Chicago Atlantic BDC, Inc. Reports Fourth Quarter and Full Year 2025 Financial Results
Rhea-AI Summary
Chicago Atlantic BDC (NASDAQ: LIEN) reported fourth quarter and full year 2025 results on March 19, 2026. Key figures: Q4 net investment income $8.3M ($0.36 per share), FY net investment income $33.1M ($1.45 per share), portfolio fair value $333.3M, and NAV $13.30 per share.
The board declared a $0.34 quarterly dividend payable April 14, 2026. Liquidity was $77.9M at year‑end and the company funded $31.7M in Q4 plus $93.9M subsequent funding to seven borrowers.
Positive
- Dividend declared of $0.34 per share for Q1 2026 payable April 14, 2026
- Portfolio fair value of $333.3 million across 39 companies as of Dec 31, 2025
- Weighted average yield of 15.8% on a 100% senior secured portfolio
- Zero non-accruals as of Dec 31, 2025
- Available liquidity of $77.9 million at year-end (cash plus undrawn credit capacity)
Negative
- Concentrated recent funding with $93.9 million funded post-year end, potentially raising deployment risk
- Drawn leverage outstanding $54.5 million on the senior credit facility as of Mar 18, 2026
News Market Reaction – LIEN
On the day this news was published, LIEN gained 2.02%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
LIEN was down 0.7% pre-earnings while key asset-management peers showed mixed, mostly negative moves (e.g., SCD -1.9%, ERC -0.77%, TSI +0.22%), suggesting stock-specific dynamics rather than a clear sector-wide move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 13 | Q3 2025 earnings | Positive | +3.1% | Stronger Q3 2025 income, higher NAV, and maintained $0.34 dividend. |
| Aug 14 | Q2 2025 earnings | Positive | +0.3% | Solid Q2 2025 income growth and portfolio expansion with steady dividend. |
| Mar 31 | Q4 2024 earnings | Positive | -1.6% | Q4 2024 results and major loan portfolio acquisition with higher NAV. |
| Nov 07 | Q3 2024 earnings | Neutral | -0.6% | Q3 2024 results and transformative loan portfolio acquisition closing. |
Earnings releases have historically led to modest moves, mostly positive, with one notable negative reaction despite generally constructive fundamentals.
Over the past year, LIEN’s earnings updates have highlighted steady growth in investment income, a rising portfolio, and stable NAV near $13.20–$13.27. Q4 and full-year 2024 results introduced a large loan portfolio acquisition and a new $100M credit facility, while 2025 quarters showed higher gross and net investment income and recurring $0.34 dividends. Today’s Q4 and full-year 2025 report continues that sequence of earnings disclosures building on a larger, income-generating portfolio.
Historical Comparison
Over the last four earnings releases, LIEN’s average one-day move was about 0.3%, indicating historically modest price reactions to results updates.
Earnings releases trace a progression from Q3 2024’s smaller portfolio to Q4 2024’s large loan acquisition and into 2025’s larger, income-generating book with recurring $0.34 dividends and NAV holding in the low-$13 range.
Market Pulse Summary
This announcement details Q4 and full-year 2025 results with total investment income of $14.2M for the quarter and $54.3M for the year, a $333.3M portfolio, and NAV per share of $13.30. The company maintained a $0.34 dividend and reported $77.9M in liquidity, including a largely undrawn $100M credit facility. Investors may focus on credit quality (no non-accruals), leverage usage, and sustainability of the 15.8% weighted average yield going forward.
Key Terms
business development company financial
net asset value financial
non-accrual status financial
weighted average yield financial
senior secured financial
senior credit facility financial
Regulation FD regulatory
net investment income financial
AI-generated analysis. Not financial advice.
NEW YORK, March 19, 2026 (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 fourth quarter and full year ended December 31, 2025.
Fourth Quarter 2025 Highlights and Subsequent Activity
- Total gross investment income of
$14.2 million . - Net investment income of
$8.3 million , or$0.36 per weighted average share outstanding - Total investment portfolio of
$333.3 million at fair value - Net asset value (“NAV”) per share was
$13.30 on December 31, 2025 - Board of Directors declared a dividend of
$0.34 per share for the quarter ending March 31, 2026 payable on April 14, 2026 to shareholders of record on March 30, 2026 - Funded seven portfolio companies with
$31.7 million in aggregate par value during the fourth quarter of 2025 - Subsequent to year end, the Company funded
$93.9 million in aggregate par value to seven borrowers, including$35.5 million to three new portfolio companies and$58.4 million to existing borrowers, including a refinance of$38.3 million to its largest borrower. Additionally, two positions fully paid off which amounted to$13.6 million . - As of December 31, 2025, there were 22,820,590 common shares issued and outstanding on a basic and fully diluted basis
Peter Sack, Chief Executive Officer of the Company, commented, “Chicago Atlantic BDC generated net investment income of
“During the fourth quarter, we funded
Portfolio and Investment Activity
- As of December 31, 2025, the Company’s investment portfolio had an aggregate fair value of approximately
$333.3 million across 39 portfolio companies. - During the quarter ended December 31, 2025, the Company had principal amortization and repayments of
$11.0 million , of which$0.6 million was receivable as of December 31, 2025. - As of December 31, 2025, there were no loans on non-accrual status.
