Chicago Atlantic BDC, Inc. Reports First Quarter 2025 Financial Results and Announces Cash Dividend of $0.34 per Share
Chicago Atlantic BDC (NASDAQ: LIEN) reported strong Q1 2025 financial results, with total gross investment income of $11.9 million and net investment income of $7.6 million ($0.34 per share). The company's total investment portfolio reached $289.3 million across 31 portfolio companies, with a NAV per share of $13.19 as of March 31, 2025.
Key developments include securing a new $100 million senior secured revolving credit facility in February 2025, committing $32.3 million for four new credit facilities, and declaring a dividend of $0.34 per share for Q2 2025. The company maintains a strong portfolio with no loans on non-accrual status and has funded $7.2 million in investments across four borrowers in early Q2 2025.
Chicago Atlantic BDC (NASDAQ: LIEN) ha riportato solidi risultati finanziari del primo trimestre 2025, con un reddito lordo da investimenti totale di 11,9 milioni di dollari e un reddito netto da investimenti di 7,6 milioni di dollari (0,34 dollari per azione). Il portafoglio totale di investimenti della società ha raggiunto 289,3 milioni di dollari distribuiti su 31 società in portafoglio, con un NAV per azione pari a 13,19 dollari al 31 marzo 2025.
Gli sviluppi chiave includono l'ottenimento di una nuova linea di credito revolving senior garantita da 100 milioni di dollari a febbraio 2025, l'impegno di 32,3 milioni di dollari per quattro nuove linee di credito e la dichiarazione di un dividendo di 0,34 dollari per azione per il secondo trimestre 2025. La società mantiene un portafoglio solido senza prestiti in stato di non riscossione e ha finanziato 7,2 milioni di dollari in investimenti presso quattro mutuatari all'inizio del secondo trimestre 2025.
Chicago Atlantic BDC (NASDAQ: LIEN) reportó sólidos resultados financieros del primer trimestre de 2025, con un ingreso bruto total por inversiones de 11,9 millones de dólares y un ingreso neto por inversiones de 7,6 millones de dólares (0,34 dólares por acción). La cartera total de inversiones de la compañía alcanzó los 289,3 millones de dólares distribuidos en 31 empresas del portafolio, con un NAV por acción de 13,19 dólares al 31 de marzo de 2025.
Los desarrollos clave incluyen asegurar una nueva línea de crédito revolvente senior garantizada de 100 millones de dólares en febrero de 2025, comprometer 32,3 millones de dólares para cuatro nuevas líneas de crédito y declarar un dividendo de 0,34 dólares por acción para el segundo trimestre de 2025. La compañía mantiene una cartera sólida sin préstamos en estado de no acumulación y ha financiado 7,2 millones de dólares en inversiones entre cuatro prestatarios a principios del segundo trimestre de 2025.
Chicago Atlantic BDC (NASDAQ: LIEN)는 강력한 2025년 1분기 재무 실적을 보고했으며, 총 투자 수익은 1,190만 달러, 순 투자 수익은 760만 달러(주당 0.34달러)를 기록했습니다. 회사의 총 투자 포트폴리오는 31개 포트폴리오 기업에 걸쳐 2억 8,930만 달러에 달하며, 2025년 3월 31일 기준 주당 순자산가치(NAV)는 13.19달러입니다.
주요 발전 사항으로는 2025년 2월에 새로운 1억 달러 규모의 선순위 담보 회전 신용 한도 확보, 네 개의 신규 신용 한도에 대해 3,230만 달러 투자 약정, 그리고 2025년 2분기 주당 0.34달러 배당금 선언이 포함됩니다. 회사는 비수익 대출이 없는 견고한 포트폴리오를 유지하고 있으며, 2025년 2분기 초에 네 명의 차입자에게 720만 달러의 투자를 집행했습니다.
Chicago Atlantic BDC (NASDAQ: LIEN) a annoncé de solides résultats financiers du premier trimestre 2025, avec un revenu brut total d'investissement de 11,9 millions de dollars et un revenu net d'investissement de 7,6 millions de dollars (0,34 dollar par action). Le portefeuille total d'investissement de la société a atteint 289,3 millions de dollars répartis sur 31 sociétés en portefeuille, avec une valeur nette d'inventaire (VNI) par action de 13,19 dollars au 31 mars 2025.
