Strong 2025 results for Chicago Atlantic BDC (NASDAQ: LIEN) with rising NAV and income
Rhea-AI Filing Summary
Chicago Atlantic BDC, Inc. reported strong fourth quarter and full-year 2025 results driven by its senior secured lending strategy focused largely on cannabis operators. For Q4 2025, total investment income was about $14.2 million and net investment income was $8.3 million, or $0.36 per share.
For 2025, total investment income reached $54.3 million and net investment income was $33.1 million, or $1.45 per share, up sharply from 2024. Net asset value per share rose to $13.30 as of December 31, 2025, with total net assets of $303.4 million. The portfolio held $333.3 million of investments at fair value across 39 portfolio companies, all senior secured, with a weighted average yield of 15.8% and no loans on non-accrual.
As of December 31, 2025, the company had $77.9 million of liquidity, including $75.0 million of undrawn capacity on its $100.0 million revolving credit facility; as of March 18, 2026, $54.5 million was outstanding on the facility and liquidity was about $47.5 million. The board declared a $0.34 per share cash dividend for the quarter ending March 31, 2026, payable April 14, 2026 to shareholders of record on March 30, 2026. Management highlighted a near-term pipeline exceeding $732 million and continued zero non-accruals, positioning the company to pursue further growth while emphasizing credit quality.
Positive
- Exceptional earnings growth and dividend coverage: 2025 net investment income rose to $33.1 million, or $1.45 per share, versus $9.45 million, or $0.91 per share, in 2024, while Q4 2025 net investment income of $0.36 per share exceeded the $0.34 quarterly dividend.
- High-yield, senior secured portfolio with clean credit: As of December 31, 2025, the $333.3 million investment portfolio was 100% senior secured, carried a 15.8% weighted-average yield and had zero loans on non-accrual, supporting both income and reported NAV stability.
Negative
- None.
Insights
Results show strong income growth, high yields and currently clean credit quality, supported by ample liquidity.
Chicago Atlantic BDC delivered 2025 net investment income of $33.1 million, up from $9.5 million in 2024, on total investment income of $54.3 million. Q4 net investment income of $8.3 million or $0.36 per share comfortably covered the $0.34 dividend.
The portfolio stood at $333.3 million across 39 positions, entirely senior secured, with a high weighted-average yield of 15.8% and no non-accruals as of December 31, 2025. Net asset value per share inched up to $13.30, reflecting stable marks and earnings retention after dividends.
Leverage remains moderate, with $25.0 million drawn on the $100.0 million facility at year-end and $54.5 million outstanding as of March 18, 2026, alongside liquidity of about $47.5 million. A disclosed near-term pipeline above $732 million suggests capacity to deploy into new loans, though actual impact will depend on future underwriting and credit conditions in cannabis and other niche sectors.
UNITED
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Item 2.02 Results of Operations and Financial Condition.
On March 19, 2026, Chicago Atlantic BDC, Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter and the full year ended December 31, 2025. The press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 furnished herewith, is being furnished and shall not be deemed “filed” for any purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section. The information in Item 2.02 of this Current Report on Form 8-K shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 7.01 Regulation FD Disclosure.
On March 19, 2026, the Company disseminated an earnings presentation to be used in connection with its conference call and live webcast on March 19, 2026 at 9:00 a.m. Eastern time to discuss its financial results for the fourth quarter ended December 31, 2025. The earnings presentation is attached as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference.
The information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.2 furnished herewith, is being furnished and shall not be deemed “filed” for any purpose of Section 18 of the Exchange Act, or otherwise subject to the liabilities of such section. The information in Item 7.01 of this Current Report on Form 8-K shall not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
d) Exhibits
| Exhibit Number | Description | |
| 99.1 | Press release, dated March 19, 2026. | |
| 99.2 | Earnings Presentation, dated March 19, 2026. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| CHICAGO ATLANTIC BDC, INC. | ||
| Date: March 19, 2026 | By: | /s/ Thomas Geoffroy |
| Interim Chief Financial Officer | ||
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Exhibit 99.1
Chicago Atlantic BDC, Inc. Reports Fourth Quarter and Full Year 2025 Financial Results
NEW YORK, March 19, 2026 --- 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 $0.36 per share for the fourth quarter and declared a $0.34 dividend, marking our sixth consecutive quarter at that rate, while maintaining zero non-accruals and leverage well below industry averages. The broader BDC market was under real pressure in 2025 — rising defaults, dividend reductions, and growing questions about the sustainability of private credit returns. While that negative sentiment has been applied to BDCs broadly, our portfolio has no meaningful exposure to the sectors and structures at the center of those concerns. We have minimal exposure to software, no syndicated participations, and no subordinated positions. We are 100% senior secured with a weighted average yield of 15.8%, well above the industry average.
“During the fourth quarter, we funded $31.7 million in new investments across seven portfolio companies, and we ended the year with approximately $77.9 million of available liquidity and a growing pipeline exceeding $732 million. Federal rescheduling momentum and increased M&A activity among cannabis operators are expanding the opportunity for our platform. We intend to pursue it with the same discipline that has defined the Chicago Atlantic platform — senior secured lending, proven operators, strong markets, and a focus on protecting principal.”
