REFI

Image source: The Motley Fool. Tuesday, Aug. 11, 2026 at 9:00 a.m. ET Co-Chief Executive Officer - Peter Sack President and Chief Operating Officer - David Kite Chief Financial Officer - Phillip Silverman Need a quote from a Motley Fool analyst? Email [email protected] Operator: Thank you. Good day, and welcome to the Chicago Atlantic Real Estate Finance, Inc. Second Quarter 2026 Earnings Call. [Operator Instructions] Please note this event is being recorded. I'd now like to turn the conference over to Lisa Kampf from ICR. Please go ahead. Lisa Kampf: Good morning. Welcome to the Chicago Atlantic Real Estate Finance conference call to review the company's results. On the call today will be Peter Sack, Co-Chief Executive Officer, David Kite, President and Chief Operating Officer, and Phil Silverman, Chief Financial Officer. Our results were released this morning in our earnings press release, which can be found on the Investor Relations section of our website, along with our supplemental information package furnished to the SEC. A live audio webcast of this call is being made available today. For those who listen to the replay of this webcast, we remind you that the remarks made herein are as of today and will not be updated subsequent to this call. During this call, certain comments and statements we make may be deemed forward-looking statements within the meaning prescribed by securities laws, including statements related to the future performance of our portfolio, our pipeline of potential loans, and other investments, future dividends, financing activities, the proposed merger of the company with and into Chicago Atlantic BDC, Inc., LIEN, and its expected timing and benefits, and the anticipated benefits of our recent financing transaction to affiliates of Koach Capital. We will discuss certain non-GAAP measures, including, but not limited to, distributable earnings. Definitions of these non-GAAP measures and reconciliations to the most directly comparable GAAP measures are included in our earnings release and supplemental information available on our website and furnished to the SEC. I'd like to remind our listeners that today's remarks and accompanying investor presentation contain forward-looking statements that are subject to significant risks and uncertainties that can cause actual results to differ materially from our current expectations. Investors are urged to carefully review various disclosures made by the company, including the risks and other information disclosed in the company's filings with the SEC. Risks and uncertainties include the ability to complete the merger of REFI and LIEN on the anticipated timeline, to obtain shareholder and regulatory approvals and required lender consent, to realize the anticipated benefits of the transaction and developments in the cannabis regulatory environment, as well as other risks described in our SEC filings and in the legends in today's filed material. Actual results may differ materially, and we undertake no obligation to update except as required by law. The transcript of this call is being filed with the SEC pursuant to Rule 425 under the Securities Act of 1933 and is being filed under Rule 14a-12 under the Securities Exchange Act of 1934. In connection with the proposed merger, LIEN filed with the SEC a registration statement on Form N-14, which includes a joint proxy statement of REFI and LIEN and a prospectus of LIEN. Investors and stockholders are urged to read those materials and any amendments or supplements when they become available because they will contain important information about the transaction. LIEN, REFI, the respective directors and executive officers, Chicago Atlantic BDC Advisors, LLC, and Chicago Atlantic REIT Manager, LLC, and certain other people may be deemed participants in the solicitation. Information about those persons and their interests are included in the joint proxy statement and prospectus. Copies of all filed materials will be available free of charge on the SEC's website and on each company's Investor Relations website. Please note that nothing on this call constitutes an offer to sell or solicitation of an offer to purchase any securities. No offer of securities shall be made except by means of a prospectus, meeting requirements of Section 19 of the 1933 Act. I'll now turn the call over to Peter Sack. Please go ahead. Peter Sack: Thank you, Lisa. Good morning, everyone. REFI delivered a productive second quarter against the backdrop of continued geopolitical tensions and ongoing debate around inflation and interest rate expectations. While distributable earnings of $0.44 per basic weighted average common share came in below our dividend, this largely reflects the timing of capital redeployment rather than any material change in the underlying business or portfolio quality. Our experience in the cannabis ecosystem gives us the expertise, relationships, and ability to redeploy capital more quickly than the typical mortgage REIT. But redeployment never comes at the expense of our underwriting discipline and stringent risk standards protecting an acceptable risk versus reward. In this case, early in the quarter, $16.3 million of loans were prepaid, and the capital wasn't redeployed until later in the quarter. While the portfolio principal balance increased approximately $40 million quarter-to-quarter, income growth was affected by that redeployment timing gap. The pipeline of cannabis opportunities remains strong and currently stands at $649 million, though only $204 million is backed by real estate collateral as of June 30, 2026. We continue to monitor the regulatory environment and have also noticed a growing acceptance of the cannabis industry within capital markets recently, reflected in the New York Stock Exchange uplisting of 2 cannabis-related companies. This was on the heels of the Department of Justice's announcement that it was rescheduling certain medical marijuana products from Schedule I to Schedule III. An administrative hearing, which could clear a pathway to reschedule recreational adult use, concluded on July 15, and we are awaiting the next steps following a deadline for briefs set in August. We are encouraged by the progress in federal policy changes and the broader acceptance of cannabis and what it could mean for our borrowers. That said, we remain conservative in our outlook. The success of our strategy does not depend on any of these changes. The cannabis industry, in many respects, is evolving, and REFI must plan to evolve with it. In June, we announced an agreement to merge Chicago Atlantic BDC and REFI. Under the terms of the merger, as previously reported on Form 8-K filed on June 18, REFI will first elect to be treated as a Business Development Company, or BDC, and then merge with and into LIEN in an all-stock adjusted NAV-for-NAV transaction, with LIEN continuing as the surviving company. The merger of REFI and LIEN is intended to unlock potential value for REFI stockholders that we believe would be difficult to achieve for REFI independently as a public mortgage REIT. We believe LIEN is the right partner to deliver the benefits of scale by virtue of the breadth of the Chicago Atlantic platform and ability to expand the asset class and cannabis industry investment where both companies have experienced success since their respective inception. Both boards have unanimously approved this transaction, believing that it has the opportunity to create meaningful opportunity for stockholders of both companies through increased portfolio diversification and improved scale and stock liquidity, which is expected to drive market visibility and the potential to unlock greater capital market opportunities. On July 31, 2026, LIEN filed a preliminary registration statement on Form N-14, which included a joint proxy statement of REFI and LIEN. The N-14 registration statement is subject to SEC review. We currently expect the transaction to close in the fourth quarter of 2026, subject to the required LIEN and REFI stockholder approvals, lender consents, regulatory approvals, and other customary closing conditions. Additionally, subsequent to the end of the second quarter, we announced the second lien financing of 32 retail properties across the United States that are managed by affiliates of Koach Capital. Each of the 32 retail properties, which are leased to cannabis tenants, are individually secured by second lien mortgage notes with an aggregate principal balance of approximately $62.5 million. The notes bear interest at an annual rate of 12%, of which 10% is payable in cash and 2% paid in kind, respectively. The notes also include an exit fee and an amount up to 2.5x the commitment amount of each note, calculated at the time of repayment, net of interest and principal, if any, paid through such date. Through these exit fees, which may be realized in whole or part, REFI may receive economic benefit from the sale of each of the 32 retail properties within the portfolio. The notes thereby have particular opportunity for convexity in potential value realization to REFI. As we have noted, the regulatory landscape at the federal and state level is evolving rapidly. In the Koach portfolio, we underwrote each property and the credit quality of each tenant. But as regulatory change leads to greater equity capital availability, we expect capitalization rate compression to take place and value appreciation within the market of retail real estate leased to cannabis operators. REFI now stands to benefit from this potential market dynamic. In exchange for the notes, REFI issued approximately 4.3 million new common shares. Phil will walk through certain aspects of the accounting treatment for this transaction, but I'd like to summarize again why this transaction was attractive to Chicago Atlantic. First, our newly issued stock was priced at a 1% premium to book value, preserving cash liquidity for other originations. Second, the transaction diversifies our revenue streams and provides exposure to a different asset class, one with longer durations than the existing portfolio that we expect to present further opportunities to generate alpha as the industry continues to evolve. Lastly, we believe the transaction has opportunity to provide REFI stockholders significant potential yield upside beyond the 12% blended annual rate through the exit fee mechanism. The fee is structured to enable REFI to capitalize on potential cap rate compression and economic gains, if any, earned by the borrower upon property realizations. In closing, REFI continues to deliver strong returns through our differentiated approach, lending to operators and property owners in the cannabis industry in a niche market where competition remains limited. We remain confident in our ability to navigate a changing landscape while staying disciplined in our underwriting and true to the strategy that has driven our performance to date. David will now speak to the portfolio in greater detail. David? David Kite: Thank you, Peter. As of June 30, our loan portfolio principal, which includes loans held for investment and loans at fair