Chicago Atlantic Real Estate Finance, Inc. · NASDAQ:REFI
Chicago Atlantic Real Estate Finance — Q2 2026 Earnings Presentation
28 slides from Chicago Atlantic Real Estate Finance's earnings presentation, Aug 11, 2026
Slide 1: Earnings Supplemental: Three Months Ended June 30, 2026
CONFIDENTIAL | Chicago Atlantic Advisers, LLC EARNINGS SUPPLEMENTAL For the three months ended June 30, 2026 REAL ESTATE FINANCE
Slide 2: Forward Looking Statements
Chicago Atlantic Real Estate Finance, Inc 2 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"), regard
Slide 3: Market and Industry Data; Important Notices
Chicago Atlantic Real Estate Finance, Inc 3 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 indepe
Slide 4: Additional Information and Where to Find It
Chicago Atlantic Real Estate Finance, Inc 4 Additional Information and Where to Find It This presentation includes information relating to the proposed merger of REFI with and into LIEN pursuant to the Agreement and Plan of Merger, dated as of June 17, 2026, by and between LIEN and REFI (the "Merger
Slide 5: Chicago Atlantic Real Estate Finance: Company Overview
Chicago Atlantic Real Estate Finance, Inc 5 Chicago Atlantic Real Estate Finance: Company Overview 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 estat
Slide 6: Management Team
Chicago Atlantic Real Estate Finance, Inc 6 (1) Denotes member of Investment Committee John Mazarakis(1) Executive Chairman Tony Cappell(1) Co-CEO Peter Sack(1) Co-CEO Originated over $500mm in cannabis credit transactions Developed and owns over 1mm sf of real estate across 4 states Founded restaur
Slide 7: Board of Directors
Chicago Atlantic Real Estate Finance, Inc 7 Jason Papastavrou Brandon Konigsberg Elizabeth Stavola Lead Independent Director Founder and CIO of ARIS Capital Management Former member of board of directors of GXO Logistics (NYSE:GXO); XPO Logistics (NYSE:XPO) and United Rentals (NYSE:URI) BS in Mathem
Slide 8: Target Loan Profile
Chicago Atlantic Real Estate Finance, Inc 8 Target Loan Profile Presented for illustrative purposes only, actual loan characteristics may differ. USES OF CAPITAL Real estate financing, capital expenditure and growth/acquisition capital SIZE $10-$60 million TERM 2-3 years STRUCTURE Term loans and del
Slide 9: Portfolio Diversification
Chicago Atlantic Real Estate Finance, Inc 9 Note: (1) As of June 30, 2026 PR IN C IPA L O U TSTA N D IN G ( 1 ) Portfolio Diversification Our portfolio is diversified by size and interest rate type 46.3% 24.3% 29.4% Top 5 Loans Next 5 Loans Remaining Loans Average Loan Size = 3.5% 37.5% 12.9% 3.6% 4
Slide 10: Portfolio Diversification (Continued)
Chicago Atlantic Real Estate Finance, Inc 10 Note: (1) As of June 30, 2026 PR IN C IPA L O U TSTA N D IN G ( 1 ) Portfolio Diversification (Continued) Current Prime Rate and SOFR Rate of 6.75% and 3.68%, respectively. SOFR FLOATING LOANS BY RATE FLOOR Weighted Average Interest Rate SOFR Floor (3.82%
Slide 11: Portfolio Diversification (Continued)
Chicago Atlantic Real Estate Finance, Inc 11 Note: (1) As of June 30, 2026, reflects the total aggregate loan portfolio. (2) SSO = single state operator, MSO = multi-state operator. (3) "Other" location category includes approximately $20.8 million of loans (5%) domiciled primarily in West Virginia
Slide 12: Loan to Enterprise Value and Real Estate Coverage
Chicago Atlantic Real Estate Finance, Inc 12 (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) is
Slide 13: The Cannabis Landscape in the U.S.
