Chicago Atlantic Real Estate Finance, Inc. (NASDAQ:REFI) Q3 2024 Results Conference Call November 7, 2024 9:00 AM ET

Company Participants

Tripp Sullivan - Investor Relations
Peter Sack - Co-Chief Executive Officer
David Kite - Chief Operating Officer
Phillip Silverman - Chief Financial Officer

Conference Call Participants

Mark Smith - Lake Street Capital

Operator

Good day, and welcome to the Chicago Atlantic Real Estate Finance Third Quarter 2024 Earnings Call. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] 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 Atlantic Real Estate Finance conference call to review the company's results. On the call today will be Peter Sack, Co-Chief Executive Officer; David Kite, Chief Operating Officer; and Phillip Silverman, Chief Financial Officer.

Our results were released this morning in our earnings press release, which can be found on the Investor Relations section of our website, along with our supplemental filed with the SEC. A live audio webcast of this call is being made available today. For those who'll 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.

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 Peter Sack. Please go ahead.

Peter Sack

Thanks, Tripp. Good morning, everyone. These are fascinating times to operate a business and invest. Cannabis is uniquely enmeshed in this country's debates on health and wellness, criminal justice, individual choice and cultural identity. 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. Nebraska voters overwhelmingly approved a medical cannabis program. And in the Dakotas, voters rejected initiatives that would have legalized adult-use cannabis.