value, totaled approximately $453 million across 26 portfolio companies with a weighted average yield to maturity of 15.8%, consistent with the first quarter of 2026. Gross originations during the quarter were approximately $56.8 million of principal fundings, of which $56.1 million and $0.7 million were funded to new borrowers and existing borrowers, respectively. These were offset by approximately $19.7 million of repayments, comprised of approximately $3.3 million in scheduled amortization payments and $16.4 million from full loan prepayments. There was minimal change in portfolio risk rating and credit quality in the second quarter. As of June 30, 2026, approximately 10.8% of our portfolio is risk rated 4 or higher, compared with 10.7% as of March 31, 2026. This slight shift was due to the change in the total portfolio risk rating of the first quarter portfolio amount rather than a change in ratings on loans. CECL reserves of $0.6 million reflected reserves on 2 new loans. As of June 30, 2026, approximately 3.7% of our portfolio, based on outstanding principal, is on non-accrual status, a decrease from approximately 4.8% as of March 31, 2026. As of June 30, 2026, our portfolio consisted of 37.5% fixed rate loans and 62.5% floating rate loans. Approximately 74% and 26% of floating rate loans are benchmarked to the prime rate and SOFR, respectively. With the current prime rate at 6.75%, 100% of our prime rate loans are at their floors. And in total, only approximately 3.6% of our loan principal is exposed to further rate declines across the total portfolio. Importantly, our floating rate loans are not exposed to interest rate caps, which, combined with our rate floor protections, provides a structural advantage in portfolio construction that compares favorably to most other mortgage REITs. Total leverage equaled 47% of book equity at June 30, compared with 38% as of March 31. As of June 30, we had $90.1 million outstanding on our senior secured revolving credit facility and $49.5 million outstanding on our unsecured term loan. As of today, we have approximately $15 million available on the senior credit facility, which is largely representative of our available liquidity for new deployments. I'll now turn it over to Phil. Phillip Silverman: Thanks, David. Our net interest income of $12.8 million for the second quarter represented a $0.3 million or 2.2% decrease from $13.1 million during the first quarter. The decrease was attributed to the timing of redeployments of new originations from payoffs received during Q1 and during the front half of the second quarter, as well as a decrease in 1-time non-recurring fee income, which was approximately $0.8 million in the second quarter compared with $1.1 million during the first quarter. There were no material changes to the company's non-accrual positions, though we received a full repayment of loan #6, which we referenced as a subsequent event during our call last quarter. Total interest expense, including non-cash amortization of financing costs for the second quarter, was approximately $2.4 million, an increase from $2 million in the first quarter. The weighted average borrowings on our revolving loan increased to $67.5 million from $48 million during the first quarter. Our CECL reserve on our loans held for investment as of June 30 was approximately $9.4 million. On a relative size basis, our reserve for expected credit losses represents approximately 2.3% of our outstanding principal of our loans held for investment. There were no significant movements in risk ratings across the portfolio and on a weighted average basis, our portfolio maintained a strong real estate coverage of 1.2x and a loan-to-enterprise value ratio of approximately 46%. Distributable earnings per weighted average share on a basic and fully diluted basis were approximately $0.44 and $0.43, respectively, for the second quarter. And in July, we distributed the second quarter dividend of $0.47 per common share declared by our board in June. Since inception, the company has distributed $9.41 per common share in dividends, which represents an annualized yield on cost of approximately 12.4% when measured against our IPO price. Our book value per common share outstanding was $14.15 as of June 30, 2026, and there were approximately 21.7 million common shares outstanding on a fully diluted basis as of such date. As Peter referenced earlier, on July 9, the company closed the Koach financing transaction, under which REFI issued approximately 4.3 million new common shares at a price of $14.53 per share, in exchange for second lien notes with an aggregate principal balance of $62.5 million. The transaction price amounted to a 1% premium to the March 31, 2026, book value per share. And pro forma for the Koach transaction, the company has approximately 26 million common shares outstanding on a fully diluted basis. Because the Koach notes were received as consideration for the issuance of the company's common stock, the Koach notes are expected to be presented in the company's third quarter financial statements as a reduction of stockholders' equity rather than as loans held for investment. And the associated cash flow shall be recorded through stockholders' equity rather than as interest income or within total assets on the consolidated balance sheets in accordance with GAAP. Accordingly, the transaction increased the number of shares of common stock outstanding, but had no material net effect on total stockholders' equity and did not increase total assets upon issuance. Notwithstanding this financial statement presentation, the Koach notes constitute bona fide debt secured by real property and for purposes of the company's qualification as a real estate investment trust, are expected to be treated as qualifying real estate assets that generate qualifying distributable taxable income under the applicable REIT gross income and asset tests. Under the terms of the agreement and plan of merger by and between the company and Chicago Atlantic BDC, Inc., the company intends to distribute its accumulated REIT taxable income, if any, prior to the merger effective time. Though the transaction remains subject to shareholder and SEC approvals, lender consents, and customary closing conditions, the company currently anticipates the transaction to close in the fourth quarter of 2026. Notwithstanding the proposed merger, we expect to continue to maintain a dividend payout ratio based on our basic distributable earnings per share of 90% to 100% for the 2026 tax year. Operator, we're now ready to take questions. Operator: [Operator Instructions] Our first question comes from Aaron Grey with Alliance Global Partners. Aaron Grey: So, first question for me, right? I can appreciate some of the timing issues, you know, with the prepayments and being able to redeploy some of that capital, but just curious, how are you looking to manage that in the interim? I know it's been coming up a couple times the past quarter. Maybe it does become less of an issue post-merger, but just within the dynamics of just REFI today, how are you looking to manage that and potentially give yourself more cushion for that distributable EPS relative to the dividend as you look to take advantage of opportunities to get the most out of the capital you have? Peter Sack: Thanks for the question, Aaron. And through the completion of the merger with LIEN, I think today we're only prepared to say that we expect to distribute all or nearly all of REFI's distributable earnings through its taxable income through the merger date. Aaron Grey: Okay, appreciate that. I know this question has come up in the past several years, but I just want to bring it up again, just given the dynamics that could be changing now to the next time we talk to you in November, particularly if we get Phase II rescheduling of the entire plant. Just maybe remind us of how those dynamics could change for you guys if you see others potentially coming into the space, how you could potentially leverage that, given your expertise in the sector, to find more opportunities and get access to more capital yourselves at more attractive rates. If you just remind us of potential changes that could come with that, that would be appreciated. Peter Sack: So, rumors of rescheduling began in mid-2025. In December, Trump made his executive order directing his administration to execute the process of rescheduling. And then in April, the Department of Justice made its landmark order rescheduling medical cannabis. Through that process, beginning in mid-2025, we saw significant changes in valuations of the equities of major Canadian-listed U.S. cannabis operators. And then this year, following the Department of Justice's order rescheduling medical cannabis products, we've seen 2 U.S. operators list on the New York Stock Exchange, and we've seen 1 NASDAQ-listed cannabis operator announce that it would be acquiring U.S. medical assets. These are really significant capital market transitions for the U.S. cannabis industry. However, throughout this period from the beginning of 2025 through the executive order, through Department of Justice order, through cannabis operators listing on U.S. exchanges, we've not seen new entrants enter our competitive lending environment. Obviously, I can't say with certainty why that is, and I can't say that with certainty that there won't be new entrants, but I can describe why I think debt markets and equity capital markets are somewhat distinct. The debt capital markets, I think of the debt capital markets and the equity capital markets as being somewhat different. The equity capital markets are somewhat like a light switch. You're either listed on the New York Stock Exchange or the NASDAQ, or you're not. In debt capital markets, it's more like turning the Titanic. There's so many incremental pieces of our financial plumbing system that are required for cannabis operators to have greater access to debt capital markets for there to be a large number of participants involved in our debt capital markets. You need rating agencies. You need the leverage providers that lend to levered lending companies. You need more law firms to be willing to write the loan documents for cannabis operators. You need the Big Four accounting firms to be willing to audit funds that serve cannabis operators and to audit cannabis operators. You need more custodians. All of these things take time, and any one of them can make it difficult for existing debt capital providers to support the cannabis ecosystem. All that being said, we would welcome more debt participants in our industry because the market is extremely inefficient today. And we believe that we're going to be best positioned to benefit from greater capital availability. We look forward to the opportunity to have a broader array of debt capital providers. We look forward to the opportunity to be able to work with a broader array of credit rating agencies for lenders such as ours. And we look forward to the opportunity to have a broader range of equity investors that are excited about our industry. And we think that having