Chicago Atlantic Real Estate Finance Inc (REFI) 2026 Q1 法說會逐字稿

Good day, and welcome to the Chicago Atlantic Real Estate Finance, Inc. first quarter 2026 earnings conference call. (Operator Instructions) Please note that this event is being recorded. I would now like to turn the conference over to Lisa Kampf. Please go ahead.

各位好，歡迎參加 Chicago Atlantic Real Estate Finance, Inc. 2026 年第一季財報電話會議。（接線員指示）請注意，本活動將被錄音。我現在把會議交給 Lisa Kampf。請開始。

Thank you. Good morning. Welcome to the Chicago Atlantic Real Estate Finance conference call to review the company's results. On the call today will be Peter Sack, Co-Chief Executive Officer; David Kite, President and Chief Operating Officer; and Phil Silverman, Chief Financial Officer.

謝謝。各位早安。歡迎參加 Chicago Atlantic Real Estate Finance 的電話會議，以回顧公司業績。今天出席電話會議的有共同執行長 Peter Sack；總裁兼營運長 David Kite；以及財務長 Phil Silverman。

Our results were released this morning in our earnings press release, which can be found on our Investor Relations section of our website, along with our supplemental filed with the SEC. A live audio webcast of this call is being made available today. For those who listen to the replay of this webcast, we remind you that the remarks made herein are as of today and will not be updated subsequent to this call.

我們的業績已於今早在財報新聞稿中發布，可於本公司網站的投資人關係專區查閱，並可同時取得我們向 SEC 提交的補充資料。本次電話會議的即時音訊網路直播亦於今日提供。對於收聽本次網路直播重播的聽眾，我們提醒您：本次發言係截至今日之內容，且在本次電話會議後不會更新。

During the call, certain comments and statements we make may be deemed forward-looking statements within the meaning prescribed by securities laws, including statements related to the future performance of our portfolio, our pipeline of potential loans and other investments, future dividends and financing activities.

在本次電話會議中，我們所做的某些評論與陳述可能被視為證券法所界定的前瞻性陳述，包括與我們投資組合未來表現、潛在貸款及其他投資的案源管線、未來股利以及融資活動相關的陳述。

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 can cause actual results to differ materially from our current expectations. Investors are urged to carefully review various disclosures made by the company, including the risks and other information disclosed in the company's filings with the SEC.

所有前瞻性陳述均代表 Chicago Atlantic 於本次電話會議日期之判斷，並受各項風險與不確定性影響，可能導致實際結果與我們目前預期存在重大差異。建議投資人仔細閱讀公司所做的各項揭露，包括公司向 SEC 申報文件中揭露的風險及其他資訊。

We also will discuss certain non-GAAP measures, including, but not limited to, distributable earnings. Definitions of these non-GAAP measures and reconciliations to the most comparable GAAP measures are included in our filings with the SEC.

我們也將討論若干非 GAAP 指標，包括但不限於可分配盈餘（distributable earnings）。這些非 GAAP 指標的定義，以及與最可比 GAAP 指標之調節表，均載於我們向 SEC 提交的文件中。

I will now turn the call over to Peter Sack. Please go ahead.

我現在把電話會議交給 Peter Sack。請開始。

Thank you, Lisa. Good morning, everyone. This quarter, Chicago Atlantic reported a quarter of consistent results against the backdrop of continuing concerns in the private credit market, the Fed pausing the interest rate easing cycle following three consecutive rate cuts in Q4 of last year and volatility caused by the Middle East conflict. This quarter's results reflect the strength and resilience of our business model. We are a leading capital provider in the cannabis ecosystem.

謝謝你，Lisa。各位早安。本季，在私人信貸市場持續存在疑慮、聯準會在去年第四季連續三次降息後暫停降息循環，以及中東衝突引發波動的背景下，Chicago Atlantic 仍繳出一致且穩健的季度表現。本季結果反映了我們商業模式的強韌與韌性。我們是大麻生態系中的領先資金提供者。

Our experience in this industry provides us with the expertise, relationships and the ability to redeploy capital more quickly than the typical mortgage REIT. Our rigorous underwriting and stringent risk standards led by our cannabis-focused underwriting, real estate and analytics team ensures an acceptable risk reward. I continue to be optimistic about the current environment.

我們在此產業的經驗，讓我們具備專業能力、人脈關係，以及比典型抵押型 REIT 更快速重新部署資本的能力。我們由專注大麻產業的承銷、不動產與分析團隊主導，採取嚴謹的承銷流程與嚴格的風險標準，以確保可接受的風險報酬。我對目前環境仍持樂觀態度。

The pipeline of cannabis opportunities remains strong and currently stands at $482 million, of which approximately $133 million of this pipeline is backed by real estate collateral. Given the recent medical rescheduling news in late April, I'd be remiss in not highlighting the latest major federal initiative in policy setting for the cannabis industry.

