Every material Form 8-K Chicago Atlantic Real Estate Finance, Inc. has filed with the SEC since June 18, 2026, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Chicago Atlantic Real Estate Finance reported second quarter 2026 net income of $7,473,326, or $0.34 per diluted share, down from $8,877,375, or $0.41 per diluted share, a year earlier. The company attributed the weaker earnings to the timing of loan deployment, and book value per share fell to $14.15 from $14.39 at March 31, 2026, while its pending merger with Chicago Atlantic BDC is expected to close in the fourth quarter of 2026.
Q2 2026 net income was $7.5 million ($0.34 per diluted share), versus $8.9 million ($0.41) in Q2 2025 and $4.8 million in Q1 2026.
Net interest income was $12.8 million, compared with $14.4 million in Q2 2025; distributable earnings were $9.3 million ($0.43 diluted) versus $10.9 million ($0.51) a year earlier.
Regular dividend declared at $0.47 per share; full-year 2026 outlook calls for a dividend payout ratio of about 90% to 100% of distributable earnings per diluted share.
Merger with Chicago Atlantic BDC, Inc. (LIEN) is expected to close in Q4 2026, with former REFI stockholders expected to own about 50.5% of LIEN, based on March 31, 2026 figures.
Chicago Atlantic Real Estate Finance (REFI) issued 4,306,754 common shares at $14.53 per share to Koach Capital entities in a private placement, in exchange for second lien notes with an aggregate principal of about $62.5 million secured by 32 cannabis retail properties. The shares equal about 16.8% of REFI's common stock outstanding after the issuance, and the transaction is tied to the pending merger of REFI into Chicago Atlantic BDC, Inc. (LIEN), which the filing says permits it.
Koach Notes carry 12.0% aggregate interest: 10.0% cash and 2.0% payable in kind, with monthly cash interest and a 2.5x exit fee.
Shares issued at $14.53 each, roughly 16.8% of outstanding common stock immediately after issuance; no underwriter or placement agent was engaged.
Koach investors face lock-ups: 20% of shares for three months and 80% for six months from the closing date, subject to limited exceptions.
The issuance will increase shares outstanding and affect the exchange ratio for the pending merger with LIEN, announced June 17, 2026.
Chicago Atlantic Real Estate Finance (REFI) signed a merger agreement on June 17, 2026, under which it will elect to be regulated as a business development company and merge into Chicago Atlantic BDC (LIEN), with LIEN as the surviving public company. REFI stockholders would receive LIEN shares based on the ratio of each company's adjusted net asset value per share, and would be expected to own about 50.5% of the combined company based on March 31, 2026 figures, subject to the final ratio at closing.
Exchange is based on adjusted NAV per share at closing; REFI holders would be expected to own about 50.5% of LIEN based on March 31, 2026 NAVs.
REFI's current management agreement with its manager terminates automatically at the BDC election, without termination payment.
Closing is expected in the fourth quarter of 2026, subject to stockholder approvals at both companies and regulatory approvals.
Chicago Atlantic agreed to fund $2.0 million of REFI's transaction-related expenses at or immediately before closing.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Chicago Atlantic Real Estate Finance, Inc. filing is on SEC EDGAR ↗. 8-K briefs of other companies →