Chicago Atlantic Real Estate Finance, Inc. · NASDAQ:REFI
Chicago Atlantic Real Estate Finance — Q3 2026 Earnings Presentation
40 slides from Chicago Atlantic Real Estate Finance's earnings presentation, Nov 10, 2026
Slide 1: Third Quarter 2026 Earnings Supplemental
Third Quarter 2026 Earnings Supplemental As of and for the periods ended September 30, 2026 Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI)
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: Additional Information and Where to Find It
Additional Information and Where to Find It This communication includes information relating to the proposed merger (the “Merger”) of REFI with and into Chicago Atlantic BDC, Inc . (“LIEN”), along with related proposals for which stockholder approval will be sought, pursuant to the Agreement and Pla
Slide 5: Chicago Atlantic Real Estate Finance: Company Overview
Chicago Atlantic Real Estate Finance: Company Overview Chicago Atlantic Real Estate Finance, Inc. 5 ■ 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 6: Management Team
(1) Denotes member of Investment Committee 100 YEARS OF COMBINED EXPERIENCE AND OVER $8 BILLION IN REAL ESTATE AND COMMERCIAL CREDIT Peter Sack (1) Co - CEO Tony Cappell (1) Co - CEO John Mazarakis (1) Executive Chairman ■ Former Principal at BC Partners Credit, leading its cannabis practice ■ Forme
Slide 7: Board of Directors
Elizabeth Stavola 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 Member of iAnthus
Slide 8: Financial Overview
Financial Overview As of and for the periods ended September 30, 2026
Slide 9: Executive Summary: Financial Overview
E X E C U T I V E S U M M A R Y Chicago Atlantic Real Estate Finance, Inc. 9 Financial Overview For the three months ended September 30, 2026 LOAN PRINCIPAL 1 $527.7M Ÿ $74.6M vs. Q2 2026 NET INTEREST INCOME 2 $15.1M Ÿ $2.2M vs. Q2 2026 DISTRIBUTABLE EPS ( BASIC) 2 $0.50 Ÿ $0.06 vs. Q2 2026 DIVIDEND
Slide 10: Financial Highlights: Investment Activities
F I NA NCI A L HI G HL I G HT S | I NV E S T M E NT A CT I V I T I E S Net principal outstanding increased $74.6 million to $527.7 million 1 For the three months ended September 30, 2026 L O A N P RI NCI P AL RO L L F O R W AR D ( $ M I L L I O NS ) 6/30/26 +62.6 New advances +2.6 PIK / fees (9.6) R
Slide 11: Trailing-Month Performance: Distributable Earnings
T R A IL IN G 1 2 - M O NT H P E RF O RM A NCE | DI S T RI BUT A BL E E A RNI NG S ( DE ) 1 Distributable earnings per weighted average share of $0.50 vs. $0.47 dividend Three months ended Dec 31, 2025 Mar 31, 2026 Jun 30, 2026 Sep 30, 2026 $ 8,157,249 $ 4,840,364 $ 7,473,326 $ 6,434,023 Net income
Slide 12: Adjusted Book Value Bridge
KO A CH T RA NS A CT I O N | A DJ US T E D BO O K V A L UE BRI DG E Adjusted Book Value 1 per Share (BVPS) of $14.12 For the three months ended September 30, 2026 — 25,621,819 shares outstanding at September 30, 2026 $14.15 9/30 GAAP Koach Notes 9/30 Adjusted Dividends Stock Koach Notes GAAP Net Iss
Slide 13: Total Return: REFI vs. MORT
T O T A L RE T URN | RE F I V S . M O RT Recent REFI Trading Performance Closely Mirrors Index; Outperforms Since Inception Cumulative total return (price change plus dividends) through September 30, 2026 3 L A S T 12 M O N T H S ( 9/ 30/ 25 – 9/ 30/ 26) 1 REFI TOTAL RETURN (7.0%) MORT TOTAL RETURN
Slide 14: Portfolio Summary
Portfolio Summary As of September 30, 2026
Slide 15: Portfolio Diversification: Size & Rate Type
P O R T F O L I O D I V E R S I F I C A T I O N | S I Z E & R A T E T Y P E Portfolio diversified by size, rate type, and geography Principal outstanding 1 as of September 30, 2026 B Y L O AN 44.9% 20.6% 34.5% Top 5 loans Next 5 loans Remaining loans Avg. loan 3.2% B Y R A T E T YPE 43.2% 10.3% 7.2%
