Cannabis commercial real estate lender Pelorus Equity Group reported on Thursday its fourth quarter 2022 and full-year financial results.
“Even in a volatile market, we outperformed the benchmark U.S. cannabis ETF by 84.58% and drove significant double-digit growth for our investors while continuing to see an acceleration of institutional interest in our core strategy,” Dan Leimel, the company’s CEO and manager of the Pelorus Fund, a privately held mortgage real estate investment trust lending to cannabis-use and cannabis-related properties.
- The Pelorus Fund recorded two new originations for a total value of $63 million, taking the total portfolio of loan commitments from $301 million to $372 million, for 23.6% growth for the quarter.
- Newly originated note rates were with a floor of 12% for the fully stabilized loan products and 15% for the hybrid/construction loan products.
- Fund equity increased $10 million – 3.7% – to $278 million.
- Assets under management increased $28 million …