Chicago Atlantic Real Estate Finance, Inc 13 The Cannabis Landscape in the U.S. How the landscape changed over past 7 years 2019 2026 1 – MJBiz https://mjbizdaily.com/map-of-us-marijuana-legalization-by-state/ 2 – MJBiz Factbook Q1 2026 Legal in 42 states and the District of Columbia2 Medical use on
Slide 14: Federal Cannabis Policy Updates: Shift in Regulatory Reform
Chicago Atlantic Real Estate Finance, Inc 14 Federal Cannabis Policy Updates: Shift in Regulatory Reform Chicago Atlantic makes no guarantee of future outcomes. Please refer to Projections and Forward-Looking Statements disclosure at the end of this presentation. 1. https://www.dentons.com/en/insigh
Slide 15: Potential Benefits of Regulatory Reform
Chicago Atlantic Real Estate Finance, Inc 15 Potential Benefits of Regulatory Reform INCREASED MARKET OPPORTUNITIES Renewed federal momentum around cannabis reform following the April medical rescheduling announcement have revived the possibility of adult use rescheduling and broader regulatory clar
Slide 16: Where We See Opportunities
Chicago Atlantic Real Estate Finance, Inc 16 The Cannabis Landscape in the U.S. Where We See Opportunities WE FOLLOW POTENTIAL 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 col
Slide 17: Proposed Merger Announcement
Chicago Atlantic Real Estate Finance, Inc 17 Merger expected to create a $771mm+1 portfolio business development company ("BDC") — with the potential to deliver long-term net investment income accretion and improved competitive positioning for shareholders of both LIEN and REFI Proposed Merger Annou
Slide 18: Estimated Transaction Timeline
Chicago Atlantic Real Estate Finance, Inc 18 Q2 2026 Merger Announcement May 11, 2026 Q3 2026 Q4 2026 Target Closing Proxy Solicitation Begins Combined Company Q1 2027 Estimated Transaction Timeline N-14 Registration Statement & Joint Proxy Filed July 31, 2026 Shareholder Meeting
Slide 19: Competitive Investment Landscape
Chicago Atlantic Real Estate Finance, Inc 19 COMPETITORS: GROUPS COMPETITIVE ADVANTAGES Competitive Investment Landscape Mortgage REITs Sale/ Leaseback REITs Cannabis- Focused Lenders Community Banks Shorter loan durations Greater diversification Lower LTVs Deal leads Ability to upsize Close relatio
Slide 20: Comprehensive Investment Process
Chicago Atlantic Real Estate Finance, Inc 20 COLLATERAL APPRAISALS AND ASSET VERIFICATIONS MANAGEMENT AND ONSITE MEETINGS Comprehensive Investment Process SOURCE AND REVIEW 1 Direct Origination Brand Recognition Ability to Act Timely Efficient Deal Process Relationships with PE Sponsors In-depth Kno
Slide 21: Comprehensive Investment Process (cont'd)
Chicago Atlantic Real Estate Finance, Inc 21 Comprehensive Investment Process (cont'd) STRUCTURING 4 Typically, a first lien on the borrower's assets, pledge of company stock, and validity guaranty Loans have covenants designed to provide the ability for early intervention MONITORING 5 REGULAR INTER
Slide 22: Appendix: Financial Overview
Appendix Financial Overview For the three months ended June 30, 2026
Slide 23: Consolidated Balance Sheets
Chicago Atlantic Real Estate Finance, Inc 23 Consolidated Balance Sheets
Slide 24: Portfolio Overview June 30, 2026
Chicago Atlantic Real Estate Finance, Inc 24 1 Loan is on non-accrual status as of June 30, 2026 2 Excludes commitments that are conditional and subject to lender sole and absolute discretion. 3 "Floating" represents variable rate loans that pay interest at the designated benchmark rate plus an appl
Slide 25: Consolidated Statements of Operation (unaudited)
Chicago Atlantic Real Estate Finance, Inc 25 Consolidated Statements of Operation (unaudited)
Slide 26: Reconciliation of Distributable Earnings to GAAP Net Income
Chicago Atlantic Real Estate Finance, Inc 26 Reconciliation of Distributable Earnings to GAAP Net Income (unaudited)
Slide 27: End Notes
Chicago Atlantic Real Estate Finance, Inc 27 End Notes to Page 17 1) Represents the investment portfolio of the Combined Company, comprised of i) LIEN's investments at fair value as of March 31, 2026, as reported, and ii) REFI's investments as of March 31, 2026, adjusted to a fair value basis based
Slide 28: About Chicago Atlantic
Chicago Atlantic Real Estate Finance, Inc 28 About CHICAGOATLANTIC (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 March 31, 2026. (2) As of June 30, 2026.
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