$REFI
Chicago Atlantic Real Estate Finance, Inc.

2024 Q1 Form 10-K Financial Statement

#000095017024029644 Filed on March 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $15.34M $16.60M $63.08M
YoY Change 2.89% 3.78% 29.11%
Cost Of Revenue $2.104M $1.691M $5.753M
YoY Change 30.02% 37.33% 120.07%
Gross Profit $13.24M $14.91M $57.33M
YoY Change -11.22% 0.98% 17.34%
Gross Profit Margin 86.28% 89.81% 90.88%
Selling, General & Admin $15.59M $5.763M $19.46M
YoY Change -23.11% 14.72% 53.5%
% of Gross Profit 117.78% 38.66% 33.95%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $15.59M $5.510M $19.46M
YoY Change 269.73% -26.61% 17.48%
Operating Profit -$2.354M $9.398M $37.87M
YoY Change -122.01% 29.52% 17.26%
Interest Expense $2.104M $5.753M
YoY Change 46.01% 184.19%
% of Operating Profit 15.19%
Other Income/Expense, Net
YoY Change
Pretax Income $8.730M $9.398M $38.71M
YoY Change -18.35% 29.52% 19.87%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income 0.0% 0.0% 0.0%
Net Earnings $8.730M $9.398M $38.71M
YoY Change -18.35% 29.52% 19.87%
Net Earnings / Revenue 56.91% 56.62% 61.37%
Basic Earnings Per Share $0.48 $2.14
Diluted Earnings Per Share $0.47 $0.51 $2.11
COMMON SHARES
Basic Shares Outstanding 18.20M 18.18M shares 18.09M
Diluted Shares Outstanding 18.64M 18.34M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.904M $7.898M $7.898M
YoY Change 48.77% 38.18% 38.18%
Cash & Equivalents $6.900M $7.900M
Short-Term Investments
Other Short-Term Assets $192.4K $107.2K
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables $327.8K
Total Short-Term Assets $12.24M $8.711M $8.711M
YoY Change 86.94% 29.36% 29.36%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $842.3K $842.3K
YoY Change
Other Assets -$5.356M -$4.973M -$4.973M
YoY Change 32.18% 26.18% 26.18%
Total Long-Term Assets $371.4M $350.5M $350.5M
YoY Change 17.41% 4.15% 4.15%
TOTAL ASSETS
Total Short-Term Assets $12.24M $8.711M $8.711M
Total Long-Term Assets $371.4M $350.5M $350.5M
Total Assets $383.7M $359.2M $359.2M
YoY Change 18.82% 4.65% 4.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.343M $1.135M $1.135M
YoY Change 39.57% 7.3% 7.3%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $12.17M $18.25M $18.25M
YoY Change 3.41% 1.52% 1.52%
LONG-TERM LIABILITIES
Long-Term Debt $81.25M $66.00M $66.00M
YoY Change 116.67% 13.79% 13.79%
Other Long-Term Liabilities $4.275M $3.126M $3.126M
YoY Change 186.85% -4.27% -4.27%
Total Long-Term Liabilities $85.52M $69.13M $69.13M
YoY Change 119.35% 12.83% 12.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.17M $18.25M $18.25M
Total Long-Term Liabilities $85.52M $69.13M $69.13M
Total Liabilities $97.69M $87.37M $87.37M
YoY Change 92.47% 10.27% 10.27%
SHAREHOLDERS EQUITY
Retained Earnings -$6.089M -$5.812M
YoY Change 104.14% 13.07%
Common Stock $292.0M $277.7M
YoY Change 161354.13% 156897.98%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $286.0M $271.9M $271.9M
YoY Change
Total Liabilities & Shareholders Equity $383.7M $359.2M $359.2M
YoY Change 18.82% 4.65% 4.65%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $8.730M $9.398M $38.71M
YoY Change -18.35% 29.52% 19.87%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $6.918M $15.50M $28.42M
YoY Change 306.44% 235.05% 67.1%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$18.72M -$10.74M -$1.925M
YoY Change -173.93% 137.63% -98.46%
Cash From Investing Activities -$18.72M -$10.74M -$1.925M
YoY Change -173.93% 137.63% -98.46%
FINANCING ACTIVITIES
Cash Dividend Paid $13.87M $39.13M
YoY Change 2.82% 38.9%
Common Stock Issuance & Retirement, Net $7.222M
YoY Change 60.3%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.81M -5.568M -24.31M
YoY Change -138.46% 49.54% -172.12%
NET CHANGE
Cash From Operating Activities 6.918M 15.50M 28.42M
Cash From Investing Activities -18.72M -10.74M -1.925M
Cash From Financing Activities 10.81M -5.568M -24.31M
Net Change In Cash -993.9K -804.1K 2.182M
YoY Change -7.53% -77.76% -102.93%
FREE CASH FLOW
Cash From Operating Activities $6.918M $15.50M $28.42M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2022 us-gaap Proceeds From Principal Repayments On Loans And Leases Held For Investment
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CY2023 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022 us-gaap Net Cash Provided By Used In Investing Activities
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CY2023 us-gaap Proceeds From Issuance Of Common Stock
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CY2022 us-gaap Proceeds From Issuance Of Common Stock
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CY2023 us-gaap Proceeds From Lines Of Credit
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CY2022 us-gaap Proceeds From Lines Of Credit
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CY2023 us-gaap Repayments Of Lines Of Credit
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CY2023 us-gaap Payments Of Dividends
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CY2022 us-gaap Payments Of Dividends
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CY2023 us-gaap Payments Of Debt Issuance Costs
