Revenue: As of FY2026 Q2, the actual value is USD 15.22 M.

EPS: As of FY2026 Q2, the actual value is USD 0.34, missing the estimate of USD 0.452.

EBIT: As of FY2026 Q2, the actual value is USD 9.858 M.

Chicago Atlantic Real Estate Finance, Inc. announced its financial results for the second quarter ended June 30, 2026, but specific financial metrics such as net income, gross margin, operating profit, operating margin, operating costs, operating cash flow, free cash flow, or other unique financial indicators were not detailed within the provided reference text for this announcement.

Operational Metrics

As of June 30, 2026, Chicago Atlantic Real Estate Finance, Inc. reported a near-term pipeline under evaluation of approximately $649 million, with over $4.0 billion in loans closed since platform inception and more than 130 cannabis loans closed across the platform. The outstanding loan principal was $453.1 million. The company achieved a gross portfolio yield of 15.8% and maintained 1.2x real estate collateral coverage in its current portfolio.

The portfolio’s principal outstanding was diversified, with the top 5 loans accounting for 46.3%, the next 5 loans for 24.3%, and the remaining loans for 29.4%, making the top 10 loans collectively 67.5% of the principal outstanding. The weighted average fixed rate for the portfolio was 11.98%. The current Prime Rate was 6.75%, and the SOFR Rate was 3.68%. The weighted average interest rate SOFR floor was 3.82%, and the PRIME floor was 7.15%.

Regarding real estate collateral, 54.8% of loans had industrial collateral, 21.9% had retail collateral, 20.9% had retail/industrial collateral, and 2.4% had no real estate collateral. The portfolio’s weighted average loan to enterprise value ratio was 46.0% for Q2 2026, and the weighted average real estate coverage ratio was 1.2x for Q2 2026.

For the three months ended June 30, 2026, total interest income was $19,659,680, an increase from $18,970,911 for the three months ended March 31, 2026. Total expenses were $12,965,992, resulting in net investment income of $6,693,688 for the three months ended June 30, 2026. The net increase in net assets resulting from operations was $6,146,801 for the three months ended June 30, 2026.

Distributable Earnings

Distributable Earnings for the three months ended June 30, 2026, were $10,871,563. This was calculated from a GAAP net income of $6,146,801, adjusted by adding back non-cash equity compensation expense of $992,020, provision for current expected credit losses of $1,800,000, and unrealized losses of $1,932,742.

Outlook / Guidance

Chicago Atlantic Real Estate Finance, Inc. anticipates that federal policy updates, such as the reclassification of medical-use cannabis to Schedule III and the ban on unregulated cannabis, will improve revenue visibility and margin durability for licensed operators. These changes are expected to strengthen operator cash flow and balance sheets, potentially leading to increased transactional activity at higher valuation multiples and a strengthened credit profile across the regulated market. The company does not expect significant new lending competition, allowing private lenders to maintain premium pricing and strong collateral protections.