{"id":6916,"date":"2022-09-13T05:35:10","date_gmt":"2022-09-13T10:35:10","guid":{"rendered":"https:\/\/1reason.com\/re\/chicago-atlantic-real-estate-finance-announces-second-quarter-2022-financial-results\/6916\/"},"modified":"2022-09-14T00:35:10","modified_gmt":"2022-09-14T05:35:10","slug":"chicago-atlantic-real-estate-finance-announces-second-quarter-2022-financial-results","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/chicago-atlantic-real-estate-finance-announces-second-quarter-2022-financial-results\/6916\/","title":{"rendered":"Chicago Atlantic Real Estate Finance Announces Second Quarter 2022 Financial Results"},"content":{"rendered":"<div>  <\/p>\n<p>John Mazarakis, Executive Chairman of Chicago Atlantic, noted, \u201cThe cannabis market fundamentals across the country continue to demonstrate that our strategy of lending to borrowers in limited-license states primarily with vertically integrated operations has created a strong investment platform and a very valuable loan portfolio.In order to protect book value while remaining conservatively levered, we have elected to limit additional growth in the REIT portfolio that would require funding from a dilutive equity or debt offering and rather meet the strong demand in our large loan pipeline through the Chicago Atlantic platform for the time being. We have intensified our efforts to expand our existing credit facility and intend to provide an attractive return to our shareholders through a well-covered dividend until such time as capital markets become more efficient and offer opportunities that are accretive to the platform.\u201d<\/p>\n<p>Tony Cappell, Chief Executive Officer of Chicago Atlantic, added, \u201cWith the macroeconomic issues in general and the slower than expected regulatory reform and price compression in many states, our direct lending experience is increasingly becoming a distinct competitive advantage. We have adhered to our tenets of robust loan structuring on the front end and intensive loan monitoring alongside our borrowers since the earliest days of the Chicago Atlantic platform. With weighted average yields to maturity approaching 18% and 60% of our loans structured as variable rate, our portfolio has performed well to date amid rising interest rates.\u201d<\/p>\n<p><strong>Investment Activity and Portfolio Performance<\/strong><\/p>\n<ul type=\"disc\">\n<li>As of June 30, 2022, total loan commitments of approximately $357.1 million ($331.9 million funded, $25.2 million unfunded) across 22 portfolio companies.<\/li>\n<li>The portfolio\u2019s weighted average yield to maturity was approximately 17.7% as of June 30, 2022 compared with approximately 17.2% as of March 31, 2022.<\/li>\n<\/ul>\n<p><strong>Second Quarter 2022 Financial Results<\/strong><\/p>\n<ul type=\"disc\">\n<li>Total interest income of approximately $11.9 million<\/li>\n<li>Total expenses of approximately $2.9 million before provision for current expected credit losses<\/li>\n<li>Net Income of approximately $7.5 million, or $0.42 per weighted average diluted common share<\/li>\n<li>Adjusted Distributable Earnings of approximately $8.8 million, or $0.50 per weighted average diluted common share<\/li>\n<li>Book value per common share of $15.13 as of June 30, 2022<\/li>\n<li>As of June 30, 2022, the Company had borrowed $45.0 million on its $65.0 million secured credit facility, resulting in a leverage ratio (debt to book value) of approximately 16.8%. Subsequent to quarter end, the Company drew an additional $8.0 million on the facility, leaving $12.0 million of capacity.<\/li>\n<\/ul>\n<p><strong>Dividends<\/strong><\/p>\n<ul type=\"disc\">\n<li>On July 15, 2022, Chicago Atlantic paid a regular quarterly cash dividend of $0.47 per share of common stock for the second quarter of 2022 to common stockholders of record on June 30, 2022. The dividend represented a 17.5% increase from the first quarter of 2022.<\/li>\n<\/ul>\n<p><strong>Second Half 2022 Outlook<\/strong><br \/>Based on the Company\u2019s decision to only grow the loan portfolio if capital is available which is accretive to book value, Chicago Atlantic expects to report the following for the second half of 2022:<\/p>\n<ul type=\"disc\">\n<li>Adjusted Distributable Earnings in a range of $1.00 to $1.05 per weighted average diluted common share, or a range of $1.95 to $2.00 for full year 2022<\/li>\n<li>The regular quarterly dividend amount for both the third and fourth quarters of 2022 is expected to be at least equal to the $0.47 paid for the second quarter of 2022.<\/li>\n<\/ul>\n<p>This outlook does not include additional growth in the REIT\u2019s portfolio, potential adjustments to the Prime rate or increased capacity under the secured credit facility. The Company only provides guidance for adjusted distributable earnings, not net income, due to the inherent difficulty in forecasting certain types of expenses that may or may not affect net income per weighted average diluted common share.<\/p>\n<p><strong>Conference Call and Quarterly Earnings Supplemental Details<\/strong><br \/>The Company will host a conference call and live audio webcast, both open for the general public to hear, later today at 9:00 a.m. Eastern Time. The number to call for this interactive teleconference is (877) 317-6789 (international callers: (412) 317-6789). A replay of the call will be available through August 16, 2022, by dialing (877) 344-7529 and entering the replay access code, 6828663.<\/p>\n<p>The live audio <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=j5DWPBG-19CFn0mhjz-4JynjRL8A9Fy0oAzaDALaFUKDj5a53aiOuvH88lmsabcaN2wouT2v1QU0BbIP-aREGn7l4cphb94JDvOu9ZFcoy1gxDum5DNmlWbs8Vy3uJjitvhTKj50T2tRZHF8Zdrluw==\" rel=\"nofollow noopener\" target=\"_blank\" title=\"webcast\">webcast<\/a> of the Company\u2019s quarterly conference call will be available online in the Investor Relations section of the Company\u2019s website at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=PiVvTWE3KEJJ9HdbHzGXyhnQD-4Sn4YKFcYfR149oxpEX5BqzlLTW_8L03SB8V7WWPndlN3GLbAgxAaT8myZ83gBzwIOkV4byDEM-7uts8c=\" rel=\"nofollow noopener\" target=\"_blank\" title=\"\">https:\/\/investors.refi.reit<\/a>. The online replay will be available approximately one hour after the end of the call and archived for approximately 90 days.