Earnings Releases·Nov 10, 2026, 7:00 AM ET

Chicago Atlantic Real Estate Finance — Third Quarter 2026 Earnings Summary

Net income declined to $6.43 million ($0.25/share) in Q3 2026 from $8.93 million ($0.42/share) in Q3 2025, driven by a significant increase in credit loss provisions to $2.77 million from $0.56 million year-over-year, while distributable earnings remained flat at $0.49 per share.
The loan portfolio expanded to $527.70 million with 28 portfolio companies, highlighted by the new $59.09 million Koach transaction, though gross unlevered yield to maturity decreased to 14.8% from 16.5% in the prior year period.
Management maintains a dividend payout ratio target of 90% to 100% of distributable earnings for 2026, with regular dividends declared at $0.47 per share, consistent with previous quarters.
The pending merger with Chicago Atlantic BDC, Inc. remains a key strategic focus expected to close in 2027, though the 2026 outlook assumes standalone operations and excludes merger effects.
Liquidity remains robust with $15.2 million available on the secured revolving credit facility and total drawn leverage of $144.4 million, despite a rising debt-to-equity ratio of 47.5% and a slight decline in adjusted book value per share to $14.12.