Q3 2024 Chicago Atlantic Real Estate Finance Inc Earnings Call

November 7, 2024

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After todays presentation, there will be an opportunity to ask questions to ask a question you May Press Star then one on your telephone keypad to withdraw your question. Please press Star then two please note. This event is being recorded I would now like to turn the conference over to Tripp Sullivan Investor Relations. Please go ahead.

Speaker Change: Please note. This event is being recorded I would now like to turn the conference over to Tripp Sullivan Investor Relations. Please go ahead.

Tripp Sullivan: Thank you good morning, welcome to the Chicago, Atlanta Real estate Finance Conference call to review the Companys result on the call today will be Peter Sac Co Chief Executive Officer, David <unk>, Chief operating officer until Silverman, Chief Financial Officer.

Thank you good morning, welcome to the Chicago, Atlanta Real estate Finance Conference call to review the Companys result.

Tripp Sullivan: On the call today will be Peter Sac Co Chief Executive Officer, David <unk>, Chief operating officer until Silverman, Chief Financial Officer.

Our results were released this morning in our earnings press release, which can be found in the Investor Relations section of our website along with our supplemental filed with the SEC.

Tripp Sullivan: Our results were released this morning in our earnings press release, which can be found in the Investor Relations section of our website along with our supplemental filed with the SEC.

Speaker Change: 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 and will not be updated subsequent to this call.

Speaker Change: 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 and will not be updated subsequent to this call.

Good day and welcome to the Chicago Atlantic Real estate Finance third quarter 2024 earnings call.

Speaker Change: 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.

Speaker Change: All participants will be in listen only mode should you need assistance. Please signal a conference specialist by pressing to Starkey followed by zero.

Speaker Change: After todays presentation, there will be an opportunity to ask questions to ask a question you May Press Star then one on your telephone keypad to withdraw your question. Please press Star then two.

Speaker Change: All forward looking statements represent Scug Atlantic judgment as of the date of this conference call and are subject to risk and uncertainties that could cause actual results to differ materially from our current expectations.

Speaker Change: All forward looking statements represent Chicago Atlantic judgment as of the date of this conference call and are subject to risk and uncertainties that could cause actual results to differ materially from our current expectations.

Speaker Change: Please note. This event is being recorded I would now like to turn the conference over to Tripp Sullivan Investor Relations. Please go ahead.

Tripp Sullivan: Thank you good morning, welcome to the Chicago, Atlanta Real estate Finance Conference call to review the company's results on the call today will be Peter Sac Co Chief Executive Officer, David Kite, Chief operating officer, and filled Silverman Chief Financial Officer.

Speaker Change: 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.

Speaker Change: We also will discuss certain non-GAAP measures, including but not limited to distributable earnings and adjusted distributable earnings.

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 Peter <unk>. Please go ahead.

Speaker Change: Our results were released this morning in our earnings press release, which can be found in the Investor Relations section of our website along with our supplemental filed with the SEC.

Speaker Change: Definitions of these non-GAAP measures and reconciliations to the most comparable GAAP measures are included in our filings with the SEC.

Speaker Change: I'll now turn the call over to Peter Sac. Please go ahead.

Speaker Change: A live audio webcast of this call is being made available today.

Peter Sac: Thanks Chip.

Thanks Chip good morning, everyone.

Those who listen to the replay of this webcast. We remind you that the remarks made herein are as of today and will not be updated subsequent to this call.

Peter Sac: Morning, everyone.

Peter Sac: These are fascinating times to operate the business and invest candidates is uniquely immersed in this country's debates on health and wellness criminal justice individual choice and cultural identity.

Speaker Change: During this call certain comments and statements we make maybe deemed forward looking statements within the meaning prescribed by the securities laws, including statements related to the future performance of our portfolio.

Speaker Change: This week a majority of voters in Florida supported legalization of adult use cannabis, but they fell short of the 60% threshold needed for the measure to pass.

Peter Sac: This week a majority of voters in Florida supported legalization of adult use cannabis, but they fell short of the 60% threshold needed for the measure to pass.

Speaker Change: Pipeline of potential loans, and other investments future dividends and financing activities all.

Speaker Change: Nebraska voters overwhelmingly approved a medical cannabis program and in the Dakotas voters rejected initiatives that would have legalized adult use cannabis.