<\/p>\n<p>Chicago Atlantic posted its Second Quarter 2022 Earnings Supplemental on the <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=0g55NaJTZQUIdTts_WwcY--dcyFtYjzJdVxlPlVtQw6GsBNO-rmM5KSrmDSoecPyTZ3h1OhjsWR-VUg7Wse1P71dk0mtaqCiJYas7XO8jYU=\" rel=\"nofollow noopener\" target=\"_blank\" title=\"Investor Relations\">Investor Relations<\/a> page of its website. Chicago Atlantic routinely posts important information for investors on its website, <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=JtNBRdBu6dOlud_O4rlZ_fVhfem269EhcbIe8b8U0fUyTOzm9gGQ_mjJmPYpVyWGJfen5SpEvCU8ft1VYxZNaA==\" rel=\"nofollow noopener\" target=\"_blank\" title=\"www.refi.reit\">www.refi.reit<\/a>. The Company intends to use this website as a means of disclosing material information, for complying with our disclosure obligations under Regulation FD and to post and update investor presentations and similar materials on a regular basis. The Company encourages investors, analysts, the media and others interested in Chicago Atlantic to monitor the Investor Relations page of its website, in addition to following its press releases, SEC filings, publicly available earnings calls, presentations, webcasts and other information posted from time to time on the website. Please visit the <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=LmYjgR3pEyAeyzQbR3_TP-ejFoAlTx-Td92R1CL3kCJt8EH79gb35YAMnctLSZx2vuWv7W9zKndc4qu5zPyXaL4QTtMOz2WFXAb2Ec0UJaAvhc0zQnMqinvvGwzdM6ge\" rel=\"nofollow noopener\" target=\"_blank\" title=\"IR Resources\">IR Resources<\/a> section of the website to sign up for email notifications.<\/p>\n<p><strong>About Chicago Atlantic Real Estate Finance, Inc.<\/strong><br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=fowNiS2CrvuecEzvJRhmW_K2HwmBVMTsufcbf1ZxW-YBYswQzI7aAAS4ugWRadLDR66c9yl5KwLw4NCT3q9FVHkCclNB7haOJ_tN7e3qawCI5vjDj-0lhvHF4hR3Z7LU\" rel=\"nofollow noopener\" target=\"_blank\" title=\"Chicago Atlantic Real Estate Finance, Inc.\">Chicago Atlantic Real Estate Finance, Inc.<\/a> (NASDAQ: REFI) is a market-leading mortgage REIT utilizing significant real estate, credit and cannabis expertise to originate senior secured loans primarily to state-licensed cannabis operators in limited-license states in the United States.<\/p>\n<p align=\"justify\"><strong><em>Forward-Looking Statements<\/em><\/strong><br \/>This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect our current views and projections with respect to, among other things, future events and financial performance. Words such as \u201cbelieves,\u201d \u201cexpects,\u201d \u201cwill,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201cguidance,\u201d \u201cestimates,\u201d \u201cprojects,\u201d \u201canticipates,\u201d and \u201cfuture\u201d or similar expressions are intended to identify forward-looking statements. These forward-looking statements, including statements about our future growth and strategies for such growth, are subject to the inherent uncertainties in predicting future results and conditions and are not guarantees of future performance, conditions or results. More information on these risks and other potential factors that could affect our business and financial results is included in our filings with the SEC.New risks and uncertainties arise over time, and it is not possible to predict those events or how they may affect us. We do not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.<\/p>\n<p><strong>Contact:<\/strong><br \/>Tripp Sullivan<br \/>SCR Partners<br \/>(615) 942-7077<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=2FrhvVuHz5hiLl6xTU6s1teZYKQ0A_B0Y_2_4QERiPDJ-IuazmCxcF3R0nlj8J1wiVLJJy1dfkzb5JFb_pPS9w==\" rel=\"nofollow noopener\" target=\"_blank\" title=\"IR@REFI.reit\">IR@REFI.reit<\/a><\/p>\n<p align=\"center\"><strong>CHICAGO ATLANTIC REAL ESTATE FINANCE, INC.<\/strong><br \/><strong>CONSOLIDATED BALANCE SHEETS<\/strong><\/p>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>June30,<\/strong><br \/><strong>2022<\/strong>(unaudited)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>\u202f<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>December\u202f31,<\/strong><br \/><strong>2021<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Assets<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\" style=\"max-width:73%;width:73%;min-width:73%\">Loans held for investment<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:11%;width:11%;min-width:11%\">330,201,986<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:11%;width:11%;min-width:11%\">196,984,566<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Current expected credit loss reserve<\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">(1,203,424<\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">(134,542<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Loans held for investment, net<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">328,998,562<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">196,850,024<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Cash<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">6,623,096<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">80,248,526<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Interest receivable<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">975,572<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">197,735<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Other receivables and assets, net<\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">956,438<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">874,170<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Total Assets<\/strong><\/td>\n<td class=\"gnw_border_bottom_double hugin gnw_vertical_align_bottom\"><strong>$<\/strong><\/td>\n<td class=\"gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\"><strong>337,553,668<\/strong><\/td>\n<td class=\"gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>\u202f<\/strong><\/td>\n<td class=\"gnw_border_bottom_double hugin gnw_vertical_align_bottom\"><strong>$<\/strong><\/td>\n<td class=\"gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\"><strong>278,170,455<\/strong><\/td>\n<td