Results of Operations
For the three months ended December 31, 2025, total investment income was approximately
For the fiscal year ended December 31, 2025, total investment income was approximately
Liquidity and Capital Resources
As of December 31, 2025, the Company had
Net Asset Value
As of December 31, 2025, NAV per share was
Dividend
The Company’s Board of Directors declared a cash dividend of
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 fourth quarter and full year 2025 financial results at 9:00 a.m. Eastern Time on Thursday, March 19, 2026. The number to access 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 investors.chicagoatlanticbdc.com.
A replay of the call will be available at investors.chicagoatlanticbdc.com by the end of day on March 19, 2026.
Call Details – Chicago Atlantic BDC, Inc. Fourth Quarter 2025 Financial Results:
- When: Thursday, March 19, 2026
- Time: 9:00 a.m. ET
- Webcast Live Stream: https://edge.media-server.com/mmc/p/9fcnj6em
- Replay: investors.chicagoatlanticbdc.com
LIEN posted its Fourth Quarter 2025 Earnings Presentation on the Events and Presentations page of its website, investors.chicagoatlanticbdc.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 its 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 chicagoatlanticbdc.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
Lisa Kampf
SCR Partners
LIEN@chicagoatlantic.com
| CHICAGO ATLANTIC BDC, INC. Statements of Assets and Liabilities | ||||||||||||
| December 31, | September 30, | December 31, | ||||||||||
| 2025 | 2025 | 2024 | ||||||||||
| (Unaudited) | ||||||||||||
| ASSETS | ||||||||||||
| Investments at fair value: | ||||||||||||
| Non-control/non-affiliate investments at fair value (amortized cost of | $ | 333,311,787 | $ | 311,393,482 | $ | 275,241,398 | ||||||
| Interest receivable | 3,175,591 | 3,653,641 | 3,582,610 | |||||||||
| Cash and cash equivalents | 2,934,752 | 10,462,366 | 23,932,406 | |||||||||
| Due from affiliates | 1,804,032 | 669,753 | 2,361,019 | |||||||||
| Prepaid expenses and other assets | 770,292 | 1,074,337 | 321,108 | |||||||||
| Receivable for investment sold | - | - | 4,122,500 | |||||||||
| Total assets | $ | 341,996,454 | $ | 327,253,579 | $ | 309,561,041 | ||||||
| LIABILITIES | ||||||||||||
| Revolving line of credit | $ | 25,000,000 | $ | 11,000,000 | $ | - | ||||||
| Distributions payable | 7,759,001 | 7,759,001 | - | |||||||||
| Income-based incentive fees payable | 2,073,319 | 2,347,474 | 1,998,945 | |||||||||
| Management fee payable | 1,446,470 | 1,399,845 | 758,362 | |||||||||
| Due to affiliates | 1,311,604 | 985,882 | 905,129 | |||||||||
| Professional fees payable | 456,616 | 477,094 | 458,809 | |||||||||
| Other payables | 284,774 | 180,611 | 46,219 | |||||||||
| Capital gains incentive fees payable | 163,473 | 167,594 | 121,887 | |||||||||
| Excise tax payable | 69,609 | - | 88,709 | |||||||||
| Unearned interest income | 23,514 | 15,499 | 37,752 | |||||||||
| Transaction fees payable related to the Loan Portfolio Acquisition | - | - | 2,945,125 | |||||||||
| Offering costs payable | - | - | 989,645 | |||||||||
| Deferred financing costs payable | - | - | 47,881 | |||||||||
| Total liabilities | $ | 38,588,380 | $ | 24,333,000 | $ | 8,398,463 | ||||||
| Commitments and contingencies | ||||||||||||
| NET ASSETS | ||||||||||||
| Common stock, | $ | 228,206 | $ | 228,206 | $ | 228,204 | ||||||
| Additional paid-in-capital | 303,154,218 | 303,154,218 | 303,272,034 | |||||||||
| Distributable earnings (Accumulated loss) | 25,650 | (461,845 | ) | (2,337,660 | ) | |||||||
| Total net assets | $ | 303,408,074 | $ | 302,920,579 | $ | 301,162,578 | ||||||
