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Cannabis REIT Chicago Atlantic Nets $9.2M In Strong Q2, Citing Regulatory Tailwinds

Benzinga ·  Aug 8 00:58

Chicago Atlantic Real Estate Finance Inc.(NASDAQ:REFI), a cannabis-focused commercial real estate finance company, announced Wednesday its financial results for the second quarter ending June 30, 2024.

Q2 2024 Financial Highlights

  • Net interest income held steady at approximately $13.2 million, mirroring the first quarter of 2024. Interest expenses fell by about $0.3 million due to reduced average borrowings during the quarter.
  • Total expenses rose to roughly $4.3 million before accounting for expected credit losses, up 3.6% sequentially, mainly due to increased stock-based compensation from new restricted stock awards in April 2024.
  • Net income reached about $9.2 million, or $0.46 per weighted average diluted share, marking a 2.1% decrease per share...
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