Peter Sac: Nebraska voters overwhelmingly approved a medical cannabis program and in the Dakotas voters rejected initiatives that would have legalized adult use cannabis.

Speaker Change: On this news yesterday, the ETF M S O S, which tracks U S cannabis equities fell by more than 25%.

Peter Sac: On this news yesterday, the ETF M S O S, which tracks U S cannabis equities.

Peter Sac: Well by more than 25%.

Speaker Change: Best user urged to carefully review various disclosures made by the company, including the risks and other information disclosed in the company's filings with the SEC.

Speaker Change: Our Chicago Atlanta Real estate finance it is business as usual and we are as enthusiastic as ever.

From inception, we aimed to build and invest in platform focused on serving the strongest operators in the most attractive markets with fundamental underwriting underwriting differentiated returns and downside protection and an industry known for volatility.

Speaker Change: From inception, we aimed to build and invest in platform focused on serving the strongest operators in the most attractive markets with fundamental underwriting underwriting differentiated returns and downside protection and an industry known for volatility.

Speaker Change: We also will discuss certain non-GAAP measures, including but not limited to distributable earnings and adjusted distributable earnings.

Speaker Change: Definitions of these non-GAAP measures and reconciliations to the most comparable GAAP measures are included in our filings with the SEC and now I'll turn the call over to Peter Sir. Please go ahead.

Speaker Change: We execute through a platform that includes the industry's most expansive origination real estate diligence analytics and operational teams.

Speaker Change: We underwrite to leverage levels, well below the traditional private credit in commercial mortgage markets and returns well above the traditional mortgage REIT market.

Peter Sir: Thanks Chip.

Peter Sir: Morning, everyone.

Speaker Change: These are fascinating times to operate a business in the best candidates is uniquely immersed in this country's debates on health and wellness criminal justice individual choice and cultural identity.

Speaker Change: We can do so because of our unique competitive position and our market focus.

Speaker Change: The election results changed little for refi.

The election results changed little for refi.

Speaker Change: This week a majority of voters in Florida supported legalization of adult use cannabis, but they fell short at the 60% threshold needed for the measure to pass.

Speaker Change: Florida represents 7% of our portfolio and as always we underwrote, our Florida investments, assuming the continuance of the existing medical market.

Speaker Change: Nebraska voters overwhelmingly approved a medical cannabis program and in the Dakotas voters rejected initiatives that would have legalized adult use cannabis.

Speaker Change: We do not invest based upon the expectation of speculative political or regulatory events and that principle is fundamental to our focus on comfortable debt service coverage collateral quality and deep understanding of our limited licensed markets.

Speaker Change: On this news yesterday E T. S. M S O S, which tracks U S. Canada's equities fell by more than 25%.

Speaker Change: So the passage of amendment three in Florida would have opened up additional opportunities for investment.

Speaker Change: Our Chicago Atlanta Real estate finance it is business as usual and we are as enthusiastic as ever.

Speaker Change: So the passage of amendment three in Florida would have opened up additional opportunities for investment.

Speaker Change: We do believe that federal rescheduling will likely occur in 2025 as president elect Trump has endorsed the effort.

Speaker Change: From inception, we aim to build and invest in platform focused on serving the strongest operators in the most attractive markets with fundamental underwriting underwriting differentiated returns and downside protection and an industry known for volatility.

Speaker Change: And can see bubbly and aligned Republican Senate and house could facilitate bipartisan progress on other initiatives such as safe banking.

Speaker Change: And conceivably and aligned Republican Senate and house could facilitate bipartisan progress on other initiatives such as safe banking.

Speaker Change: We execute through a platform that includes the industry's most expansive origination real estate diligence analytics and operational teams.

Speaker Change: The translation of campaign promises to congressional and executive action.

Speaker Change: As an arena in which we can speculate but is not a basis on which we invest.

Speaker Change: We underwrite to leverage levels, well below the traditional private credit in commercial mortgage markets and returns well above the traditional mortgage REIT market.

Speaker Change: Chicago, Atlanta Real estate finance will continue to focus on generating differentiated risk adjusted returns by its focus on discipline expertise and the unique competitive position.

Speaker Change: We can do so because of our unique competitive position and our market focus.

Speaker Change: The election results changed little for refi.

