Chicago Atlantic Real Estate Finance, Inc. Files 2023 Annual Report

TL;DR

<b>Chicago Atlantic Real Estate Finance, Inc. (REFI) has filed its 2023 10-K report detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Chicago Atlantic Real Estate Finance, Inc. (REFI) filed a Annual Report (10-K) with the SEC on March 12, 2024. Chicago Atlantic Real Estate Finance, Inc. (REFI) filed its 10-K for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. Key dates mentioned include December 31, 2023, for financial reporting and March 12, 2024, as the filing date. The company is incorporated in Maryland (MD) and its fiscal year ends on December 31. The business and mailing address is 420 North Wabash Avenue, Suite 500, Chicago, IL 60611.

Why It Matters

For investors and stakeholders tracking Chicago Atlantic Real Estate Finance, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of REFI's financial health, operational strategies, and risk factors for the past fiscal year, crucial for investors to assess performance and future outlook. The detailed financial data and disclosures within the 10-K are essential for understanding REFI's asset portfolio, debt structure, and compliance with regulatory requirements.

Risk Assessment

Risk Level: medium — Chicago Atlantic Real Estate Finance, Inc. shows moderate risk based on this filing. The filing is a 10-K, which is a standard annual report, but the absence of specific financial performance metrics like revenue, net income, or EPS in the provided text limits a deeper assessment of the company's current financial health and growth trajectory, suggesting a need for further review of the full document.

Analyst Insight

Investors should review the full 10-K filing to analyze Chicago Atlantic Real Estate Finance, Inc.'s detailed financial statements, risk factors, and management discussion to make informed investment decisions.

Key Numbers

• 20231231 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 20240312 — Filing Date (FILED AS OF DATE)
• 0001867949 — Central Index Key (COMPANY DATA)
• 6798 — Standard Industrial Classification (COMPANY DATA)
• MD — State of Incorporation (COMPANY DATA)
• 001-41123 — SEC File Number (FILING VALUES)
• 24740161 — Film Number (FILING VALUES)
• 312-809-7002 — Business Phone (BUSINESS PHONE)

Key Players & Entities

• Chicago Atlantic Real Estate Finance, Inc. (company) — FILER
• REFI (company) — tk
• 10-K (document) — FORM TYPE
• 20231231 (date) — CONFORMED PERIOD OF REPORT
• 20240312 (date) — FILED AS OF DATE
• 420 NORTH WABASH AVENUE (address) — BUSINESS ADDRESS
• CHICAGO (location) — BUSINESS ADDRESS
• IL (state) — BUSINESS ADDRESS

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-12: Filing Date — Date the 10-K was officially filed with the SEC.

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share REFI NASDAQ Global Market
• $5 million — to originate real estate loans between $5 million and $200 million, generally with one- t
• $200 m — eal estate loans between $5 million and $200 million, generally with one- to five-year
• $50 million — h transactions and intend to hold up to $50 million of the aggregate loan amount, with the
• $0.8 m — ners. In addition, we own approximately $0.8 million, at fair value, of publicly-trade
• $8.0 billion — documented, managed, or syndicated over $8.0 billion in credit and real estate transactions,
• $1.8 billion — re than 70 loans totaling approximately $1.8 billion to companies operating in the cannabis

Filing Documents

• refi-20231231.htm (10-K) — 4340KB
• refi-ex10_6.htm (EX-10.6) — 1504KB
• refi-ex23_1.htm (EX-23.1) — 4KB
• refi-ex31_1.htm (EX-31.1) — 15KB
• refi-ex31_2.htm (EX-31.2) — 15KB
• refi-ex32_1.htm (EX-32.1) — 8KB
• refi-ex32_2.htm (EX-32.2) — 7KB
• refi-ex97.htm (EX-97) — 35KB
• 0000950170-24-029644.txt (&nbsp;) — 17020KB
• refi-20231231.xsd (EX-101.SCH) — 1358KB
• refi-20231231_htm.xml (XML) — 3498KB

Forward-Looking Statements

Forward-Looking Statements ii PART I 1 Item 1.

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 20 Item 1B. Unresolved Staff Comments 57 Item 1C. Cybersecurity 58 Item 2.

Properties

Properties 58 Item 3.

Legal Proceedings

Legal Proceedings 58 Item 4. Mine Safety Disclosures 58 PART II 59 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 59 Item 6. [Reserved] 59 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 60 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 81 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data F- 1 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 82 Item 9A.

Controls and Procedures

Controls and Procedures 82 Item 9B. Other Information 82 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 83 PART III 84 Item 10. Directors, Executive Officers and Corporate Governance 84 Item 11.

Executive Compensation

Executive Compensation 84 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 84 Item 13. Certain Relationships and Related Transactions, and Director Independence 84 Item 14. Principal Accountant Fees and Services 84 PART IV 85 Item 15. Exhibits and Financial Statement Schedules 85 Item 16. Form 10-K Summary 86

Signatures

Signatures 87 i FORWARD -LOOKING STATEMENTS This report contains information that may constitute "forward-looking statements." Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "will," "should," "could," "may," "plan" and similar expressions identify forward-looking statements, which generally are not historical in nature. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future-including statements relating to volume growth, share of sales and earnings per share growth, and statements expressing general views about future operating results-are forward-looking statements. Management believes that these forward-looking statements are reasonable as and when made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. We undertake no 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. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to, those described in Part I, "Item 1A. Risk Factors" and elsewhere in this report and those described from time to time in reports that we have filed or in the future may file with the Securities and Exchange Commission. The forward-looking statements contained in this report involve a number of risks and uncertainties, including statements concerning: our future operating results and projected operating results; the ability of our Manager to locate suitable loan opp

B USINESS

ITEM 1. B USINESS Overview We are a commercial mortgage real estate investment trust ("REIT"). Our primary investment objective is to provide attractive, risk-adjusted returns for stockholders over time primarily through consistent current income dividends and other distributions and secondarily through capital appreciation. We intend to achieve this objective by originating, structuring and investing in first mortgage loans and alternative structured financings secured by commercial real estate properties. Our current portfolio is comprised primarily of senior loans to state-licensed operators in the cannabis industry, secured by real estate, equipment, receivables, licenses or other assets of the borrowers to the extent permitted by applicable laws and regulations governing such borrowers. We also invest in companies or properties that are not related to the cannabis industry that provide return characteristics consistent with our investment objective. From time to time, we may also invest in mezzanine loans, preferred equity or other forms of joint venture equity to the extent consistent with our exemption from registration under the Investment Company Act of 1940, as amended (the "Investment Company Act") and maintaining our qualification as a REIT. We may enter into credit agreements with borrowers that permit them to incur debt that ranks equally with, or senior to, the loans we extend to such companies under such credit agreements. There is no assurance that we will achieve our investment objective. We commenced operations on March 30, 2021 and completed our initial public offering ("IPO") in December 2021. We believe that cannabis operators' limited access to traditional bank and non-bank financing has provided attractive opportunities for us to make loans to companies that exhibit strong fundamentals but require more customized financing structures and loan products than regulated financial institutions can provide in the current regulatory environmen

View Full Filing

View this 10-K filing on SEC EDGAR