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Chicago Atlantic Real Estate Finance Announces Third Quarter 2025 Financial Results

REFI
  • Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) reported financial results for the quarter ended September 30, 2025.
  • Net interest income for the quarter was $13.69 million ($0.64 per share), down from $14.46 million ($0.72 per share) in the same period last year.
  • Net income for the quarter totaled $8.93 million ($0.42 per share), compared to $11.21 million ($0.56 per share) in September 2024.
  • Distributable earnings for the quarter were $10.52 million ($0.50 per share), down from $11.16 million ($0.57 per share) in the prior year period.
  • Regular dividends declared for the quarter were $0.47 per share.
  • Total loan principal outstanding decreased to $399.95 million from $421.92 million in the prior quarter, with 26 portfolio companies as of September 30, 2025.
  • The gross unlevered weighted average yield to maturity was 16.5%, down from 16.8% in the prior quarter.
  • 86% of the loan portfolio is structured with interest rate floors greater than or equal to the prevailing Prime rate.
  • The company has over $415 million in new loan opportunities within its pipeline.
  • Subsequent portfolio activity included advancing approximately $3.3 million to existing borrowers between October 1, 2025, and November 4, 2025.
  • Total leverage was approximately $101.7 million as of September 30, 2025, comprised of $52.4 million drawn on the Revolving Loan.
  • The secured revolving credit facility maturity was extended to June 30, 2028, with an option for an additional one-year extension.
  • As of November 4, 2025, the company had $69.1 million available on its secured revolving credit facility.
  • Book value per share was $14.71 at the end of the third quarter, down from $15.05 in the prior year period.
  • The debt-to-equity ratio was 32.8% as of September 30, 2025, compared to 18.3% in September 2024.
  • Chicago Atlantic affirmed its 2025 outlook previously issued on March 12, 2025.
  • A conference call to discuss quarterly results was scheduled for November 4, 2025, at 9:00 a.m. Eastern Time.