大麻相關機會的案源管線仍然強勁，目前規模為 4.82 億美元，其中約 1.33 億美元由不動產擔保品支持。鑑於 4 月下旬有關醫療用途重新分級的最新消息，我若不強調這項針對大麻產業政策制定的最新重大聯邦倡議，將有所疏漏。

The Department of Justice announced on April 23, that it is rescheduling certain medical marijuana products to Schedule 3 from Schedule 1. This is the most significant federal policy change in years and perhaps in the history of the industry. There are nuances to work out as we wait for a more definitive framework and how this policy will apply to existing individual state laws, and we expect these policy changes to impact each operator differently based on their medical market exposure.

司法部於 4 月 23 日宣布，將特定醫療用大麻產品從第一級（Schedule 1）重新分級至第三級（Schedule 3）。這是多年來最重大的聯邦政策變革，甚至可能是該產業史上最重要的變革。隨著我們等待更明確的框架，以及該政策將如何適用於既有各州法律，仍有許多細節需要釐清；我們預期這些政策變更將因各營運商在醫療市場的曝險程度不同，而對其產生不同影響。

But after many years of delays, this is a tremendous step in the right direction. How we expect to immediately benefit from this order is predominantly through the elimination of the extra tax burden on cannabis companies resulting from Section 280E and retrospective relief on legacy tax liabilities that should improve operator cash flows and strengthen balance sheets, driving higher valuation multiples and improving the credit profiles of our borrowers.

但在多年延宕之後，這是朝正確方向邁出的重大一步。我們預期可立即受益之處，主要在於消除因《稅法》第 280E 條而對大麻公司造成的額外稅負，以及對既有稅務負債提供追溯性救濟，這應可改善營運商現金流並強化資產負債表，進而推升估值倍數並改善我們借款人的信用概況。

The federal order requires and sets up an expedited process for state licensed medical cannabis operators to register with the DEA and, in effect, legalizing state licensed medical cannabis on a federal level. Additional benefits from this would be lowering barriers to US exchanges for which we have been an advocate. An administrative hearing is scheduled for June 29, to July 15. This hearing provides a pathway to reschedule cannabis more broadly, possibly rescheduling adult-use products.

該聯邦命令要求並建立一套加速流程，讓取得州執照的醫療用大麻營運商向 DEA 註冊，實質上是在聯邦層級使州執照醫療用大麻合法化。其額外效益還包括降低進入美國交易所的障礙，而我們一直是此議題的倡議者。行政聽證會預定於 6 月 29 日至 7 月 15 日舉行。該聽證會提供一條更廣泛重新分級大麻的途徑，可能將成人用產品也納入重新分級。

We will continue to be measured in our outlook for a positive outcome and not jump ahead in any conclusions. We believe Chicago Atlantic is well positioned to benefit from the initial order. And as I stated before, the success of our strategy is not dependent on any of these changes. We have remained conservative and underwrite every investment assuming no regulatory-driven credit improvements. Leading up to the June 29, hearing, we have begun forecasting for a range of outcomes from the rule-making process, but currently remain in a wait-and-see mode.

我們將持續以審慎態度看待正面結果的可能性，不會過早下結論。我們相信 Chicago Atlantic 已具備良好條件，可受益於初步命令。且如我先前所述，我們策略的成功並不依賴任何此類變化。我們始終保持保守，並在承作每一項投資時，皆假設不會出現由監管驅動的信用改善。在 6 月 29 日聽證會之前，我們已開始就規則制定流程的各種可能結果進行預測，但目前仍維持觀望。

Overall, REFI delivered consistent stable financial results for the first quarter of 2026 against an unstable macro environment. Our differentiated business model, lending to operators and property owners in the cannabis industry enables us to operate in a niche market with limited competition with favorable terms and delivering competitive yields.

整體而言，REFI 在不穩定的總體環境下，於 2026 年第一季交出一致且穩健的財務成果。我們差異化的商業模式—向大麻產業的營運商與不動產所有人放款—使我們得以在競爭有限的利基市場中運作，取得有利條款並提供具競爭力的收益率。

This year is proving to be a transformative time for the cannabis industry following the federal government's rescheduling medical marijuana from Schedule 1 to Schedule 3 and the potential for broader policy shifts for cannabis later this year.

今年在聯邦政府將醫療用大麻從第一級（Schedule 1）重新分級至第三級（Schedule 3）之後，對大麻產業而言正證明是一個轉型時期；且今年稍晚亦可能出現更廣泛的大麻政策轉變。

We are encouraged by the validation of our business model and the potential impact of regulatory orders flowing through to REFI. I look forward to updating you on our progress throughout the rest of this exciting year.

我們對商業模式獲得驗證以及監管命令可能對 REFI 產生的影響感到鼓舞。我期待在今年其餘這段令人振奮的期間，持續向各位更新我們的進展。

David will now speak to the portfolio in greater detail. David?