more U.S. cannabis operators listed on U.S. exchanges means that there will be more equity analysts following the industry more broadly and that, that will inure to our benefit as well. I think this also plays a role in why we think the merger between REFI and LIEN is very well-timed as a platform with a larger market. It creates an opportunity for us to communicate and to seek the interests of a broader range of equity investors and a larger array of debt investors as these transitions are occurring. Does that answer the question, Aaron? Aaron Grey: Yes, absolutely. I really appreciate the extensive commentary on that. Operator: The next question comes from Pablo Zuanic with Zuanic & Associates. Pablo Zuanic: Just on the Koach deal. You gave a lot of color, but can you explain why that was the right structure as opposed to, for example, just buying the leases on the 32 dispensaries? Let's start with that. Peter Sack: As you're aware, as a NASDAQ-listed entity, REFI is still prohibited from owning cannabis properties, from owning equity and owning the equity of cannabis companies or the warrants related to cannabis companies or even convertible loans related to U.S. cannabis operators. And so I think this structure and the financings that we provided to Koach Capital allow REFI to secure much of the economic benefit related to cannabis-related leases without owning properties, which would be prohibited by our listing. We should note that in this strategy, in our exposure to the sale-leaseback market, we're gaining exposure to a market inefficiency that's very similar to the market inefficiency that we have in debt capital markets today. In debt capital markets and cannabis, our ability to make loans at what we view as much lower risk levels than the broader private credit and lending markets and much higher reward levels than the broader private credit markets is driven by the mismatch in supply and demand between debt capital and demand for capital in the cannabis industry and the lack of debt financing options within the cannabis industry today. That same gap exists within the market for real estate and leasing to cannabis operators that oftentimes cannabis operators, and I'll focus on the retail market because that's what this portfolio represents. Cannabis operators in the retail market encounter difficulties sourcing properties from landlords that are willing to lease to cannabis companies. They find challenges finding properties in locations that satisfy zoning requirements or distance requirements, and in municipalities that are willing to permit cannabis operations. The result of these structural challenges is that cannabis operators often end up paying higher cap rates, higher lease rates than the broader retail leasing market. And that's what this portfolio of investments gives us greater exposure to. It gives us greater exposure to that market inefficiency, gives our investors greater exposure to that market inefficiency. And then if that market inefficiency does change over the coming years, the structure, the way in which this transaction is structured, the exit fees associated with them, allow REFI to have exposure to the convexity that could occur if cap rates compress, if the market for leasing to cannabis operators becomes more competitive. And so I think this portfolio and this decision dovetails well with regards to Aaron's question, where he asks how effectively he asked how is REFI positioned as the market changes, as more competitors come in. And I think this Koach transaction is one example of how REFI can benefit in the immediate term from an attractive yield profile, attractive opportunities for earnings, and benefit especially well should that market change, should the pricing for properties leased to cannabis operators change dramatically. Pablo Zuanic: That's good color. So assuming that the inefficiencies remain in place for some time, would not be a 1-off transaction. You would do more of this to gain more exposure to sale-leaseback in the cannabis space. Peter Sack: Potentially, yep. Pablo Zuanic: Okay, do you want to give any color on the 32 dispensaries, and I don't want to get too bogged down on Koach, but just, where are they located, is it just one operator? Can you give any color? Peter Sack: We'll have more color within our Q3 reporting. I can say that it is a relatively diverse array of tenants. It is not one tenant. I'd say that our presence in the industry, our natural presence in the industry, means that by chance we're already familiar with many of the tenants. And so that did ease the underwriting process. Just with a similar to a credit underwriting, the credit quality of the borrower is critical. In this case, the credit quality of the tenants are critical. And so our diligence process places extreme emphasis on that facet of the transaction. Pablo Zuanic: Right. And last one on Koach and maybe for Phil. I mean, obviously, I will try to do the math, but do you know the contribution to adjustable distributable earnings per quarter in 3Q and 4Q? Roughly, how much would that be from this transaction, from the Koach deal, factoring the increased share count? Phillip Silverman: I'm sorry, Pablo, could you repeat that one more time? I missed the front part of your question. Pablo Zuanic: Well, I mean, just trying to work out the impact on adjustable distributable earnings from the Koach transaction. Like, I mean, how many cents does this add, say, in the fourth quarter on a full run rate basis? Just roughly, if you can. Phillip Silverman: Yes, thanks for the question. We don't provide guidance on changes of distributable earnings in future quarters, but as I referenced on my -- in the prepared remarks, because the loans that were made are secured by real estate and are qualifying assets for the REIT income and asset tests, the income generated from these properties at the contractual rate plus any exit fees will be distributable income, even if not presented on the income statement under GAAP within the company's financial statements. So the fixed profile, if you will, of the loans at 12% are the yield plus any exit fees on the upside. I'm not going to provide guidance on the pro forma distributable earnings. Pablo Zuanic: Okay. All right. That's fine. And then just a couple more, if I may, and an apology to someone else on the Q&A queue. So you had that early, I mean, in terms of early repayments, I guess, par for the course, right but that's going to happen, but is there anything new? Are you seeing more early repayments than in the past? And if so, why? Or is it just normal cadence? My apologies... Peter Sack: Can you repeat the question? Pablo Zuanic: Yes. In terms of the early repayments, I know that's par for the course, right? But you had about $19 million, particularly loan #37. I think that was due November 2028. So $17 million there. Compared to prior quarters, is anything changing? Are you seeing more early repayments? And if so, why or maybe not? It's just a normal cadence? Peter Sack: No, no significant changes. Sorry, go on, Pablo. Pablo Zuanic: Sorry. And then just -- so no significant changes. And then given the potential for uplisting, rescheduling and all these positive reform news, do you find that some of your potential borrowers in your pipeline on cannabis are on hold waiting for those changes or people are still taking action and engaging with you? Peter Sack: I think we're actually seeing the opposite. We're seeing more demand for debt capital as operators see an opportunity for expansion, for acquisition, for investment going into these potential regulatory changes. Particularly on the M&A side, operators see what could be the last opportunity to merge, acquire in a low valuation environment that could change in the future. Pablo Zuanic: That's good. And the very last question, and here it's just to get your take on the macro side of cannabis, even though you talk to most companies. The first question is that in my opinion, when I hear most of the MSO calls, they're given guidance or expectations on a number of macro issues, but they have not given guidance in terms of when they expect the IRS or the treasury to issue guidance on tax debt relief, 280E debt relief. In your opinion, do you expect that will happen before we have rec rescheduling or it will only come out after rec rescheduling? And I know it's a crystal ball question, but I'm just trying to get your opinion on that. Peter Sack: I believe that market participants believe that tax relief related to rescheduling is effective for medical operators concurrent with the Department of Justice order. With regards to adult use and its rescheduling process, time will tell. Pablo Zuanic: Yes, it's more about the question about the tax debt, right? But I hear you. Peter Sack: The tax. Apologies. Yes, I think there's very little guidance and it's difficult to say. We consider in our underwriting process that IRS tax debt to be debt. And it's a key focus of our underwrites. Pablo Zuanic: Right. And, Peter, I'm sorry, one very, very last one. There's more and more companies talking about interstate trade potentially being imminent after rescheduling of rec, right? I personally disagree with that. But there's more companies talking about that, talking about the Dormant Commerce Clause, that it will happen sooner or later, rather soon according to some companies out there. In your underwriting, how do you think about the potential for interstate trade and how that will impact some of your borrowers? Peter Sack: I think in our underwriting, we have a -- I think that there's greater credit protection from diversified retail portfolios. In addition to limited license regulatory moats, diverse retail portfolios provide additional geographic moats and additional diversity of EBITDA generation. I think that retail portfolios are also more insulated from risks associated with interstate commerce. As product can travel across state lines, operators will still be required to have retail licenses to market and sell product to the end consumer. And so I think our bias towards EBITDA generation from retail, EBITDA generation driven by brand strength, insulates our portfolio relatively well already from interstate commerce. But I think, Pablo, I agree with your sentiments that states can be very effective at creating moats and barriers for interstate commerce to protect industries and to protect jobs that have been built up in this industry on a local level over the course of the last decade. And so, I believe that the transition to more accessibility of interstate commerce, if it does begin, is going to be a gradual process. Operator: This concludes our question-and-answer session. The conference has now concluded. Thank you for attending today's presentation. 