Speaker Change: Today, We report positive Q3 earnings results and subsequent events that reflect the fruits of these efforts.

Speaker Change: Florida represents 7% of our portfolio and as always we underwrote, our Florida investments, assuming the continuance of the existing medical market.

Speaker Change: The pipeline across the Chicago, Atlanta platform has grown to $560 million.

Speaker Change: We do not invest based upon the expectation of speculative political or regulatory events and that principle is fundamental to our focus on comfortable debt service coverage.

Speaker Change: And we continue to prioritize operators in limited license states and those physicians to transition from medical to adult use.

Speaker Change: And we continue to prioritize operators in limited license states and those positions to transition from medical to adult use.

Speaker Change: We have liquidity in excess of $75 million to fund new investments.

Speaker Change: I don't know quality and deep understanding of our limited licensed markets.

Speaker Change: Last quarter, we noted that we were exploring other sources of accretive capital to accelerate our deployment this year and next.

Speaker Change: So the passenger amendment three in Florida would have opened up additional opportunities for investment.

Speaker Change: We do believe that federal rescheduling will likely occur in 2025 as president elect Trump has endorsed the effort.

Speaker Change: In October we entered into a $50 million unsecured term loan from two institutional private lending platforms.

In October we entered into a $50 million unsecured term loan from two institutional private lending platforms.

Speaker Change: The interest only unsecured loan matures in October 2028, there is a fixed interest rate of 9% and may be repaid in whole or in part at any time.

Speaker Change: And conceivably and aligned Republican Senate and house could facilitate bipartisan progress on other initiatives such as say banking.

Speaker Change: The interest only unsecured loan matures in October 2028 bears a fixed interest rate of 9% and may be repaid in whole or in part at any time.

Speaker Change: The translation of campaign promises to congressional and executive action isn't.

Speaker Change: After two years alone may be repaid without penalty.

Speaker Change: We also received a rating of Triple B plus from Egan Jones on both the company and this unsecured term loan.

Speaker Change: There's an arena in which we can speculate but it's not a basis on which we invest.

Speaker Change: Chicago, Atlanta Real estate finance will continue to focus on generating differentiated risk adjusted returns by its focus on discipline expertise and unique competitive position.

Speaker Change: Before I close there are two data points on portfolio management that I'd like to highlight and I wish I'd like to congratulate our team for execution.

Speaker Change: First on interest rates, which David will touch on in more detail. We have successfully taken actions to limit our exposure to benchmark interest rate declines.

Speaker Change: Today, We report positive Q3 earnings results and subsequent events that reflect the fruits of these efforts.

Speaker Change: Second on 2024 maturities.

Speaker Change: We enter 2024 with $151 million in loans maturing this year, excluding low nine which remains on nonaccrual status.

Speaker Change: We enter 2024 with $151 million in loans maturing this year, excluding low nine which remains on non accrual status.

Speaker Change: $89 million of these loans, we successfully retained an extended through amendment.

Speaker Change: $15 million were extended with new terms and $47 million were repaid with full recovery of principal and accrued interest.

Speaker Change: $15 million were extended with new terms.

Speaker Change: And $47 million were repaid with full recovery of principal and accrued interest.

Speaker Change: By every available metric we track the portfolio's credit quality has improved throughout this transition and our management of rate risk.

Speaker Change: David why don't you take it from here.

David: Thanks, Peter Good morning.

Speaker Change: Thanks, Peter Good morning.

David: As of September 30, our loan portfolio totaled $362 million across 29 portfolio companies with a weighted average yield to maturity of 18, 3%.

David Silverman: As of September 30, our loan portfolio totaled $362 million across 29 portfolio companies with a weighted average yield to maturity of 18, 3%.

Speaker Change: That's down from 18, 7% at June 30, due primarily to work Peter mentioned earlier around repricing amendments related to improving our collateral and better borrower performance. It also.

David Silverman: That's down from 18, 7% at June 30, due primarily to work Peter mentioned earlier around repricing amendments related to improving our collateral and better borrower performance.

David Silverman: It also reflects the 50 basis point decrease in the prime rate across our floating rate portfolio.

David: Flex the 50 basis point decrease in the prime rate across our floating rate portfolio.