接下來 David 將更詳細說明投資組合。David？

Thank you, Peter. As of March 31, our loan portfolio principal totaled approximately $414 million across 25 portfolio companies with a weighted average yield to maturity of 15.8% compared to 16.3% for the fourth quarter of 2025.

謝謝你，Peter。截至 3 月 31 日，我們的貸款投資組合本金總額約為 4.14 億美元，涵蓋 25 家投資組合公司；加權平均到期收益率為 15.8%，相較於 2025 年第四季的 16.3%。

Gross originations during the quarter were approximately $54 million of principal fundings, of which $16.2 million and $37.8 million were funded to new borrowers and existing borrowers, respectively. These were offset by approximately $52 million of repayments comprised of $3.3 million in scheduled amortization payments and $48.2 million from full and partial loan prepayments.

本季新增撥款（gross originations）約為 5,400 萬美元的本金撥付，其中分別有 1,620 萬美元與 3,780 萬美元撥付給新借款人與既有借款人。上述新增撥款被約 5,200 萬美元的還款所抵銷，還款包含 330 萬美元的既定攤還付款，以及 4,820 萬美元的全額與部分提前還款。

As of March 31, 2026, approximately 10.7% of our portfolio is risk rated four or higher compared with 4.8% as of December 31, 2025. This risk rating shift primarily attributable to loan number 36 being downgraded from three to a four contributed to an increase in CECL reserves of approximately $3.8 million. As I mentioned on our last call, we made significant progress on loan number nine last quarter, funding in advance for the borrower to allow for accretive acquisitions.

截至 2026 年 3 月 31 日，我們投資組合中約 10.7% 的部位風險評等為 4 或以上，相較於 2025 年 12 月 31 日的 4.8%。此風險評等變動主要歸因於第 36 號貸款由 3 下調至 4，並導致 CECL 準備金增加約 380 萬美元。如同我在上次電話會議提到的，我們在上一季於第 9 號貸款方面取得重大進展，提前撥款給借款人以利其進行具增益性的併購。

As of December 31, 2025, the loan was brought current. And as of March 31, we're pleased to announce that we've moved the loan back to accrual status after three consecutive months of timely payment and demonstration of sustained performance improvement, which we expect to lead to the ability to continue to meet debt service obligations.

截至 2025 年 12 月 31 日，該筆貸款已恢復正常（brought current）。而截至 3 月 31 日，我們很高興宣布，在連續三個月按時付款並展現持續的績效改善後，我們已將該筆貸款恢復為計息（accrual）狀態；我們預期這將使其得以持續履行債務償付義務。

This is a prime example of how we utilize the operational and workout expertise amongst our team and the broader Chicago Atlantic platform, using creativity and deal management to drive successful turnaround efforts. As of March 31, 2026, approximately 4.8% of our portfolio is on nonaccrual status, a decrease from approximately 11.1% as of December 31, 2025, primarily relating to the restoration of loan number nine to accrual.

這是我們如何運用團隊以及更廣泛的 Chicago Atlantic 平台所具備的營運與重整（workout）專業能力之典型案例，透過創意與交易管理推動成功的扭轉（turnaround）成果。截至 2026 年 3 月 31 日，我們投資組合中約 4.8% 處於停計息（nonaccrual）狀態，較 2025 年 12 月 31 日約 11.1% 下降，主要與第 9 號貸款恢復計息有關。

As of March 31, 2026, our portfolio consisted of 35.2% fixed rate loans and 64.8% floating rate loans, 71.9% and 28.1% of floating rate loans are benchmarked to the prime rate and SOFR, respectively. With the current prime rate at 6.75%, 100% of our prime loans are at their floors.

截至 2026 年 3 月 31 日，我們的投資組合由 35.2% 固定利率貸款與 64.8% 浮動利率貸款構成；在浮動利率貸款中，分別有 71.9% 與 28.1% 以最優惠利率（prime rate）與 SOFR 作為基準。以目前最優惠利率為 6.75% 計算，我們的最優惠利率貸款有 100% 均已達到其利率下限（floor）。

And in total, approximately only 4% of our loan principal is exposed to further rate declines across the total portfolio. Importantly, our floating rate loans are not exposed to interest rate caps, which, combined with our rate floor protections, provides a structural advantage in portfolio construction that compares favorably to most other mortgage REITs.

而且整體而言，在整個投資組合中，約僅有 4% 的貸款本金仍暴露於進一步降息的風險。重要的是，我們的浮動利率貸款不受利率上限（interest rate caps）影響；再加上我們的利率下限保護，這在投資組合建構上提供了結構性優勢，與多數其他房貸 REIT 相比更具競爭力。

Total leverage equaled 38% of book equity at March 31, compared to 32% as of December 31. As of March 31, we had $67.1 million outstanding on our senior secured revolving credit facility and $49.4 million outstanding on our unsecured term loan. As of today, we have approximately $59 million available on the senior credit facility and total liquidity, net of estimated liabilities of approximately $54 million.

