Chicago Atlantic Real Estate Finance, Inc. · NASDAQ:REFI
Chicago Atlantic Real Estate Finance — Q4 2025 Earnings Presentation
26 slides from Chicago Atlantic Real Estate Finance's earnings presentation, Mar 12, 2026
Slide 1: Earnings Supplemental
REAL ESTATE FINANCE EARNINGS SUPPLEMENTAL For the fourth quarter and year ended December 31, 2025 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. $3.2B+ 100+ 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-$50 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(2) FLOATING LOANS BY RATE FLOOR(2) $100,000,000 $90,000,000 $80,000,000 36.7% 39.5% 37.6% Average $70,000,000 Loan Size = 3.4% 48.2% $411.1M $60,000,
Slide 9: 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% 2.7% 25.0% 7% 11%
Slide 10: Portfolio Diversification (Continued)
Portfolio Diversification (Continued) Safeguarding the business from interest rate volatility P O R T F O L I O E X P O S U R E V S . P R I M E R AT E ( 1 ) N E T I N V E S T M E N T I N C O M E S E N S I T I V I T Y (2) 45% 8.0% Bps change in Benchmark Estimated Change in Net 40% 7.8% Interest Rate
Slide 11: Loan Collateral Coverage
Loan Collateral Coverage 44.2% loan to enterprise value and 1.2x real estate collateral coverage LOAN TO ENTERPRISE VALUE RATIO(1)(2) REAL ESTATE COVERAGE RATIO(2) $300,000,000 40.0% 35.0% $250,000,000 30.0% $200,000,000 25.0% $150,000,000 20.0% 15.0% $100,000,000 10.0% $50,000,000 5.0% $- 0.0% <20%
Slide 12: Distributable Earnings and Dividends
Distributable Earnings and Dividends1 Annualized dividend yield to cost of 12.5% 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 Basic Distributable EP
Slide 13: The Cannabis Landscape in the U.S.
The Cannabis Landscape in the U.S. How the landscape changed over past 6 years 2019 2025 Legalized recreational and medical use Legalized medical use only No regulated use Legal in 35 states and the District of Columbia1 Legal in 42 states and the District of Columbia3 Medical use only: 25 sta
Slide 14: The Cannabis Industry: Opportunity Size and Growth Projections
The Cannabis Industry: Opportunity Size and Growth Projections The U.S. cannabis industry is estimated to be $35B in top-line retail revenue in 2025 and is projected to grow to $69B by 2031 $69.1B $62.8B $55.6B $49.2B $43.9B $39.2B $35.3B 2025 2026 2027 2028 2029 2030 2031 Retail Sales Estimates Chi
Slide 15: Federal Cannabis Policy Updates: Shift in Regulatory Reform
Federal Cannabis Policy Updates: Shift in Regulatory Reform CONGRESS BANS ACCRETIVE POTENTIAL FOR PRESIDENT ORDERS UNREGULATED CANNABIS: TACIT CURRENT PORTFOLIO & INCREASES RESCHEDULING OF CANNABIS ENDORSEMENT OF CURRENT LENDING OPPORTUNITIES STATE PROGRAMS What Changed1 What Changed2 Improves rev
Slide 16: Potential Benefits of Regulatory Reform
Potential Benefits of Regulatory Reform Renewed federal momentum around cannabis reform following President Trump’s December executive order have revived the possibility of rescheduling and broader INCREASED MARKET regulatory clarity. Potential movement on rescheduling could materially improve OPPOR
Slide 17: The Cannabis Landscape in the U.S.: Where We See Opportunities
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 18: 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 19: 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 20: 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 21: Financial Overview
Appendix Financial Overview For the three months and year ended December 31, 2025
Slide 22: Consolidated Balance Sheets
Consolidated Balance Sheets Assets December 31, 2025 December 31, 2024 Loans held for investment $ 332,772,244 $ 364,238,847 Loans held for investment - related party 76,183,323 38,238,199 Loans held for investment, at carrying value 408,955,567 402,477,046 Current expected credit loss reserve (5,06
Slide 23: Portfolio Overview
Portfolio Overview Loan Number Location(s) Maturity Date Principal Balance Unfunded Commitment 2 Percentage of Portfolio Rate Type3 Cash Rate PIK Rate YTM IRR (as of December 1 2(a) Various Michigan 10/30/2026 12/31/2026 $ 15,711,067 27,110,506 $ - - 3.8% 6.6% Floating (P) Floating (P) 13.25% 11.50%
Slide 24: Consolidated Statements of Operation
Consolidated Statements of Operation For the three months ended 2025 December 31, 2024 For the year ended December 31, (unaudited) (unaudited) 2025 2024 Revenues Interest income $ 16,075,823 $ 15,479,250 $ 62,936,040 $ 62,104,092 Interest expense (1,837,620) (1,410,874) (7,545,641) (7,153,207) Net i
Slide 25: Reconciliation of Distributable Earnings to GAAP
Reconciliation of Distributable Earnings to GAAP Net Income For the years ended December 31, 2025 December 31, 2024 Net Income $ 36,010,478 $ 37,045,403 Adjustments to net income Stock based compensation 3,368,861 3,058,674 Amortization of debt issuance costs 406,663 256,998 Provision (benefit) for
Slide 26: 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 30 investment professiona
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