Group 1 - Chicago Atlantic BDC is structured as a business development company that generates earnings by providing capital to middle-market businesses for development and expansion [1] - The company focuses on uncovering high-quality dividend stocks and other assets that offer potential for long-term growth, aiming to enhance investment income while achieving total returns comparable to traditional index funds [1] Group 2 - The analyst emphasizes a hybrid investment strategy that combines classic dividend growth stocks with Business Development Companies, REITs, and Closed End Funds to boost income [1]

Financial Data and Key Metrics Changes - Gross investment income for Q2 2025 was $13.1 million, up from $11.9 million in Q1 2025, indicating a positive trend in income generation [14] - Net investment income remained consistent at $7.7 million or $0.34 per share, maintaining the same dividend rate for four consecutive quarters [7][14] - Net assets at the end of the quarter were $302 million, with a net asset value per share of $13.23 [14] Business Line Data and Key Metrics Changes - The company funded $39.1 million in new debt investments during Q2, with 100% being senior secured and 88% floating rate [15] - The portfolio consists of 33 companies, with 22% invested in non-cannabis sectors [11][12] - The average debt investment position size is 3% of the investment portfolio, and 76% of the portfolio has floating interest rates [12] Market Data and Key Metrics Changes - The current pipeline includes approximately $780 million in potential debt transactions, with $649 million in cannabis opportunities and $131 million in non-cannabis investments [16][19] - The company has approximately $125.4 million in liquidity, providing ample capacity for future investments [13] Company Strategy and Development Direction - The company focuses on lending to cannabis companies and underserved markets, positioning itself uniquely in the BDC sector [5][10] - The strategy includes underwriting investments based on current cash flow and collateral profiles, rather than relying on potential regulatory changes [9][10] - The company aims to grow returns to shareholders as it scales its platform and navigates market conditions [8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the cannabis market, noting that potential rescheduling could lead to increased cash flow for borrowers and higher valuations [8][9] - There is a belief that the current environment will continue to provide opportunities for growth, despite regulatory uncertainties [9][19] - The company remains focused on originating loans that deliver attractive risk-adjusted returns [20] Other Important Information - The company has no non-accrual loans, contrasting with the industry average of 3.8% [7] - The weighted average yield on debt investments is 16.1%, significantly higher than the average BDC yield of 11.8% [6] Q&A Session Summary Question: Overview on market sentiment about the BDC sector - Management noted that the BDC sector has been impacted by uncertainty around tariffs but is insulated from broader market dynamics due to its niche strategy [22][23] Question: Changes under the Trump administration regarding BDC regulation - Management indicated that it is too early to speculate on potential regulatory changes under the new administration [24] Question: Changes in pipeline and opportunities since becoming Chicago Atlantic BDC - The company has gained access to a broader pipeline of non-cannabis opportunities and identified new types of cannabis opportunities, including restructurings and ESOP transactions [25][26][27] Question: Impact of rescheduling news on potential clients - Management observed that operators are more optimistic and seeking capital earlier to execute growth strategies, rather than pausing for potential regulatory changes [28][29]

Company Overview - Chicago Atlantic BDC has closed over $2.8 billion in loans since its platform inception[11] - The company has a near-term pipeline under evaluation of approximately $780 million[11] - The total portfolio investment value is $308 million[11] - The gross weighted-average yield of the company's debt investments is 16.1%[11] - 100% of the company's current debt investments are senior secured[11] Financial Performance - Gross investment income for the quarter ended June 30, 2025, was $13.1 million[35] - Net investment income for the same quarter was $7.7 million[35] - Net asset value at the end of the period was $301.8 million[35] - Net investment income per share was $0.34[35] - Net asset value at the end of the period per share was $13.23[35] Portfolio Composition - Cannabis investments represent 78% of the total fair value of the company's investment portfolio[40] - Non-cannabis investments account for 22% of the portfolio[40] - Floating rate debt accounts for 76.3% of debt investments fair value[38] - 45.8% of floating rate debt is at their respective floor[38]