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CY2022 us-gaap Payments Of Debt Issuance Costs
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CY2023 us-gaap Payments Of Stock Issuance Costs
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CY2022 us-gaap Payments Of Stock Issuance Costs
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CY2023 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
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CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022 refi Oid Withheld From Funding Of Loans Held For Investment
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CY2023 refi Oid Withheld From Funding Of Debt Securities At Fair Value
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CY2023 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2023 us-gaap Proceeds From Principal Repayments On Loans And Leases Held For Investment
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CY2023 us-gaap Accretion Amortization Of Discounts And Premiums Investments
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CY2023Q4 refi Principal Sale Of Loans
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CY2023 us-gaap Interest Income Operating Paid In Kind
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CY2023 us-gaap Provision For Other Losses
ProvisionForOtherLosses
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CY2023Q4 refi Loan Held At Carrying Value Balance
LoanHeldAtCarryingValueBalance
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CY2022 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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CY2023 us-gaap Mortgage Loan Related To Property Sales1
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CY2023 us-gaap Interest Paid Net
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CY2022 us-gaap Interest Paid Net
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CY2023 us-gaap Effective Income Tax Rate Reconciliation Deductions
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CY2023 us-gaap Use Of Estimates
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<p style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates in the Preparation of Consolidated Financial Statements</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Actual results could differ from those estimates. Significant estimates include the provision for current expected credit losses.</span></p>
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2023 us-gaap Concentration Risk Credit Risk
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<p style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Concentration of Credit Risks</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Financial instruments that may subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, loans held for investment and interest receivable. The Company and the Manager seek to manage this credit risk relating to cash by monitoring the financial stability of the borrowers and their ability to continue in business for the foreseeable future. Concentration of credit risk relating to loans and interest receivable are managed by the Company and the Manager through robust portfolio monitoring and performing due diligence prior to origination or acquisition and through the use of non-recourse financing, when and where available and appropriate.</span></p>
CY2023Q4 us-gaap Other Receivables Net Current
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CY2022Q4 us-gaap Other Receivables Net Current
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CY2023Q4 us-gaap Available For Sale Securities Debt Securities
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CY2023Q4 refi Available For Sale Debt Securities Unamortized Discount
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CY2023Q4 us-gaap Held To Maturity Securities Fair Value
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CY2023 us-gaap Debt Securities Available For Sale Unrealized Gain Loss
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CY2022Q4 us-gaap Held To Maturity Securities Fair Value
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CY2023 us-gaap Revenue Recognition Interest
RevenueRecognitionInterest
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Revenue Recognition</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Interest income from loans is accrued based on the outstanding principal amount and the contractual terms of each loan. Loan origination fees and costs, and other discounts or premiums (collectively, “OID”) are recorded as an adjustment to the amortized cost basis of the loan and are accreted or amortized to interest income over the initial loan term as a yield adjustment using a method which approximates the effective interest method.