slide 19: Comprehensive Investment Process (cont'd)
Comprehensive Investment Process (cont’d) 4 CAPITAL PREDICTABLE EXIT RETURN CONSERVATIVE STRONG CURRENT PRESERVATION STRATEGY ENHANCEMENT STRUCTURE INCOME STRUCTURING Typically, a first lien on the Fixed amortization and Additional yield generation Conservative leverage and Contractual cou
Slide 20: Financial Overview
Appendix Financial Overview For the three months ended March 31, 2026
Slide 21: Consolidated Balance Sheets
Consolidated Balance Sheets March 31, 2026 December 31, 2025 (unaudited) Assets Loans held for investment $ 332,462,151 $ 332,772,244 Loans held for investment - related party (Note 7) 76,775,335 76,183,323 Loans held for investment, at carrying value 409,237,486 408,955,567 Current expected credit
Slide 22: Portfolio Overview
Portfolio Loan Location(s) Maturity Date Principal Balance Unfunded Commitment 2 Percentage of Portfolio Rate Type3 Cash Rate PIK Rate YTM IRR Number Overview 2(a) Michigan 2(b) Michigan 12/31/2026 12/31/2026 $ 27,110,506 - - 6.6% Floating (P) 11.50% 0.00% 0.00% 10.00% 16.8% 2,306,200 0.6% Fixed 9.7
Slide 23: Consolidated Statements of Operation
Consolidated Statements of For the three months ended March 31, 2026 2025 Operation Revenues Interest income $ 15,164,688 $ 15,107,315 Interest expense (2,040,602) (2,065,382) (unaudited) Net interest income 13,124,086 13,041,933 Expenses Management and incentive fees, net 1,719,495 1,735,533 Genera
Slide 24: Reconciliation of Distributable Earnings to GAAP
Reconciliation of Distributable Earnings to GAAP Three months ended March 31, 2026 March 31, 2025 Net Income Net Income Adjustments to net income $ 4,840,364 $ 10,041,312 Stock based compensation 865,354 649,312 (unaudited) Amortization of debt issuance costs Provision (benefit) for current expected
Slide 25: About Chicago Atlantic
About CHICAGOATLANTIC The Sponsor is a credit-focused investment firm INCEPTION REFI completed its IPO in December 2021 Sponsor capital under management: $2.3B(1) SIZE One of the largest institutional lenders in the cannabis space TEAM 100+ professionals, including over 35 investment professiona
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