[PART I: FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) This section provides the unaudited financial statements, management's discussion, market risk disclosures, and controls and procedures for Chicago Atlantic BDC, Inc [Item 1. Financial Statements (unaudited)](index=5&type=section&id=Item%201%20Financial%20Statements%20(unaudited)) This section presents the unaudited financial statements for Chicago Atlantic BDC, Inc. as of June 30, 2025, including statements of assets, operations, cash flows, and investments [Statements of Assets and Liabilities](index=5&type=section&id=Statements%20of%20Assets%20and%20Liabilities) Assets grew to $331.8 million, liabilities to $29.9 million, driven by investments and new borrowings, with NAV per share at $13.23 Key Balance Sheet Data (in thousands) | Metric | June 30, 2025 (Unaudited) | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Investments at fair value | $307,499 | $275,241 | | Cash and cash equivalents | $13,829 | $23,932 | | **Total Assets** | **$331,750** | **$309,561** | | **Liabilities** | | | | Revolving line of credit | $5,000 | $0 | | Payable for investments purchased | $11,760 | $0 | | **Total Liabilities** | **$29,907** | **$8,398** | | **Total Net Assets** | **$301,844** | **$301,163** | | **NAV Per Share** | **$13.23** | **$13.20** | [Statements of Operations](index=6&type=section&id=Statements%20of%20Operations) Investment income surged to $25.0 million, driving net investment income to $15.3 million and a $16.2 million net increase in net assets Statements of Operations Highlights (Six Months Ended June 30, in USD) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Total Investment Income | $25,003,040 | $5,841,580 | | Net Expenses | $9,690,012 | $4,395,756 | | Net Investment Income | $15,313,028 | $1,445,824 | | Net Increase in Net Assets from Operations | $16,198,622 | $1,812,672 | | Net Investment Income Per Share | $0.67 | $0.23 | | Net Increase in Net Assets Per Share | $0.71 | $0.29 | [Statements of Changes in Net Assets](index=7&type=section&id=Statements%20of%20Changes%20in%20Net%20Assets) Net assets increased by $0.7 million to $301.8 million, driven by operations and offset by stockholder distributions - Net assets increased from **$301.16 million** at the end of 2024 to **$301.84 million** at June 30, 2025[20](index=20&type=chunk) - The increase was primarily due to a **$16.2 million** net increase from operations, offset by **$15.5 million** in distributions to stockholders[20](index=20&type=chunk) [Statements of Cash Flows](index=9&type=section&id=Statements%20of%20Cash%20Flows) Net cash used in operating activities was $5.3 million, and financing activities used $4.8 million, reducing cash to $13.8 million Cash Flow Summary (Six Months Ended June 30, 2025, in USD) | Activity | Net Cash Flow | | :--- | :--- | | Operating Activities | ($5,314,609) | | Financing Activities | ($4,788,443) | | **Net Decrease in Cash** | **($10,103,052)** | | Cash at Beginning of Period | $23,932,406 | | **Cash at End of Period** | **$13,829,354** | [Schedule of Investments](index=10&type=section&id=Schedule%20of%20Investments) Investments at fair value reached $307.5 million, primarily debt, with the U.S. Cannabis sector as the largest concentration Total Investments (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Amortized Cost | $305,719 | $274,347 | | Fair Value | $307,499 | $275,241 | - The portfolio consists predominantly of U.S. Corporate Debt, with First Lien Senior Secured loans and Senior Secured Notes making up the vast majority of holdings[24](index=24&type=chunk)[26](index=26&type=chunk) - The U.S. Debt Cannabis sector is the largest single concentration, with a fair value of **$229.7 million**[24](index=24&type=chunk) [Notes to Financial Statements](index=18&type=section&id=Notes%20to%20Financial%20Statements) Notes detail the company's BDC structure, RIC election, Level 3 investment valuation, portfolio, credit facility, related party transactions, and dividends - The company is an externally managed BDC that has elected to be treated as a RIC for tax purposes. Its investment objective is to maximize risk-adjusted returns, with a focus on the cannabis industry[39](index=39&type=chunk)[41](index=41&type=chunk)[42](index=42&type=chunk) - All investments are valued at fair value using significant unobservable inputs and are categorized as Level 3 assets. The valuation process is performed by