Chicago Atlantic Real Estate (NASDAQ:REFI) Finance, Inc. (NASDAQ:REFI), a real estate investment trust with a market capitalization of $317 million, announced today the upcoming departure of Donald Gulbrandsen from its Board of Directors. Mr. Gulbrandsen will resign from his position as a board member and from all board committees effective January 1, 2025. His decision to resign is not due to any disagreements with the company's operations, policies, or practices.
The company confirmed that Mr. Gulbrandsen's resignation was communicated to the Board on Wednesday. He will continue to serve in his current roles until the effective date of his resignation. The Board has initiated a search to identify potential new independent directors to fill the vacancy that will be created by Mr. Gulbrandsen's departure.
Chicago Atlantic Real Estate Finance, Inc. is a Maryland-incorporated company, with its principal executive offices located in Miami Beach, Florida. It specializes in real estate investment trusts and is recognized within the 05 Real Estate & Construction organization class. The company's common stock is traded on The Nasdaq Global Market under the ticker symbol REFI.
The information regarding the resignation and the company's subsequent actions is based on the latest filing with the Securities and Exchange Commission. The company has not disclosed any further details regarding the reasons behind Mr. Gulbrandsen's decision or the criteria for selecting his replacement.
Investors and stakeholders are advised to monitor the company's announcements for updates on the transition and the appointment of a new board member. Chicago Atlantic has not provided any additional comments on the future direction of the board or its strategic implications following the resignation.
For deeper insights into REFI's financial health and performance metrics, including its GREAT financial health score and comprehensive analysis, investors can access the detailed Pro Research Report available on InvestingPro.
In other recent news, Chicago Atlantic Real Estate Finance (REFI) has reported a robust third quarter performance in 2024. The company, known for its focus on the cannabis industry, revealed a solid loan pipeline of $560 million and a portfolio valued at $362 million, yielding a weighted average of 18.3% to maturity. Additionally, Chicago Atlantic secured a $50 million term loan at a fixed 9% interest rate, set to mature in October 2028.
Net interest income saw an increase, reaching $14.5 million, with a consistent quarterly dividend payout of $0.47 per share. The book value per share as of September 30, 2024, was reported to be $15.05, up from $14.92 on June 30, 2024. The debt-to-equity ratio also improved, dropping to 1.2 times from 1.3 times in the previous quarter.
The company's management reaffirmed the guidance issued earlier in the year, with a strong focus on high-quality operators in limited license states such as Missouri, Ohio, and Maryland. Despite a setback in Florida's adult-use cannabis legalization, the approval of a medical cannabis program in Nebraska indicates potential market expansion. These developments underline Chicago Atlantic's disciplined investment approach and positive outlook amid market volatility.
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