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Interested in Chicago Atlantic BDC, Inc.? Here are five stocks we like better. Second-quarter net investment income fell to $7.7 million, or $0.34 per share, from $10 million in Q1 as loan repayments reduced the portfolio and originations and fee income declined. The company maintained its quarterly dividend at $0.34 per share. The investment portfolio declined to $334.8 million after $32.2 million in paydowns, but management reported stable credit quality, no non-accrual loans and no realized losses. The portfolio remains 100% senior secured, with an approximately 16% gross yield. Chicago Atlantic reported a nearly $1.1 billion lending pipeline and expects its proposed all-stock merger with Chicago Atlantic Real Estate Finance to close in the fourth quarter of 2026, subject to approvals. Management expects the combination to create a larger, better-capitalized BDC with more than $600 million in book equity. Chicago Atlantic BDC (NASDAQ:LIEN) reported second-quarter net investment income of $7.7 million, or $0.34 per share, as loan repayments exceeded new originations and reduced the size of its investment portfolio. The company declared a quarterly dividend of $0.34 per share, its eighth consecutive quarter at that level. Net investment income declined from $10 million, or $0.44 per share, in the first quarter, which management attributed to a smaller portfolio, lower fee income from originations and, in part, lower income-based incentive fees. → AST SpaceMobile Earnings Just Reminded Investors How Risky Space Can Be Chief Executive Officer Peter Sack described the quarter as strong but said comparisons with the prior quarter were difficult because originations and repayments can vary materially from period to period. The fair value of Chicago Atlantic BDC’s portfolio was $334.8 million as of June 30, down $29.1 million from March 31. The decline primarily reflected $32.2 million of gross paydowns, including three full loan payoffs, partly offset by $2.7 million in new originations during the quarter. → Nebius’ Q2 Beat Shows the AI Bottleneck Is Capacity, Not Demand The paydowns included $26.7 million from three borrowers that fully repaid their loans, plus $5.5 million of amortization and unscheduled payments. Sack said the loans were repaid at par, with no realized losses, and had generated a weighted-average contractual yield in the high teens over their lives. Interim Chief Financial Officer Tom Geoffroy said the decline in portfolio value did not result from deterioration in credit quality. Fair value continued to track closely with principal outstanding, he said, and the company reported no loans on non-accrual status. Portfolio fair value: $334.8 million as of June 30 Portfolio companies: 37 Weighted-average gross yield on debt investments: approximately 16% Debt portfolio that is fixed rate or at applicable rate floors: approximately 93% Debt investments that are senior secured: 100% Non-cannabis investments: 26% of the portfolio → On Holding's Price Stumble May Be an Opening for a Company Built to Run Sack said 81% of the debt portfolio would benefit from a 100-basis-point increase in benchmark interest rates, while the fixed-rate structures and interest-rate floors offer protection in a declining-rate environment. The company had $27 million of debt outstanding at quarter-end, all drawn on its revolving credit facility, resulting in a debt-to-equity ratio of 0.09 times. Geoffroy said the company had approximately $47.2 million of liquidity as of Aug. 12, including $46.5 million of borrowing capacity under its $100 million credit facility and about $0.7 million of cash. President Dino Colonna said second-quarter deployment was modest due to transaction timing rather than a reduction in market activity or deal flow. Several investments expected to close during the quarter required additional time and moved into the third quarter, he said. After the quarter ended, the company funded a $25 million senior-secured, floating-rate debt investment to a new portfolio company. Colonna said the investment had characteristics similar to other cannabis loans originated this year. Chicago Atlantic’s platform-wide pipeline was just under $1.1 billion in potential debt transactions at quarter-end, including approximately $649 million in cannabis opportunities and about $440 million in non-cannabis opportunities. Sack characterized the mix as roughly 60% cannabis and 40% diversified direct lending. Management said it remains focused on selective lending and direct origination rather than pursuing growth for its own sake. Colonna said the company sources most new investments directly and has minimal reliance on syndicated transactions, allowing it to retain control over loan structures, pricing and covenant protections. Chicago Atlantic BDC continues to expect its proposed all-stock, net-asset-value merger with Chicago Atlantic Real Estate Finance Inc., or REFI, to close in the fourth quarter of 2026, subject to shareholder and regulatory approvals and other customary conditions. The companies filed a preliminary Form N-14 registration statement and joint proxy materials on July 31. Sack said the SEC review process is the most significant uncertain variable in the closing timeline, though he said there were no significant state regulatory hurdles. Management said the combination would create a larger and better-capitalized BDC, potentially improving access to capital, trading liquidity, market visibility and future earnings capacity. Sack said the combined company would have book equity of more than $600 million and would rank among the top 25 BDCs by book equity. Sack also pointed to continued developments in federal cannabis policy, including the Department of Justice’s announcement regarding the proposed rescheduling of state-licensed medical cannabis products from Schedule I to Schedule III. He said the company views regulatory developments as positive for borrowers’ credit quality but does not incorporate anticipated regulatory changes into its projections or underwriting standards. While management expects evolving cannabis policy and broader investor interest in cannabis-related businesses to support the company’s market narrative, Sack said the merger’s potential to increase scale and liquidity could be more important for attracting larger institutional investors. For the quarter, gross investment income was $14 million, compared with $16.7 million in the first quarter. Total expenses declined to $6.3 million from $6.7 million. Chicago Atlantic BDC recorded a $1.6 million net unrealized loss, primarily due to reversals of prior unrealized gains on loans that repaid at par. Net assets were $302.5 million, and net asset value per share was $13.26, compared with $13.33 at the end of the first quarter. Chicago Atlantic BDC (NASDAQ:LIEN) is a closed-end management investment company organized as a business development company (BDC). It focuses on providing debt and equity financing solutions to U.S. middle-market companies that demonstrate strong growth potential. Through its public listing, the company offers investors exposure to a diversified portfolio of private credit and equity investments aimed at delivering attractive risk-adjusted returns. The company's investment strategy centers on structuring customized credit facilities, including senior secured loans, unitranche loans, mezzanine debt and equity co-investments. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Chicago Atlantic BDC Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

This article first appeared on GuruFocus. Release Date: August 13, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Chicago Atlantic BDC Inc (NASDAQ:LIEN) reported a strong net investment income of $7.7 million or $0.34 per share for Q2 2026, maintaining its dividend at $0.34 per share for the eighth consecutive quarter. The company's portfolio is fully senior secured with no non-accruals, compared to an industry average of 3.8% of costs, highlighting superior credit quality. Chicago Atlantic BDC Inc (NASDAQ:LIEN) boasts a weighted average yield on debt investments of 16%, significantly higher than the average public BDC's 10.8%. The company is well-positioned for growth with a robust pipeline of nearly $1.1 billion in potential debt transactions, including $649 million in cannabis and $440 million in non-cannabis opportunities. The proposed merger with Chicago Atlantic Real Estate Finance is expected to create a top 25 BDC with over $600 million in book equity, enhancing scale, liquidity, and market visibility. Chicago Atlantic BDC Inc (NASDAQ:LIEN) maintains a low leverage ratio of 0.09 times debt-to-equity, compared to the BDC average of 1.3 times, providing ample capacity for future expansion. The company benefits from favorable regulatory momentum, including the rescheduling of medical cannabis to Schedule 3, which could improve borrower credit quality. Subsequent to quarter end, Chicago Atlantic BDC Inc (NASDAQ:LIEN) funded a $25 million senior secured, floating-rate debt investment, indicating continued deployment activity. The company's portfolio is well-insulated against interest rate declines, with 93% of debt at par either fixed-rate or floating-rate at their floors. Chicago Atlantic BDC Inc (NASDAQ:LIEN) has a differentiated sourcing advantage, with minimal reliance on syndicated transactions, allowing for greater control over structure and risk management. Net investment income for Q2 2026 decreased to $7.7 million from $10 million in Q1 2026, primarily due to lower fee income from reduced origination activity. The fair value of the portfolio declined by $29.1 million during the quarter, driven by $32.2 million in gross paydowns and a slower pace of deployment. Originations were modest at $2.7 million, reflecting transaction timing issues that delayed several expected closings to Q3 2026. The company recorded a net unrealized loss of $1.6 million in Q2 2026, mainly due to the reversal of prior unrealized gains on loans that paid off at par. Net asset value per share decreased slightly to $13.26 from $13.33 in Q1 2026, indicating a minor erosion in book value. The merger with Chicago Atlantic Real Estate Finance is subject to SEC review and other approvals, with the timeline uncertain and potentially extending beyond Q4 2026. The company's liquidity decreased to $47.2 million as of August 12, 2026, from $73.9 million at quarter end, reflecting recent funding activities. The pipeline includes a significant portion of non-cannabis investments (40%), which may dilute the company's focus on its core cannabis lending niche. Despite regulatory progress, the company does not include potential regulatory changes in its projections, limiting upside from possible federal legalization. The company's small market cap and limited liquidity may deter larger institutional investors, a challenge the merger aims to address but which remains a current constraint. Warning! GuruFocus has detected 3 Warning Sign with LIEN. Is LIEN fairly valued? Test your thesis with our free DCF calculator. Q: Can you provide more color on the timeline for the merger with Chicago Atlantic Real Estate Finance, and what regulatory approvals are required besides shareholder approval? A: Peter Sack, CEO: The process involves our Form N-14 and proxy statements, which are currently under SEC review. We expect comments back in the coming weeks, and this