the Adviser as the designated Valuation Designee[54](index=54&type=chunk)[59](index=59&type=chunk)[65](index=65&type=chunk) - In February 2025, the company entered into a **$100 million** senior secured revolving credit facility, of which **$5 million** was outstanding as of June 30, 2025[117](index=117&type=chunk)[122](index=122&type=chunk) - The company declared and paid quarterly dividends of **$0.34 per share** for the first two quarters of 2025[151](index=151&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=51&type=section&id=Item%202%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial condition, operational results, investment portfolio growth to $307.5 million, asset quality, liquidity, and critical accounting estimates - The company is a specialty finance BDC focused on direct loans to privately held companies, primarily in the cannabis industry, but also in growth & technology, esoteric & asset-based lending, and liquidity solutions[175](index=175&type=chunk)[180](index=180&type=chunk) - As of June 30, 2025, the investment portfolio's fair value was **$307.5 million**, up from **$275.2 million** at year-end 2024, with **78.5%** concentrated in the cannabis industry[200](index=200&type=chunk)[207](index=207&type=chunk) - All investments were rated '**Grade 2**' as of June 30, 2025, indicating performance in line with expectations and an acceptable level of risk. No investments were on non-accrual status[212](index=212&type=chunk)[213](index=213&type=chunk) - Net investment income for the six months ended June 30, 2025, was **$15.3 million**, a significant increase from **$1.4 million** in the prior-year period, primarily due to the growth of the investment portfolio following the Loan Portfolio Acquisition[222](index=222&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=77&type=section&id=Item%203%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces valuation, credit, and interest rate risks, with 76.2% of its debt portfolio in floating-rate investments, impacting net income - The company's primary market risks are valuation risk, interest rate risk, and credit risk[267](index=267&type=chunk) - Valuation risk exists due to the inherent uncertainty of determining fair value for investments without readily available market quotes (Level 3 assets)[268](index=268&type=chunk) Portfolio Interest Rate Composition (by Principal Balance) | Rate Type | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Floating-rate | 76.2% | 79.5% | | Fixed-rate | 23.8% | 20.5% | Annualized Impact of Interest Rate Changes on Net Income (in thousands) | Change in Interest Rates | Increase (Decrease) in Net Income | | :--- | :--- | | Up 200 basis points | $4,146 | | Up 100 basis points | $1,848 | | Down 100 basis points | ($1,088) | [Item 4. Controls and Procedures](index=77&type=section&id=Item%204%20Controls%20and%20Procedures) Disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting - The company's disclosure controls and procedures were deemed effective as of June 30, 2025[272](index=272&type=chunk) - No material changes were made to the internal control over financial reporting during the three months ended June 30, 2025[273](index=273&type=chunk) [PART II: OTHER INFORMATION](index=79&type=section&id=PART%20II%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, equity sales, defaults, mine safety, other information, and exhibits for Chicago Atlantic BDC, Inc [Item 1. Legal Proceedings](index=79&type=section&id=Item%201%20Legal%20Proceedings) The company is not subject to any material legal proceedings, nor is it aware of any being threatened - As of the filing date, the company is not a party to any material legal proceedings[274](index=274&type=chunk) [Item 1A. Risk Factors](index=79&type=section&id=Item%201A%20Risk%20Factors) No material changes to risk factors, except for new risks associated with the senior secured revolving credit facility and potential asset foreclosure - No material changes to risk factors from the 2024 Form 10-K, except for new risks associated with the recently established credit facility[275](index=275&type=chunk) - The new credit facility subjects a significant portion of the company's assets to security interests, and a default could result in foreclosure and forced sale of these assets[276](index=276&type=chunk)[278](index=278&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=79&type=section&id=Item%202%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) On April 11, 2025, 22 common shares were issued at $10.71 per share under the DRIP, exempt from registration - On April 11, 2025, **22 shares** of common stock were issued at **$10.71 per share** under the company's