Cannabis-focused mortgage REIT Chicago Atlantic Real Estate Finance, Inc. (NASDAQ:REFI) has reported its financial results for the fourth quarter and period ended December 31, 2021.
“In the short time since our initial public offering, we have remained laser-focused on growing the loan originations pipeline, putting our capital to work at attractive yields, and building on Chicago Atlantic’s first-mover advantage in the cannabis space,” Anthony Cappell, the company’s CEO, said.
Financial Highlights
- Net income of approximately $4.4 million in the fourth quarter of 2021, or $0.57 per basic weighted average common share
- Adjusted distributable earnings of approximately $4.6 million in the fourth quarter of 2021, or $0.61 per basic weighted average common share
- Net income of approximately $9.5 million in 2021 (for the period April 1 to December 31, 2021), or $1.47 per basic weighted average common share
- Adjusted distributable earnings of approximately $9.9 million in 2021 (for the period April 1 to December 31, 2021), or $1.54 per basic weighted average common share
- Book value per common share of $15.13 as of December 31, 2021
Investment Activity & Portfolio Performance
- As of December 31, 2021, total loan commitments of approximately $235.1 million, across 21 portfolio companies
- As of March 17, 2022, total loan commitments of approximately $324.2 million, across 23 portfolio companies
- Since the IPO through March 17, 2022, funded a total of approximately $114.7 million.
- The portfolio’s weighted average yield to maturity was approximately 17.3% as of March 17, 2022 compared with approximately 18.6% as of December 31, 2021, and approximately 17.1% as of December 8, 2021, the date of the IPO
Fourth Quarter 2021 Financial Results
- Total interest income of approximately $5.8 million
- Total expenses of approximately $1.4 million
- Net Income of approximately $4.4 million, or $0.57 per basic weighted average common share
- Adjusted distributable earnings of approximately $4.6 million, or $0.61 per basic weighted average common share
2021 Financial Results (For the Period April 1 – December 31, 2021)
- Total interest income of approximately $10.7 million
- Total expenses of approximately $1.6 million
- Net Income of approximately $9.5 million, or $1.47 per basic weighted average common share
- Adjusted distributable earnings of approximately $9.9 million, or $1.54 per basic weighted average common share
Capital Markets Activity
- Successfully completed an initial public offering and concurrent private placement in December 2021, and the IPO underwriters partially exercised their over-allotment option in January 2022 for a total of 7,021,550 shares issued, raising approximately $103.7 million in net proceeds.
- As of March 17, 2022, the Company has 17,752,603 diluted common shares outstanding.
- Upsized revolving credit facility from $10 million to $45 million on December 16, 2021
To meet Anthony Cappell in person sign up for the Benzinga Cannabis Capital Conference in Miami, where he is a speaker among many other top names in the cannabis industry. Click here for more info.
Photo: Courtesy of Nataliya Vaitkevich from Pexels
