Chicago Atlantic Real Estate Finance, Inc. (NASDAQ:REFI) 2023 Q4 Earnings Call Transcript March 12, 2024
Chicago Atlantic Real Estate Finance wasn't among the 30 most popular stocks among hedge funds at the end of the third quarter (Please see here for the detail).
operator: Hello. Thank you for your continued patience. Welcome to the Chicago Atlantic Real Estate Finance Conference Call. [Operator Instructions]. Please note that today's meeting is being recorded. I will now turn the proceedings over to our speaker, host Tripp Sullivan. Please move on.
Trip Sullivan: good morning. Welcome to the financial conference call reviewing Chicago Atlantic Real Estate's fourth quarter 2023 financial results. Joining today's conference call will be Executive Chairman John Mazarakis. Tony Capel, Co-Chief Executive Officer; Peter Sack, Co-Chief Executive Officer; Phil Silverman Chief Financial Officer; Our results were announced this morning in our earnings press release. This, along with supporting information filed with the SEC, can be found in the “Investor Information'' section of our website. A live audio webcast of this call will be available starting today. For those listening to the replay of this webcast, please remember that statements made here are current as of today, March 12, 2024, and will not be updated after this call.
During this conference call, certain comments and statements made by the Company may affect the future performance of the Company's portfolio, the 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 could cause actual results to differ materially from the company's current expectations. Masu. Investors are urged to carefully consider the various disclosures made by the Company, including the risks and other information disclosed in the Company's SEC filings. We also 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 the Company's filings with the SEC. Switch the phone to John Mazarakis. Please move on.
John Mazarakis: Thank you, Tripp. Good morning, ladies and gentlemen. In order to allow time for a more thorough discussion during the Q&A session, I plan to keep my prepared comments shorter than usual today. This was a good quarter for us, capping off an exceptional year. We prudently grow our portfolio while maintaining leverage well below sector averages, improving credit quality, increasing weighted average portfolio yields and delivering sector-leading total returns of approximately 22.3%. I've been doing it. We have an increasingly positive outlook for the industry and our operators, who are benefiting from improved sentiment and strong demand. I think we all know what's going on at the federal level regarding the HHS recommendations regarding cannabis rescheduling.
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