Les développements clés incluent l'obtention d'une nouvelle facilité de crédit renouvelable senior garantie de 100 millions de dollars en février 2025, l'engagement de 32,3 millions de dollars pour quatre nouvelles facilités de crédit, et la déclaration d'un dividende de 0,34 dollar par action pour le deuxième trimestre 2025. La société maintient un portefeuille solide sans prêts en défaut de paiement et a financé 7,2 millions de dollars d'investissements auprès de quatre emprunteurs au début du deuxième trimestre 2025.
Chicago Atlantic BDC (NASDAQ: LIEN) meldete starke Finanzergebnisse für das erste Quartal 2025 mit einem gesamten Bruttoanlageertrag von 11,9 Millionen US-Dollar und einem Nettoanlageertrag von 7,6 Millionen US-Dollar (0,34 US-Dollar pro Aktie). Das gesamte Anlageportfolio des Unternehmens erreichte 289,3 Millionen US-Dollar über 31 Portfoliounternehmen, mit einem NAV pro Aktie von 13,19 US-Dollar zum 31. März 2025.
Wesentliche Entwicklungen umfassen die Sicherung einer neuen gesicherten revolvierenden Kreditlinie in Höhe von 100 Millionen US-Dollar im Februar 2025, die Verpflichtung von 32,3 Millionen US-Dollar für vier neue Kreditfazilitäten sowie die Erklärung einer Dividende von 0,34 US-Dollar pro Aktie für das zweite Quartal 2025. Das Unternehmen hält ein solides Portfolio ohne notleidende Kredite und hat Anfang des zweiten Quartals 2025 7,2 Millionen US-Dollar in Investitionen bei vier Kreditnehmern finanziert.
- Secured new $100 million senior secured revolving credit facility with favorable terms (SOFR + 3.00%)
- Strong portfolio performance with no loans on non-accrual status
- Consistent dividend maintained at $0.34 per share
- Continued portfolio growth with $32.3 million in new commitments
- Total investment portfolio of $289.3 million across 31 companies showing diversification
- Slight decrease in NAV per share from $13.20 to $13.19 quarter-over-quarter
Insights
Chicago Atlantic BDC reports stable Q1 with $0.34 EPS, unchanged dividend, and new $100M credit facility supporting portfolio growth.
Chicago Atlantic BDC has delivered stable first quarter results with
The BDC maintains a healthy investment portfolio valued at
The company's strategic positioning is strengthening, having secured a new
Their measured deployment strategy continues with
The focus on senior-secured lending positions them conservatively in the capital structure, providing meaningful downside protection amid continued market volatility. This approach, combined with their prudent structuring to manage interest rate sensitivity, positions Chicago Atlantic well as they pursue growth opportunities in both cannabis and non-cannabis sectors.
NEW YORK, May 14, 2025 (GLOBE NEWSWIRE) -- Chicago Atlantic BDC, Inc. (“LIEN” or the “Company”) (NASDAQ: LIEN), a specialty finance company that has elected to be regulated as a business development company, today announced its financial results for the first quarter ended March 31, 2025.
First Quarter 2025 Highlights and Subsequent Events
- Total gross investment income of
$11.9 million - Net investment income of
$7.6 million , or$0.34 per weighted average share outstanding - Total investment portfolio of
$289.3 million at fair value - Net asset value (“NAV”) per share was
$13.19 on March 31, 2025 - Declared a dividend of
$0.34 per share for the quarter ended March 31, 2025, paid on April 11, 2025 to shareholders of record as of March 28, 2025 - Declared a dividend of
$0.34 per share for the quarter ended June 30, 2025 payable on July 11, 2025 to shareholders of record of June 27, 2025 - Closed a new
$100 million senior secured revolving credit facility on February 11, 2025 - Committed
$32.3 million for four new credit facilities, of which$20.8 million in aggregate par value was advanced in the first quarter of 2025 - Subsequent to quarter end, the Company funded
$7.2 million in investments across four borrowers to date in the second quarter of 2025 - As of March 31, 2025, there were 22,820,386 common shares issued and outstanding on a basic and fully diluted basis
Peter Sack, Chief Executive Officer of the Company, commented, “We continued our measured deployment during the first quarter and to date in the second quarter, bringing our gross fundings by principal value to
On February 11, 2025, the Company closed a new
Portfolio and Investment Activity
- As of March 31, 2025, the Company’s investment portfolio had an aggregate fair value of approximately
$289.3 million across 31 portfolio companies. - During the quarter ended March 31, 2025, the Company committed
$32.3 million in aggregate par value and funded four investments with an aggregate par value of$20.8 million , none of which were in existing borrowers. - During the quarter ended March 31, 2025, the Company had principal repayments of
$7.6 million of which$3.4 million was receivable as of March 31, 2025. - As of March 31, 2025, there were no loans on non-accrual status.