iteration process with the SEC is the most significant and uncertain variable. Given what we know today, we still expect the merger to close in Q4 2026, though unexpected feedback could extend the timeline. There are no significant state regulatory hurdles. Q: How is investor interest in Chicago Atlantic changing given the regulatory reforms and recent NYSE uplistings of cannabis companies? A: Peter Sack, CEO: Federal regulatory changes and rescheduling have supported our narrative and ability to engage investors. However, the merger is more important for attracting large institutional investors. The combined entity will have book equity north of $600 million, placing it as a TOP 25 BDC, which puts us on a different playing field for institutional interest and analyst coverage. Q: Can you break down the $1.1 billion pipeline between cannabis and non-cannabis, and is there really more M&A activity happening in the cannabis space? A: Peter Sack, CEO: The pipeline is approximately 60% cannabis and 40% diversified direct lending. Regarding M&A, we focus on operators one level down in scale from the largest public MSOslarge-scale public and private multi-state operators. The $25 million funding subsequent to quarter end was M&A-related, and these transactions often don't rise to the visibility of the largest public MSOs. Q: What exactly is non-controlled affiliate income on the P&L? A: Peter Sack, CEO: Chicago Atlantic operates several funds in addition to the BDC and Real Estate Finance. When one of those other funds has an investment in the capital stack of a portfolio company of Chicago Atlantic BDC, those investments and their associated income are identified separately on the 10-Q. Q: Given the backdrop of private credit issues, do you have any reason to believe the SEC review of the merger will take longer than expected? A: Peter Sack, CEO: We don't have any specific reasons to believe the SEC would take longer in our case. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Distributable earnings of $0.44 per share fell below the dividend primarily due to the timing of capital redeployment following $16.3 million in early loan prepayments. Management emphasized that while the portfolio principal balance grew by $40 million, the income growth was dampened by the gap between receiving prepayments and funding new originations. The proposed merger with Chicago Atlantic BDC (LIEN) is designed to unlock scale and liquidity that management believes would be unattainable for REFI as an independent mortgage REIT. The Koach Capital transaction provides strategic exposure to the cannabis retail sale-leaseback market, capturing yield through a structure that avoids direct property ownership prohibited by current listing rules. Management attributes the lack of new debt market entrants, despite regulatory progress, to the complex 'financial plumbing' requirements like rating agencies and Big Four audits that act as barriers to entry. Strategic underwriting continues to prioritize retail-heavy portfolios, which management believes are better insulated from potential risks associated with future interstate commerce transitions. The merger with LIEN is currently expected to close in the fourth quarter of 2026, pending shareholder and regulatory approvals. Management intends to maintain a dividend payout ratio of 90% to 100% of basic distributable earnings for the 2026 tax year. The Koach transaction includes an exit fee mechanism designed to capture 'convexity' in value if cap rates compress as the cannabis industry gains broader capital market acceptance. The pipeline of cannabis opportunities stands at $649 million, though only $204 million is currently backed by real estate collateral as of June 30, 2026. Management anticipates that the rescheduling of cannabis will eventually lead to a broader range of equity analysts and debt providers, improving market efficiency and valuation. The Koach notes will be presented as a reduction of stockholders' equity rather than loans held for investment due to GAAP requirements for stock-for-debt exchanges. Approximately 3.6% of the loan principal remains exposed to further interest rate declines, as 100% of prime rate loans have already hit their floors. Non-accrual status decreased to 3.7% of the portfolio from 4.8% in the prior quarter, following the full repayment of a specific non-performing loan. Management treats IRS tax debt as a primary credit risk in their underwriting process, noting the lack of clear guidance on 280E debt relief timing. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management stated they expect to distribute all or nearly all of REFI's taxable income through the merger date. The focus remains on redeploying capital efficiently while maintaining underwriting discipline to protect the risk-reward profile. Management noted that while equity markets react quickly to regulatory news, debt markets move slower due to institutional requirements like custodians and rating agencies. They believe REFI is best positioned to benefit from increased capital availability and market visibility resulting from the BDC merger. The structure allows REFI to gain economic benefits from cannabis retail real estate without violating NASDAQ prohibitions on direct property ownership. The deal targets market inefficiencies where cannabis operators pay higher lease rates due to zoning and municipal challenges. Contrary to waiting, management is seeing increased demand for debt capital as operators seek to expand or acquire assets while valuations remain relatively low. M&A activity is accelerating as operators anticipate a potential shift away from the current low-valuation environment.

Chicago Atlantic Real Estate Finance, Inc. (REFI) came out with quarterly earnings of $0.43 per share, missing the Zacks Consensus Estimate of $0.48 per share. This compares to earnings of $0.51 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -10.42%. A quarter ago, it was expected that this company would post earnings of $0.48 per share when it actually produced earnings of $0.46, delivering a surprise of -4.17%. Over the last four quarters, the company has surpassed consensus EPS estimates two times. Chicago Atlantic Real Estate Finance, which belongs to the Zacks Financial - Miscellaneous Services industry, posted revenues of $12.84 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 7.26%. This compares to year-ago revenues of $14.43 million. The company has topped consensus revenue estimates two times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Chicago Atlantic Real Estate Finance shares have lost about 16.5% since the beginning of the year versus the S&P 500's gain of 13.3%. While Chicago Atlantic Real Estate Finance has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Chicago Atlantic Real Estate Finance was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.50 on $14.11 million in revenues for the coming quarter and $1.88 on $55.36 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Miscellaneous Services is currently in the bottom 37% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. BitFuFu Inc. (FUFU), another stock in the same industry, has yet to report results for the quarter ended June 2026. This company is expected to post quarterly loss of $0.01 per share in its upcoming report, which represents a year-over-year change of -111.1%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. BitFuFu Inc.'s revenues are expected to be $75.02 million, down 35% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Chicago Atlantic Real Estate Finance, Inc. (REFI) : Free Stock Analysis Report BitFuFu Inc. (FUFU) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Interested in Chicago Atlantic Real Estate Finance, Inc.? Here are five stocks we like better. Distributable earnings fell short of the dividend: Second-quarter earnings were $0.44 per share versus a $0.47 dividend, mainly because $16.3 million of prepaid loans was redeployed later in the quarter rather than due to weaker portfolio quality. Portfolio growth and credit metrics remained solid: The loan portfolio reached approximately $453 million, with a 15.8% weighted average yield and non-accrual loans declining to 3.7% of principal from 4.8% in the prior quarter. The company also reported a $649 million cannabis-related lending pipeline. Strategic expansion is underway: REFI issued about 4.3 million shares to finance $62.5 million of second-lien notes tied to 32 cannabis-leased retail properties and expects its proposed all-stock merger with Chicago Atlantic BDC to close in the fourth quarter of 2026, subject to approvals. Will This New Development Mean A Big Rally In Cannabis Stocks? Chicago Atlantic Real Estate Finance (NASDAQ:REFI) reported second-quarter distributable earnings of $0.44 per basic weighted average common share, below its $0.47 quarterly dividend, as early loan repayments temporarily delayed the redeployment of capital. Co-Chief Executive Officer Peter Sack said the earnings shortfall primarily reflected timing rather than a deterioration in portfolio quality. Early in the quarter, $16.3 million of loans were prepaid, while the associated capital was not redeployed until later in the period. Although the company’s portfolio principal balance rose by roughly $40 million from the prior quarter, the timing gap affected income growth. → SoundHound AI Sends a Loud Signal After Its Q2 Earnings Beat The company said it continues to see a strong pipeline of cannabis-related lending opportunities totaling $649 million as of June 30, though $204 million of that amount was backed by real estate collateral. President and Chief Operating Officer David Kite said Chicago Atlantic Real Estate Finance’s loan portfolio totaled approximately $453 million across 26 portfolio companies at June 30. The portfolio’s weighted average yield to maturity was 15.8%, unchanged from the first quarter. → 3 Dividend Champion Utilities for a Market That Can't Sit Still During the quarter, the company funded $56.8 million in gross originations, including $56.1 million to new borrowers. Repayments totaled about $19.7 million, consisting of $3.3 million in scheduled amortization and $16.4 million in full prepayments. 