| NET ASSET VALUE PER SHARE | $ | 13.30 | $ | 13.27 | $ | 13.20 | ||||||
| CHICAGO ATLANTIC BDC, INC. Statements of Operations | ||||||||||||||||
| For the Three Months Ended December 31, | For the Years Ended December 31, | |||||||||||||||
2025 (Unaudited) | 2024 (Unaudited) | 2025 | 2024 | |||||||||||||
| INVESTMENT INCOME | ||||||||||||||||
| Non-control/non-affiliate investment income | ||||||||||||||||
| Interest income | $ | 12,255,979 | $ | 11,702,242 | $ | 49,268,175 | $ | 19,905,843 | ||||||||
| Fee income | 1,972,540 | 945,984 | 5,033,987 | 1,759,910 | ||||||||||||
| Total investment income | 14,228,519 | 12,648,226 | 54,302,162 | 21,665,753 | ||||||||||||
| EXPENSES | ||||||||||||||||
| Income-based incentive fees | 2,073,318 | 1,998,945 | 8,305,705 | 2,327,448 | ||||||||||||
| Management fee | 1,446,470 | 758,363 | 5,452,521 | 1,504,239 | ||||||||||||
| General and administrative expenses | 1,210,993 | 700,000 | 4,634,672 | 700,000 | ||||||||||||
| Interest expense | 464,501 | - | 1,249,657 | - | ||||||||||||
| Professional fees | 194,980 | 286,460 | 886,505 | 527,358 | ||||||||||||
| Legal expenses | 51,299 | 82,083 | 719,097 | 282,156 | ||||||||||||
| Audit expense | 153,750 | 197,975 | 651,252 | 497,200 | ||||||||||||
| Other expenses | 154,849 | 123,611 | 626,891 | 430,254 | ||||||||||||
| Sub-administrator fees | 145,771 | 151,842 | 587,300 | 449,974 | ||||||||||||
| Excise tax expense | 69,609 | 88,710 | 72,406 | 120,024 | ||||||||||||
| Capital gains incentive fees | (4,121 | ) | (3,161 | ) | 41,586 | 34,304 | ||||||||||
| Transaction expenses related to the Loan Portfolio Acquisition | - | 272,717 | - | 5,341,779 | ||||||||||||
| Total expenses | 5,961,419 | 4,657,545 | 23,227,592 | 12,214,736 | ||||||||||||
| Waiver of general and administrative expenses | - | - | (658,477 | ) | - | |||||||||||
| Expense limitation agreements | - | - | (1,338,202 | ) | - | |||||||||||
| Net expenses | 5,961,419 | 4,657,545 | 21,230,913 | 12,214,736 | ||||||||||||
| NET INVESTMENT INCOME (LOSS) | 8,267,100 | 7,990,681 | 33,071,249 | 9,451,017 | ||||||||||||
| NET REALIZED GAIN (LOSS) FROM INVESTMENTS | ||||||||||||||||
| Non-controlled non-affiliate investments | - | (74,483 | ) | - | (74,483 | ) | ||||||||||
| Net realized gain (loss) from investments | - | (74,483 | ) | - | (74,483 | ) | ||||||||||
| NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS | ||||||||||||||||
| Non-controlled non-affiliate investments | (20,604 | ) | 56,680 | 207,930 | 246,004 | |||||||||||
| Net change in unrealized appreciation (depreciation) on investments | (20,604 | ) | 56,680 | 207,930 | 246,004 | |||||||||||
| Net realized and unrealized gains (losses) | (20,604 | ) | (15,803 | ) | 207,930 | 171,521 | ||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 8,246,496 | $ | 7,974,878 | $ | 33,279,179 | $ | 9,622,538 | ||||||||
| NET INVESTMENT INCOME (LOSS) PER SHARE - BASIC AND DILUTED | $ | 0.36 | $ | 0.35 | $ | 1.45 | $ | 0.91 | ||||||||
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE - BASIC AND DILUTED | $ | 0.36 | $ | 0.35 | $ | 1.46 | $ | 0.93 | ||||||||
| WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC AND DILUTED | 22,820,590 | 22,820,368 | 22,820,494 | 10,343,621 | ||||||||||||
FAQ
What did LIEN report for Q4 2025 net investment income and EPS?
How much dividend did Chicago Atlantic BDC (LIEN) declare for the quarter ending March 31, 2026?
What is LIEN's portfolio size and credit profile as of December 31, 2025?
How much liquidity did Chicago Atlantic BDC (LIEN) report at year-end 2025 and on March 18, 2026?
What recent funding activity did LIEN announce in Q4 2025 and after year-end?