DRIP[280](index=280&type=chunk) [Item 3. Defaults Upon Senior Securities](index=79&type=section&id=Item%203%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults on its senior securities during the period - None[281](index=281&type=chunk) [Item 4. Mine Safety Disclosures](index=79&type=section&id=Item%204%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not Applicable[283](index=283&type=chunk) [Item 5. Other Information](index=81&type=section&id=Item%205%20Other%20Information) No officers or directors adopted or terminated Rule 10b5-1 trading plans during the second quarter of 2025 - No officers or directors adopted or terminated Rule 10b5-1 trading plans during the three months ended June 30, 2025[284](index=284&type=chunk) [Item 6. Exhibits](index=82&type=section&id=Item%206%20Exhibits) This section lists exhibits filed, including CEO and CFO certifications and various incorporated agreements - Exhibits filed include CEO and CFO certifications pursuant to Sarbanes-Oxley Act Sections 302 and 906[285](index=285&type=chunk) - The Credit Agreement, among other documents, is incorporated by reference from previous filings[285](index=285&type=chunk)[287](index=287&type=chunk)

[Company Overview & Highlights](index=1&type=section&id=Company%20Overview%20%26%20Highlights) Chicago Atlantic BDC, Inc. reported strong Q2 2025 financial results, including increased investment income and portfolio growth, with a positive outlook from the CEO [Second Quarter 2025 Highlights](index=1&type=section&id=Second%20Quarter%202025%20Highlights) Chicago Atlantic BDC, Inc. achieved $13.1 million in total investment income and $7.7 million in net investment income ($0.34 per share) in Q2 2025, with a portfolio fair value of $307.5 million and NAV per share of $13.23, alongside a declared dividend of $0.34 per share Q2 2025 Financial and Portfolio Highlights | Metric | Amount (Millions USD) | | :-------------------------------- | :-------------------- | | **Financial Performance:** | | | Total Investment Income | 13.1 | | Net Investment Income | 7.7 | | Net Investment Income per Weighted Average Share | 0.34 | | Net Increase in Net Assets from Operations | 8.6 | | Net Increase in Net Assets from Operations per Weighted Average Share | 0.38 | | **Investment Portfolio:** | | | Portfolio Fair Value | 307.5 | | **Per Share Data:** | | | Net Asset Value (NAV) per Share | 13.23 | | **Dividends:** | | | Declared Dividend (per share) | 0.34 | | **Share Information:** | | | Shares of Common Stock Issued and Outstanding | 22,820,408 | - The Board of Directors declared a **cash dividend of $0.34 per share** for the quarter ending September 30, 2025, payable on October 10, 2025, to shareholders of record on September 29, 2025[6](index=6&type=chunk) [CEO Commentary](index=1&type=section&id=CEO%20Commentary) CEO Peter Sack noted the company deployed **$56 million** in total capital in Q2 and Q3 to date, partly financed by a new senior credit facility, which will support borrower needs as the investment pipeline grows to over **$780 million** - The company deployed **$56 million** in total capital in Q2 and Q3 to date[3](index=3&type=chunk) - The investment opportunity pipeline in both cannabis and non-cannabis sectors has grown to over **$780 million**[3](index=3&type=chunk) - A new senior credit facility will provide significant advantages for meeting borrowers' debt maturities, growth capital, and potential ESOP transaction needs[3](index=3&type=chunk) [Portfolio and Investment Activity](index=1&type=section&id=Portfolio%20and%20Investment%20Activity) The company's investment portfolio reached $307.5 million across 31 companies, with significant capital deployment and no non-accrual loans [Portfolio Overview and Activity](index=1&type=section&id=Portfolio%20Overview%20and%20Activity) As of June 30, 2025, the company's investment portfolio fair value was approximately **$307.5 million** across 31 companies, with **$39.1 million** deployed to 9 portfolio companies during the quarter and no non-accrual loans Portfolio Overview and Activity Metrics | Metric | Amount/Quantity | | :--------------------------------------- | :-------------------- | | Portfolio Fair Value (as of June 30, 2025) | $307.5 Million | | Number of Portfolio Companies (as of June 30, 2025) | 31 | | Capital Deployed in Q2 2025 | $39.1 Million | | Capital Deployed Post-Quarter | $17.2 Million | | Principal Repayments in Q2 2025 | $22.3 Million | - As of June 30, 2025, there were **no loans on non-accrual status** in the company's investment portfolio[7](index=7&type=chunk) [Financial Performance](index=1&type=section&id=Financial%20Performance) The company reported increased total investment income and