Slide 16: Portfolio Diversification: Geography & Collateral
P O RT F O L I O DI V E RS I F I CA T I O N | G E O G RA P HY & CO L L A T E RA L Diversified by geography and asset type Principal outstanding 1 as of September 30, 2026 BY L O CA T I O N 2 ( % O F P RI NCI P AL ) 7.3% 8.8% 11.5% 12.1% 12.6% 14.2% 6.5% Other² 4.4% Missouri 4.1% Michigan 1% 3. Canad
Slide 17: Loan Collateral Coverage
L O A N CO L L A T E RA L CO V E RA G E Loan - to - enterprise value and Real estate collateral coverage summary 92 119 36 99 66 94 148 21 97 68 $0 $20 $40 $60 $80 $100 $120 $140 $160 ≤ 20% 21 – 40% 41 – 60% 61 – 80% > 80% L O AN - TO - E NT E RP RI S E V A L UE RA T I O ¹ ( $ M I L L I O NS ) Q2 20
Slide 18: Portfolio Diversification: Rate Floors
P O RT F O L I O DI V E RS I F I CA T I O N | RA T E F L O O RS Prime loans are protected by floors at or above the current Prime rate Current Prime rate of 7.00% and SOFR of 3.90%; principal outstanding as of September 30, 2026 ($ millions) $55.9 $91.7 $58.6 $1.2 $0 $10 $20 $30 $40 $50 $60 $70 $80
Slide 19: Interest Rate Sensitivity
I N T E R E S T R A T E S E N S I T I V I T Y Floors and revolver repricing cushion declines; rising rates are accretive to NII Illustrative annualized impact of parallel shifts in Prime and SOFR CHA N G E I N A NNU AL I Z E D NE T I NT E RE S T I NCO M E ( $ T HO US A N D S ) 2,616 Chicago Atlantic
Slide 20: Koach Transaction
®& CHICAGOATLANTIC REAL ESTATE FINANCE Koach Transaction
Slide 21: Koach Transaction: Overview
Chicago Atlantic Real Estate Finance, Inc. KO A CH T RA NS A CT I O N | O V E RV I E W 4.3 million shares issued at $14.53 in exchange for $62.6 million in second - lien notes Private placement closed July 9, 2026 SHARES ISSUED 4,306,754 ISSUE PRICE PER SHARE $14.53 1% premium to $14.15 BVPS at 6/30
Slide 22: Koach Transaction: Case Study
KO A CH T RA NS A CT I O N | CA S E S T UDY Case study: earnings convexity of sale - leaseback financing Koach sold one Palm Beach County, FL property in Q3 2026, showing how Koach property sales translate into earnings for REFI REFI M ULTI PLE ON I NVESTED CAPI TAL 1.25x $4.73mm collected on a $3.7
Slide 23: Koach Transaction: Pro Forma Income Statement
KO A CH T RA NS A CT I O N | P RO F O RM A I NCO M E S T A T E M E NT Pro forma net income of $9.0 million with Koach Notes Three months ended September 30, 2026 Pro forma Koach adj. As reported $ 18,060,015 $ 2,601,276 $ 15,458,739 Interest income (2,988,906) – (2,988,906) Interest expense 15,071,1
Slide 24: Industry and Regulatory Update
Industry and Regulatory Update
Slide 25: The Cannabis Landscape in the U.S.
The Cannabis Landscape in the U.S. 2019 2026 1 MJBiz https://mjbizdaily.com/map - of - us - marijuana - legalization - by - state/ 2 MJBiz Factbook Q1 2026 x Legal in 42 states and the District of Columbia 2 x Medical use only: 18 states x Recreational/Medical use: 24 states & District of Columbia x
Slide 26: Potential Benefits of Regulatory Reform
Potential Benefits of Regulatory Reform Chicago Atlantic Real Estate Finance, Inc. 26 Renewed federal momentum around cannabis reform following the 2026 medical rescheduling announcement, have revived the possibility of adult use rescheduling and broader regulatory clarity. Potential movement on adu
Slide 27: The Cannabis Landscape: Opportunity
Chicago Atlantic Real Estate Finance, Inc. 27 The Cannabis Landscape in the U.S. 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 collateral, and lender - frie
Slide 28: About Chicago Atlantic
®& CHICAGOATLANTIC REAL ESTATE FINANCE About Chicago Atlantic
Slide 29: About Chicago Atlantic
About CHICAGO ATLANTIC Chicago Atlantic Real Estate Finance, Inc. 29 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, 2026. 2 As of June 30, 2026.
