Yahoo Finance Chicago Atlantic Real Estate Finance, Inc. (NASDAQ:REFI) Q4 2023 Earnings Call Transcript
Chicago Atlantic Real Estate Finance, Inc. (NASDAQ:REFI) Q4 2023 Earnings Call Transcript March 12, 2024
Chicago Atlantic Real Estate Finance, Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Good day, thank you for standing by. Welcome to the Chicago Atlantic Real Estate Finance conference call. [Operator Instructions]. Please note that today's conference is being recorded. I will now hand the conference over to your speaker, host, Tripp Sullivan. Please go ahead.
Tripp Sullivan: Good morning. Welcome to the Chicago Atlantic Real Estate finance conference call to review the company's results for the fourth quarter of 2023. On the call today would be John Mazarakis, Executive Chairman; Tony Cappell, Co-Chief Executive Officer; Peter Sack, Co-Chief Executive Officer; and Phil Silverman, Chief Financial Officer. Our results were released this morning in our earnings press release. This can be found on the Investor Relations section of our website, along with out supplemental filed with the SEC. A live audio webcast of this call is being made available today. For those who listen to the replay of this webcast, we remind you that the remarks made herein are as of today, March 12, 2024, and will not be updated subsequent to this call.
During this call, certain comments and statements we make may be deemed forward-looking statements within the meaning prescribed by the securities laws, including statements related to the future performance of our portfolio, our pipeline of potential loans and other investments, future dividends, and financing activities. All forward-looking statements represent Chicago Atlantic's judgment as of the date of this conference call and are subject to risks and uncertainties that can cause actual results to differ materially from our current expectations. Investors are urged to carefully review various disclosures made by the company, including the risk and other information disclosed in the company's filings with the SEC. We also will discuss certain non-GAAP measures, including, but not limited to, distributable earnings and adjusted distributable earnings.
Definitions of these non-GAAP measures and reconciliations to the most comparable GAAP measures are included in our filings with the SEC. I'll now turn the call over to John Mazarakis. Please go ahead.
John Mazarakis: Thanks, Tripp. Good morning, everyone. To allow time for more robust discussions in the Q&A, we plan on keeping our prepared comments shorter than usual today. This was a good quarter for us that wrapped up an exceptional year. We grew our portfolio in a measured fashion while improving credit quality, increasing our weighted average portfolio yield and delivering a sector-leading total return of approximately 22.3%, all while keeping leverage well below sector averages. We're incrementally positive with our outlook on the industry and our operators, they benefit from the improving sentiment and strong demand. I think we're all aware of what's going on at the federal level with HHS's recommendation on cannabis rescheduling.
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