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 $14.2 million. For the three months ended December 31, 2025, the Company incurred net expenses of approximately $5.9 million, resulting in net investment income of approximately $8.3 million, or $0.36 per weighted average share, and a net increase in net assets from operations of approximately $8.2 million, or $0.36 per weighted average share.
For the fiscal year ended December 31, 2025, total investment income was approximately $54.3 million. For the fiscal year ended December 31, 2025, the Company incurred net expenses of approximately $21.2 million, resulting in net investment income of approximately $33.1 million, or $1.45 per weighted average share, and a net increase in net assets from operations of approximately $33.3 million, or $1.46 per weighted average share.
Liquidity and Capital Resources
As of December 31, 2025, the Company had $77.9 million of liquidity including $2.9 million of cash and $75.0 million of borrowings available to be drawn on its $100.0 million senior credit facility, which is subject to certain borrowing base requirements and other restrictions. As of March 18, 2026, the Company has $54.5 million outstanding on its senior credit facility and approximately $47.5 million of liquidity.
Net Asset Value
As of December 31, 2025, NAV per share was $13.30 compared with $13.27 as of September 30, 2025 and $13.20 as of December 31, 2024. Total net assets as of December 31, 2025, were $303.4 million compared to $302.9 million as of September 30, 2025 and $301.2 million as of December 31, 2024.
Dividend
The Company’s Board of Directors declared a cash 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.
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.
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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
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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 $332,209,170, $310,270,261 and $274,346,711, respectively) | $ | 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, $0.01 par value, 100,000,000 shares authorized, 22,820,590, 22,820,590 and 22,820,386 shares issued and outstanding, respectively | $ | 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 | ||||||
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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 | ||||||||||||
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Exhibit 99.2
CONFIDENTIAL | Chicago Atlantic BDC, Inc. Fourth Quarter 2025 Earnings Presentation Chicago Atlantic BDC, Inc. (NASDAQ: LIEN) March 19, 2026
CONFIDENTIAL | Chicago Atlantic BDC, Inc. 2 The information contained in this presentation should be viewed in conjunction with the earnings conference call of Chicago A tla ntic BDC, Inc. (the “Company”) (Nasdaq: LIEN) held on March 19, 2026, and the Company’s Annual Report on Form 10 - K for the year ended December 31, 2025. The information contained herein may not be used, reproduced or distributed to others, in whole or in part, for any other purpose without the prior written consent of the Company. This presentation does not constitute a prospectus and should under no circumstances be understood as an offer to sell or the so licitation of an offer to buy the Company’s common stock or any other securities nor will there be any sale of the common stock or any other securities referred to in this presentation in any state or jurisdiction in whic h s uch offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction. Nothing in these materials should be construed as a recommendation to invest in any securities that may be issued by the Comp any or as legal, accounting or tax advice. An investment in securities of the type described herein presents certain risks. Nothing contained herein shall be relied upon as a promise or representation whether as to the past o r f uture performance. Information regarding performance by the Company’s management team and their affiliates is presented for informational purposes only. You should not rely on the historical record of the Company’s man agement team and their affiliates as indicative of the future performance of an investment in the Company or the returns the Company will, or is likely to, generate going forward. Certain information contained herein has been derived from sources prepared by third parties. While such information is belie ved to be reliable for the purposes used herein, the Company makes no representation or warranty with respect to the accuracy of such information. This presentation contains references to trademarks and service marks belon gin g to other entities. Solely for convenience, trademarks and trade names referred to in this presentation may appear without the ® or symbols, but such references are not intended to indicate, in any way, that the applicable licensor will not assert, to the f ul lest extent under applicable law, its rights to these trademarks and trade names. The Company does not intend its use or display of other companies’ trade names, trademarks or ser vic e marks to imply a relationship with, or endorsement or sponsorship of the Company by, any other companies. The information contained in this presentation is summary information that is intended to be considered in the context of oth er public announcements that the Company may make, by press release or otherwise, from time to time. The Company undertakes no duty or obligation to publicly update or revise the information contained in this presentatio n, except as required by law. These materials contain information about the Company, certain of its personnel and affiliates and its historical performance. You should not view information related to the past performance of t he Company as indicative of the Company’s future results, the achievement of which cannot be assured. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from inve stm ents will fluctuate and can go down as well as up. A loss of principal may occur. Certain information contained herein may constitute “forward - looking statements” that involve substantial risks and uncertaintie s. 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 curren t 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,” “ int ends,” “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 predic t a nd 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 fili ngs with the Securities and Exchange Commission (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 under take any obligation to update or revise any forward - looking statements or any other information contained herein, except as required by applicable law. Disclaimers and Forward - Looking Statements
CONFIDENTIAL | Chicago Atlantic BDC, Inc. 3 Chicago Atlantic BDC, Inc Company & Platform Overview ~$732M near - term pipeline under evaluation (2) $3.3B+ in loans closed since platform inception (1) 185+ loans closed across platform (1) $333M total portfolio investment value 15.8% gross weighted - average yield of Company debt investments (3) 100% of current company debt investments are senior secured » Chicago Atlantic BDC, Inc. (NASDAQ: LIEN) (the “Company” or “us”) is externally managed by Chicago Atlantic BDC Advisers, LLC (the “Adviser”) » The Adviser, a majority - owned subsidiary of Chicago Atlantic Group, LP (together with its affiliates, “Chicago Atlantic”), is an SEC - registered investment adviser and works with its clients to originate, underwrite and deploy primarily first - lien, senior - secured fixed and floating rate debt primarily to the cannabis industry’s most established operators and to other niche companies overlooked by the broader market » The Adviser focuses on opportunities that are time - sensitive, highly complex or in dislocated sectors where risk is fundamentally mispriced with attractive risk - adjusted returns » Seasoned investment team with decades of multi - sector experience across market cycles and complex legal and regulatory frameworks in credit, special situations, equities, distressed and emerging market debt » Access to Chicago Atlantic’s leading lending platform which typically serves as lead or co - lead arranger, and its proprietary sourcing network and direct originations team 1. Includes all closed loans across the Chicago Atlantic platform. 2. Includes potential funding opportunities for new originations and refinancing of existing assets as of 12/31/2025 3. As of 12/31/25; see page 21 for information regarding the calculation of Gross Weighted Average Portfolio Yield on Debt Inves tme nts (“Portfolio Yield”) and Total Portfolio Investment Value .