David: Gross originations during the quarter were $32 7 million of principal funding of which 24 million and $8 7 million was funded to new borrowers and existing borrowers respectively.

David Silverman: Gross originations during the quarter were $32 7 million of principal funding of which 24 million and $8 7 million was funded to new borrowers and existing borrowers respectively.

David: To date in the fourth quarter, we funded an additional $36 5 million of originations.

David Silverman: To date in the fourth quarter, we funded an additional $36 5 million of originations, including a $25 million new credit facility to an operator in Illinois.

Speaker Change: <unk>, a $25 million new credit facility to an operator in Illinois.

Speaker Change: Peter noted earlier, how we've executed on our maturities. This year. Another point to highlight is how we manage the portfolio throughout a declining rate environment.

Speaker Change: During the last 10 months the primary was cut by 50 basis points from eight 5% to 8%.

Speaker Change: During the last 10 months the prime rate was cut by 50 basis points from eight 5% to 8%.

Speaker Change: Worked hard to protect our portfolio yield against further interest rate cuts by the federal reserve.

Speaker Change: And we've worked hard to protect our portfolio yield against further interest rate cuts by the federal reserve.

Speaker Change: We achieved this through a series of amendments focused on increasing prime rate floors, and converting certain loans to fixed interest rates at year end 2023, approximately 24% of our loan portfolio based on outstanding principal was comprised of fixed rate loans and floating rate loans with floors greater than or equal to the prevailing.

Speaker Change: I'm right.

Speaker Change: As of October 32024, this percentage has increased approximately 52%.

Speaker Change: In summary.

Speaker Change: We've decreased the percentage of our portfolio exposure to additional interest rate cuts by approximately 28%.

Speaker Change: Meanwhile, the 63% of the portfolio that remains floating is not exposed to interest rate caps at current rate levels, we expect to be able to take advantage should the federal reserve decided to reverse course and increased interest rates.

Speaker Change: Meanwhile, the 63% of the portfolio that remains floating is not exposed to interest rate caps at current rate levels, and we expect to be able to take advantage of the federal reserve decided to reverse course and increased interest rates.

Speaker Change: The potential for tax cuts economic stimuli tariffs on imports and a possible escalation of the wars in Europe, and the Middle East all create uncertainty with regard to medium and long term rates, but our current mix of floating and fixed rate loans leaves us well positioned.

Speaker Change: Potential for tax cuts economic stimuli tariffs on imports and a possible escalation of the wars in Europe, and the Middle East all create uncertainty with regard to medium and long term rates, but our current mix of floating and fixed rate loans leaves us well positioned.

Speaker Change: Total leverage was at 18% of book equity at quarter end compared to 24% at year end.

Speaker Change: Our debt service coverage ratio on a consolidated basis for the quarter was approximately $7 two to one.

Speaker Change: Paired with the requirement of 135 to one.

Speaker Change: Compared with the requirement of 135 to one.

Speaker Change: During the quarter, we increased the size of our revolving credit facility again to $110 million in total.

Speaker Change: During the quarter, we increased the size of our revolving credit facility again to $110 million in total as.

Speaker Change: As of September 30.

Speaker Change: As of September 30, we had $54 million outstanding on the facility.

Speaker Change: We had $54 million outstanding on the facility.

Speaker Change: Subsequent to quarter end, we drew down the full amount on the new unsecured term loan and used the proceeds to temporarily repay outstanding borrowings on our revolving credit facility as of today, we have $15 $5 million outstanding on our revolving credit facility and $94 $5 million of available borrowing capacity.

Subsequent to quarter end, we drew down the full amount on the new unsecured term loan and used the proceeds to temporarily repay outstanding borrowings on our revolving credit facility.

Speaker Change: As of today, we have $15 5 million outstanding on our revolving credit facility and $94 $5 million of available borrowing capacity.

Phil: I'll now turn it over to Phil.

Phil: Now I'll turn it over to Phil.

Phil: Thanks, David our net interest income for the third quarter increased to $14 5 million from $13 $2 million during the second quarter.

Speaker Change: Gross interest income from occurring cash interest pik interest unused fees and amortization of discounts increased by <unk> 6 million or 4% for the comparable period.

Phil: Gross interest income from occurring cash interest pik interest unused fees and amortization of discounts increased by <unk> 6 million or 4% for the comparable period.