截至 3 月 31 日，總槓桿為帳面股東權益的 38%，相較於 12 月 31 日的 32%。截至 3 月 31 日，我們在優先擔保循環信用額度項下的未償餘額為 6,710 萬美元，在無擔保定期貸款項下的未償餘額為 4,940 萬美元。截至今日，我們在優先信用額度項下約有 5,900 萬美元可用額度；扣除估計負債後的總流動性約為 5,400 萬美元。

I'll now turn it over to Phil.

我現在把時間交給 Phil。

Thanks, David. Our net interest income of $13.1 million for the first quarter represented a $1.2 million or 8% decrease from $14.2 million during the fourth quarter of 2025. The decrease was primarily attributed to the fourth quarter collection of past due unaccrued interest on loan number nine totaling $1.7 million, which was recognized last quarter. Total interest expense, including noncash amortization of financing costs for the first quarter of 2026 was approximately $2 million, an increase from $1.8 million in the fourth quarter.

謝謝，David。我們第一季的淨利息收入為 1,310 萬美元，較 2025 年第四季的 1,420 萬美元減少 120 萬美元或 8%。下降主要歸因於第四季收取了第九號貸款逾期且未計提的利息合計 170 萬美元，該金額已於上季認列。2026 年第一季的總利息費用（包含融資成本的非現金攤銷）約為 200 萬美元，較第四季的 180 萬美元增加。

The weighted average borrowings on our revolving loan increased to $48 million compared to $33.6 million during the fourth quarter. Our CECL reserve on our loans held for investment as of March 31, 2026, was approximately $8.7 million.

我們循環貸款的加權平均借款額增加至 4,800 萬美元，較第四季的 3,360 萬美元上升。截至 2026 年 3 月 31 日，我們對持有供投資之貸款的 CECL 備抵約為 870 萬美元。

On a relative size basis, our reserve for expected credit losses represents 2.1% of our outstanding principal of our loans held for investment. The reserve increased by approximately $3.8 million from the fourth quarter, primarily due to increases in LTV attributed to specific loans, primarily loan number four, 34, and loan number 36.

以相對規模來看，我們的預期信用損失備抵占持有供投資之貸款未償本金的 2.1%。該備抵較第四季增加約 380 萬美元，主要由於特定貸款的 LTV 上升所致，主要是第四號、第三十四號以及第三十六號貸款。

On a weighted average basis, our portfolio maintained strong real estate coverage of 1.2 times. Distributable earnings per weighted average share on a basic and fully diluted basis were approximately $0.47 and $0.46 for the first quarter. And in April, we distributed the fourth quarter dividend of $0.47 per common share declared by our Board. Since inception, the company has distributed $8.94 per common share in dividends, which represents a yield on cost of approximately 11.8% when measured against our IPO price.

以加權平均計算，我們的投資組合維持強勁的不動產覆蓋倍數 1.2 倍。第一季每股可分配盈餘（以加權平均股數計，基本及完全稀釋基礎）分別約為 0.47 美元與 0.46 美元。並且在 4 月，我們發放了董事會宣告的第四季每股普通股 0.47 美元股利。自成立以來，公司已累計發放每股普通股 8.94 美元股利；以我們 IPO 價格衡量，約相當於 11.8% 的成本殖利率。

Our book value per common share outstanding was $14.39 as of March 31, 2026, and there were approximately 21.5 million common shares outstanding on a fully diluted basis as of such date. During the subsequent period from April 1, 2026, through today, the company advanced new growth loan principal of approximately $15.8 million, comprised of $13.1 million advanced to a new borrower and $2.7 million to existing borrowers on delayed draw on existing credit facilities.

截至 2026 年 3 月 31 日，每股普通股帳面價值為 14.39 美元；截至該日，以完全稀釋基礎計算約有 2,150 萬股普通股流通在外。在其後期間（自 2026 年 4 月 1 日至今日），公司新增發放成長型貸款本金約 1,580 萬美元，其中 1,310 萬美元提供給新借款人，另有 270 萬美元提供給既有借款人，係於既有授信額度下的延後提用（delayed draw）。

Additionally, the company received a total of $14.3 million in loan repayments, comprised of $1.8 million of scheduled amortization and $12.5 million in early prepayments, which included the full repayment of loans number six and number 30.

此外，公司共收到 1,430 萬美元的貸款償還，其中包括 180 萬美元的依約攤還，以及 1,250 萬美元的提前償還，並包含第六號與第三十號貸款的全額清償。

We expect to continue to maintain a dividend payout ratio based on our basic distributable earnings per share of 90% to 100% for the 2026 tax year. If our taxable income requires additional distributions in excess of the regular quarterly dividend to meet our taxable income requirements, we expect to meet that requirement with a special dividend in the fourth quarter.