CONFIDENTIAL | Chicago Atlantic BDC, Inc. 4 Investment Highlights » Strong credit metrics » The first public BDC that is primarily focused on the cannabis industry » All debt investments are senior secured » 73% of the debt portfolio is protected from further interest rate declines » Ample liquidity remains in our $100 million senior secured revolving credit facility, providing us runway for portfolio growth » Part of a leading cannabis focused investment platform A DIFFERENTIATED BDC » Focus on highly complex and highly regulated industries often overlooked by other capital providers » Direct lending to the cannabis industry and the lower middle - market, secured by a diverse collateral base » Investing in underserved market niches creates pricing power, enhances downside protections, and creates a durable competitive moat FOCUS ON UNDERSERVED SECTORS » Uncorrelated, idiosyncratic credit opportunity in cannabis and the lower middle - market » Limited exposure to sponsor - backed, middle - market transactions, a crowded space where BDCs and private credit funds tend to focus » Investing where few capital providers with requisite expertise are present SEEKING TO DELIVER A DIVERSIFIED SOURCE OF CREDIT ALPHA
CONFIDENTIAL | Chicago Atlantic BDC, Inc. 5 Dino Colonna, CFA President Umesh Mahajan Co - CIO & Secretary Scott Gordon Executive Chairman & Co - CIO Peter Sack CEO ▪ 23 - year career in various credit, derivatives and equity investments as well as investment banking across global capital markets ▪ Former Co - head of Credit and Partner at Silver Spike Capital, and held various roles at Madison Capital Advisors, Barclays and Forest Investment Management ▪ MBA from ESADE, BSBA from the University of Delaware ▪ 28 - year career in various middle - market, credit and special situations investing ▪ Former Co - head of Credit and Partner at Silver Spike Capital, Former Managing Director at Ascribe Capital and led various roles at Merrill Lynch and Bank of America ▪ MBA from University of Pennsylvania's Wharton School of Business and Btech , Indian Institute of Technology ▪ Over 30 years of investing and asset management experience in emerging markets ▪ Former Founding Partner, CEO and CIO of Silver Spike Capital, Former President of Fintech Advisory, a multi - billion dollar Family Office fund ▪ Investor in the cannabis & psychedelics industry since 2013 ▪ BA Bowdoin College ▪ Former Principal at BC Partners Credit, leading its cannabis practice ▪ Former private equity investor, focusing on distressed industrial opportunities ▪ MBA from University of Pennsylvania’s Wharton School of Business, BA from Yale University, and Fulbright Scholar A SEASONED TEAM WITH DECADES OF EXPERIENCE ACROSS CREDIT, CANNABIS, AND CAPITAL MARKETS Gianni Fazio Chief Accounting Officer Andrew Lovitt Chief Compliance Officer Thomas Geoffroy Interim Chief Financial Officer ▪ Previously a Venture Associate at Adit Ventures where he managed the operations and financial reporting of early & late - stage venture funds. ▪ Licensed Certified Public Accountant ▪ BS & MS, Long Island University ▪ Previously an attorney in the Private Credit group at Katten Muchin Rosenman LLP ▪ Has advised lenders and borrowers in numerous finance transactions, including cash flow and asset - based transactions, leverage buyouts, refinancings & repayments ▪ JD from the University of Pennsylvania and BA from Purdue University ▪ 20 years of accounting and finance experience ▪ Former CFO of a NASDAQ listed mortgage REIT ▪ Licensed Certified Public Accountant ▪ BS from the University of Missouri – St. Louis, Magna Cum Laude Experienced Credit & Cannabis Leadership Team