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Certain of the Company’s loans contain a paid-in-kind interest income provision (“PIK interest”). The PIK interest, computed at the contractual rate specified in the applicable loan agreement, is added to the principal balance of the loan, rather than being paid in cash, and is generally collected upon repayment of the outstanding principal. Recognition of PIK interest includes assessments of collectability and may discontinue accrual of interest income, including PIK interest, when there is reasonable doubt that the interest income will be collected. To the extent required to maintain the Company’s status as a REIT, and/or to avoid incurring an excise tax, accrued income such as this may need to be distributed to stockholders in the form of dividends for the year earned, even though the Company has not yet collected the cash.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Delayed draw loans may earn interest or unused fees on the undrawn portion of the loan, which is recognized as interest income in the period earned. Other fees, including prepayment fees and exit or success fees, are recognized as interest income when received.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Loans are generally placed on non-accrual status when principal or interest payments are past due 90 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed against interest income in the period the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding the borrower’s ability to make pending principal and interest payments. Non-accrual loans are restored to accrual status when principal and interest payments are brought current, the borrower demonstrates sustained repayment performance, or the loan becomes well secured and is in the process of collection. The Company may make exceptions to placing a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Interest income on debt securities designated as trading securities is recognized on an accrual basis and is reported as interest receivable until collected. Interest income is accrued based on the outstanding face amount and the contractual terms of the securities. </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Realized gains or losses on debt securities are measured by the difference between the net proceeds from the disposition and the amortized and/or accreted cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include loans charged off during the period, net of recoveries.</span></p>
CY2023 us-gaap Effective Income Tax Rate Reconciliation Deductions
EffectiveIncomeTaxRateReconciliationDeductions
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CY2023 us-gaap Effective Income Tax Rate Reconciliation Deductions Other
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CY2023 refi Effective Of Ordinary Income Percentage
EffectiveOfOrdinaryIncomePercentage
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CY2023 refi Effective Income Tax Rate Capital Gain Net Income
EffectiveIncomeTaxRateCapitalGainNetIncome
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CY2023 refi Effective Income Tax Rate Reconciliation Non Deductible Excise Tax
EffectiveIncomeTaxRateReconciliationNonDeductibleExciseTax
0.04
CY2023 refi Effective Income Tax Rate Reconciliation Distribution Of Net Capital Gains
EffectiveIncomeTaxRateReconciliationDistributionOfNetCapitalGains
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CY2023 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
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CY2023Q4 us-gaap Change In Accounting Principle Accounting Standards Update Adoption Date
ChangeInAccountingPrincipleAccountingStandardsUpdateAdoptionDate
2023-01-01
CY2023Q4 us-gaap Change In Accounting Principle Accounting Standards Update Adopted
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CY2023Q4 us-gaap Change In Accounting Principle Accounting Standards Update Immaterial Effect
ChangeInAccountingPrincipleAccountingStandardsUpdateImmaterialEffect
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CY2023Q4 refi Portfolio Percentage
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CY2022Q4 refi Portfolio Percentage
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CY2023Q4 us-gaap Debt Current
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CY2022Q4 us-gaap Debt Current
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CY2023Q4 us-gaap Long Term Debt Percentage Bearing Fixed Interest Rate
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CY2022Q4 us-gaap Long Term Debt Percentage Bearing Fixed Interest Rate
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CY2023Q4 us-gaap Loans Receivable With Fixed Rates Of Interest1
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CY2022Q4 us-gaap Loans Receivable With Fixed Rates Of Interest1
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CY2023Q4 us-gaap Principal Amount Outstanding On Loans Securitized
PrincipalAmountOutstandingOnLoansSecuritized
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CY2023Q4 refi Senior Term Loans Original Issue Discount
SeniorTermLoansOriginalIssueDiscount
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CY2023Q4 refi Senior Term Loans Principal
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CY2023 us-gaap Financing Receivable Modified Weighted Average Term Increase From Modification
