Chicago Atlantic Real Estate Finance Inc
For the period ended Dec 31, 2024. Filed Mar 12, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Mar 12, 2025
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
Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| For the yearended December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Operating activities | ||
| Net income | $37,045,403 | $38,710,248 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Accretion of deferred loan origination fees and other discounts | (1,697,139) | (2,983,441) |
| Paid-in-kind interest | (9,147,837) | (9,458,215) |
| (Benefit) provision for current expected credit losses | (583,298) | 940,385 |
| Change in unrealized loss (gain) on investments | 240,604 | (75,604) |
| Realized gain on debt securities, at fair value | (72,428) | (104,789) |
| Amortization of debt issuance costs | 256,998 | 550,906 |
| Stock based compensation | 3,058,674 | 1,479,736 |
| Changes in operating assets and liabilities: | ||
| Interest receivable | (449,683) | 200,272 |
| Other receivables and assets, net | 185,256 | (51,375) |
| Interest reserve | (3,971,608) | (793,304) |
| Related party payables | (8,128) | 654,016 |
| Related party receivables | (3,263,114) | (107,225) |
| Purchase of debt securities, at fair value | - | (3,167,020) |
| Proceeds from the redemption of debt securities, at fair value | 839,093 | 2,505,144 |
| Management and incentive fees payable | (380,617) | (51,825) |
| Accounts payable and accrued expenses | 1,107,200 | 168,550 |
| Net cash provided by operating activities | 23,159,376 | 28,416,459 |
| Cash flows from investing activities | ||
| Issuance of and fundings of loans held for investment | (155,257,974) | (92,201,176) |
| Principal repayment of loans held for investment | 102,461,111 | 76,876,048 |
| Issuance of and fundings of loans at fair value | (5,500,000) | - |
| Proceeds from sale of loans | 19,000,000 | 13,399,712 |
| Net cash used in investing activities | (39,296,863) | (1,925,416) |
| Cash flows from financing activities | ||
| Proceeds from sale of common stock | 39,591,879 | 7,222,363 |
| Proceeds from notes payable | 50,000,000 | - |
| Proceeds from borrowings on revolving loan | 159,000,000 | 82,000,000 |
| Repayment of borrowings on revolving loan | (170,000,000) | (74,000,000) |
| Dividends paid to common shareholders | (41,632,363) | (39,134,340) |
| Payment of debt issuance costs | (1,099,231) | (112,279) |
| Payment of offering costs | (1,220,390) | (284,574) |
| Net cash provided by/(used in) financing activities | 34,639,895 | (24,308,830) |
| Net increase in cash and cash equivalents | 18,502,408 | 2,182,213 |
| Cash and cash equivalents, beginning of period | 7,898,040 | 5,715,827 |
| Cash and cash equivalents, end of period | $26,400,448 | $7,898,040 |
| Supplemental disclosure of non-cash financing and investing activities | ||
| Interest reserve withheld from funding of loans | 4,194,597 | $2,238,348 |
| OID withheld from funding of loans held for investment | 1,836,952 | 1,332,340 |
| OID withheld from funding of debt securities, at fair value | - | 470,590 |
| Dividends declared and not yet paid | 13,605,153 | 13,866,656 |
| Transfer of loans held for investment to loans held for sale | 19,000,000 | 13,399,712 |
| Non-cash exchange of loans with related party (Note 9) | 5,960,888 | - |
| Supplemental information: | ||
| Interest paid during the period | 6,205,623 | 5,031,492 |
CHICAGO ATLANTIC Real Estate finance, Inc.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.