CONFIDENTIAL | Chicago Atlantic BDC, Inc. 6 About CHICAGO ATLANTIC 1. Capital under management represents total committed investor capital, total available leverage including undrawn capital, and capital invested by co - investors and managed by the firm, as of 12/31/2025. A private credit - focused investment firm founded in 2018 INCEPTION Capital under management: over $2.3B 1 SIZE 100+ professionals, including over 35 investment professionals TEAM Seeking attractive risk - adjusted returns, preservation of capital and income generation predominantly through investment opportunities that are overlooked or underserved by conventional capital sources INVESTMENT PRINCIPLES Chicago, Miami, New York, London LOCATIONS
CONFIDENTIAL | Chicago Atlantic BDC, Inc. 7 Core Strategy Chicago Atlantic focuses on senior - secured lending in the top of the capital structure to the lower middle - market and middle - market. The platform’s primary investment verticals include cannabis, growth and technology finance, loans to esoteric industries / asset - based loans, and liquidity solutions. INVESTMENT STRATEGY DIFFERENTIATORS x Seek above market returns and the preservation of capital x Capitalize on opportunities across industries that are created by complexity or the lack of investor focus x Invest and lend in underserved market niches x Focus on smaller deal sizes with less competition and potentially better relative risk/reward compared to other direct lenders that typically target larger transactions with higher leverage and less covenants x Ability to underwrite highly complex industries x Extensive origination network x Top of the capital structure lending is risk mitigating x Prioritize preservation of capital x Low correlation to other asset classes and other private credit more broadly x Floating - rate loans with high - interest rate floors x 82% of loans are agented internally x No other public BDCs are invested in our portfolio companies
CONFIDENTIAL | Chicago Atlantic BDC, Inc. 8 Pro Forma Portfolio Financial Highlights 1. The common shares issued and outstanding as of December 31, 2025 and September 30, 2025 were 22,820,590 and 22,820,590, re spe ctively Quarter Ended September 30, 2025 Quarter Ended December 31, 2025 $15.1 million $14.2 million G ROSS I NVESTMENT I NCOME $5.6 million $5.9 million N ET E XPENSES $9.5 million $8.3 million N ET I NVESTMENT I NCOME $302.9 million $303.4 million N ET A SSETS AT E ND OF P ERIOD 22.8 million 22.8 million W EIGHTED A VERAGE S HARES O UTSTANDING 1 P ER S HARE D ATA : $ 0.42 $ 0.36 N ET I NVESTMENT I NCOME $13.27 $ 13.30 N ET A SSET V ALUE AT E ND OF P ERIOD
CONFIDENTIAL | Chicago Atlantic BDC, Inc. 9 Pro Forma Portfolio Investment Portfolio Highlights CHICAGO ATLANTIC BDC INC. PORTFOLIO AS OF 12/31/25 $303.4mm N ET A SSET V ALUE ( INCLUDING CASH ) $333.3mm I NVESTMENTS AT F AIR V ALUE 39 N UMBER OF P ORTFOLIO C OMPANIES 15.8% G ROSS W EIGHTED A VERAGE Y IELD OF D EBT I NVESTMENTS 1 82% I NTERNALLY A GENTED D EALS (% OF P ORTFOLIO C OMPANIES ) 0.0% N ON - ACCRUALS AT C OST (%) $7.89mm (2% of investments, at fair value) A VERAGE P OSITION S IZE 10.4% / 0.0% PIK I NTEREST (% OF T OTAL A NNUAL I NTEREST ) / P OST - ORIGINATION PIK 2 P ORTFOLIO C OMPANIES K EY F INANCIAL AND C REDIT M ETRICS 3 $82.9mm R EVENUE (M EDIAN ) $10.3mm EBITDA (M EDIAN ) 4 1.9x S R . S ECURED N ET D EBT / EBITDA ( W EIGHTED A VERAGE ) 4 2.5x I NTEREST C OVERAGE (W EIGHTED A VERAGE ) 4 Based on data for FYE 12/31/25, unless otherwise noted. Weighted average amounts are weighted by the fair market value of eac h r espective investment. See page 21 in the appendix for footnote legend.
