Chicago Atlantic BDC (LIEN) Company Report

Chicago Atlantic manages approximately $2.5 billion in total assets under management across its firm, operating three verticals (mortgage REIT, BDC, and private funds) to offer diverse lending solutions, with its private funds and BDCs having 20% to 30% non-cannabis direct loans.
The company's portfolios are less exposed to downside risk from declining interest rates compared to the broader BDC and mortgage REIT sectors due to high interest rate floors; for its mortgage REIT, only 14% of the loan portfolio was exposed to rate declines of more than 100 basis points as of Q3 2025.
Chicago Atlantic maintains a differentiated risk profile by lending to cannabis operators at much lower leverage (1-2x EBITDA), utilizing real covenants, and having a greater proportion of first-lien debt compared to the broader private credit industry.
While the SAFER Banking Act would be beneficial, it is not sufficient to fully open the credit ecosystem to the cannabis industry; however, Chicago Atlantic expects to be a significant beneficiary of future capital markets openness.
For Q3 2025, the mortgage REIT delivered stable earnings and dividends and continued deployment with a strong pipeline, and the largest non-accrual is expected to be resolved and put back on accrual status soon following a foreclosure process completed in 2025. The company places a high priority on maintaining its regular dividend.

Jan 13, 2026, 7:00 PM

Chicago Atlantic Discusses Firm Strategy, Cannabis Industry Outlook, and Q3 Performance

LIEN

M&A

Guidance Update

New Projects/Investments

Chicago Atlantic manages approximately $2.5 billion in total assets across its mortgage REIT, BDC, and private funds, with the mortgage REIT being 100% cannabis-focused and the BDC/private funds having 20% to 30% non-cannabis direct loans.
The mortgage REIT (REFI) maintains a portfolio duration of less than two years, which is notably shorter than the average mortgage REIT, and as of Q3, only 14% of its loan portfolio was exposed to interest rate declines.
While cannabis rescheduling to Schedule III is expected in 2026 and is driving increased demand and equity optimism, it is not anticipated to fundamentally open the broader debt capital ecosystem to the cannabis industry. The opportunity for cannabis companies to list on U.S. exchanges is seen as the most transformational development for capital access.
In Q3, REFI delivered stable earnings and dividends and is targeting portfolio growth, with a significant non-accrual expected to be resolved soon following a foreclosure process completed in 2025. The company places a high priority on maintaining its regular dividend for both REFI and LIEN.

Jan 13, 2026, 7:00 PM

LIEN Discusses Market Conditions, Cannabis Rescheduling, and Differentiated Strategy

LIEN

New Projects/Investments

Debt Issuance

M&A

LIEN manages approximately $2.5 billion in total assets under management across its mortgage REIT, BDC, and private funds, with its private funds and BDCs including 20% to 30% non-cannabis direct loans.
Despite negative performance in the broader mortgage REIT and BDC sectors in 2025 due to declining interest rates, LIEN's portfolio is less exposed to rate declines, with only 14% of its mortgage REIT loan portfolio exposed to declines exceeding 100 basis points as of Q3.
LIEN differentiates its loan books by lending to cannabis operators at significantly lower leverage (one to two times EBITDA) compared to the broader private credit industry (four to six times EBITDA), and its mortgage REIT portfolio has a short duration of less than two years.
The company leads and arranges nearly all its transactions, leveraging the largest origination and underwriting platform in the cannabis industry.
While cannabis rescheduling to Schedule III is expected to increase demand for credit from operators due to improved cash flow from 280E removal, new lenders have not yet entered the market as rescheduling does not resolve fundamental barriers for debt capital sources.

Jan 13, 2026, 7:00 PM

Chicago Atlantic BDC, Inc. Announces Q3 2025 Financial and Portfolio Highlights

LIEN

Earnings

New Projects/Investments

For Q3 2025, Chicago Atlantic BDC, Inc. reported gross investment income of $15.1 million and net investment income of $9.5 million.
Net investment income per share was $0.42, and net asset value per share stood at $13.27 as of September 30, 2025.
The company's total portfolio investment value was $311 million with a 15.8% gross weighted-average yield on debt investments, all of which are senior secured and had 0.0% non-accruals at cost as of September 30, 2025.
Since platform inception, Chicago Atlantic has closed over $3.2 billion in loans and has a near-term pipeline under evaluation of ~$610 million. The company estimates it represents approximately 20% of the current U.S. cannabis debt market.

Nov 13, 2025, 2:00 PM

Chicago Atlantic BDC Reports Strong Q3 2025 Results with Record Originations and Increased Net Investment Income

LIEN

Earnings

Dividends

New Projects/Investments

Chicago Atlantic BDC reported net investment income per share of $0.42 for the third quarter of 2025, up from $0.34 per share in the second quarter, and a net asset value per share of $13.27 at quarter end.
The company achieved a record quarter for originations, funding $66.7 million across 13 new investments, including seven new borrowers, contributing to a gross weighted average yield of approximately 15.8% on its credit investment portfolio.
The portfolio is highly secured, with 99.5% of its investments being senior secured, and reported no non-accruals, compared to an industry average of 3.5% of cost.
A quarterly dividend of $0.34 per share was announced, marking the fifth consecutive quarter at this rate, which was well covered by the net investment income per share of $0.42.
As of November 12, 2025, the company had approximately $97.8 million of liquidity, comprising $92.5 million of borrowing capacity and $5.3 million of cash, with a total pipeline of approximately $610 million in potential debt transactions.

Nov 13, 2025, 2:00 PM

Chicago Atlantic BDC, Inc. Reports Q3 2025 Financial Results

LIEN

Earnings

Dividends

New Projects/Investments

For the third quarter ended September 30, 2025, Chicago Atlantic BDC, Inc. reported net investment income of $9.5 million, or $0.42 per weighted average share outstanding.
The company's Net Asset Value (NAV) per share was $13.27 as of September 30, 2025, an increase from $13.23 as of June 30, 2025.
The Board of Directors declared a dividend of $0.34 per share for the quarter ending December 31, 2025, payable on January 15, 2026.
As of September 30, 2025, the total investment portfolio was $311.4 million at fair value, with no loans on non-accrual status.