Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI), a commercial real estate finance company, released its results for the first quarter ended March 31, 2023, revealing net interest income of approximately $14.9 million, representing a sequential increase of 1.0%, and a 52.7% increase compared to $9.8 million in Q1 2022.
Q1 2023 Financial Highlights
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Total expenses of approximately $4.1 million before provision for current expected credit losses, representing a sequential decrease of 18.0%; primarily attributable to a $1.2 million decrease in net management and incentive fees.
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Net income of approximately $10.7 million, or $0.60 per weighted average diluted common share, representing a sequential increase of 46.3%.
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The total reserve for current expected credit losses of $4.1 million increased sequentially by $0.1 million and amounts to approximately 1.3% of the …