CONFIDENTIAL | Chicago Atlantic BDC, Inc. 10 75% 25% Cannabis Non-Cannabis NON - CANNABIS BY INDUSTRY PORTFOLIO DIVERSIFICATION 1 Portfolio Composition 1. Calculated as a percentage of the total fair value of the Company’s investment portfolio (excluding cash and cash equivalents ). Industries follow NAICS categorizations. 24% 11% 30% 2% 14% 9% 6% 4% Information Retail Trade Finance and Insurance Real Estate and Rental and Leasing Public Administration Manufacturing Educational Services Administrative and Support and Waste Management and Remediation Services
CONFIDENTIAL | Chicago Atlantic BDC, Inc. 11 A Differentiated Investment Portfolio Chicago Atlantic BDC, Inc. Offers a Significant Premium to Public BDCs and Traditional Leveraged Finance Chicago Atlantic BDC (Nasdaq: LIEN) generated a 15.8% weighted average portfolio yield on debt investments: » Investing in market niches underserved by traditional lenders drives pricing power, enables downside protections and a durable competitive moat » Attractive risk - adjusted returns driven by disciplined underwriting and focus on senior secured loans. » Complex regulatory and/or legal barriers deter traditional capital providers, creating compelling opportunities for experienced lenders. » Credit alpha driven by uncorrelated, idiosyncratic credit opportunities that typically have higher returns with lower leverage profiles compared to most traditional BDC’s. 1. As of 12/31/25; see pages 9 & 21 for information regarding the calculation of Weighted Average Portfolio Yield on Debt Invest men ts (“Portfolio Yield”) 2. BDC Weekly Insight, Raymond James published 3/13/2026 3. ICE BoA US High Yield Index Effective Yield as of 12/31/25 4. LSTA US Leveraged Loan Index as of 12/31/25 5. BDC Quarterly Report, Oppenheimer & Co. Inc. published 12/16/2025 6.5% 8.2% 10.8% 15.8% US High Yield Index US Leveraged Loan Yield Index Average Portfolio Yield of Public BDCs LIEN Wtd. Average Portfolio Yield on Debt Investments 1 2 3 4 Total 2nd Lien, Sub & Equity Exposure Non - Accruals At Cost GAAP Leverage Ratio Dividend Yield BDC Universe (5) 24.9% 3.3% 118.1% 12.3% Average 23.2% 2.7% 120.5% 12.4% Median 0.9% 0.0% 8.2% 13.2% LIEN as of 12.31.2025
CONFIDENTIAL | Chicago Atlantic BDC, Inc. 12 Limited Downside from Further Interest Rate Cuts 1. Based on principal outstanding as of December 31, 2025, approximately $182.9 million (54.7%) and $57.0 million (17.1%) of tot al outstanding principal bears interest based on the Prime Rate and Secured Overnight Financing Rate (“SOFR”), respectively. 2. Represents the change in net investment income based upon the portfolio composition as of December 31, 2025, using a range of + 300 bps to – 300 bps of changes to the benchmark index rate. Estimated impacts presented include floating rate loans indexed to both the U.S prime ra te and SOFR. BY RATE TYPE (1) 28.2% 45.2% 26.6% Fixed-rate Floating-rate (at Floor) Floating-rate (not at Floor) $334.2M NET INVESTMENT INCOME SENSITIVITY (2) Estimated Change in Net Investment Income ($ in 000s) Bps change in Benchmark Interest Rates $5,093 300 $2,943 200 $1,080 100 $(223) (100) $(319) (200) $(415) (300) Focus on Mitigating Downside Interest Rate Risk » 73% of the debt portfolio consists of fixed - rate or floating - rate loans at their contractual floors, providing meaningful downside protection in a declining rate environment » The debt portfolio is protected on the downside from a hypothetical change in interest rates, with convexity on the upside. See table to the right for estimated change in annualized net investment income (“NII”) based on the current debt portfolio
CONFIDENTIAL | Chicago Atlantic BDC, Inc. 13 Fair Market Value of Investment Portfolio Growth in the FMV of the Investment Portfolio $250,000,000 $270,000,000 $290,000,000 $310,000,000 $330,000,000 $350,000,000 Q4 - 2024 Q1 - 2025 Q2 - 2025 Q3 - 2025 Q4 - 2025
CONFIDENTIAL | Chicago Atlantic BDC, Inc. 14 $0.00 $0.05 $0.10 $0.15 $0.20 $0.25 $0.30 $0.35 $0.40 $0.45 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Net Investment Income per Share Regular Dividend per Share 1. Net investment income per share based on basic weighted average common shares outstanding at the end of each respective qu art er. 2. Q3 2024 and Q4 2024 NII per share excludes Loan Portfolio Acquisition Expenses Net Investment Income and Dividends 1 2 2
CONFIDENTIAL | Chicago Atlantic BDC, Inc. 15 Target Borrowers Investment Sub - Strategies LIQUIDITY SOLUTIONS ESOTERIC & ASSET - BASED LENDING GROWTH & TECHNOLOGY CANNABIS LENDING » Financing is typically event driven » Companies that are pursuing a merger, acquisition, refinancing, dividend recap, or other strategic liquidity need » Companies that are showing strong cash flow performance with low leverage profiles » Companies that have multiple areas of value and liquidity in addition to the underlying business » Low debt to enterprise value » Industry agnostic » Structured credit and asset - based loans, receivables pools, and equipment » Companies that are showing strong cash flow performance with low leverage profiles, but the industries carry regulatory, reputational or other risks » Transactions tend to be attractively priced and have better than normal covenants and amortization due to complexity of the industry or situation » Low debt to asset values and/or enterprise values » Industry leaders and disruptive companies experiencing strong growth » Companies that have raised significant equity capital validating market value » Industry focus typically includes software, hardware, E - commerce and direct to consumer » Liquidity covenants that ensure such company has adequate cash runway » Low debt to enterprise value » Profitable or demonstrated path to near term profitability » Growth or EBITDA positive entities » Companies that require capital but do not want to dilute their equity » Companies that are showing strong cash flow performance with low leverage profiles » Transactions tend to be attractively priced and have better than normal covenants and amortization due to complexity of the industry » Low debt to enterprise value Although our primary investment focus has been in the cannabis industry, sub - strategies of our principal investment strategy may also consist of growth and technology companies, esoteric and asset - based lending opportunities, and companies in need of liquidity solutions . We are not required to have a minimum investment in any of these sub - strategies.