class=\"gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Liabilities<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Interest reserve<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">6,370,024<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">6,636,553<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Dividend payable<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">8,405,865<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">4,537,924<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Related party payable<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">739,950<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">1,800,000<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Payable for investment purchased<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">6,629,075<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">&#8211;<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Revolving line of credit<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">45,000,000<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">&#8211;<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Management and incentive fees payable<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">1,247,561<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">905,123<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Accounts payable and other liabilities<\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">533,682<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">212,887<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Total Liabilities<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\"><strong>\u202f<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\"><strong>68,926,157<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>\u202f<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\"><strong>\u202f<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\"><strong>14,092,487<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Commitments and contingencies (Note 8)<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Stockholders\u2019 equity<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i10 hugin gnw_vertical_align_bottom\">Common stock, par value $0.01 per share, 100,000,000 shares authorized at June 30, 2022 and December 31, 2021, respectively, and 17,752,290 and 17,453,553 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">176,579<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">173,551<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Additional paid-in-capital<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">268,803,970<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">264,081,977<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Accumulated earnings (deficit)<\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">(353,038<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">(177,560<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Total stockholders\u2019 equity<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\"><strong>\u202f<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\"><strong>268,627,511<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>\u202f<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\"><strong>\u202f<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\"><strong>264,077,968<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Total liabilities and stockholders\u2019 equity<\/strong><\/td>\n<td class=\"gnw_border_bottom_double hugin gnw_vertical_align_bottom\"><strong>$<\/strong><\/td>\n<td class=\"gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\"><strong>337,553,668<\/strong><\/td>\n<td class=\"gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>\u202f<\/strong><\/td>\n<td class=\"gnw_border_bottom_double hugin gnw_vertical_align_bottom\"><strong>$<\/strong><\/td>\n<td class=\"gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\"><strong>278,170,455<\/strong><\/td>\n<td class=\"gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<\/table>\n<p align=\"center\"><strong>CHICAGO ATLANTIC REAL ESTATE FINANCE, INC.<\/strong><br \/><strong>CONSOLIDATED STATEMENTS OF INCOME<\/strong><br \/><strong>(UNAUDITED)<\/strong><\/p>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>For\u202fthe<\/strong><br \/><strong>three\u202fmonths<\/strong><br \/><strong>ended<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>\u202f<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>For the <\/strong><br \/><strong>three\u202fmonths <\/strong><br \/><strong>ended<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>June\u202f30,<\/strong><br \/><strong>2022<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>\u202f<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>March 31,<\/strong><br \/><strong>2022<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Revenue<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\" style=\"max-width:73%;width:73%;min-width:73%\">Interest income<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:11%;width:11%;min-width:11%\">11,850,028<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:11%;width:11%;min-width:11%\">9,833,053<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Interest expense<\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">(449,556<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">(72,268<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Net interest income<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">11,400,472<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">9,760,785<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Expenses<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Management and incentive fees, net<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">1,247,561<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">671,505\u202f<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">General and administrative expense<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">777,212<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">556,141\u202f<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Provision for current expected credit losses<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">1,045,665<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">51,343\u202f<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Organizational