我們預期在 2026 課稅年度，將持續以每股基本可分配盈餘為基礎，維持 90% 至 100% 的股利發放率。若我們的應稅所得需要在例行季度股利之外額外配發，以符合應稅所得分配要求，我們預期將於第四季以特別股利方式滿足該要求。

Operator, we're now ready to take questions.

接線員，我們現在準備開始回答問題。

(Operator instructions)

（接線員指示）

Pablo Zuanic, Zuanic & Associates.

Pablo Zuanic，Zuanic & Associates。

Thank you, and good morning, everyone, and thanks, Peter, for the commentary on the regulatory front and of course, the positive news that we've been receiving recently. I just want to start with loan number 36. Obviously, four and 34 are Arizona loans, and we know that's a tough market for growers. You mentioned four and 34 are in accruals or part of the reserve. And in the case of 36, that's an Illinois loan, right?

謝謝，各位早安，也謝謝 Peter 對監管面向的評論，當然也謝謝我們最近收到的正面消息。我想先從第三十六號貸款談起。顯然，第四號與第三十四號是亞利桑那州的貸款，我們知道那對種植業者而言是個艱困市場。你提到第四號與第三十四號仍在計息（accrual）或納入備抵。而第三十六號的情況，那是一筆伊利諾州的貸款，對嗎？

And it's a larger loan, $27 million. Whatever color you can provide more on that loan would be helpful. Arizona, I understand Illinois, of course, we've see forefront and other companies have issues there. But if you can just give more color on that particular loan number 36 would be helpful, please. Especially in the context that was issued in December 2024, which is not that long ago, I think. Bye-bye. Thanks.

而且那是一筆較大的貸款，2,700 萬美元。若你能就該筆貸款提供更多說明會很有幫助。亞利桑那我理解；伊利諾當然我們也看到 Forefront 和其他公司在那裡遇到問題。但如果你能就第三十六號貸款多提供一些背景資訊會很有幫助，拜託。尤其是考量到那筆貸款是在 2024 年 12 月發放的，距今並不算太久，我想。就這樣，謝謝。

Thank you. Illinois market is experiencing consolidation on the retail front and I think it is experiencing increasing competition on cultivation. This one in particular, has strong real estate coverage and is a vertically integrated operator. And the -- I think the reserving activity reflects our ordinary course evaluation of portfolio company performance and risk. The discussions with the borrower are very constructive.

謝謝。伊利諾市場在零售端正經歷整併，我認為在種植端也面臨日益加劇的競爭。就這一筆而言，具備強勁的不動產覆蓋，且借款人是垂直整合的營運商。而——我認為——提列備抵的動作反映了我們在日常流程中，對投資組合公司表現與風險所做的評估。與借款人的討論非常具建設性。

And we expect that this can be -- this company's performance can be improved and resolved in a constructive and collaborative manner. And I'm hopeful that in the months ahead, we'll find this reserving activity conservative. But regardless, this is part of our ongoing process to show reserving activity that reflects a conservative appreciation of performance in the portfolio.

我們預期可以——該公司的營運表現可以改善，並以具建設性且合作的方式解決。我也希望在接下來幾個月，我們會發現這次提列備抵其實偏保守。但無論如何，這是我們持續流程的一部分，用以呈現反映投資組合表現之保守評估的備抵提列。

Thank you. On the same topic, Peter, can you give an update on loans four and 34?

謝謝。同一個主題，Peter，你能更新一下第四號與第三十四號貸款的狀況嗎？

These continue to be -- continue to evolve. I think it's too early to give specific updates, but they are constructive relationships.

這些仍然——仍在演變中。我認為現在要提供具體更新還太早，但我們與對方的關係是具建設性的。

Okay. And by the same token, in the case of loan number nine, back into accruals, like you said, you were actively involved with them on a collaborative basis. I'm just trying to understand the potential for loans in the portfolio that can be equitized or where you can succeed in bringing new buyers to those loans. I mean how should we think about that as an opportunity going forward for the book?

好的。同樣地，就第九號貸款而言，如你所說已恢復計息（back into accruals），你們也以合作方式積極參與。我想理解的是：投資組合中是否存在可股權化（equitized）的貸款，或你們能成功為這些貸款引入新買家的情況。我是說，我們應該如何把這視為未來帳面投資組合的一個機會？

I think it's important to contrast loan number nine with other reserving activities within the portfolio, and loan number nine was a foreclosure process, was a judicial foreclosure process. And that takes a substantial longer amount of time for resolution than when challenging situations within portfolio companies can be resolved constructively and collaboratively.

我認為重要的是把第九號貸款與投資組合中其他備抵提列活動做對比。第九號貸款走的是止贖程序，而且是司法止贖程序。相較於在投資組合公司內部的棘手情況能以具建設性、合作方式解決，司法止贖需要更長的時間才能完成處理。

I'd say that the markets for assets that are undergoing challenges have improved significantly over the last year as expectations for rescheduling have moved from speculative to more definitive to, in the case of medical operators, executed.