Results of Operations
For the three months ended March 31, 2025, total investment income was approximately
Net Asset Value
As of March 31, 2025, NAV per share was
Dividend
The Company’s Board of Directors declared a cash dividend of
The following are the key dates for the dividend:
| Record Date | June 27, 2025 |
| Payment Date | July 11, 2025 |
The Company has adopted a dividend reinvestment plan (“DRIP”) that provides for reinvestment of dividends on behalf of its stockholders, unless a stockholder elects to receive cash. As a result, when the Company declares a cash dividend, stockholders who have not “opted out” of the DRIP in accordance with the terms of the DRIP and the procedures of their broker or other financial intermediary will have their cash dividends automatically reinvested in additional shares of the Company’s common stock. A stockholder whose shares are held by a broker or other financial intermediary should contact their broker or other financial intermediary as soon as possible in order to determine the time by which the stockholder must take action in order to receive dividends in cash.
Conference Call and Quarterly Earnings Presentation
The Company will host a conference call and live audio webcast, both open for the general public to hear, to discuss the Company's first quarter 2025 financial results at 9:00 a.m. Eastern Time on Wednesday, May 14, 2025. The number to call for the conference call is (833) 630-1956 (international callers: 412-317-1837). The live audio webcast of the call will also be available on the Company’s website at lien.chicagoatlantic.com.
A replay of the call will be available at lien.chicagoatlantic.com by the end of day on May 14, 2025.
Call Details – Chicago Atlantic BDC, Inc. First Quarter 2025 Financial Results:
- When: Wednesday, May 14, 2025
- Time: 9:00 a.m. ET
- Webcast Live Stream: https://edge.media-server.com/mmc/p/jzmxrb2v
- Replay: lien.chicagoatlantic.com
LIEN posted its First Quarter 2025 Earnings Presentation on the Events and Presentations page of its website, lien.chicagoatlantic.com. LIEN routinely posts important information for investors on its website. The Company intends to use this website as a means of disclosing material information, for complying with our disclosure obligations under Regulation FD and to post and update investor presentations and similar materials on a regular basis. The Company encourages investors, analysts, the media and others interested in LIEN to monitor the Investor Relations page of its website, in addition to following its press releases, Securities and Exchange Commission (“SEC”) filings, publicly available earnings calls, presentations, webcasts and other information posted from time to time on the website. Please visit the IR Resources section of the website to sign up for email notifications.
About Chicago Atlantic BDC, Inc.
The Company is a specialty finance company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended, and has elected to be treated as a regulated investment company for U.S. federal income tax purposes. The Company’s investment objective is to maximize risk-adjusted returns on equity for its stockholders by investing primarily in direct loans to privately held middle-market companies, with a primary focus on cannabis companies. The Company is managed by Chicago Atlantic BDC Advisers, LLC, an investment manager focused on the cannabis industry and other niche or underfollowed sectors. For more information, please visit lien.chicagoatlantic.com.
Forward-Looking Statements
Certain information contained herein may constitute “forward-looking statements” that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about the Company, its current and prospective portfolio investments, its industry, its beliefs and opinions, and its assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the Company’s control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements including, without limitation, the risks, uncertainties and other factors identified in the Company’s filings with the SEC. Investors should not place undue reliance on these forward-looking statements, which apply only as of the date on which the Company makes them. The Company does not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law.
