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Cannabis-focused commercial real estate finance company Chicago Atlantic Real Estate Finance, Inc. (NASDAQ:REFI) announced its third-quarter earnings results on Wednesday for the three months ended September 30, 2023.
See also: Chicago Atlantic Q2 FY23 Net Income Grows 15.8% YoY, Here Are The Details
“The sequential gross originations growth of $35 million and the ability to improve our weighted average yield to maturity to 19.3% this quarter demonstrate our success in continuing to capture a greater share of new loan demand in the cannabis industry,” CEO Tony Cappell said. “Credit quality remains paramount with real estate collateral coverage of 1.5x. While we remain under-levered at 23% and with $25 million of liquidity, we are re-initiating discussions to expand our credit facility to provide even more capacity to fund new opportunities from our active investment pipeline.”
John Mazarakis, the company’s executive chairman shed light on what’s next for the company.
“With the substantial improvement in the equities of the cannabis operators of late and a more positive indication of future regulatory relief, the creditworthiness of our borrowers has improved in the past quarter,” Mazarakis said. “This credit improvement and more positive outlook align well with our expectation of greater demand for capital from some of the larger operators over the next 12 to 18 months.”
Chicago Atlantic’s shares traded 1.06% higher at $15.24 per share during the pre-market session on Wednesday morning.
Now read: Chicago Atlantic Q1 FY23 Net Income Grows 46.3% Sequentially, Here Are The Details
Photo: Courtesy of micheile henderson on Unsplash
Posted In: REFI