我會說，過去一年中，面臨挑戰的資產之市場已顯著改善，因為對於重新分類（rescheduling）的預期已從投機性轉為更明確，並且在醫療營運商的案例中已經落地執行。

And this is both an environment that is constructive and positive for deploying capital and for finding solutions within the book, whether that's finding new equity investors, executing operational change or working towards an exit. This is a better environment for both deployment and reorganization and problem solving than really we've seen in the last three years.

因此，這是一個有利且正向的環境：一方面有助於資本部署，另一方面也有助於在帳面投資組合中尋找解決方案——不論是引入新的股權投資人、推動營運變革，或朝退出方向努力。就部署、重整與問題解決而言，這比我們過去三年所見的環境都要好得多。

All right, thank you. And then on the topic of the unscheduled repayments, thank you for the table. You showed in the press release today about $48 million unscheduled repayment in the first quarter. And I think Phil mentioned another $15 million so far in the second quarter. Is that out of the norm? I'm just trying to understand what's driving those early repayments or that's just normal part for the course.

好的，謝謝。接著談到非例行償還（unscheduled repayments），謝謝你們提供表格。你們在今天的新聞稿中顯示第一季約有 4,800 萬美元的非例行償還。我想 Phil 也提到第二季迄今又有約 1,500 萬美元。這是否不尋常？我想了解是什麼在驅動這些提前償還，還是這只是正常現象。

These are part of the course and we labeled them unscheduled, but unscheduled doesn't mean necessarily mean a surprise. And these were loans that many -- a few of them were nearing their maturity date.

這些屬於正常情況。我們把它們標示為非例行，但非例行不一定代表意外。其中有幾筆貸款——其中一些——已接近到期日。

Thank you. Look, a couple of more, and apologies if there's someone else in the Q&A queue. Looking at the 10-Q, loan number 45 in Canada, I don't know if that's the first time you've done a loan outside of the US but can you comment on that? And more in general, opportunities in international, Europe and even more in Canada?

謝謝。再問幾個問題，如果 Q&A 佇列裡還有其他人也先致歉。看 10-Q 的話，加拿大的第四十五號貸款，我不確定這是否是你們第一次在美國以外放款，但你們能評論一下嗎？更廣泛來說，對國際市場、歐洲，甚至加拿大的機會，你們怎麼看？

It's not the first -- maybe the first time that REFI has executed a loan outside the US but not the first time that Chicago Atlantic as a platform has executed a loan outside the US and in Canada. I think we're finding that in the Canadian market, there has been stabilization of the market in some cases and rationalization of the market in terms of unprofitable operators leaving.

這不是第一次——也許是 REFI 第一次在美國以外執行貸款，但並不是 Chicago Atlantic 作為一個平台第一次在美國以外、且在加拿大執行貸款。我認為我們發現，在加拿大市場，在某些情況下市場已趨於穩定，並且市場也正在理性化，表現在不具獲利能力的營運商退出。

And that's given room and air for profitable, well-executing operators to rise the top, be recognized to show strong results and to provide opportunities for lenders to provide capital at very strong risk-adjusted returns.

而這也為具獲利能力、執行力強的營運商提供了空間與喘息，使其能脫穎而出、獲得認可、展現強勁成果，並為放款人提供以非常優異的風險調整後報酬來投入資本的機會。

And I think in the past, we just haven't seen that opportunity set arise so meaningfully and so specifically and clearly. But I think we see this happen in a lot of markets that are oversaturated that they go through a period of rationalization. And after that rationalization, pockets of opportunity emerge.

我認為過去我們並未看到這樣的機會集合如此有意義、如此具體且清晰地出現。但我認為在許多供給過度飽和的市場都會發生這種情況：它們會經歷一段理性化的期間。而在理性化之後，就會浮現出一些機會的區塊。

Right. Thank you. One last one. And I know we've talked about it before.

好的，謝謝。最後一個問題。我知道我們之前談過。

Chris Muller, Citizens Capital Markets.

Chris Muller，Citizens Capital Markets。

Hey guys, thanks for taking the question. So I wanted to ask some clarifications around Schedule III that you may or may not know the answers to at this point. I guess, first off, what percentage of your guys' portfolio is medical? And I guess, how is that determined? Is that done at the license level, which my understanding is some states have adult-use licenses? Or is it determined by the end user being either medical or rec?

各位好，謝謝讓我提問。我想就《附表 III》（Schedule III）請教一些釐清事項，你們目前可能知道、也可能還不知道答案。我想先問，你們投資組合中有多少比例是醫療用途？以及這是如何界定的？是以執照層級來判定嗎——我的理解是有些州有成人用（adult-use）執照？還是以終端使用者是醫療或娛樂（rec）來判定？

Most of our borrowers that are operating as adult use are also operating as medical operators. And each of them then parse their revenue by medical versus adult use, but they can be those medical and adult-use sales in many cases, can be operating out of the same dispensary.