FinancingReceivableModifiedWeightedAverageTermIncreaseFromModification
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CY2023Q4 refi Current Expected Credit Loss Reserve Carrying Values
CurrentExpectedCreditLossReserveCarryingValues
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CY2023Q4 us-gaap Principal Amount Outstanding Of Loans Held In Portfolio
PrincipalAmountOutstandingOfLoansHeldInPortfolio
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CY2023Q4 refi Loans Held At Original Issue Discount
LoansHeldAtOriginalIssueDiscount
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CY2023Q4 refi Loans Held At Principal Value
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CY2022Q4 us-gaap Principal Amount Outstanding On Loans Securitized
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CY2022Q4 refi Senior Term Loans Original Issue Discount
SeniorTermLoansOriginalIssueDiscount
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CY2022Q4 refi Senior Term Loans Principal
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CY2022 us-gaap Financing Receivable Modified Weighted Average Term Increase From Modification
FinancingReceivableModifiedWeightedAverageTermIncreaseFromModification
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CY2022Q4 refi Current Expected Credit Loss Reserve Carrying Values
CurrentExpectedCreditLossReserveCarryingValues
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CY2022Q4 us-gaap Principal Amount Outstanding Of Loans Held In Portfolio
PrincipalAmountOutstandingOfLoansHeldInPortfolio
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CY2022Q4 refi Loans Held At Original Issue Discount
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CY2022Q4 refi Loans Held At Principal Value
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CY2022Q4 refi Loan Held At Carrying Value Balance
LoanHeldAtCarryingValueBalance
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CY2023 refi New Fundings
NewFundings
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CY2021Q4 refi Loan Held At Carrying Value Balance
LoanHeldAtCarryingValueBalance
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CY2022 refi New Fundings
NewFundings
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CY2022 us-gaap Proceeds From Principal Repayments On Loans And Leases Held For Investment
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CY2022 us-gaap Accretion Amortization Of Discounts And Premiums Investments
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CY2022Q4 refi Principal Sale Of Loans
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CY2022 us-gaap Interest Income Operating Paid In Kind
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CY2022 us-gaap Provision For Other Losses
ProvisionForOtherLosses
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CY2022Q4 refi Loan Held At Carrying Value Balance
LoanHeldAtCarryingValueBalance
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CY2023 refi Loan Commitment
LoanCommitment
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CY2023 refi Outstanding Principal
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CY2023 refi Original Issue Premium Discount
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CY2023Q4 us-gaap Financing Receivable Excluding Accrued Interest After Allowance For Credit Loss Current
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CY2023 refi Percentof Our Loan Portfolio
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1
CY2023 refi Future Fundings
FutureFundings
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CY2023 refi Yieldto Maturityof Internal Rateof Return
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CY2023Q4 us-gaap Financing Receivable Excluding Accrued Interest Before Allowance For Credit Loss
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CY2023Q4 us-gaap Financing Receivable Excluding Accrued Interest Before Allowance For Credit Loss
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CY2022Q4 us-gaap Financing Receivable Excluding Accrued Interest Before Allowance For Credit Loss
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CY2022Q4 us-gaap Financing Receivable Excluding Accrued Interest Before Allowance For Credit Loss
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CY2023Q4 us-gaap Loans Payable
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CY2022Q4 us-gaap Loans Payable
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CY2023 us-gaap Interest Income Other
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CY2023Q4 us-gaap Financing Receivable Excluding Accrued Interest Year One Originated Current Fiscal Year
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CY2023Q4 us-gaap Financing Receivable Excluding Accrued Interest Year Two Originated Fiscal Year Before Current Fiscal Year
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CY2023Q4 us-gaap Financing Receivable Excluding Accrued Interest Year Three Originated Two Years Before Current Fiscal Year
