Chicago Atlantic Real Estate Net Income Increases 19% YoY, Expands Cannabis Loan Portfolio

Chicago Atlantic Real Estate Finance, Inc. (NASDAQ:REFI) announced strong third-quarter results for 2024. The company, a commercial mortgage real estate investment trust (REIT) specializing in cannabis-related assets, reported significant net income growth and expanding portfolio performance, underpinned by disciplined loan management.

Key Financial Highlights for Q3 2024

Net Interest Income: $14.5 million, up from $13.2 million in Q2 2024 and a 9.1% increase from Q3 2023.

Net Income: $11.2 million, or $0.56 per share, a 21.7% sequential increase and a 19% year-over-year increase.

Distributable Earnings: $11.2 million, or $0.56 per share, reflecting a 12% quarterly increase and a 15% year-over-year rise.

Book Value: $15.05 per share, up slightly from $14.92 in Q2 2024, showing growth in shareholder equity.

Portfolio And Investment Activity

As of September 30, 2024, Chicago Atlantic's portfolio included $362.3 million in loan principal across 29 companies, with a real estate collateral coverage of ...