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Chicago Atlantic Real Estate Finance, Inc. (NASDAQ:REFI), a real estate investment trust, announced the results of its annual shareholder meeting held on June 13, 2024. Shareholders voted on the election of board members and the ratification of the company's independent auditor.
At the meeting, nine directors were elected to the board, each to serve until the 2025 annual meeting and until their successors are elected and qualified. Andreas Bodmeier, John Mazarakis, Anthony Cappell, Peter Sack, Jason Papastavrou, Frederick C. Herbst, Donald E. Gulbrandsen, Brandon Konigsberg, and Michael L. Steiner were the directors elected, with vote counts ranging from 4,883,277 to 8,973,120 in favor and 55,242 to 4,145,085 withheld. Broker non-votes totaled 6,082,320 for each director.
Additionally, shareholders ratified the appointment of BDO USA, P.C. as the independent registered public accounting firm for the fiscal year ending December 31, 2024. The ratification passed with 14,991,979 votes for, 16,066 against, and 102,637 abstentions, with no broker non-votes recorded for this proposal.
The election outcomes and auditor ratification are part of the company's governance process, ensuring that Chicago Atlantic Real Estate Finance, Inc. adheres to corporate governance standards and maintains transparency with its investors.
In other recent news, Chicago Atlantic Real Estate Finance reported a disciplined growth in its loan portfolio and maintained strong credit quality for the first quarter of 2024. The firm's loan portfolio reached total commitments of $401 million across 28 companies, with a weighted average yield to maturity at 19.4%. However, the company's net interest income for Q1 2024 declined by 10.8% from Q4 2023.
Chicago Atlantic also raised net proceeds of approximately $13.9 million through an ATM program to issue shares at a premium to book value. Adjusted distributable earnings per share were reported at $0.52 for Q1 2024, with a regular dividend of $0.47 per common share distributed in April.
The company's pipeline of potential loans and other investments is valued at $585 million. Despite the sequential decline in net interest income, the firm reported strong loan demand and access to additional capital. Regulatory changes in the cannabis industry are expected to provide increased access to capital and investment opportunities. These are among the recent developments for Chicago Atlantic Real Estate Finance.
InvestingPro Insights
Chicago Atlantic Real Estate Finance, Inc. (REFI) continues to demonstrate its commitment to delivering shareholder value, as evidenced by its performance metrics and strategic decisions. According to InvestingPro data, REFI boasts a solid market capitalization of $303.69 million and an attractive P/E ratio of 8.02, which slightly increases to 8.2 when adjusted for the last twelve months as of Q1 2024. The company's dividend yield stands at an impressive 16.6%, highlighting its significant return to shareholders.
InvestingPro Tips reveal that REFI has raised its dividend for three consecutive years and continues to pay a substantial dividend to its shareholders. This consistent increase in dividends aligns with the company's governance process and commitment to transparency, as reflected in the recent annual shareholder meeting outcomes. Moreover, REFI's stock is noted for its low price volatility, providing a potentially stable investment option. With liquid assets surpassing short-term obligations and a profitability track record over the last twelve months, REFI appears to be in a strong financial position.
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