ADDED
As of March 6, 2026, there were 21,080,272 shares of the Registrant s common stock outstanding.
Form 10-K Summary 95 Signatures 95 i FORWARD -LOOKING STATEMENTS This report contains information that may constitute forward-looking statements.
B USINESS Organization Chicago Atlantic Real Estate Finance, Inc., and its wholly owned consolidated financing subsidiary, Chicago Atlantic Lincoln, LLC ( CAL ) (collectively the Company , we , "us" or our ), is a commercial mortgage real estate investment trust ( REIT ) incorporated in the state of Maryland on March 30, 2021.
The Company has elected to be taxed as a REIT for United States federal income tax purposes under the Internal Revenue Code of 1986, as amended (the Code ), commencing with its taxable year ended December 31, 2021.
The Company believes that it has qualified as a REIT and that its method of operation will enable it to continue to qualify as a REIT.
The Company generally will not be subject to United States federal income taxes on its REIT taxable income if it annually distributes to stockholders at least 90% of its REIT taxable income prior to the deduction for dividends paid and complies with various other requirements as a REIT.
The Company commenced operations on March 30, 2021 and completed its initial public offering ("IPO") in December 2021.
The Company is externally managed by Chicago Atlantic REIT Manager, LLC (the Manager ), a Delaware limited liability company, pursuant to the terms of the management agreement dated May 1, 2021, as amended in October 2021, by and among the Company and the Manager (the "Management Agreement").
All of the Company s investment decisions are made by the investment committee of the Manager (the "Manager's Investment Committee"), subject to oversight by the Company s board of directors (the Board ).
Our loans to portfolio companies operating in the cannabis industry may include companies that we determine, based on our due diligence, are licensed in and in compliance with, state-regulated cannabis programs, regardless of their status under U.S.
REMOVED
As of March 7, 2025, there were 20,893,785 shares of the Registrant s common stock outstanding.
Form 10-K Summary 86 Signatures 87 i FORWARD -LOOKING STATEMENTS This report contains information that may constitute forward-looking statements.
B USINESS Overview We are a commercial mortgage real estate investment trust ("REIT").
We commenced operations on March 30, 2021 and completed our initial public offering ( IPO ) in December 2021.
We are externally managed by Chicago Atlantic REIT Manager, LLC (our Manager ).
Our Manager and its affiliates seek to originate real estate loans between $5 million and $200 million, generally with one- to five-year terms and amortization when terms exceed three years.
Our loans are generally secured by real estate and, when lending to owner-operators in the cannabis industry, also other collateral, such as equipment, receivables, intellectual property, licenses or other assets of the borrowers to the extent permitted by applicable laws and regulations governing such borrowers.
As of December 31, 2024, our portfolio is comprised primarily of first mortgage loans to established multi-state or single-state cannabis operators or property owners.
We consider cannabis operators to be established if they are state-licensed and are deemed to be operational and in good standing by the applicable state regulator.
We do not own any warrants or other forms of equity in any of our portfolio companies that are involved in the cannabis industry, and we will not take warrants or equity in such issuers until permitted by applicable laws and regulations, including U.S.