LIEN News & Events

Chicago Atlantic BDC announced that it has filed a shelf registration statement with the SEC, that once declared effective, will allow the company to issue up to $500M of securities, including debt securities, from time to time in one or more offerings. Net proceeds from the sale of the securities may be used for general corporate purposes, which may include, among other things, investing in accordance with the company's investment objective and strategies, repayment of any outstanding indebtedness, paying operating expenses and other general corporate purposes.

Reports total investment income $14.2M vs. $12.6M last year. 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. 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."

Total gross investment income of $15.1M. Interest income accounted for $13.8M, of which $1.9M was related to one-time pre-payment premiums from early payoffs. Net asset value per share was $13.27 on September 30, 2025. Funded eleven portfolio companies with $66.3M in aggregate par value during the third quarter of 2025. Peter Sack, CEO commented, "We are a highly differentiated BDC with a portfolio, strategy, platform, and credit quality that continue to stand out from the rest of the industry. At a time when borrower credit concerns, portfolio interest rate sensitivity, and dividend coverage issues are common concerns across the industry, Chicago Atlantic BDC has relied upon our platform's originations and underwriting acumen to build a strong portfolio with no loans on non-accrual, low exposure to third party originators, and limited downside exposure to interest rate declines. With $66.7M of gross originations during the quarter, another record for the Company, and another $5M subsequent to quarter end, we were able to utilize a portion of our new credit facility while improving the diversification of the portfolio. By remaining under-levered through a patient approach compared with the rest of the industry, we have also reserved available liquidity to deploy over the balance of the year and into 2026 to take advantage of new opportunities."