我們大多數以成人用模式營運的借款人，同時也以醫療營運商身分在營運。每一家都會將其營收按醫療與成人用進行拆分，但在許多情況下，醫療與成人用的銷售可能是在同一家藥局（dispensary）內進行。

We haven't published what is medical or versus adult use. I'm hopeful that within the year of 2026 that it's irrelevant, that the administrative hearings that are scheduled for June and July proceed, that adult use is rescheduled as well.

我們尚未公布哪些屬於醫療、哪些屬於成人用。我希望在 2026 年內這件事就變得無關緊要：預計於 6 月與 7 月舉行的行政聽證能夠推進，成人用也能完成重新分級（rescheduled）。

And the industry doesn't have to go through this exercise of analyzing what's medical and what's adult use that it can proceed to operate each businesses seamlessly. But we shall see. I think the -- if adult-use measures and progress around adult-use rescheduling falters or slows down, then I think you're going to see a lot of work among our borrowers to parse medical versus adult-use operations to allocate costs optimally between their medical and adult-use operations to maximize tax efficiency.

如此一來，產業就不必再做這種分析哪些是醫療、哪些是成人用的工作，而能順暢地營運各項業務。但我們再看看。我認為——如果成人用措施以及成人用重新分級的進展受挫或放緩，那麼我想你會看到我們的借款人投入大量工作去拆分醫療與成人用的營運，並在其醫療與成人用業務之間以最優方式分攤成本，以最大化稅務效率。

And I think you're also going to see state regulators perhaps adjusting the definitions within their adult-use program to shift more of their operations towards what they can call and designate a medical program. But I hope those types of acrobatics are unnecessary because the administration has executed on its pathway to reschedule the entire supply chain.

我也認為你會看到州監管機構可能調整其成人用計畫中的定義，將更多營運轉向他們可以稱之並指定為醫療計畫的範疇。但我希望這類「雜技式」操作是不必要的，因為政府已在其路徑上推動整個供應鏈的重新分級。

Got it. That's helpful. And I think I saw California is doing something along those lines, which I agree with you. Hopefully, that's relevant and full Schedule III gets done in June, but we'll see how that plays out. And then I guess on the CECL reserve increase in the quarter, and I may have missed this in your guys' prepared remarks, but was that increase specific or general reserves? And how are you guys thinking about the impact on CECL reserves following Schedule 3?

了解，這很有幫助。我想我看到加州正在做類似的事情；我同意你的看法，希望這會有關聯，並且 6 月能完成完整的《附表 III》，但我們再看看進展如何。接著我想問本季 CECL 準備金增加的部分——我可能在你們的事先發言中漏聽了——那個增加是特定準備金（specific）還是一般準備金（general）？以及在《附表 3》之後，你們如何看待對 CECL 準備金的影響？

That reserve activity was a mix of both specific and general. The -- I should note that, that reserve activity reflects the market and discount rates and valuations and loan to values as of 3/31, and they do not reflect the subsequent events of rescheduling market activity and discount rates thereafter. I think generally, the rescheduling is a -- I think the rescheduling is a credit positive for all of our borrowers and even those that don't have significant medical revenues.

那次準備金的變動是特定與一般兩者的混合。我——我應該指出，那次準備金變動反映的是截至 3/31 的市場狀況、折現率、估值以及貸款價值比（loan to values），並不反映其後重新分級所帶來的市場活動與之後的折現率變化。我整體認為，重新分級對我們所有借款人而言都是信用面正向因素，即便是那些醫療營收占比不高的借款人也是如此。

Should we expect to see some CECL releases throughout 2026 as those 280E issues work through the companies?

我們是否可以預期在 2026 年期間，隨著 280E 的問題在公司端逐步消化，會看到一些 CECL 的回轉（releases）？

It's certainly possible. It would be a reflection, not necessarily directly of rescheduling, but it would be a reflection of the inputs that a reflection of market sentiment, loan to values, cash flow calculations flowing through to the inputs that drive our CECL reserve policies and behaviors.

這當然有可能。那將不一定是重新分級的直接反映，而是對輸入變數的反映——也就是市場情緒、貸款價值比、現金流計算等，這些會傳導到驅動我們 CECL 準備金政策與行為的輸入項。

Got it. Appreciate you guys taking the questions, and great to hear we finally got some positive news in the sector.

了解。感謝你們回答問題，也很高興終於在這個產業聽到一些正面消息。

Absolutely.

當然。

Aaron Grey, Alliance Global Partners.

Aaron Grey，Alliance Global Partners。

Hi, thank you for the question. First question, obviously, there's a hope that we get the full plant rescheduled late summer, fall following the hearings. But potentially in the near term or if full plant reschedule, it takes a little bit more time.