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CY2023Q4 us-gaap Financing Receivable Excluding Accrued Interest Before Allowance For Credit Loss
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CY2022Q4 us-gaap Financing Receivable Excluding Accrued Interest Year Two Originated Fiscal Year Before Current Fiscal Year
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CY2022Q4 us-gaap Financing Receivable Excluding Accrued Interest Year Three Originated Two Years Before Current Fiscal Year
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CY2022Q4 us-gaap Financing Receivable Excluding Accrued Interest Year Four Originated Three Years Before Current Fiscal Year
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CY2022Q4 us-gaap Financing Receivable Excluding Accrued Interest Before Allowance For Credit Loss
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CY2023Q4 refi Real Estate Collaterals Coverage
RealEstateCollateralsCoverage
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CY2022Q4 refi Real Estate Collaterals Coverage
RealEstateCollateralsCoverage
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CY2022Q4 us-gaap Loans And Leases Receivable Gross Carrying Amount Covered
LoansAndLeasesReceivableGrossCarryingAmountCovered
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CY2023 us-gaap Provision For Loan Losses Expensed
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CY2023Q4 us-gaap Loans And Leases Receivable Gross Carrying Amount Covered
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CY2021Q4 us-gaap Loans And Leases Receivable Gross Carrying Amount Covered
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CY2022 us-gaap Provision For Loan Losses Expensed
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CY2022Q4 us-gaap Loans And Leases Receivable Gross Carrying Amount Covered
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CY2023Q4 us-gaap Interest Receivable Current
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CY2022Q4 us-gaap Interest Receivable Current
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CY2023Q4 us-gaap Accrued Fees And Other Revenue Receivable
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CY2022Q4 us-gaap Accrued Fees And Other Revenue Receivable
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CY2023Q4 us-gaap Interest Receivable
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CY2022Q4 us-gaap Interest Receivable
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CY2023Q4 us-gaap Interest Receivable
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CY2023Q4 us-gaap Interest Receivable
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CY2022Q4 us-gaap Interest Receivable
InterestReceivable
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CY2022Q4 us-gaap Interest Receivable
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CY2023Q2 us-gaap Financing Receivable Recorded Investment Nonaccrual Status
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CY2023Q4 us-gaap Financing Receivable Recorded Investment Nonaccrual Status
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CY2023 us-gaap Financing Receivable Accrued Interest Writeoff
FinancingReceivableAccruedInterestWriteoff
200000
CY2023Q4 refi Number Of Contractual Principal Payments Loans
NumberOfContractualPrincipalPaymentsLoans
1
CY2022Q4 refi Number Of Contractual Principal Payments Loans
NumberOfContractualPrincipalPaymentsLoans
0
CY2022Q4 refi Interest Reserves
InterestReserves
1868193
CY2021Q4 refi Interest Reserves
InterestReserves
6636553
CY2023 refi New Reserves
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2238348
CY2022 refi New Reserves
NewReserves
9049834
CY2023 refi Reserve Disbursed
ReserveDisbursed
3031652
CY2022 refi Reserve Disbursed
ReserveDisbursed
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CY2023Q4 refi Interest Reserves
InterestReserves
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CY2022Q4 refi Interest Reserves
InterestReserves
1868193
CY2021Q2 us-gaap Debt Issuance Costs Line Of Credit Arrangements Net
DebtIssuanceCostsLineOfCreditArrangementsNet
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CY2023 us-gaap Line Of Credit Facility Description
LineOfCreditFacilityDescription
On December 16, 2021, CAL entered into an amended and restated Revolving Loan agreement (the “First Amendment and Restatement”). The First Amendment and Restatement increased the loan commitment from $10,000,000 to $45,000,000 and decreased the interest rate, from the greater of the (1) Prime Rate plus 1.00% and (2) 4.75% to the greater of (1) the Prime Rate plus the applicable margin and (2) 3.25%. The applicable margin is derived from a floating rate grid based upon the ratio of debt to equity of CAL and increases from 0% at a ratio of 0.25 to 1 to 1.25% at a ratio of 1.5 to 1. The First Amendment and Restatement also extended the maturity date from February 12, 2023 to the earlier of (i) December 16, 2023 and (ii) the date on which the Revolving Loan is terminated pursuant to the terms of the Revolving Loan agreement.
