Chicago Atlantic Real Estate Finance (NasdaqGM:REFI) Q3 2025 Earnings Call November 04, 2025 09:00 AM ET Speaker0Day and welcome to the Chicago Atlantic Real Estate Finance Inc. Third Quarter twenty twenty five Earnings Call. Today, all participants will be in a listen only mode. Please note that today's event is being recorded. I would now like to turn the conference over to Trip Sullivan of Investor Relations.Please go ahead.Speaker1Thank you. Good morning. Welcome to the Chicago Atlantic Real Estate Fina ...

Chicago Atlantic Real Estate Finance (NasdaqGM:REFI) Q3 2025 Earnings Call November 04, 2025 09:00 AM ET Speaker5Good day, and welcome to the Chicago Atlantic Real Estate Finance, Inc. Third Quarter 2025 earnings call. Today, all participants will be in a listen-only mode. Should you need assistance during today's call, please signal for a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may pre ...

Chicago Atlantic Real Estate Finance, Inc. (REFI) came out with quarterly earnings of $0.49 per share, beating the Zacks Consensus Estimate of $0.46 per share. This compares to earnings of $0.56 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +6.52%. A quarter ago, it was expected that this company would post earnings of $0.45 per share when it actually produced earnings of $0.51, delivering a surprise of +13.33%.Over the last ...

REAL ESTATE FINANCE CONFIDENTIAL | Chicago Atlantic Advisers, LLC 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 events and the future results of Chicago Atlantic Real Estate Finance, Inc. ("Chicago Atlantic", "REFI", the "Company", and "we", "us", and "our") ...

Chicago Atlantic Real Estate Finance Announces Third Quarter 2025 Financial Results CHICAGO— (November 4, 2025) Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) ("Chicago Atlantic" or the "Company"), a commercial mortgage real estate investment trust, today announced its results for the quarter ended September 30, 2025. Peter Sack, Co-Chief Executive Officer, noted, "Our loan portfolio and earnings performance this quarter continue to benefit from a focus on proven operators in limited-license stat ...

CHICAGO, Nov. 04, 2025 (GLOBE NEWSWIRE) -- Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) (“Chicago Atlantic” or the “Company”), a commercial mortgage real estate investment trust, today announced its results for the quarter ended September 30, 2025. Peter Sack, Co-Chief Executive Officer, noted, “Our loan portfolio and earnings performance this quarter continue to benefit from a focus on proven operators in limited-license states, strong underwriting, and disciplined deployment of available liqu ...

