Chicago Atlantic Real Estate Finance (ticker: REFI) is a commercial mortgage REIT that lends money to cannabis operators — cultivators, processors, dispensaries, and vertically-integrated multi-state operators — secured primarily by real estate and other collateral like equipment, licenses, and receivables. REFI exists because federal cannabis prohibition prevents conventional banks from serving this market, creating a structural gap that REFI fills with customized, secured loan products. Loans typically range from $5M to $200M with one-to-five year terms, and REFI generally holds up to $50M per loan, co-investing the remainder with affiliates or third-party co-lenders. REFI originates loans directly through Chicago Atlantic's network of cannabis operator relationships, private equity sponsors, and industry intermediaries. REFI earns income through interest on its loan portfolio — with a weighted average yield-to-maturity of 16.5% as of Q3 2025 — plus origination, exit, and prepayment fees. The portfolio is a mix of fixed- and floating-rate loans, with approximately 86% either fixed-rate or protected by prime rate floors. As a REIT, REFI distributes at least 90% of taxable income to shareholders as dividends. REFI is externally managed by Chicago Atlantic REIT Manager, which earns a 1.5% base management fee on equity plus a 20% incentive fee on core earnings above an 8% return on equity hurdle. REFI's growth strategy focuses on expanding its loan portfolio in limited-license cannabis markets, financing M&A and refinancing activity, and entering new states as legalization expands.