CONFIDENTIAL | Chicago Atlantic BDC, Inc. 16 The Cannabis Landscape in the U.S. Where We See Opportunities WE FOLLOW ALPHA INTO INDUSTRIES WITH LIMITED COMPETITION LACK OF TRADITIONAL FINANCING Banks generally don’t lend to firms in this industry, allowing higher interest rates, attractive collateral, and lender - friendly covenants. LOW CORRELATIONS TO TRADITIONAL MARKETS Medical cannabis behaves like pharmaceuticals, recreational cannabis behaves like tobacco and alcohol, both exhibiting low correlation with traditional markets. HIGH BARRIERS TO ENTRY Each state has unique investment characteristics, supply and demand dynamics, and legal frameworks, requiring sophisticated understanding of the industry and strong underwriting expertise. FOCUS ON LIMITED LICENSE STATES Limited license states have limited competition, lucrative license values, high wholesale prices, and less black - market presence.
CONFIDENTIAL | Chicago Atlantic BDC, Inc. 17 Federal Cannabis Policy Updates: Shift in Regulatory Reform Chicago Atlantic makes no guarantee of future outcomes. Please refer to Projections and Forward - Looking Statements disclosure at the beginning of this presentation. 1. https://www.forbes.com/sites/sarahsinclair/2025/12/18/trump - signs - executive - order - to - reschedule - cannabis - heres - what - it - means/ 2. https://www.cnbc.com/2025/11/13/congress - thc - hemp - ban.html PRESIDENT ORDERS RESCHEDULING OF CANNABIS CONGRESS BANS UNREGULATED CANNABIS: TACIT ENDORSEMENT OF CURRENT STATE PROGRAMS What Changed 1 • Dec 2025: President Trump directed agencies to reclassify cannabis to a Schedule III substance • Most significant federal shift in policy in decades, but timing is still uncertain Why It Matters • Once enacted, will eliminate the 280E tax burden on cannabis companies • Encourages institutional capital re - engagement due to the decline in regulatory risk • Potential for increased M&A activity What Changed 2 • Nov 2025: Federal legislation tightened the hemp definition • Effectively banning intoxicating hemp - derived THC • One - year wind - down period Why It Matters • Closes the 2018 Farm Bill loophole • Disrupts the unregulated retail THC markets and reduces pricing pressure • Consolidates consumer demand back toward state - licensed cannabis ACCRETIVE POTENTIAL FOR CURRENT PORTFOLIO & INCREASES LENDING OPPORTUNITIES x Improves revenue visibility and margin durability for licensed operators x Strengthens operator cash flow and balance sheets x Supports higher valuation multiples x Improves and strengthens credit profiles and quality across the regulated market x DOES NOT ENCOURAGE NEW LENDING COMPETITION: Enables private lenders to maintain premium pricing and strong collateral protections
CONFIDENTIAL | Chicago Atlantic BDC, Inc. 18 Potential Benefits of Regulatory Reform Renewed federal momentum around cannabis reform following President Trump’s December executive order has revived the possibility of rescheduling and broader regulatory clarity. Potential movement on rescheduling could materially improve operator cash flow, expand access to capital, and reopen strategic financing opportunities across the industry. 1 INCREASED MARKET OPPORTUNITIES Allowing dispensaries to process credit card transactions may lead to a significant boost in sales. ENHANCED SALES THROUGH CREDIT CARD PROCESSING As investor confidence grows, equity valuations are likely to tick higher, providing additional incentives for investment and increased credit protection. IMPROVED EQUITY VALUATIONS Further legalization could create more favorable conditions and increase portfolio attractiveness for potential acquirers (such as private equity or private credit funds), while make - whole provisions and pre - payment penalties provide additional appeal. INCREASED ATTRACTIVENESS FOR ACQUISITION Significant barriers to entry, such as stringent financial requirements and industry - specific knowledge, is likely to keep the market relatively stable and prevent an inundation of competitors over the next several years. FAVORABLE COMPETITIVE LANDSCAPE 1 – https://www.forbes.com/sites/sarahsinclair/2025/12/18/trump - signs - executive - order - to - reschedule - cannabis - heres - what - it - means /
CONFIDENTIAL | Chicago Atlantic BDC, Inc. 19 The Cannabis Landscape in the U.S . A significant amount of positive change over the past 6 years 2019 2025 1. MJBiz Factbook 2025 Q1 2. Statista 3. MJBiz Daily – June 20, 2025 https://mjbizdaily.com/map - of - us - marijuana - legalization - by - state/ x Legal in 42 states and the District of Columbia 3 x Medical use only: 18 states x Recreational/Medical use: 24 states & District of Columbia x Industry revenue estimated at $35B in 2025 1 x Legal in 35 states and the District of Columbia 1 x Medical use only: 25 states x Recreational/Medical use: 10 states & District of Columbia x Industry revenue a t $19.3B 2 No regulated use Legalized recreational and medical use Legalized medical use only
