Mergers & Acquisitions ·
Chicago Atlantic Real Estate Finance reported second quarter 2026 net income of $7.5 million ($0.34 per diluted…
REFIChicago Atlantic Real Estate Finance, Inc.
Chicago Atlantic Real Estate Finance reported second quarter 2026 net income of $7.5 million ($0.34 per diluted share), down from $8.9 million in the prior year period, due to deployment timing impacts despite $59.2 million in gross originations. Distributable earnings were $9.3 million ($0.43 per diluted share). The company holds a $453.1 million loan portfolio with 26 portfolio companies and a book value of $14.15 per share. On July 9, 2026, REFI issued approximately 4.3 million shares in a private placement to Koach Capital in exchange for $62.5 million in second lien promissory notes secured by cannabis-related real estate. The filing reiterates the pending merger with Chicago Atlantic BDC, Inc., expected to close in Q4 2026, where REFI stockholders would own approximately 50.5% of the surviving entity based on March 31 NAVs. The company operates as a commercial mortgage REIT lending primarily to state-licensed cannabis operators.