Chicago Atlantic Real Estate Finance Inc 2026年季度报告

FORM 10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2026 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934Commission File Number: 001-41123 CHICAGO ATLANTIC REAL ESTATE FINANCE, INC. (Exact name of Registrant as specified in its charter) Securities registered pursuant to Section 12(b) of the Act: Name of each exchange on whichregistered Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file suchreports), and (2) has been subject to such filing requirements for the past 90 days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period thatthe registrant was required to submit such files). Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the SecuritiesExchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes☒No☐ Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. CHICAGO ATLANTIC REAL ESTATE FINANCE, INC. TABLE OF CONTENTS INDEX Part I.Financial Information1Item 1.Financial Statements (unaudited)1Consolidated Balance Sheets1Consolidated Statements of Income2Consolidated Statements of Equity3Consolidated Statements of Cash Flows4Notes to Consolidated Financial Statements (unaudited)5Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations24Item 3.Quantitative and Qualitative Disclosures About Market Risk40Item 4.Controls and Procedures44Part II.Other Information46Item 1.Legal Proceedings46Item 1A.Risk Factors46Item 2.Unregistered Sales of Equity Securities and Use of Proceeds46Item 3.Defaults Upon Senior Securities46Item 4.Mine Safety Disclosures46Item 5.Other Information46Item 6.Exhibits46 PART I - FINANCIAL INFORMATION CHICAGO ATLANTIC REAL ESTATE FINANCE, INC.CONSOLIDATED BALANCE SHEETS The accompanying notes are an integral part of these consolidated financial statements. CHICAGO ATLANTIC REAL ESTATE FINANCE, INC.CONSOLIDATED STATEMENTS OF INCOME(UNAUDITED) CHICAGO ATLANTIC REAL ESTATE FINANCE, INC.CONSOLIDATED STATEMENTS OF EQUITY(UNAUDITED) THREE MONTHS ENDED MARCH 31, 2026 The accompanying notes are an integral part of these consolidated financial statements. CHICAGO ATLANTIC REAL ESTATE FINANCE, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(UNAUDITED) CHICAGO ATLANTIC REAL ESTATE FINANCE, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(UNAUDITED) 1. ORGANIZATION AND DESCRIPTION OF BUSINESS Chicago Atlantic Real Estate Finance, Inc., and its wholly owned consolidated subsidiary, Chicago Atlantic Lincoln, LLC (“CAL”)(collectively the “Company”, “we”, or “our”), is a commercial real estate finance company that incorporated in the state ofMaryland on March 30, 2021 and completed its initial public offering (the "IPO") in December 2021. The Company operates as one operating segment and its primary investment objective is to provide attractive, risk-adjusted returnsfor stockholders over time, primarily through consistent current income (dividends and distributions) and secondarily, throughcapital appreciation. The Company intends to achieve this objective by originating, structuring and investing in first mortgage loansand alternative structured financings secured by commercial real estate properties. The Company’s loan portfolio is primarilycomprised of senior loans to state-licensed operators in the cannabis industry, secured by real estate, equipment, receivables,licenses and/or other assets of the borrowers to the extent permitted by applicable laws and regulations governing such borrowers.The Company may also lend to and invest in companies or properties that are not related to the cannabis industry if the