嗨，謝謝讓我提問。第一個問題，顯然大家希望在聽證會之後、於夏末或秋季完成全株（full plant）的重新分級。但也可能在短期內，或是如果全株重新分級需要更長時間。

In this scenario, do you potentially get a little bit more aggressive in medical-only states where you know you have the removal of 280E? Or does that change any of the potential near-term landscape opportunities? Thanks.

在這種情境下，你們是否可能在僅醫療州（medical-only states）變得更積極一些，因為你們知道 280E 會被移除？或者這是否會改變任何短期的市場機會版圖？謝謝。

I think it does allow us what's the -- it allows us to be -- to reflect in our underwriting the different tax treatment of medical revenues versus adult-use revenues. And I think it drives us to -- we will have to -- if adult-use does not proceed on adult-use sales, then it will lead to, I think, different lenses for medical versus adult use only because it drives different cash flow dynamics of the operators.

我認為這確實讓我們——它讓我們能在承作審查（underwriting）中反映醫療營收與成人用營收不同的稅務處理。我也認為這會驅使我們——我們將必須——如果成人用在成人用銷售上的推進沒有進展，那麼我認為就會需要用不同的視角看待醫療與成人用，僅僅因為這會驅動營運商不同的現金流動態。

And that is the fundamental basis of which I think all underwriters at this space will need to adjust. Again, I hope it's not needed. But if the fundamentals of cash flows are to be reflected in this, and it will be reflected in our underwriting and deployment as well.

而這是我認為此領域所有承作方都必須調整的根本基礎。再次強調，我希望不需要這麼做。但如果現金流的基本面需要被反映，那也將反映在我們的承作與資金投放上。

Thanks. That's helpful color. A lot of people in industry talk about potential impact of the hemp ban coming to fruition in November, having a broader impact on the legal cannabis market. Curious to your view on that and your borrowers, potentially there being that come to fruition and helping out the fundamentals of your borrowers and your view on that. Thank you.

謝謝，這些補充很有幫助。產業中很多人談到，若 11 月的大麻二酚/工業大麻（hemp）禁令成真，可能對合法大麻市場帶來更廣泛的影響。想請教你對此以及對你們借款人的看法：若其成真，是否可能改善你們借款人的基本面？謝謝。

We've absolutely heard anecdotal feedback that the hemp ban has driven revenue increases, particularly in states that have a larger prevalence of smoke shops and these types of black market hemp CBD and cannabis-adjacent products. I think it's been difficult to find a direct link in the data, but certainly anecdotal and correlative links between the hemp ban and regulated cannabis sales.

我們確實聽到一些軼聞回饋指出，hemp 禁令帶動了營收成長，特別是在煙具店（smoke shops）較多、以及這類黑市 hemp CBD 與大麻周邊產品更普遍的州。我認為在數據上很難找到直接連結，但在軼聞與相關性層面，hemp 禁令與受監管的大麻銷售之間確實存在連結。

Okay, great. Thank you. JJust last question for me. In terms of liquidity and pipeline, any color on timing to having some things in the pipeline come to fruition with the liquidity you still have available? Thanks.

好的，很好，謝謝。最後一個問題：就流動性與案源（pipeline）而言，對於你們仍可動用的流動性，案源中一些事項落地（come to fruition）的時間點，有沒有什麼可以分享的？謝謝。

I think it's -- our pipeline tends to refresh itself every three to six months. And in that period of time, we have the opportunity to explore whether these transactions that are in the pipeline are transactions that we seek to close or transactions that end up not being worthy of closing. But it's -- I think it's difficult to forecast within that time frame of what that deployment will be for better or worse.

我認為——我們的案源通常每三到六個月會自我更新一次。在那段期間，我們有機會評估案源中的交易是否是我們希望完成結案的交易，或是最終不值得結案的交易。但——我認為在那個時間框架內，很難預測資金投放會是多少，無論結果好壞。

And in this -- I'll point out that in this quarter, we have released our -- at investors' request, we have released a breakdown between Canada -- between real estate backed and non-real estate loans within our portfolio in an effort to give our investors a better view into what portion of our pipeline is more directly fit for Chicago Atlantic real estate financing.

另外我也要指出，本季我們——應投資人要求——我們發布了投資組合中加拿大——以及以不動產作為擔保與非不動產貸款之間的拆分明細，旨在讓投資人更清楚了解我們的案源中有多少比例更直接適用於 Chicago Atlantic 的不動產融資。

Yeah, very helpful. Appreciate that disclosure and color in response to the questions. Thank you very much. I'll go ahead and jump back in the queue.

是的，非常有幫助。感謝你們依問題提供這些揭露與補充說明。非常謝謝。我先回到排隊序列中。

Thank you. As there are no further questions from the participants, this concludes our question-and-answer session. Also, the conference has now concluded. We thank you for attending today's presentation, and you may now disconnect.

謝謝。由於與會者沒有進一步提問，本次問答環節到此結束。同時，本次電話會議也已結束。感謝各位參加今天的簡報，您現在可以中斷連線。