37.5% of the loan portfolio was fixed rate and 62.5% was floating rate. About 74% of floating-rate loans were tied to prime and 26% were tied to SOFR. All prime-rate loans were at their rate floors, and only about 3.6% of total loan principal was exposed to additional rate declines. Loans on non-accrual represented 3.7% of outstanding principal, down from 4.8% at March 31. About 10.8% of the portfolio was risk rated four or higher, compared with 10.7% in the prior quarter. Kite said the small movement in the risk-rated portion of the portfolio resulted from changes in the total portfolio balance rather than ratings changes on individual loans. The company recorded $0.6 million in CECL reserves on two new loans. → Take-Two’s Q1 Results Leave GTA 6 Bulls Stuck in the Fog of War Total leverage was 47% of book equity at quarter-end, up from 38% at the end of the first quarter. Chicago Atlantic had $90.1 million outstanding under its senior secured revolving credit facility and $49.5 million outstanding on its unsecured term loan. Kite said approximately $15 million remained available under the senior credit facility for new investments. Chief Financial Officer Phil Silverman said net interest income was $12.8 million for the second quarter, down 2.2% from $13.1 million in the first quarter. He attributed the decline to the timing of redeployments following loan payoffs and lower one-time fee income. Non-recurring fee income was approximately $0.8 million in the second quarter, compared with $1.1 million in the first quarter. Total interest expense, including non-cash amortization of financing costs, increased to approximately $2.4 million from $2 million in the prior quarter, as average borrowings under the revolving loan facility increased. The company’s CECL reserve for loans held for investment was approximately $9.4 million, or about 2.3% of outstanding principal in that portfolio. Silverman said the portfolio maintained weighted average real estate coverage of 1.2 times and a loan-to-enterprise-value ratio of approximately 46%. Book value per common share was $14.15 as of June 30, with approximately 21.7 million fully diluted common shares outstanding. The company paid its $0.47 per-share second-quarter dividend in July. Since inception, it has distributed $9.41 per common share in dividends, representing an annualized yield on cost of approximately 12.4% based on its initial public offering price. Subsequent to quarter-end, Chicago Atlantic closed a financing transaction involving 32 retail properties managed by affiliates of Koach Capital. The properties are leased to cannabis tenants and are individually secured by second-lien mortgage notes with an aggregate principal balance of approximately $62.5 million. The notes carry a 12% annual interest rate, including 10% paid in cash and 2% paid in kind. They also include exit fees of up to 2.5 times the commitment amount of each note, calculated at repayment net of interest and principal paid through that date. In exchange for the notes, Chicago Atlantic issued about 4.3 million common shares at $14.53 per share, which Silverman said represented a 1% premium to March 31 book value. Pro forma for the transaction, fully diluted shares outstanding total approximately 26 million. Sack said the structure provides exposure to economic benefits from cannabis-related retail real estate without direct ownership of cannabis properties, which he said would be prohibited under the company’s Nasdaq listing rules. He said the transaction could benefit if capitalization rates for properties leased to cannabis operators compress as capital becomes more available to the industry. Silverman noted that, under GAAP, the Koach notes are expected to be presented in third-quarter financial statements as a reduction in stockholders’ equity rather than as loans held for investment. The transaction therefore did not materially increase total stockholders’ equity or total assets upon issuance, though the company expects the notes to qualify as real estate assets for REIT tax purposes. Chicago Atlantic also reiterated plans to merge with Chicago Atlantic BDC Inc., or LIEN, in an all-stock, adjusted net-asset-value-for-net-asset-value transaction. Under the proposal, REFI would elect to be treated as a business development company before merging into LIEN, which would be the surviving company. Sack said management believes the transaction could provide greater portfolio diversification, scale, stock liquidity and access to capital-market opportunities. LIEN filed a preliminary Form N-14 registration statement containing a joint proxy statement and prospectus on July 31. The companies expect the transaction to close during the fourth quarter of 2026, subject to stockholder approvals, lender consents, regulatory approvals and other customary conditions. Silverman said Chicago Atlantic expects to maintain a dividend payout ratio of 90% to 100% of basic distributable earnings for the 2026 tax year, notwithstanding the proposed merger. Chicago Atlantic Real Estate Finance, Inc (NASDAQ:REFI) is a publicly listed real estate finance company that specializes in originating and acquiring commercial real estate debt. Pursuant to its election to be treated as a real estate investment trust (REIT), REFI’s investment strategy focuses on floating-rate senior mortgage loans secured by income-producing properties across the United States. The company targets stabilized, performing assets in sectors such as multifamily, office, retail and industrial, aiming to generate attractive risk-adjusted returns through current income. Established in 2015 and headquartered in Chicago, Illinois, REFI completed its initial public offering in 2019. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Chicago Atlantic Real Estate Finance Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

This article first appeared on GuruFocus. Release Date: August 11, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Chicago Atlantic Real Estate Finance Inc (NASDAQ:REFI) reported a strong pipeline of cannabis opportunities totaling $649 million, with $204 million backed by real estate collateral, indicating robust future growth potential. The company successfully closed a $62.5 million second lien financing transaction with Coach Capital, which provides a 12% annual interest rate and potential upside through exit fees tied to property sales, diversifying revenue streams. Portfolio credit quality remained stable with minimal changes in risk ratings, and non-accrual status decreased to 3.7% from 4.8% quarter-over-quarter, reflecting improved asset performance. The proposed merger with Chicago Atlantic BDC is expected to unlock value through increased scale, portfolio diversification, and improved stock liquidity, with both boards unanimously approving the transaction. The company maintains a strong structural advantage with 62.5% floating rate loans, most of which are at their floors, and no exposure to interest rate caps, providing protection against further rate declines. Management noted growing acceptance of the cannabis industry in capital markets, including NYSE uplistings and DOJ rescheduling progress, which could enhance borrower creditworthiness and asset values over time. Distributable earnings of $0.44 per share fell below the $0.47 dividend, primarily due to timing gaps in redeploying $16.3 million in prepaid loans, which pressured income growth for the quarter. Total leverage increased to 47% of book equity from 38% in the prior quarter, reflecting higher borrowing levels that could amplify financial risk if market conditions deteriorate. The Coach Capital transaction will be recorded as a reduction of stockholders' equity rather than as income-generating assets under GAAP, which may complicate financial reporting and obscure true earnings performance. Only $204 million of the $649 million pipeline is backed by real estate collateral, suggesting a significant portion of potential deals may not align with the company's core lending focus. The merger with Chicago Atlantic BDC remains subject to shareholder and regulatory approvals, creating uncertainty and potential delays that could impact strategic execution and investor confidence. The company's available liquidity is limited to approximately $15 million on its senior credit facility, constraining its ability to quickly deploy capital into new opportunities without additional financing. Warning! GuruFocus has detected 5 Warning Signs with REFI. Is REFI fairly valued? Test your thesis with our free DCF calculator. Q: How is Chicago Atlantic managing the timing gap between loan prepayments and capital redeployment, which caused distributable earnings to fall below the dividend this quarter? A: Peter Sack, Co-CEO, acknowledged that distributable earnings of $0.44 per share were below the dividend due to the timing of capital redeployment, not a change in portfolio quality. He noted that $16.3 million in loans were prepaid early in the quarter, with redeployment occurring later, impacting income growth despite a $40 million increase in portfolio principal. He stated that through the merger with Lean, the company expects to distribute all or nearly all of its distributable earnings through the merger date. Q: Can you explain why the Coach Capital transaction was structured as second-lien notes rather than directly owning the 32 retail properties or their leases? A: Peter Sack, Co-CEO, explained that as a NASDAQ-listed entity, Refi is prohibited from owning cannabis properties, equity, warrants, or convertible loans related to U.S. cannabis operators. The second-lien note structure allows Refi to secure economic benefits from cannabis-related leases without violating listing rules. He highlighted that this provides exposure to market inefficiencies in the sale-leaseback market, similar to the debt market, with potential for cap rate compression and value appreciation through exit fees. Q: How might federal rescheduling and increased capital market acceptance impact Refi's competitive landscape and lending opportunities? A: Peter Sack, Co-CEO, noted that despite significant capital market transitionsincluding the NYSE up-listing of two cannabis companies and the DOJ's rescheduling of medical marijuanano new entrants have emerged in the debt capital markets. He attributed this to the complexity of the debt ecosystem, requiring rating agencies, leverage providers, law firms, and custodians to adapt. He welcomed potential new competitors, believing Refi is best positioned to benefit from greater capital availability and market efficiency. Q: What is the expected financial contribution of the Coach Capital transaction to distributable earnings, and how will it be accounted for? A: Phil Silverman, CFO, declined to provide specific guidance on future distributable earnings but clarified that the Coach notes, bearing a 12% annual rate (10% cash, 2% PIK), will generate distributable income for REIT purposes. He noted that under GAAP, the notes will be presented as a reduction of stockholders' equity rather than loans held for investment, with cash flows recorded through equity. The transaction increased shares outstanding by approximately 4.3 million but had no material net effect on total stockholders' equity. Q: Are you seeing an increase in early loan repayments, and how is the pipeline of cannabis opportunities evolving? A: Peter Sack, Co-CEO, stated there were no significant changes in early repayment trends, describing the $19.7 million in repayments as normal cadence. He noted the pipeline stands at $649 million, with $204 million backed by real estate collateral. He observed increased demand for debt capital as operators seek expansion and M&A opportunities ahead of potential regulatory changes, viewing this as a "last opportunity" to acquire at low valuations. Q: What is your outlook on IRS guidance for tax debt relief (280E) and its timing relative to rescheduling? A: Peter Sack, Co-CEO, acknowledged that market participants believe tax