February 1, 2023

Cannabis Industry Lender, Chicago Atlantic Real Estate Finance, Declares Quarterly Dividend

Cannabis-focused commercial real estate finance company Chicago Atlantic Real Estate Finance, Inc. (NASDAQ:REFI) announced Friday that its board of directors declared a quarterly dividend for the quarter ending December 31, 2021, of $0.26 per outstanding share of common stock. The dividends are payable on January 14, 2022, to the common stockholders of record on December 31, 2021.

After paying the quarterly dividend, the board of directors believes the company will have distributed 100% of distributable earnings for the year ending December 31, 2021.

Chicago Atlantic recently announced that its wholly-owned financing subsidiary, Chicago Atlantic Lincoln, LLC, entered into an amended and restated loan and security agreement by and among Chicago Atlantic Lincoln and two FDIC-insured financial institutions related to a secured revolving credit facility. The revolving loan has an aggregate commitment of $45.0 million and a maturity date of December 16, 2023, with a one-year extension option, subject to customary conditions.

It bears interest at a floating rate, based upon Chicago Atlantic Lincoln’s leverage ratio, ranging from 0% to 1.25% over the Prime Rate, subject to a 3.25% Prime Rate floor.

More recent news from Chicago Atlantic Real Estate Finance:

Marijuana Industry Lender Chicago Atlantic Debuts On NASDAQ Via $100M IPO

Price Action

Chicago Atlantic’s shares were trading 2.91% higher at $16.98 per share at the time of writing Monday morning.

Photo: Courtesy of CRYSTALWEED cannabis on Unsplash

Source link