Chicago Atlantic Real Estate Finance Inc
For the period ended Mar 31, 2024. Filed May 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 7, 2024
REFI$9.26+4.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Cash Flows
| For the three monthsended March 31, | |||
|---|---|---|---|
| 2024 · 2023 | |||
| Operating activities | |||
| Net income | $8,730,003 | $10,692,349 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Accretion of deferred loan origination fees and other discounts | (477,756) | (908,873) | |
| Paid-in-kind interest | (3,008,593) | (2,256,228) | |
| Provision for current expected credit losses | 380,279 | 96,119 | |
| Change in unrealized gain on debt securities, at fair value | 75,604 | - | |
| Realized gain on debt securities, at fair value | (72,428) | - | |
| Amortization of debt issuance costs | 90,915 | 167,304 | |
| Stock based compensation | 531,293 | 138,335 | |
| Changes in operating assets and liabilities: | |||
| Interest receivable | 77,288 | (2,955,336) | |
| Other receivables and assets, net | (97,151) | (19,507) | |
| Interest reserve | 1,444,982 | (1,648,129) | |
| Related party payables | (296,790) | (127,389) | |
| Related party receivables | (85,129) | (237,885) | |
| Proceeds from the redemption of debt securities, at fair value | 839,094 | - | |
| Management and incentive fees payable | (1,424,347) | (1,157,595) | |
| Accounts payable and accrued expenses | 210,608 | (81,098) | |
| Net cash provided by operating activities | 6,917,872 | 1,702,067 | |
| Cash flows from investing activities | |||
| Issuance of and fundings of loans held for investment | (22,380,807) | (32,941,660) | |
| Proceeds from sales of loans held for investment | - | 13,399,712 | |
| Principal repayment of loans held for investment | 3,663,452 | 44,858,834 | |
| Net cash (used in)/provided by investing activities | (18,717,355) | 25,316,886 | |
| Cash flows from financing activities | |||
| Proceeds from sale of common stock | 9,811,862 | 6,000,010 | |
| Proceeds from borrowings on revolving loan | 28,000,000 | 28,500,000 | |
| Repayment of borrowings on revolving loan | (12,750,000) | (49,000,000) | |
| Dividends paid to common shareholders | (13,866,656) | (13,486,186) | |
| Payment of debt issuance costs | (49,738) | (2,988) | |
| Payment of offering costs | (339,912) | (104,711) | |
| Net cash provided by/(used in) financing activities | 10,805,556 | (28,093,875) | |
| Net decrease in cash and cash equivalents | (993,927) | (1,074,922) | |
| Cash and cash equivalents, beginning of period | 7,898,040 | 5,715,827 | |
| Cash and cash equivalents, end of period | $6,904,113 | $4,640,905 | |
| Supplemental disclosure of non-cash financing and investing activities | |||
| Interest reserve withheld from funding of loans | $2,032,688 | $ | - |
| OID withheld from funding of loans held for investment | 105,081 | 1,118,340 | |
| Subscription receivable from sale of common stock | 4,472,690 | - | |
| Dividends declared and not yet paid | 9,007,244 | 8,667,701 | |
| Transfer of loan held for investment to loan held for sale | - | 13,399,712 | |
| Supplemental information: | |||
| Interest paid during the period | $1,786,333 | $1,363,742 | |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.