[Form 4] Chicago Atlantic BDC, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Peter Sack, the Chief Executive Officer and a director of Chicago Atlantic BDC, Inc. (LIEN), reported an insider purchase of 450 shares of the company's common stock on 09/19/2025 at a price of $11.23 per share. After the transaction, he beneficially owned 5,918 shares. The Form 4 was signed on 09/22/2025. No derivative transactions were reported.

Positive

• Insider purchase reported: CEO acquired 450 shares at $11.23, showing personal investment in the company.
• Clear disclosure: Form 4 filed and signed, meeting Section 16 reporting requirements.
• CEO is also a director, which can indicate alignment between management and shareholders.

Negative

• None.

Insights

Financial Analyst

TL;DR Insider buying by the CEO signals modest personal conviction but the purchase size is small relative to total holdings.

The 450-share purchase at $11.23 is a straightforward open-market acquisition and increases the CEO's stake to 5,918 shares. While insider purchases can be interpreted positively, the absolute size of this trade is limited and unlikely to materially change ownership or company valuation. There are no derivative positions disclosed, reducing complexity.

Corporate Governance Expert

TL;DR A CEO/director purchase is governance-positive for alignment, but the transaction is immaterial in scale.

Reporting by the CEO complies with Section 16 disclosure requirements and shows alignment of management with shareholders. The transaction appears routine and properly reported on Form 4, with a clear signature and date. Because the acquired amount is small, it reflects token reinforcement of alignment rather than a significant change in insider ownership or control.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Sack Peter

(Last) (First) (Middle)

600 MADISON AVENUE

SUITE 1800

(Street)

NEW YORK NY 10022

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Chicago Atlantic BDC, Inc. [ LIEN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/19/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
CHICAGO ATLANTIC BDC, INC. COMMON STOCK (LIEN)	09/19/2025		P		450	A	$11.23	5,918	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

	/s/ Peter Sack	09/22/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did Peter Sack report for Chicago Atlantic BDC (LIEN)?

Peter Sack reported purchasing 450 shares of LIEN common stock on 09/19/2025 at $11.23 per share.

How many LIEN shares does Peter Sack own after the reported transaction?

After the purchase, Peter Sack beneficially owned 5,918 shares of LIEN common stock.

Were any derivative securities reported on this Form 4 for LIEN?

No. The filing shows no derivative securities were acquired, disposed of, or beneficially owned.

When was the Form 4 signed and filed for this LIEN transaction?

The Form 4 is signed by Peter Sack on 09/22/2025, reporting the 09/19/2025 transaction.

What is the reported purchase price per share for the LIEN transaction?

The reported purchase price was $11.23 per share.