Phil: During the third quarter, we received full repayment of three loans totaling $32 3 million.

Phil: During the third quarter, we received full repayment of three loans totaling $32 3 million and.

Phil: In connection with these repayments during Q3, we recognized approximately <unk> 7 million of prepayment and exit fees compared with <unk> 1 million of such fees during the second quarter.

Phil: In connection with these repayments during Q3, we recognized approximately $1 7 million of prepayment and exit fees compared with $1 million of such fees during the second quarter.

Phil: Interest expenses during the third quarter decreased modestly by approximately 2% to $1 8 million due to lower weighted average borrowings of $76 4 million during the third quarter compared with $78 4 million during the second quarter.

Phil: Total operating expenses before the provision for credit losses remained consistent quarter over quarter at approximately $4 2 million.

Phil: Our <unk> reserve as of September 32024 was approximately $4 1 million compared with $5 1 million as of June 32024, and on a relative size basis, a reserve for expected credit losses represents one 1% of outstanding principal of our loans held for investment.

Our <unk> reserve as of September 32024 was approximately $4 1 million compared with $5 1 million as of June 32024, and on a relative size basis, a reserve for expected credit losses represents one 1% of outstanding principal of our loans held for investment.

Phil: During the quarter $13 million of principal of low number two was transferred to held for sale classification and subsequently sold to a third party at par and.

Phil: In connection with the sale, we decreased the provision for credit losses by approximately $2 million.

Phil: Credit quality of the portfolio on our risk rating basis improved with approximately 72% of the portfolio at carrying value risk rated two or better as of September 30th compared to 61% as of June 30th.

Phil: Low number nine remains on non accrual status and is included in risk rating number four and carries a reserve for credit losses of approximately $1 4 million.

Phil: In October subsequent to quarter end, we received a full repayment of low number 11, together with all applicable interest and fees payable.

In October subsequent to quarter end, we received a full repayment of low number 11, together with all applicable interest and fees payable.

Phil: This loan is included in risk rating one as of September 30th.

Phil: No seasonal reserve at quarter end.

No seasonal reserve at quarter end.

Phil: Our portfolio on a weighted average basis had real estate coverage of one two times as of both September 30, compared to one three times as of June 32024.

Phil: Adjusted distributable earnings per weighted average diluted share was <unk> 56 for Q3 2024, compared with 50 for the second quarter.

Phil: In October we distributed in the third quarter regular dividend declared by our board of <unk> 47 per common share, which was consistent with the prior quarter and the third quarter of last year.

Phil: Our book value as of September 30 was $15 five per common share compared with $14 92 as of June 30th.

Phil: On a fully diluted basis, there are approximately $20 1 million common shares outstanding as of both September 30 and June 30.

Phil: Lastly, we've affirmed our guidance previously issued on March 12.

Lastly, we've affirmed our guidance previously issued on March 12.

Speaker Change: Operator, we're now ready to take questions.

Phil: Yeah.

Phil: We will now begin the question and answer session.

We will now begin the question and answer session.

Phil: Ask a question you May press Star then one on your telephone keypad.

Ask a question you May press Star then one on your telephone keypad.

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Speaker Change: If youre using a speakerphone please pick up your handset before pressing the keys.

Phil: Anytime Youre question has been addressed and you would like to withdraw your question. Please press Star then two.

Speaker Change: Anytime Youre question has been addressed and you would like to withdraw your question. Please press Star then two.

Phil: At this time, we will pause momentarily to assemble our roster.

Speaker Change: At this time, we will pause momentarily to assemble our roster.

Speaker Change: And the first question comes from Mark Smith with Lake Street Capital. Please go ahead.

Mark Smith: Hi, guys first question for me you addressed a lot of kind of the election and results and kind of any potential changes for you, but I'm curious as we look at kind of the.

Hi, guys first question for me you addressed a lot of kind of the election and results and kind of any potential changes for you, but I'm curious as we look at kind of the.

Mark Smith: Core industry today, what you're seeing.

Speaker Change: Core industry today, what you're seeing.

Mark Smith: Any weakness in certain states any.

Speaker Change: Any weakness in certain states any places where.

Mark Smith: Places where.

Mark Smith: Cannabis market seems to be improving.

Speaker Change: Cannabis market seems to be improving.