CY2021Q4 us-gaap Debt Issuance Costs Line Of Credit Arrangements Net
DebtIssuanceCostsLineOfCreditArrangementsNet
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CY2022Q2 us-gaap Debt Issuance Costs Line Of Credit Arrangements Net
DebtIssuanceCostsLineOfCreditArrangementsNet
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CY2022Q4 us-gaap Debt Issuance Costs Line Of Credit Arrangements Net
DebtIssuanceCostsLineOfCreditArrangementsNet
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CY2023Q2 us-gaap Debt Issuance Costs Line Of Credit Arrangements Net
DebtIssuanceCostsLineOfCreditArrangementsNet
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CY2023 refi Debt Instrument Covenants Maximum Capital Expenditures
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CY2023Q4 us-gaap Unamortized Debt Issuance Expense
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CY2022Q4 us-gaap Unamortized Debt Issuance Expense
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CY2023 us-gaap Financing Receivable Revolving Converted To Term Loan During Period
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CY2023 us-gaap Interest Expense Debt
InterestExpenseDebt
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CY2022 us-gaap Interest Expense Debt
InterestExpenseDebt
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CY2023 refi Unused Fee Expense
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CY2022 refi Unused Fee Expense
UnusedFeeExpense
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CY2023 refi Amortization Of Deferred Financing Costs
AmortizationOfDeferredFinancingCosts
550906
CY2022 refi Amortization Of Deferred Financing Costs
AmortizationOfDeferredFinancingCosts
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CY2023 us-gaap Interest Revenue Expense Net
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CY2022 us-gaap Interest Revenue Expense Net
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CY2023 us-gaap Management Fee Description
ManagementFeeDescription
The Manager is entitled to receive base management fees (the “Base Management Fee”) that are calculated and payable quarterly in arrears, in an amount equal to 0.375% of the Company’s Equity, determined as of the last day of each such quarter; reduced by an amount equal to 50% of the pro rata amount of origination fees earned and paid to the Manager during the applicable quarter for loans that were originated on the Company’s behalf by the Manager or affiliates of the Manager (“Outside Fees”).
CY2023 refi Outside Fees Earned
OutsideFeesEarned
153750
CY2022 refi Outside Fees Earned
OutsideFeesEarned
1291451
CY2023 us-gaap Incentive Fee Expense
IncentiveFeeExpense
4700000
CY2022 us-gaap Incentive Fee Expense
IncentiveFeeExpense
3800000
CY2022Q4 refi Original Loan Commitments
OriginalLoanCommitments
351367706
CY2023Q4 refi Less Drawn Commitments
LessDrawnCommitments
371349998
CY2022Q4 refi Less Drawn Commitments
LessDrawnCommitments
336323706
CY2023Q4 refi Undrawn Commitments
UndrawnCommitments
7500000
CY2022Q4 refi Undrawn Commitments
UndrawnCommitments
15044000
CY2023 refi Management Fees Earned
ManagementFeesEarned
4200148
CY2022 refi Management Fees Earned
ManagementFeesEarned
4074725
CY2023 refi Outside Fees Earned
OutsideFeesEarned
153750
CY2022 refi Outside Fees Earned
OutsideFeesEarned
1291451
CY2023 us-gaap Management Fee Expense
ManagementFeeExpense
4046398
CY2022 us-gaap Management Fee Expense
ManagementFeeExpense
2783274
CY2023 us-gaap Incentive Fee Expense
IncentiveFeeExpense
4736436
CY2022 us-gaap Incentive Fee Expense
IncentiveFeeExpense
3778813
CY2023 refi Management And Incentive Fees Payable
ManagementAndIncentiveFeesPayable
8782834
CY2022 refi Management And Incentive Fees Payable
ManagementAndIncentiveFeesPayable
6562087
CY2023 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
4799210
CY2022 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
3137861
CY2023 us-gaap Affiliate Costs
AffiliateCosts
13582044
CY2022 us-gaap Affiliate Costs
AffiliateCosts
9699948
CY2023 us-gaap Related Party Tax Expense Due To Affiliates Current
RelatedPartyTaxExpenseDueToAffiliatesCurrent
5300000
CY2022 us-gaap Related Party Tax Expense Due To Affiliates Current
RelatedPartyTaxExpenseDueToAffiliatesCurrent
5000000
CY2023Q4 us-gaap Accrued Bonuses Current And Noncurrent
AccruedBonusesCurrentAndNoncurrent
1200000
CY2022Q4 us-gaap Accrued Bonuses Current And Noncurrent
AccruedBonusesCurrentAndNoncurrent
800000
CY2023 refi Assigned Right Sold Amount
AssignedRightSoldAmount
237885
CY2022 refi Assigned Right Sold Amount
AssignedRightSoldAmount
0
CY2022Q3 us-gaap Selling Expense
SellingExpense
6700000
CY2022Q3 us-gaap Defined Benefit Plan Funded Status Of Plan
DefinedBenefitPlanFundedStatusOfPlan
10000000
CY2023 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
19300000
CY2023Q1 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
19000000
CY2023 us-gaap Selling Expense
SellingExpense
14200000
CY2023Q4 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
13400000
CY2023Q4 us-gaap Loans Payable Current
LoansPayableCurrent
16400000
CY2023Q4 refi Original Loan Commitments
OriginalLoanCommitments
378849998
CY2023Q4 us-gaap Other Commitment
OtherCommitment
73500000
CY2023Q4 us-gaap Other Commitment Due In Next Twelve Months
OtherCommitmentDueInNextTwelveMonths
66000000
CY2023Q4 us-gaap Other Commitment Due In Third Year
OtherCommitmentDueInThirdYear
7500000
CY2023 us-gaap Stock Issued During Period Shares Restricted Stock Award Forfeited
StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited
2190
CY2022 us-gaap Stock Issued During Period Shares Restricted Stock Award Forfeited
StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited
14297