net assets from operations in Q2 2025, with stable NAV per share and enhanced liquidity [Results of Operations](index=1&type=section&id=Results%20of%20Operations) In Q2 2025, total investment income was **$13.08 million**, with net expenses of **$5.42 million**, resulting in net investment income of **$7.66 million** ($0.34 per share) and a net increase in net assets from operations of **$8.58 million** ($0.38 per share), driven by a positive net change in unrealized appreciation Q2 2025 Results of Operations (Quarter-over-Quarter Comparison) | Metric | June 30, 2025 (Millions USD) | March 31, 2025 (Millions USD) | Change (Millions USD) | | :--------------------------------------- | :-------------------------- | :-------------------------- | :-------------------- | | Total Investment Income | 13.08 | 11.92 | +1.16 | | Net Expenses | 5.42 | 4.27 | +1.15 | | Net Investment Income | 7.66 | 7.65 | +0.01 | | Net Change in Unrealized Appreciation (Depreciation) | 0.92 | (0.03) | +0.95 | | Net Increase in Net Assets from Operations | 8.58 | 7.61 | +0.97 | | Net Investment Income per Share | 0.34 | 0.34 | 0.00 | | Net Increase in Net Assets from Operations per Share | 0.38 | 0.33 | +0.05 | [Net Asset Value (NAV)](index=2&type=section&id=Net%20Asset%20Value%20(NAV)) As of June 30, 2025, NAV per share slightly increased to **$13.23** from **$13.19**, with total net assets rising from **$301.0 million** to **$301.8 million**, primarily driven by growth in net assets from operations, partially offset by dividend payments Net Asset Value per Share and Total Net Assets (Quarter-over-Quarter Comparison) | Metric | June 30, 2025 | March 31, 2025 | Change | | :------------------- | :------------- | :------------- | :--- | | Net Asset Value (NAV) per Share | $13.23 | $13.19 | +$0.04 | | Total Net Assets | $301.8 Million | $301.0 Million | +$0.8 Million | - The slight increase in NAV per share was primarily driven by the growth in net assets from operations, partially offset by dividend payments[8](index=8&type=chunk) [Liquidity and Capital Resources](index=2&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, the company had **$108.8 million** in liquidity, including **$13.8 million** in cash and **$5.0 million** outstanding on its **$100 million** senior credit facility, with liquidity increasing to **$125.4 million** by August 14, 2025, with no outstanding borrowings Liquidity and Capital Resources | Metric | June 30, 2025 (Millions USD) | August 14, 2025 (Millions USD) | | :----------------------- | :-------------------------- | :-------------------------- | | Total Liquidity | 108.8 | 125.4 | | Cash and Cash Equivalents | 13.8 | N/A | | Senior Credit Facility Outstanding Borrowings | 5.0 | 0.0 | [Dividend Declaration](index=1&type=section&id=Dividend%20Declaration) The Board of Directors declared a **cash dividend of $0.34 per share** for the quarter ending September 30, 2025, payable on October 10, 2025, to shareholders of record on September 29, 2025 Dividend Details | Metric | Details | | :----------------- | :-------------------------------- | | Dividend Amount (per share) | $0.34 | | Quarter End Date | September 30, 2025 | | Payment Date | October 10, 2025 | | Record Date | September 29, 2025 | [Corporate Information](index=3&type=section&id=Corporate%20Information) Chicago Atlantic BDC, Inc. operates as a BDC and RIC, focusing on direct loans to private middle-market cannabis companies, while cautioning investors about forward-looking statements [About Chicago Atlantic BDC, Inc.](index=3&type=section&id=About%20Chicago%20Atlantic%20BDC%2C%20Inc.) Chicago Atlantic BDC, Inc. is a specialty finance company regulated as a Business Development Company (BDC) and electing to be treated as a Regulated Investment Company (RIC) for U.S. federal income tax purposes, aiming to maximize risk-adjusted equity returns by investing in direct loans to private middle-market companies, particularly in the cannabis sector - The company operates as a specialty finance company, regulated as a **Business Development Company (BDC)** and electing to be treated as a **Regulated Investment Company (RIC)**[14](index=14&type=chunk) - The investment objective is to maximize shareholders' risk-adjusted equity returns primarily by investing in direct loans to private middle-market companies, with a focus on cannabis companies[14](index=14&type=chunk) - The company is managed by Chicago Atlantic BDC Advisers, LLC, an investment manager focused on the cannabis industry and other niche or underserved areas[14](index=14&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) This report contains forward-looking statements subject to significant risks and uncertainties