Contact
Tripp Sullivan
SCR Partners
LIEN@chicagoatlantic.com
| CHICAGO ATLANTIC BDC, INC. Statements of Assets and Liabilities | ||||||||
| ASSETS | March 31, 2025 (Unaudited) | December 31, 2024 | ||||||
| Investments at fair value: | ||||||||
| Non-control/non-affiliate investments at fair value (amortized cost of | $ | 289,262,741 | $ | 275,241,398 | ||||
| Cash and cash equivalents | 14,921,739 | 23,932,406 | ||||||
| Due from affiliates | 5,202,278 | 2,361,019 | ||||||
| Interest receivable | 3,061,836 | 3,582,610 | ||||||
| Prepaid expenses and other assets | 1,250,109 | 321,108 | ||||||
| Receivable for investment sold | - | 4,122,500 | ||||||
| Total assets | $ | 313,698,703 | $ | 309,561,041 | ||||
| LIABILITIES | ||||||||
| Distributions payable | $ | 7,758,931 | $ | - | ||||
| Income-based incentive fees payable | 2,122,865 | 1,998,945 | ||||||
| Management fee payable | 1,339,250 | 758,362 | ||||||
| Professional fees payable | 756,602 | 458,809 | ||||||
| Unearned interest income | 213,269 | 37,752 | ||||||
| Due to affiliates | 197,344 | 905,129 | ||||||
| Capital gains incentive fees payable | 115,074 | 121,887 | ||||||
| Deferred financing costs payable | 114,548 | 47,881 | ||||||
| Other payables | 62,816 | 46,219 | ||||||
| Transaction fees payable related to the Loan Portfolio Acquisition | - | 2,945,125 | ||||||
| Offering costs payable | - | 989,645 | ||||||
| Excise tax payable | - | 88,709 | ||||||
| Total liabilities | $ | 12,680,699 | $ | 8,398,463 | ||||
| Commitments and contingencies | ||||||||
| NET ASSETS | ||||||||
| Common stock, | $ | 228,204 | $ | 228,204 | ||||
| Additional paid-in-capital | 303,152,031 | 303,272,034 | ||||||
| Distributable earnings (accumulated loss) | (2,362,231 | ) | (2,337,660 | ) | ||||
| Total net assets | $ | 301,018,004 | $ | 301,162,578 | ||||
| NET ASSET VALUE PER SHARE | $ | 13.19 | $ | 13.20 | ||||
| CHICAGO ATLANTIC BDC, INC. Statements of Operations (Unaudited) | ||||||||
| For the Three Months Ended | ||||||||
| March 31, 2025 | December 31, 2024 | |||||||
| INVESTMENT INCOME | ||||||||
| Non-control/non-affiliate investment income | ||||||||
| Interest income | $ | 11,279,456 | $ | 11,702,240 | ||||
| Fee income | 643,546 | 945,983 | ||||||
| Total investment income | 11,923,002 | 12,648,223 | ||||||
| EXPENSES | ||||||||
| Income-based incentive fees | 1,916,277 | 1,998,944 | ||||||
| Management fee | 1,260,875 | 758,362 | ||||||
| General and administrative expense | 974,477 | 700,000 | ||||||
| Legal expenses | 250,926 | 82,083 | ||||||
| Professional fees | 215,726 | 286,457 | ||||||
| Audit expense | 190,002 | 197,975 | ||||||
| Sub-administrator fees | 157,785 | 151,842 | ||||||
| Interest expense | 145,381 | - | ||||||
| Other expenses | 144,422 | 123,611 | ||||||
| Capital gains incentive fees | (6,813 | ) | (3,161 | ) | ||||
| Transaction expenses related to the Loan Portfolio Acquisition | - | 272,717 | ||||||
| Excise tax expense | - | 88,709 | ||||||
| Total expenses | 5,249,058 | 4,657,539 | ||||||
| Waiver of General and administrative expense | (658,477 | ) | - | |||||
| Expense limitation agreement | (316,000 | ) | - | |||||
| Net expenses | 4,274,581 | 4,657,539 | ||||||
| NET INVESTMENT INCOME (LOSS) | 7,648,421 | 7,990,684 | ||||||
| NET REALIZED GAIN (LOSS) FROM INVESTMENTS | ||||||||
| Non-controlled non-affiliate investments | - | (74,483 | ) | |||||
| Net realized gain (loss) from investments | - | (74,483 | ) | |||||
| NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS | ||||||||
| Non-controlled/non-affiliate investments | (34,064 | ) | 58,678 | |||||
| Net change in unrealized appreciation (depreciation) on investments | (34,064 | ) | 58,678 | |||||
| Net realized and unrealized gains (losses) | (34,064 | ) | (15,805 | ) | ||||
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 7,614,357 | $ | 7,974,879 | ||||
| NET INVESTMENT INCOME (LOSS) PER SHARE - BASIC AND DILUTED | $ | 0.34 | $ | 0.35 | ||||
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE - BASIC AND DILUTED | $ | 0.33 | $ | 0.35 | ||||
| WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC AND DILUTED | 22,820,386 | 22,820,368 | ||||||
FAQ
What was LIEN's net investment income for Q1 2025?
What is the dividend amount and payment date for LIEN's Q2 2025 dividend?
What are the terms of LIEN's new credit facility secured in February 2025?
How many portfolio companies does LIEN have and what is the total portfolio value?
What is LIEN's current NAV per share?