Speaker Change: Just a general update on the industry would be great.

Speaker Change: Sure. Thanks for the question.

Speaker Change: <unk>.

Speaker Change: We we focus on we tend to dissect our portfolio in terms of states that are nascent markets emerging markets and mature markets.

Speaker Change: We focus on we tend to dissect our portfolio in terms of states that are nascent markets emerging markets and mature markets.

Mark Smith: And we are because of our.

Speaker Change: And we are because of our.

Mark Smith: The duration of our portfolio and duration of our loans were able to pivot from one of those segments to another part of the market relatively quickly.

Speaker Change: The duration of our portfolio and duration of our loans were able to pivot from one of those segments to another part of the market relatively quickly.

Mark Smith: And Thats part of our active portfolio management and the platform that we've built to.

Speaker Change: That's part of our active portfolio management and the platform that we've built to.

Mark Smith: Originate underwrite markets and and new operators.

Speaker Change: Originate underwrite markets and and new operators.

Mark Smith: We're spending a lot of effort on Missouri operators, Ohio operators, Maryland operators.

Speaker Change: We're spending a lot of effort on Missouri operators, Ohio operators, Maryland operators.

Mark Smith: And and brands that are perhaps expanding from one region of the country to another region of the country.

Speaker Change: And and brands that are perhaps expanding from one region of the country to another region of the country.

Mark Smith: And these are generally operators that are leveraging their success and their core market and looking to expand into and to neighboring markets.

Speaker Change: And these are generally operators that are leveraging their success and their core market and looking to extend into into neighboring markets.

Mark Smith: We tend to spend less time thinking about what is the cannabis market as a whole in the U S. Because there is in some ways not a cannabis market in the U S. Theres 40 distinct.

Speaker Change: We tend to spend less time thinking about what is the cannabis market as a whole in the U S. Because there is in some ways not a cannabis market in the U S. Theres 40 distinct.

Mark Smith: Relatively uncorrelated markets and so we tend to focus in isolation on what are the competitive dynamics in each of these states.

Speaker Change: Relatively uncorrelated markets and so we tend to focus in isolation on what are the competitive dynamics in each of these states.

Mark Smith: And who are some of the best operators working in them.

Speaker Change: And who are some of the best operators working in them.

Speaker Change: Okay, and any thoughts around kind of your pipeline for <unk>.

Mark Smith: New loans kind of how that looks.

Speaker Change: New loans kind of how that looks.

Mark Smith: And.

And.

Mark Smith: I guess any.

Speaker Change: I guess any.

Mark Smith: Stayed in particular that seems to be driving more opportunities in the pipeline.

Speaker Change: Stayed in particular that seems to be driving more opportunities in the pipeline.

Mark Smith: Mhm.

Speaker Change: Mhm.

Mark Smith: Oh as I said, we're spending a lot of time in Ohio, Missouri, and Maryland operators.

Speaker Change: Oh as I said, we're spending a lot of time in Ohio, Missouri, and Maryland operators.

Mark Smith: <unk>.

Speaker Change: <unk>.

Mark Smith: The pipeline is strong at approximately $560 million today.

Speaker Change: The pipeline is strong at approximately $560 million today.

Mark Smith: And.

Speaker Change: And.

Mark Smith: But for US we're just focused on finding the right operators in the right markets.

Speaker Change: But for us we're.

Speaker Change: Just focused on finding the right operators in the right markets.

Mark Smith: And.

Speaker Change: And we're going to continue to focus on executing that and finding the best talent to support us in that process.

Mark Smith: We're going to continue to focus on executing that and finding the best talent to support us in that process.

Speaker Change: Great. Thank you.

Speaker Change: John If you have a question. Please press Star then one.

Speaker Change: With no further questions I would like to conclude the question and answer session and turn the conference back over to Peter <unk> for any closing remarks.

Peter Sac: Thank you for the support and the attendance and we remain available if.

Peter Sac: Thank you for the support and the attendance and we remain available.

Mark Smith: We remain available to speak after the call. Thank you.

Peter Sac: We remain available to you.

Speaker Change: Speak after the call. Thank you.

Speaker Change: The conference has now concluded. Thank you for attending today's presentation you may now disconnect.

Q3 2024 Chicago Atlantic Real Estate Finance Inc Earnings Call

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