Slide 30: Target Loan Profile
Target Loan Profile 1 Chicago Atlantic Real Estate Finance, Inc. 30 1 Presented for illustrative purposes only, actual loan characteristics may differ . Real estate financing, capital expenditure and growth/acquisition capital USES OF CAPITAL $10 - $60 million SIZE 2 - 3 years TERM Term loans and de
Slide 31: 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. 31 Greater diversification Shorter loan durations Deal leads Lower LTVs Close relationships with mana
Slide 32: Comprehensive Investment Process
Comprehensive Investment Process SOURCE AND REVIEW SCREENING 1 2 GEOGRAPHY / INDUSTRY ■ Focus primarily on U.S. borrowers ■ (Local) industry dynamics ■ Diversification / concentration vs. existing loan portfolio COLLATERAL ■ Real Estate, Stock Pledges, equipment, receivables and inventory ■ Market c
Slide 33: Comprehensive Investment Process (cont'd)
Comprehensive Investment Process (cont’d) STRUCTURING 4 MONITORING 5 INTERNAL CREDIT RATINGS 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 MEE
Slide 34: Appendix
®& CHICAGOATLANTIC REAL ESTATE FINANCE Appendix
Slide 35: Proposed Merger: Announcement
Chicago Atlantic Real Estate Finance, Inc. P RO P O S E D M E RG E R | A NNO UNCE M E NT Proposed merger creates a $782mm+ business development company 1 All - stock combination with the potential to deliver long - term net investment income accretion and improved competitive positioning for LIEN an
Slide 36: Proposed Merger: End Notes
P R O P O S E D M E R G E R | E N D N O T E S Chicago Atlantic Real Estate Finance, Inc. 36 End notes Proposed merger of Chicago Atlantic BDC, Inc. (LIEN) and Chicago Atlantic Real Estate Finance, Inc. (REFI) 1) $782M total portfolio value represents the investment portfolio of the Combined Company,
Slide 37: Portfolio Overview: Loan Schedule
P O R T F O L I O O VER VI EW Chicago Atlantic Real Estate Finance, Inc. 37 Loan Schedule As of September 30, 2026 $527.7M P RI NCI P AL 30 LOAN P OS I TI ONS 14.8% W TD. AV G. YTM I RR 4 (1) Loan is on non - accrual status as of September 30, 2026. (2) “Floating” represents variable rate loans that
Slide 38: Consolidated Balance Sheets
A P P E N D I X | B A L A N C E S H E E T Chicago Atlantic Real Estate Finance, Inc. 38 Consolidated Balance Sheets As of September 30, 2026 (unaudited) and December 31, 2025 Dec 31, 2025 Sep 30, 2026 Assets $ 332,772,244 $ 315,092,753 Loans held for investment 76,183,323 108,506,936 Loans held for
Slide 39: Consolidated Statements of Income
A P P E N D I X | I N C O M E S T A T E M E N T Chicago Atlantic Real Estate Finance, Inc. 39 Consolidated Statements of Income For the three and nine months ended September 30, 2026 and 2025 (unaudited) Nine months ended September 30, 2025 Nine months ended September 30, 2026 Three months ended Sep
Slide 40: Distributable Earnings Reconciliation
A P P E NDI X | DI S T RI BUT A BL E E A RNI NG S RE CO NCI L I A T I O N Chicago Atlantic Real Estate Finance, Inc. 40 Reconciliation of GAAP Net Income to Distributable Earnings For the three and nine months ended September 30, 2026 and 2025 (unaudited) — non - GAAP measure Nine months ended Septe
Chicago Atlantic Real Estate Finance — Q3 2026 Earnings Presentation on 6ix