expense<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">-\u202f\u202f<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">&#8211;<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Professional fees<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">743,670<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">556,904\u202f<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Stock based compensation<\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">122,525<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">120.940\u202f<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Total expenses<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">3,936,633<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">1,956,833<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i10 hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Net Income before income taxes<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\"><strong>\u202f<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\"><strong>7,463,839<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>\u202f<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\"><strong>\u202f<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\"><strong>7,803,952<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Income tax expense<\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">-\u202f\u202f<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">-\u202f\u202f<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Net Income<\/strong><\/td>\n<td class=\"gnw_border_bottom_double hugin gnw_vertical_align_bottom\"><strong>$<\/strong><\/td>\n<td class=\"gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\"><strong>7,463,839<\/strong><\/td>\n<td class=\"gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>\u202f<\/strong><\/td>\n<td class=\"gnw_border_bottom_double hugin gnw_vertical_align_bottom\"><strong>$<\/strong><\/td>\n<td class=\"gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\"><strong>7,803,952<\/strong><\/td>\n<td class=\"gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Earnings per common share:<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Basic earnings per common share (in dollars per share)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">0.42<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">0.44<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Diluted earnings per common share (in dollars per share)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">0.42<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">0.44<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Weighted average number of common shares outstanding:<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Basic weighted average shares of common stock outstanding (in shares)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">17,657,913<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">17,641,090<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Diluted weighted average shares of common stock outstanding (in shares)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">17,752,413<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">17,737,975<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<\/table>\n<p><strong><em>Distributable Earnings and Adjusted Distributable Earnings<\/em><\/strong><\/p>\n<p>In addition to using certain financial metrics prepared in accordance with GAAP to evaluate our performance,we also use Distributable Earnings and Adjusted Distributable Earnings to evaluate our performance. Each ofDistributable Earnings and Adjusted Distributable Earnings is a measure that is not prepared in accordance withGAAP. We define Distributable Earnings as, for a specified period, the net income (loss) computed in accordancewith GAAP, excluding (i) non-cash equity compensation expense, (ii) depreciation and amortization, (iii) anyunrealized gains, losses or other non-cash items recorded in net income (loss) for the period, regardless of whethersuch items are included in other comprehensive income or loss, or in net income (loss); provided that DistributableEarnings does not exclude, in the case of investments with a deferred interest feature (such as OID, debt instrumentswith PIK interest and zero coupon securities), accrued income that we have not yet received in cash, (iv) provisionfor current expected credit losses and (v) one-time events pursuant to changes in GAAP and certain non-cash<br \/>charges, in each case after discussions between our Manager and our independent directors and after approval by amajority of such independent directors. We define Adjusted Distributable Earnings, for a specified period, asDistributable Earnings excluding certain non-recurring organizational expenses (such as one-time expenses relatedto our formation and start-up).<\/p>\n<p>We believe providing Distributable Earnings and Adjusted Distributable Earnings on a supplemental basis toour net income as determined in accordance with GAAP is helpful to stockholders in assessing the overallperformance of our business. As a REIT, we are required to distribute at least 90% of our annual REIT taxableincome and to pay tax at regular corporate rates to the extent that we annually distribute less than 100% of suchtaxable income. Given these requirements and our belief that dividends are generally one of the principal reasonsthat stockholders invest in our common stock, we generally intend to attempt to pay dividends to our stockholders inan amount equal to our net taxable income, if and to the extent authorized by our Board. Distributable Earnings isone of many factors considered by our Board in authorizing dividends and, while not a direct measure of net taxableincome, over time, the measure can be considered a useful indicator of our dividends.<\/p>\n<p>In our Annual Report on Form 10-K, we defined Distributable Earnings so that, in addition to the exclusionsnoted above, the term also excluded from net income Incentive Compensation paid to our Manager. We believe thatrevising the term Distributable Earnings so that it is presented net of Incentive Compensation, while not a directmeasure of net taxable income, over time, can be considered a more useful indicator of our ability to pay dividends.This adjustment to the calculation of Distributable Earnings has no impact on period-to-period comparisons.