relief for medical operators is effective concurrent with the DOJ order, but for adult-use rescheduling, timing remains uncertain. He emphasized that IRS tax debt is a key focus in underwriting, treated as debt, and noted there is very little guidance available on this issue. Q: How does Refi underwrite against the potential for interstate commerce in the cannabis industry? A: Peter Sack, Co-CEO, explained that Refi's underwriting favors diversified retail portfolios and limited-license regulatory models, which provide geographic and EBITDA diversity. He noted that retail portfolios are more insulated from interstate commerce risks, as operators will still require retail licenses to sell to end consumers. He agreed that states can create barriers to protect local industries, and any transition to interstate commerce would likely be gradual. Q: What were the key portfolio metrics and credit quality trends in the second quarter? A: David Kite, President and COO, reported a loan portfolio principal of approximately $453 million across 26 companies with a weighted average yield to maturity of 15.8%. Gross originations were $56.8 million, offset by $19.7 million in repayments. Risk-rated 4% or higher loans remained stable at 10.8%, and non-accrual status decreased to 3.7% from 4.8%. The portfolio maintained strong real estate coverage of 1.2 times and a loan-to-enterprise value ratio of approximately 46%. Q: Can you provide details on the Coach Capital portfolio, including tenant diversity and geographic distribution? A: Peter Sack, Co-CEO, stated that more color will be provided in Q3 reporting, but confirmed the portfolio consists of a relatively diverse array of tenants, not a single tenant. He noted that Refi's natural industry presence meant they were already familiar with many tenants, which eased the underwriting process. The diligence process placed extreme emphasis on tenant credit quality. Q: What is the company's leverage position and liquidity as of June 30, 2026? A: David Kite, President and COO, reported total leverage of 47% of book equity, up from 38% in Q1. The company had $90.1 million outstanding on its senior secured revolving credit facility and $49.5 million on its unsecured term loan. As of the call date, approximately $15 million was available on the senior credit facility, representing available liquidity for new deployments. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

CHICAGO, Aug. 11, 2026 (GLOBE NEWSWIRE) -- Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI, “Chicago Atlantic”, "REFI" or the “Company”), a commercial mortgage real estate investment trust, today announced its financial results for the second quarter ended June 30, 2026. Peter Sack, Co-Chief Executive Officer, noted, “Chicago Atlantic operates in a niche market the broader lending industry generally doesn't serve. This often gives us the leverage to set our own terms, protect our downside, and generate yields that are increasingly hard to find anywhere else in the private credit sector. We are proud to announce $59.2 million of gross originations this quarter. However; earnings were negatively impacted by the timing of deployment as repayments occurred early in the period and deployments later in the period. Our portfolio continues to perform, and our outlook remains positive. We continue to make the strategic moves that we believe position the Company favorably as the cannabis ecosystem evolves, which includes our work toward completion of our previously announced merger with Chicago Atlantic BDC, Inc.” Quarterly Results of Operations Portfolio Activity The following table summarizes the Company's primary investment portfolio activities: 1 Principal advances include capitalized paid-in-kind ("PIK") interest and/or other fees, if any, that were capitalized to the outstanding loan balance of the subject loan(s). Recent Developments Koach Transaction. On July 9, 2026, the Company entered into a Loan Agreement with Koach Capital Fund I LLC, Koach Capital Fund II LP, Koach Capital Fund III LP and their respective wholly owned subsidiaries (collectively, “Koach”), pursuant to which the Company issued 4,306,754 shares of Common Stock at a price of $14.53 per share, in a private placement transaction, in exchange for second lien promissory notes issued by Koach in an aggregate principal amount of approximately $62.5 million (the “Koach Notes”). The shares issued represent approximately 16.8% of the Common Stock outstanding immediately after giving effect to the issuance. The Koach Notes are individually secured by mortgages on 32 retail and related properties leased to cannabis operators, are subordinate to senior first lien indebtedness of approximately $39 million as of the closing date, bear interest at an aggregate rate of 12.0% per annum (10.0% cash and 2.0% payable in kind), provide for an exit fee of 2.5x the commitment amount of each Note, and have an aggregate weighted average time to maturity of approximately 12.0 years. Additional information regarding the transaction is contained in the Company’s Current Report on Form 8-K filed with the SEC on July 13, 2026. Pending Merger with Chicago Atlantic BDC, Inc. On June 17, 2026, the Company entered into an Agreement and Plan of Merger with Chicago Atlantic BDC, Inc. (NASDAQ: LIEN); “LIEN”), an affiliated business development company that is externally managed by an affiliate of the Company’s manager, pursuant to which the Company will merge with and into LIEN, with LIEN continuing as the surviving company (the “Merger”). At closing, REFI stockholders will receive a number of shares of LIEN common stock determined based on the ratio of REFI’s net asset value (“NAV”) per share, as adjusted in accordance with the Merger Agreement, to LIEN’s NAV per share, similarly adjusted, in each case as determined shortly prior to closing. Based on the respective NAVs of REFI and LIEN as of March 31, 2026, and without giving effect to the Koach transaction described above or any other changes in the inputs to the exchange ratio occurring after March 31, 2026, former REFI stockholders would be expected to own approximately 50.5% of LIEN immediately following the Merger. The shares of Common Stock issued in the Koach transaction will be reflected in the inputs used to determine the exchange ratio at closing, and the actual pro forma ownership percentage will depend on the NAV ratio calculated shortly prior to closing and may differ from the March 31, 2026 estimate. Completion of the Merger is subject to the approval of stockholders of both REFI and LIEN, including approval by REFI stockholders of REFI’s election to be regulated as a business development company under the Investment Company Act of 1940 and approval of a new investment advisory agreement, as well as regulatory approvals, third-party consents and other customary closing conditions. Assuming these conditions are satisfied, the Merger is expected to close in the fourth quarter of 2026. There can be no assurance that the Merger will be completed on the anticipated terms or timing, or at all. Additional information regarding the Merger is set forth below under “Additional Information and Where to Find It.” Capital Activity As of June 30, 2026, the Company had approximately $141.1 million of total drawn leverage, comprised of $91.1 million drawn on the secured revolving credit facility and $50.0 million of outstanding senior unsecured notes due 2028. On July 9, 2026, the Company issued 4,306,754 shares of Common Stock to Koach in a private placement transaction in exchange for approximately $62.5 million of second lien promissory notes. See “Recent Developments — Koach Transaction” above. As of August 11, 2026, the Company has $15.7 million available on its secured revolving credit facility, and total liquidity, net of estimated liabilities, of approximately $16.0 million. 2026 Outlook Chicago Atlantic offered the following outlook for full year 2026: The Company expects to maintain a dividend payout ratio based on Distributable Earnings per weighted average diluted share of approximately 90% to 100% on a full year basis. If the Company’s taxable income requires additional distribution in excess of the regular quarterly dividend, in order to meet its 2026 taxable income distribution requirements, the Company expects to meet that requirement with a special dividend in the fourth quarter of 2026. The foregoing outlook assumes that the Company continues to operate on a standalone basis and does not reflect the effects of the pending Merger, including any restrictions on dividends or other actions during the pendency of the Merger under the terms of the Merger Agreement. The declaration of any dividend, including any special dividend, remains subject to authorization by the Board and to the terms of the Merger Agreement. Conference Call and Quarterly Earnings Supplemental Details Chicago Atlantic will host a conference call and live audio webcast, both open for the general public to hear, later today at 9:00 a.m. Eastern Time. The number to call for this interactive teleconference is (833) 630-1956 (international callers: 412-317-1837). The live audio webcast of the Company’s quarterly conference call will be available online in the Investor Relations section of the Company’s website at www.refi.reit. The online replay will be available approximately one hour after the end of the call and archived for one year. Chicago Atlantic posted its Second Quarter 2026 Earnings Supplemental on the Investor Relations page of its website. Chicago Atlantic routinely posts important information for investors on its website, www.refi.reit. The Company intends to use this website as a means of disclosing material information, for complying with our disclosure obligations under Regulation FD and to post and update investor presentations and similar materials on a regular basis. The Company encourages investors, analysts, the media and others interested in Chicago Atlantic to monitor the Investor Relations page of its website, in addition to following its press releases, SEC filings, publicly available earnings calls, presentations, webcasts and other information posted from time to time on the website. Please visit the IR Resources section of the website to sign up for email notifications. About Chicago Atlantic Real Estate Finance, Inc. Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) is a market-leading commercial mortgage REIT utilizing significant real estate, credit and cannabis expertise to originate senior secured loans primarily to state-licensed cannabis operators in limited-license states in the United States. REFI is part of the Chicago Atlantic platform, which has offices in Chicago, Miami, New York, and London. Forward-Looking Statements This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect the Company’s current views and projections with respect to, among other things, future events and financial performance, including statements regarding the proposed Merger with LIEN and its expected timing and effects, the expected pro forma ownership of former REFI stockholders in LIEN following the Merger, the Company’s July 2026 acquisition of second lien notes from Koach and the performance of such notes and their underlying collateral, the expected implementation and effects of federal rescheduling of medical cannabis, the Company’s dividend expectations, and the Company’s future operations and strategies. Words such as “believes,” “expects,” “will,” “intends,” “plans,” “guidance,” “estimates,” “projects,” “anticipates,” “future” and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to numerous risks and uncertainties, including, without limitation: (i) the risk that the proposed Merger may not be completed on the anticipated terms or timing, or at all; (ii) the failure to obtain the required stockholder approvals of REFI or LIEN, including approval of REFI’s election to be regulated as a business development company and approval of a new investment advisory agreement; (iii) the failure to satisfy other conditions to closing, including regulatory approvals and third-party consents; (iv) the effect of the announcement or pendency of the Merger on the Company’s business, operating results, and relationships with borrowers, employees and other counterparties; (v) risks that the Merger may divert management’s attention from the Company’s ongoing business; (vi) the outcome of any legal proceedings that may be instituted against REFI or LIEN related to the Merger; (vii) the amount of costs, fees and expenses related to the Merger; (viii) developments in the cannabis industry, including federal, state and local legal and regulatory changes and the implementation of federal rescheduling; (ix) changes in interest rates, credit spreads and macroeconomic conditions; (x) risks related to the Koach transaction, including credit and collateral risks associated with the Koach Notes, the subordination of the Koach Notes to senior first lien indebtedness, and the impact of the associated share issuance on the exchange ratio for the Merger; and (xi) the other risks identified in the Company’s filings with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2025 and subsequent Quarterly Reports on Form 10-Q, and in the registration statement on Form N-14 filed by LIEN with the SEC on July 31, 2026, including the joint proxy statement/prospectus contained therein. New risks and uncertainties arise over time, and it is not possible to predict those events or how they may affect us. We do not undertake any 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. No Offer or Solicitation This press release is not intended to and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended (the “Securities Act”), or in a transaction exempt from the registration requirements of the Securities Act. Additional Information and Where to Find It This communication includes information relating to the proposed merger (the “Merger”) of REFI with and into Chicago Atlantic BDC, Inc. (“LIEN”), along with related proposals for which stockholder approval will be sought, pursuant to the Agreement and Plan of Merger, dated as of June 17, 2026 (the “Merger Agreement”) by and between LIEN and REFI. The Merger Agreement was unanimously approved by the Boards of Directors of both LIEN and REFI, each acting on the unanimous recommendation of its special committee of independent directors (each, a “Special Committee”). In connection with the proposals, LIEN intends to file relevant materials with the SEC, including a registration statement on Form N-14 (filed July 31, 2026), which includes a joint proxy statement of LIEN and REFI and a prospectus of LIEN (the “Proxy Statement/Prospectus”). This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act. STOCKHOLDERS OF LIEN AND REFI ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS, AND OTHER DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT LIEN, REFI, THE MERGER AND THE PROPOSALS. Investors and security holders will be able to obtain the documents filed with the SEC free of charge at the SEC’s website, www.sec.gov, or from each company’s investor relations website at www.investors.chicagoatlanticbdc.com (LIEN) and www.investors.refi.reit (REFI), or by directing a request to [email protected] (LIEN) or [email protected] (REFI). Participants in the Solicitation LIEN, REFI and their respective directors and executive officers, Chicago Atlantic BDC Adviser, LLC, the external investment adviser to LIEN (the “LIEN Adviser”), and Chicago Atlantic REIT Manager, LLC, the external manager of REFI (the “Company Manager”), and their respective directors, officers, members, managers, partners, employees and affiliates, and other persons may be deemed to be participants in the solicitation of proxies from the stockholders of LIEN and REFI in connection with the Merger and the related proposals. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of the stockholders of LIEN and REFI in connection with the Merger and the related proposals, including a description of their direct or indirect interests, by security holdings or otherwise, will be included in the Proxy Statement/Prospectus and other relevant materials to be filed with the SEC when they become available. Additional information regarding the ownership of LIEN and REFI securities by their respective directors and executive officers is included in their SEC filings on Forms 3, 4 and 5, which can be found through the SEC’s website at www.sec.gov. Information about the directors and executive officers of LIEN set forth in LIEN’s proxy statement for its 2026 annual meeting of stockholders, filed with the SEC on April 30, 2026, and in LIEN’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on March 19, 2026. Information about the directors and executive officers of REFI set forth in REFI’s proxy statement for its 2026 annual meeting of stockholders, filed with the SEC on April 23, 2026, and in REFI’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on March 12, 2026. Each of these documents is available free of charge at the SEC’s website, www.sec.gov, or from LIEN’s or REFI’s investor relations website, as applicable. Contact: Tripp Sullivan, Lisa KampfSCR [email protected] Distributable Earnings In addition to using certain financial metrics prepared in accordance with GAAP to evaluate our performance, we also use Distributable Earnings to evaluate our performance. Distributable Earnings is a measure that is not prepared in accordance with GAAP. We define Distributable Earnings as, for a specified period, the net income (loss) computed in accordance with GAAP, excluding (i) non-cash equity compensation expense, (ii) depreciation and amortization, (iii) any unrealized gains, losses or other non-cash items recorded in net income (loss) for the period, regardless of whether such items are included in other comprehensive income or loss, or in net income (loss); provided that Distributable Earnings does not exclude, in the case of investments with a deferred interest feature (such as OID, debt instruments with PIK interest and zero coupon securities), accrued income that we have not yet received in cash, (iv) provision for current expected credit losses and (v) one-time events pursuant to changes in GAAP and certain non-cash charges, in each case after discussions between our Manager and our independent directors and after approval by a majority of such independent directors. We believe providing Distributable Earnings on a supplemental basis to our net income as determined in accordance with GAAP is helpful to stockholders in assessing the overall performance of our business. As a REIT, we are required to distribute at least 90% of our annual REIT taxable income and to pay tax at regular corporate rates to the extent that we annually distribute less than 100% of such taxable income. Given these requirements and our belief that dividends are generally one of the principal reasons that stockholders invest in our common stock, we generally intend to attempt to pay dividends to our stockholders in an amount equal to our net taxable income, if and to the extent authorized by our Board. Distributable Earnings is one of many factors considered by our Board in authorizing dividends and, while not a direct measure of net taxable income, over time, the measure can be considered a useful indicator of our dividends. In our Annual Report on Form 10-K for the year ended December 31, 2025, we defined Distributable Earnings so that, in addition to the exclusions noted above, the term also excluded from net income Incentive Compensation paid to our Manager. We believe that revising the term Distributable Earnings so that it is presented net of Incentive Compensation, while not a direct measure of net taxable income, over time, can be considered a more useful indicator of our ability to pay dividends. This adjustment to the calculation of Distributable Earnings has no impact on period-to-period comparisons. Distributable Earnings should not be considered as substitutes for GAAP net income. We caution readers that our methodology for calculating Distributable Earnings may differ from the methodologies employed by other REITs to calculate the same or similar supplemental performance measures, and as a result, our reported Distributable Earnings may not be comparable to similar measures presented by other REITs.

CPI Card Group Inc. (PMTS) came out with quarterly earnings of $0.56 per share, beating the Zacks Consensus Estimate of $0.45 per share. This compares to earnings of $0.04 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +24.44%. A quarter ago, it was expected that this company would post earnings of $0.24 per share when it actually produced earnings of $0.38, delivering a surprise of +58.33%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. CPI Card Group, which belongs to the Zacks Financial - Miscellaneous Services industry, posted revenues of $149.18 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 5.13%. This compares to year-ago revenues of $129.75 million. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. CPI Card Group shares have added about 54.8% since the beginning of the year versus the S&P 500's gain of 12.8%. While CPI Card Group has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for CPI Card Group was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.84 on $147.4 million in revenues for the coming quarter and $2.85 on $598.5 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Miscellaneous Services is currently in the bottom 37% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Chicago Atlantic Real Estate Finance, Inc. (REFI), another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 11. This company is expected to post quarterly earnings of $0.48 per share in its upcoming report, which represents a year-over-year change of -5.9%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Chicago Atlantic Real Estate Finance, Inc.'s revenues are expected to be $13.84 million, down 4.1% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report CPI Card Group Inc. (PMTS) : Free Stock Analysis Report Chicago Atlantic Real Estate Finance, Inc. (REFI) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research