February 26, 2024

Press release

More Demand For Capital From Big Weed Operators Ahead, Top Exec Shares Thoughts On Cannabis Mortgage REIT Q3 Results

Cannabis-focused commercial real estate finance company Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) announced its third-quarter earnings results on Wednesday for the three months ended September 30, 2023.

Q3 2023 Financial Highlights

  • Net interest income totaled $13.7 million, up from $12.9 million in the prior year’s period.
  • Total expenses amounted to $3.8 million, up from $3.16 million in the third quarter of 2023.
  • Net income was $9.97 million, slightly up from $9.77 million in the corresponding quarter of last year.
  • As of Sept. 30, 2023, the company had $352.3 million in total assets, up from $343.3 million as of Dec. 31, 2022.
  • Total liabilities were $76.5 million as of Sept. 30, 2023, down from $79.2 million as of Dec. 31, 2022.

See also: Chicago Atlantic Q2 FY23 Net Income Grows 15.8% YoY, Here Are The Details

Portfolio Performance And Investment Activity In Q3

  • As of Sept. 30, 2023, total loan commitments of approximately $355.9 million across 27 portfolio investments.
  • Weighted average yield to maturity was approximately 19.3% as of Sept. 30, 2023, compared with approximately 19.2% as of June 30, 2023.
  • The company had ...

Full story available on Benzinga.com

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