CONFIDENTIAL | Chicago Atlantic BDC, Inc. 20 The Cannabis Industry Size of Opportunity and Growth Projections Chicago Atlantic makes no guarantee of future outcomes or targets. Numerous assumptions and variables underly the projected g row th of the Chicago Atlantic private credit opportunity by 2031. Refer to the Projections and Forward - Looking Statements disclosure at the beginning of this presentation. 1. MJBiz Factbook 2025; ($ in billions) The U.S. cannabis industry was estimated to be $35B in top - line retail revenue in 2025 and is projected to grow to $69B by 2031 1 : 2025 2026 2027 2028 2029 2030 2031 Retail Sales Estimates $35.3B $39.2B $43.9B $49.2B $55.6B $62.8B $69.1B
Appendix: Schedule of Investments
CONFIDENTIAL | Chicago Atlantic BDC, Inc. 22 Schedule of Investments (as of December 31, 2025) % of Investment Value Investment Value PIK Rate Cash Spread/Coupon Prime/SOFR Floor Floating Reference Rate Fixed vs. Floating Maturity Date Security Type Portfolio Company 12.68% $ 42,248,731 n/a 6.50% 6.25% Prime Floating 10/30/2026 First Lien Senior Secured Loans Portfolio Company 1 3.00% 10,000,000 n/a 8.33% 4.00% SOFR Floating 9/29/2028 First Lien Senior Secured Loans Portfolio Company 1 9.52% 31,745,000 n/a 8.75% 7.50% Prime Floating 9/30/2028 First Lien Senior Secured Loans Portfolio Company 2 6.60% 22,000,000 n/a 15.00% n/a Fixed Fixed 10/2/2028 Senior Secured Notes Portfolio Company 3 4.66% 15,521,257 20.00% 0.00% n/a Fixed Fixed 12/31/2029 First Lien Senior Secured Loans Portfolio Company 4 4.38% 14,610,356 n/a 10.24% 3.72% SOFR Floating 12/31/2028 First Lien Senior Secured Loans Portfolio Company 5 4.22% 14,074,362 n/a 5.75% 7.50% Prime Floating 8/20/2028 First Lien Senior Secured Loans Portfolio Company 6 4.17% 13,908,331 5.00% 11.00% n/a Fixed Fixed 12/31/2027 First Lien Senior Secured Loans Portfolio Company 7 4.13% 13,770,063 n/a 6.50% 8.50% Prime Floating 3/28/2027 First Lien Senior Secured Loans Portfolio Company 8 3.45% 11,504,108 n/a 7.75% 4.00% SOFR Floating 9/18/2026 First Lien Senior Secured Loans Portfolio Company 9 3.40% 11,343,000 n/a 5.75% 7.50% Prime Floating 6/30/2028 First Lien Senior Secured Loans Portfolio Company 10 3.23% 10,767,866 n/a 7.75% 8.50% Prime Floating 12/31/2026 First Lien Senior Secured Loans Portfolio Company 11 2.88% 9,589,710 n/a 5.75% n/a Prime Floating 6/30/2028 First Lien Senior Secured Loans Portfolio Company 12 2.50% 8,330,000 n/a 8.00% n/a Fixed Fixed 12/15/2026 Senior Secured Notes Portfolio Company 13 2.49% 8,311,228 1.00% 12.00% n/a Fixed Fixed 11/24/2028 First Lien Senior Secured Loans Portfolio Company 14 2.15% 7,162,500 n/a 12.50% n/a Fixed Fixed 8/13/2030 First Lien Senior Secured Loans Portfolio Company 15 1.74% 5,784,080 4.00% 2.50% 7.50% Prime Floating 7/22/2030 First Lien Senior Secured Loans Portfolio Company 16 0.08% 268,000 n/a 0.00% n/a n/a n/a n/a Warrants Portfolio Company 16 1.80% 6,009,300 n/a 7.25% 7.75% Prime Floating 3/24/2028 First Lien Senior Secured Loans Portfolio Company 17 1.53% 5,094,858 2.00% 6.50% 7.50% Prime Floating 6/13/2029 First Lien Senior Secured Loans Portfolio Company 18 0.16% 539,000 n/a 0.00% n/a n/a n/a n/a Warrants Portfolio Company 18 1.04% 3,470,145 3.00% 1.75% 8.50% Prime Floating 11/1/2026 First Lien Senior Secured Loans Portfolio Company 19 0.54% 1,802,485 3.00% 1.75% 8.50% Prime Floating 11/1/2026 First Lien Senior Secured Loans Portfolio Company 19 1.52% 5,070,190 1.50% 6.25% 4.25% SOFR Floating 4/30/2029 First Lien Senior Secured Loans Portfolio Company 20 0.01% 19,250 n/a 0.00% n/a n/a n/a n/a Warrants Portfolio Company 20 1.46% 4,851,017 1.00% 5.25% 6.75% Prime Floating 6/17/2029 First Lien Senior Secured Loans Portfolio Company 21 0.05% 150,752 n/a 0.00% n/a n/a n/a n/a Warrants Portfolio Company 21 1.49% 4,966,078 n/a 8.00% 3.99% SOFR Floating 10/24/2029 First Lien Senior Secured Loans Portfolio Company 22 0.01% 35,603 n/a 0.00% n/a n/a n/a n/a Warrants Portfolio Company 22 1.30% 4,332,519 n/a 6.50% 7.50% Prime Floating 7/31/2029 First Lien Senior Secured Loans Portfolio Company 23 1.29% 4,295,859 n/a 7.50% 8.00% Prime Floating 3/31/2027 First Lien Senior Secured Loans Portfolio Company 24 0.99% 3,308,375 n/a 6.50% 3.75% SOFR Floating 9/22/2026 First Lien Senior Secured Loans Portfolio Company 25 0.15% 516,336 n/a 6.50% 3.75% SOFR Floating 9/22/2026 First Lien Senior Secured Loans Portfolio