Chicago Atlantic Real Estate Finance Inc
For the period ended Dec 31, 2023. Filed Mar 12, 2024.
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FY2023 · Filed Mar 12, 2024
REFI$9.26+4.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| For the yearended December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Operating activities | ||
| Net income | $38,710,248 | $32,292,477 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Accretion of deferred loan origination fees and other discounts | (2,983,441) | (2,874,706) |
| Paid-in-kind interest | (9,458,215) | (6,920,388) |
| Provision for current expected credit losses | 940,385 | 3,887,405 |
| Change in unrealized gain/loss on debt securities, at fair value | (75,604) | - |
| Realized gain on debt securities | (104,789) | - |
| Amortization of debt issuance costs | 550,906 | 563,464 |
| Stock based compensation | 1,479,736 | 435,623 |
| Changes in operating assets and liabilities: | ||
| Interest receivable | 200,272 | (1,006,677) |
| Other receivables and assets, net | (51,375) | (106,074) |
| Interest reserve | (793,304) | (13,818,194) |
| Related party payables | 654,016 | 1,294,686 |
| Related party receivables | (107,225) | - |
| Purchase of debt securities, at fair value | (3,167,020) | - |
| Proceeds from the redemption of debt securities, at fair value | 2,505,144 | - |
| Management and incentive fees payable | (51,825) | 2,493,306 |
| Accounts payable and accrued expenses | 168,550 | 764,233 |
| Net cash provided by operating activities | 28,416,459 | 17,005,155 |
| Cash flows from investing activities | ||
| Issuance of and fundings of loans held for investment | (92,201,176) | (149,669,551) |
| Proceeds from sales of loans held for investment | 13,399,712 | 6,696,777 |
| Principal repayment of loans held for investment | 76,876,048 | 17,728,730 |
| Net cash used in investing activities | (1,925,416) | (125,244,044) |
| Cash flows from financing activities | ||
| Proceeds from sale of common stock | 7,222,363 | 4,505,664 |
| Proceeds from borrowings on revolving loan | 82,000,000 | 58,000,000 |
| Repayment of borrowings on revolving loan | (74,000,000) | - |
| Dividends paid to common shareholders | (39,134,340) | (28,173,934) |
| Payment of debt issuance costs | (112,279) | (501,040) |
| Payment of offering costs | (284,574) | (124,500) |
| Net cash (used in)/provided by financing activities | (24,308,830) | 33,706,190 |
| Net increase (decrease) in cash and cash equivalents | 2,182,213 | (74,532,699) |
| Cash and cash equivalents, beginning of period | 5,715,827 | 80,248,526 |
| Cash and cash equivalents, end of period | $7,898,040 | $5,715,827 |
| Supplemental disclosure of non-cash financing and investing activities | ||
| Interest reserve withheld from funding of loan | $2,238,348 | $9,049,834 |
| OID withheld from funding of loans held for investment | 1,332,340 | 3,243,735 |
| OID withheld from funding of debt securities, at fair value | 470,590 | - |
| Dividends declared and not yet paid | 13,866,656 | 13,592,997 |
| Transfer of loan held for investment to loan held for sale | 13,399,712 | - |
| Supplemental information: | ||
| Interest paid during the period | $5,031,492 | $1,660,993 |
CHICAGO ATLANTIC Real Estate finance, Inc.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2023
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