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.

On July 9, 2026, Chicago Atlantic Real Estate Finance, Inc. entered into a loan agreement with Koach Capital Fund I LLC and affiliated entities. The company issued 4,306,754 shares of common stock at $14.53 per share in a private placement to acquire second lien promissory notes totaling approximately $62.5 million. The issued shares represent roughly 16.8% of the company's outstanding common stock. The notes carry a 12.0% annual interest rate, consisting of 10.0% cash and 2.0% payment-in-kind, with a weighted average maturity of 12 years and a 2.5x exit fee. This transaction is permitted under a previously announced merger agreement with Chicago Atlantic BDC, Inc. Chicago Atlantic Real Estate Finance, Inc. is a real estate finance company.

Chicago Atlantic Real Estate Finance, Inc. entered into a Merger Agreement on June 17, 2026, to merge with and into Chicago Atlantic BDC, Inc., with the latter surviving. The transaction involves the Company converting from a REIT to a business development company (BDC) and will be executed via an exchange ratio based on the net asset value per share of both entities. Chicago Atlantic Real Estate Finance, Inc. is a real estate investment trust that provides financing for real estate assets.