行业前景与投资主题 - 美国大麻行业持续快速扩张，预计2025年销售额将超过400亿美元，到2030年全美收入有望超过700亿美元，主要驱动力是更多州将医疗和娱乐用途合法化 [1] - 近期美国国会关于在联邦法律下重新规划大麻分类的讨论，可能进一步提升行业信心 [1] - 大麻房地产投资信托基金（REITs）通过向持牌运营商租赁设施，为投资者提供稳定的股息收入，许多此类REITs当前的股息收益率在8%至12%之间，对寻求投资该增长市场的收益型投资者具有吸引力 [1] Innovative Industrial Properties, Inc. (IIPR) 分析 - IIPR是美国首家且最成熟的上市大麻REIT，专注于收购并租赁专业的工业设施给持牌大麻运营商，其投资组合覆盖加州、宾夕法尼亚州和亚利桑那州等主要大麻友好州 [3] - 公司拥有超过100处物业，遍布近20个州，是地理分布最多元化的大麻REIT，近期开始向生命科学房地产领域多元化发展以降低对大麻的单一依赖 [5] - 截至2025年中，公司季度收入约为6290万美元，同比有所下降，但净利润仍超过2500万美元，季度股息为每股1.90美元 [8] - 公司资产负债表强劲，杠杆率低，可用流动性超过1.9亿美元，债务资产比率低于12%，在行业低迷期提供灵活性 [9] Chicago Atlantic Real Estate Finance, Inc. (REFI) 分析 - REFI通过房地产抵押贷款提供独特的大麻领域投资切入点，专门向州持牌大麻运营商发放优先担保贷款，客户包括伊利诺伊州、佛罗里达州和马里兰州等许可证有限市场的种植和零售企业 [10] - 该商业模式通过抵押贷款结构赚取高收益并缓释风险，贷款组合产生的利差通常在12%至15%之间，是大麻相关REITs中收益率最高的之一 [12][13] - 公司保持强劲的信贷表现和收入稳定性，保守的贷款价值比和对经验丰富运营商的关注使其违约率较低，股息支付稳定 [14] NewLake Capital Partners, Inc. (NLCP) 分析 - NLCP是另一家领先的大麻REIT，通过售后回租和定制建造项目专注于物业所有权，其投资组合包括超过30处物业，均衡分布在零售和工业地点 [16] - 2025年上半年，公司收入为2610万美元，实现同比小幅增长，净利润稳定在1360万美元，调整后营运资金小幅增至2220万美元 [17] - 公司维持约1.6%的极低债务资产比率，在REIT行业中属最低之列，并报告拥有超过1亿美元的流动性 [17] - 季度股息为每股0.43美元，年化派息每股1.72美元，派息比率约为AFFO的79%，显示出可持续性 [18] 各REITs投资定位总结 - IIPR适合寻求增长与股息收入结合的投资者，提供大型房地产投资组合的规模和多元化 [19][20] - REFI迎合通过贷款追求更高收益的投资者，其收入聚焦型贷款模式具有强大的信贷纪律 [19][20] - NLCP吸引专注于长期收入稳定性的保守投资者，通过保守管理和可靠租户实现稳定增长 [19][20]

公司内部交易 - 公司高管及董事在过去三周内购买了约54,000股公司股票，总价值约为673,000美元 [1] - 此次增持后，公司高管及董事合计拥有约1,770,000股受益所有权，占完全稀释后流通普通股总数的约8.2% [1] 管理层表态 - 公司联席首席执行官表示，此次购买股票旨在展示管理层对公司机会及为股东创造强劲风险调整回报承诺的执行充满信心 [2] - 管理层认为，当市场估值与公司投资组合价值脱节时，在公开市场购买股票是展示信心的最佳方式 [2] 公司业务概览 - 公司是一家市场领先的商业抵押房地产投资信托，利用其在房地产、信贷和大麻领域的专业知识，主要向美国有限许可州的大麻运营商提供高级担保贷款 [3] - 公司所属的芝加哥大西洋平台已在芝加哥、迈阿密、纽约和伦敦设立办公室，至今已完成超过28亿美元的信贷和股权投资交易 [3]

公司财报发布安排 - 公司计划于2025年11月4日美股市场开盘前发布2025年第三季度财报及补充财务信息 [2] - 公司将于2025年11月4日美国东部时间上午9点举行公开的电话会议和网络直播 [2] - 电话会议接入号码为(833) 630-1956（国际来电请拨412-317-1837）[2] 公司信息与业务 - 公司是一家领先的商业抵押房地产投资信托基金，专注于向美国有限许可州的大麻运营商提供高级担保贷款 [4] - 公司隶属于芝加哥大西洋平台，该平台在芝加哥、迈阿密、纽约和伦敦设有办公室，迄今已完成超过28亿美元的信贷和股权投资 [4] - 财报网络直播及回放信息可在公司官网投资者关系栏目获取，回放将在会议结束后约一小时上线并存档一年 [3]

Mortgage REITs are a controversial topic for many. They tend to offer better returns than standard REITs, but sometimes do so with high leverage which makes interpreting the strength of their portfolio rather difficult.I’m Jason Ditz and I have 20 years of experience in foreign policy research. My work has appeared in Forbes, Toronto Star, Minneapolis Star-Tribune, Providence Journal, Washington Times and the Detroit Free Press, as well as American Conservative Magazine and the Quincy Institute for Responsi ...