<\/p>\n<p>Distributable Earnings and Adjusted Distributable Earnings should not be considered as substitutes for GAAPnet income. We caution readers that our methodology for calculating Distributable Earnings and AdjustedDistributable Earnings may differ from the methodologies employed by other REITs to calculate the same or similarsupplemental performance measures, and as a result, our reported Distributable Earnings and Adjusted DistributableEarnings may not be comparable to similar measures presented by other REITs.<\/p>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>For the three<\/strong><br \/><strong>months ended<\/strong><br \/><strong>June 30, 2022<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong \/><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>For the three<\/strong><br \/><strong>months ended<\/strong><br \/><strong>March 31, 2022<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:73%;width:73%;min-width:73%\"><strong>Net Income<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:12%;width:12%;min-width:12%\">7,463,839<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:12%;width:12%;min-width:12%\">7,803,952<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Adjustments to net income<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i10 hugin gnw_vertical_align_bottom\">Non-cash equity compensation expense<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">122,525<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">120,940<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i10 hugin gnw_vertical_align_bottom\">Depreciation and amortization<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">168,826<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">72,268<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i10 hugin gnw_vertical_align_bottom\">Provision for current expected credit losses<\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">1,045,665<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">51,343<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Distributable Earnings<\/strong><\/td>\n<td class=\"gnw_border_bottom_double hugin gnw_vertical_align_bottom\"><strong \/><\/td>\n<td class=\"gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\"><strong>8,800,855<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong \/><\/td>\n<td class=\"gnw_border_bottom_double hugin gnw_vertical_align_bottom\"><strong \/><\/td>\n<td class=\"gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\"><strong>8,048,503<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Adjustments to Distributable Earnings<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Certain organizational expenses<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">&#8211;<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Adjusted Distributable Earnings<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong \/><\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>8,800,855<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong \/><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong \/><\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>8,048,503<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i10 hugin gnw_vertical_align_bottom\">Basic weighted average shares of common stock outstanding (in shares)<\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">17,657,913<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">17,641,090<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Adjusted Distributable Earnings per Weighted Average Share<\/strong><\/td>\n<td class=\"gnw_border_bottom_double hugin gnw_vertical_align_bottom\"><strong>$<\/strong><\/td>\n<td class=\"gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\"><strong>0.50<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong \/><\/td>\n<td class=\"gnw_border_bottom_double hugin gnw_vertical_align_bottom\"><strong>$<\/strong><\/td>\n<td class=\"gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\"><strong>0.46<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i10 hugin gnw_vertical_align_bottom\">Diluted weighted average shares of common stock outstanding (in shares)<\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">17,752,413<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">17,737,975<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Adjusted Distributable Earnings per Weighted Average Share<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>$<\/strong><\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>0.50<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong \/><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>$<\/strong><\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>0.45<\/strong><\/td>\n<\/tr>\n<\/table>\n<p><\/p>\n<p><img src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" class=\"lazyload\" data-src=\"https:\/\/ml.globenewswire.com\/media\/YjQ4ZTI5NTItNmQ4OC00ZWJlLWFkNjMtZTY4NzhlYjU2ODJlLTEyMzYxMjE=\/tiny\/Chicago-Atlantic-Real-Estate-F.png\"><\/div>\n","protected":false},"excerpt":{"rendered":"<div>\n<p align=\"left\">CHICAGO, Aug. 09, 2022 (GLOBE NEWSWIRE) &#8212; Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) (\u201cChicago Atlantic\u201d or the \u201cCompany\u201d), a commercial real estate finance company, today announced its results for the second quarter ended June 30, 2022.<\/p>\n<\/div>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":[],"categories":[11],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/6916"}],"collection":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/comments?post=6916"}],"version-history":[{"count":1,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/6916\/revisions"}],"predecessor-version":[{"id":6929,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/6916\/revisions\/6929"}],"wp:attachment":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/media?parent=6916"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/categories?post=6916"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/tags?post=6916"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}