Company 25 1.11% 3,685,000 n/a 10.25% 4.00% SOFR Floating 7/28/2028 First Lien Senior Secured Loans Portfolio Company 26 1.10% 3,660,999 5.00% 13.80% n/a Fixed Fixed 11/29/2027 Senior Secured Notes Portfolio Company 27 1.04% 3,482,500 n/a 12.75% n/a Fixed Fixed 7/16/2029 Senior Secured Notes Portfolio Company 28 0.92% 3,052,998 3.00% 4.00% 8.00% Prime Floating 11/4/2028 First Lien Senior Secured Loans Portfolio Company 29 0.00% - n/a 0.00% n/a n/a n/a n/a Warrants Portfolio Company 29 0.90% 3,015,571 n/a 14.50% n/a Fixed Fixed 3/13/2027 First Lien Senior Secured Loans Portfolio Company 30 0.90% 3,000,000 n/a 8.00% 3.25% SOFR Floating 12/10/2030 First Lien Senior Secured Loans Portfolio Company 31 0.88% 2,936,905 n/a 12.75% n/a Fixed Fixed 8/1/2028 First Lien Senior Secured Loans Portfolio Company 32 0.86% 2,870,000 n/a 15.00% n/a Fixed Fixed 6/6/2026 First Lien Senior Secured Loans Portfolio Company 33 0.84% 2,791,834 2.00% 7.00% 7.00% Prime Floating 7/29/2026 First Lien Senior Secured Loans Portfolio Company 34 0.83% 2,768,319 n/a 8.50% 8.50% Prime Floating 12/3/2027 First Lien Senior Secured Loans Portfolio Company 35 0.60% 1,987,879 6.00% 6.00% n/a Fixed Fixed 5/31/2029 First Lien Senior Secured Loans Portfolio Company 36 0.15% 500,000 n/a 0.00% n/a n/a n/a n/a Preferred Stock Portfolio Company 36 0.03% 115,000 n/a 0.00% n/a n/a n/a n/a Warrants Portfolio Company 36 0.01% 44,000 n/a 0.00% n/a n/a n/a n/a Warrants Portfolio Company 36 0.73% 2,440,172 1.50% 2.00% 8.50% Prime Floating 7/19/2027 First Lien Senior Secured Loans Portfolio Company 37 0.43% 1,447,186 3.50% 9.00% 7.75% Prime Floating 8/1/2028 Second Lien Senior Secured Loans Portfolio Company 38 0.03% 113,065 n/a 5.75% 8.50% Prime Floating 1/5/2026 First Lien Senior Secured Loans Portfolio Company 39 100.00% $ 333,311,787 Total
CONFIDENTIAL | Chicago Atlantic BDC, Inc. 23 Pro Forma Portfolio Investment Portfolio Highlights: Footnote Legend Based on data as of 12/31/25, unless otherwise noted. Weighted average amounts are weighted by the fair market value of each res pective investment. 1. Weighted Average Portfolio Yield on Debt Investments (“Portfolio Yield”) is the weighted average of the annualized yield f or each debt investment in the portfolio weighted by the fair value of each debt investment as of 12/31/25. The yield for each debt investment is calculated by dividing (a) the sum of ( i ) the stated annual cash interest rate of the debt investment as of 12/31/25, (ii) the stated annual payment - in - kind interest ra te, if any, of the debt investment as of 12/31/25, (iii) any additional recurring fees, (iv) the difference between the par value and the fair value of the debt investment, expressed as a percentage of the par value of th e debt investment, and annualized based on the remaining term of the debt investment as of 12/31/25, and (v) the exit fee of the debt investment, if an y, expressed as a percentage of the par value of the debt investment and annualized based on the remaining term of the debt investment as of 12/31/25, by (b) the fair value of the debt investment, expressed as a percentage of the par value of the debt investment. The Portfolio Yield calculation does not reflect any prepayment penalties or early payoffs with respect to the debt investments. The Portfolio Yield is gross of expenses and excludes cash a nd equity holdings. The Portfolio Yield would be lower if the calculation reflected expenses and cash holdings. The Portfolio Yield does not represent actual investment returns to the Company’s stockholders and the Company may not actually realize the foregoing yield of any specific debt investment, including if the remaining term of the debt investment is less than a year. 2. Represents the percentage of total annual interest expected to be received in kind instead of in cash. The Company has no PIK interest that was introduced post - origination that replaces previously required cash interest, typically due to amendments, covenant breaches, or restructurings. 3. Amounts were derived from the portfolio company financial statements used in connection with determining the investment va lua tions as of 12/31/25, have not been independently verified by the Company, and may reflect a normalized or adjusted amount. Accordingly, the Company makes no representation or warranty in respect of this information. 4. Excluded from the data is information in respect of portfolio companies with negative or de minimis EBITDA, or where EBITD A m ay not be the appropriate measure of credit risk.
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Filing Exhibits & Attachments
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