Cannabis-focused commercial real estate finance company Chicago Atlantic Real Estate Finance, Inc. (NASDAQ:REFI) announced its results on Tuesday for the fourth quarter and year ended December 31, 2023.
Distinguished in the cannabis market as one of the few major publicly traded capital providers, Chicago Atlantic can fund a $350 million loan book and a history of closing $2 billion in loans, including syndications, Zuanic & Associates’ (Z&A) recent report reads. Z&A recently initiated coverage of Chicago Atlantic with an Overweight rating
The company reported on Tuesday total loan commitments of roughly $378.8 million – including $371.3 million funded and $7.5 million in future fundings – as of Dec. 31, 2023, across 27 portfolio investments.
“The improvement in the regulatory landscape has fed new investment opportunities for us while significantly improving the equity value of many of our borrowers,” John Mazarakis, the company’s executive chairman said. “In addition, the wall of debt maturities we have anticipated among the larger cannabis operators is beginning to occur, with early indications this opportunity could be as meaningful over the next 12 to 18 months as we have previously predicted.”
Q4 2023 Financial Results
Net interest income was around $14.8 million, representing a …