CY2023Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Outstanding
SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueOutstanding
5525370
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Vested
SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueVested
937068
CY2022Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Outstanding
SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueOutstanding
797881
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Vested
SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueVested
422548
CY2022Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
80984
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
15.71
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
323452
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
14.75
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
35599
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
15.78
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
2190
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
16
CY2023Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
366647
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
14.86
CY2021Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
98440
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
16
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
24880
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
15.07
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
28039
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
16
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
14297
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
16
CY2022Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
80984
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
15.71
CY2023 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1500000
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
400000
CY2023 refi Unamortized Share Based Compensation Expense
UnamortizedShareBasedCompensationExpense
4500000
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P2Y1M6D
CY2023Q2 us-gaap Deferred Offering Costs
DeferredOfferingCosts
75000000
CY2023 refi Gross Proceeds Percentage
grossProceedsPercentage
0.03
CY2023 us-gaap Net Income Loss From Discontinued Operations Available To Common Shareholders Basic
NetIncomeLossFromDiscontinuedOperationsAvailableToCommonShareholdersBasic
38710248
CY2022 us-gaap Net Income Loss From Discontinued Operations Available To Common Shareholders Basic
NetIncomeLossFromDiscontinuedOperationsAvailableToCommonShareholdersBasic
32292477
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18085088
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17653765
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18343725
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17746214
CY2023 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.14
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.83
CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.11
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.82
CY2023 us-gaap Income Tax Holiday Description
IncomeTaxHolidayDescription
To qualify as a REIT, we must meet a number of organizational and operational requirements, including a requirement that we distribute annually to our stockholders at least 90% of our REIT taxable income prior to the deduction for dividends paid. To the extent that we distribute less than 100% of our REIT taxable income in any tax year (taking into account any distributions made in a subsequent tax year under Sections 857(b)(9) or 858 of the Code), we will pay tax at regular corporate rates on that undistributed portion. Furthermore, if we distribute less than the sum of 1) 85% of our ordinary income for the calendar year, 2) 95% of our capital gain net income for the calendar year, and 3) any undistributed shortfall from our prior calendar year (the “Required Distribution”) to our stockholders during any calendar year (including any distributions declared by the last day of the calendar year but paid in the subsequent year), then we are required to pay a non-deductible excise tax equal to 4% of any shortfall between the Required Distribution and the amount that was actually distributed. The 90% distribution requirement does not require the distribution of net capital gains. However, if we elect to retain any of our net capital gain for any tax year, we must notify our stockholders and pay tax at regular corporate rates on the retained net capital gain. Our stockholders must include their proportionate share of the retained net capital gain in their taxable income for the tax year, and they are deemed to have paid the REIT’s tax on their proportionate share of the retained capital gain. Furthermore, such retained capital gain may be subject to the nondeductible 4% excise tax.
CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2023Q4 us-gaap Held To Maturity Securities Fair Value
HeldToMaturitySecuritiesFairValue
842269
CY2023Q4 us-gaap Investment Owned At Fair Value
InvestmentOwnedAtFairValue
351952876
CY2022Q4 us-gaap Investment Owned At Fair Value
InvestmentOwnedAtFairValue
329237824
CY2023 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
1687734
CY2022 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
10035714
CY2023 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
840000
CY2023Q4 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q4 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q4 refi Rule10 B51 Arr Modified Flag
Rule10B51ArrModifiedFlag
false
CY2023Q4 refi Non Rule10 B51 Arr Modified Flag
NonRule10B51ArrModifiedFlag
false
CY2023Q4 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q4 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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