The following is a summary of the Chicago Atlantic Real Estate Finance, Inc. (REFI) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Chicago Atlantic Real Estate Finance reported a Q3 net interest income of $14.5 million, up from $13.2 million in Q2.

• The loan portfolio as of the end of Q3 totaled $362 million with a weighted average yield to maturity of 18.3%.

• Gross originations during the quarter amounted to $32.7 million.

• Book value as of September 30 was $15.05 per common share.

Business Progress:

• The company secured a $50 million unsecured term loan from institutional private lending platforms to accelerate capital deployment.

• Portfolio management improved with actions taken on interest rates.

• Expanded the revolving credit facility to $110 million; $54 million was outstanding as of September 30.

Opportunities:

• The pipeline across the Chicago Atlantic platform has grown to $560 million, focusing on operators in limited license states and transitions from medical to adult use markets.

• Potential for increased investment opportunities in the cannabis sector due to ongoing legislative changes.

Risks:

• Slow progress in cannabis legalization could impact expected market growth, as demonstrated by multiple states' electoral results regarding cannabis use.

• Federal rescheduling and financial regulations such as SAFE Banking remain speculative and may affect future investment strategies.

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