that could cause actual results to differ materially from projections, and investors should not unduly rely on them, as the company undertakes no obligation to update or revise them unless required by law - Certain information in the report constitutes "forward-looking statements" involving significant risks and uncertainties[15](index=15&type=chunk) - These statements are not historical facts but are based on current expectations, estimates, and projections, which may cause actual results to differ materially from projections[15](index=15&type=chunk) - Investors should not unduly rely on these forward-looking statements, and the company undertakes no obligation to update or revise them unless required by applicable law[15](index=15&type=chunk) [Contact Information](index=3&type=section&id=Contact%20Information) Investors with inquiries can contact Tripp Sullivan or Lisa Kampf at LIEN@chicagoatlantic.com - Contacts: Tripp Sullivan, Lisa Kampf[16](index=16&type=chunk) - Contact email: LIEN@chicagoatlantic.com[16](index=16&type=chunk) [Financial Statements](index=4&type=section&id=Financial%20Statements) The company's Q2 2025 financial statements show increased total assets and net assets, driven by investment growth and positive unrealized appreciation, despite higher liabilities [Statements of Assets and Liabilities](index=4&type=section&id=Statements%20of%20Assets%20and%20Liabilities) As of June 30, 2025, total assets increased to **$331.75 million** from **$313.70 million**, while total liabilities significantly rose to **$29.91 million** from **$12.68 million**, mainly due to new payables for purchased investments and credit facility usage, with total net assets slightly increasing to **$301.84 million** Key Items from Statements of Assets and Liabilities (Quarter-over-Quarter Comparison) | Metric | June 30, 2025 (Millions USD) | March 31, 2025 (Millions USD) | Change (Millions USD) | | :--------------------------------------- | :-------------------------- | :-------------------------- | :-------------------- | | **Assets:** | | | | | Investments at Fair Value | 307.50 | 289.26 | +18.24 | | Cash and Cash Equivalents | 13.83 | 14.92 | -1.09 | | Total Assets | 331.75 | 313.70 | +18.05 | | **Liabilities:** | | | | | Payables for Purchased Investments | 11.76 | 0.00 | +11.76 | | Revolving Credit Facility | 5.00 | 0.00 | +5.00 | | Total Liabilities | 29.91 | 12.68 | +17.23 | | **Net Assets:** | | | | | Total Net Assets | 301.84 | 301.02 | +0.82 | | Net Asset Value per Share | 13.23 | 13.19 | +0.04 | [Statements of Operations](index=5&type=section&id=Statements%20of%20Operations) For the three months ended June 30, 2025, total investment income increased to **$13.08 million** from **$11.92 million**, with net expenses rising to **$5.42 million** from **$4.27 million**, while net investment income remained stable at **$7.66 million**, and a significant positive net change in unrealized appreciation drove the net increase in net assets from operations to **$8.58 million** Key Items from Statements of Operations (Quarter-over-Quarter Comparison) | Metric | June 30, 2025 (Millions USD) | March 31, 2025 (Millions USD) | Change (Millions USD) | | :--------------------------------------- | :-------------------------- | :-------------------------- | :-------------------- | | **Investment Income:** | | | | | Interest Income | 11.91 | 11.28 | +0.63 | | Fee Income | 1.17 | 0.64 | +0.53 | | Total Investment Income | 13.08 | 11.92 | +1.16 | | **Expenses:** | | | | | Income-Based Incentive Fee | 1.97 | 1.92 | +0.05 | | Management Fee | 1.35 | 1.26 | +0.09 | | Interest Expense | 0.30 | 0.15 | +0.15 | | Total Expenses | 6.21 | 5.25 | +0.96 | | Net Expenses | 5.42 | 4.27 | +1.15 | | **Net Investment Income (Loss)** | 7.66 | 7.65 | +0.01 | | **Net Change in Unrealized Appreciation (Depreciation) on Investments** | 0.92 | (0.03) | +0.95 | | **Net Increase (Decrease) in Net Assets from Operations** | 8.58 | 7.61 | +0.97 | | **Net Investment Income per Share** | 0.34 | 0.34 | 0.00 | | **Net Increase (Decrease) in Net Assets from Operations per Share** | 0.38 | 0.33 | +0.05 | [Investor Relations](index=2&type=section&id=Investor%20Relations) Chicago Atlantic BDC, Inc. hosted a conference call and published an earnings presentation to discuss its Q2 2025 financial results, providing key investor information [Conference Call and Quarterly Earnings Presentation](index=2&type=section&id=Conference%20Call%20and%20Quarterly%20Earnings%20Presentation) Chicago Atlantic BDC, Inc. held a conference call and live audio webcast on August 14, 2025, at 9:00 AM ET to discuss Q2 2025 financial results, with the quarterly earnings presentation available on the company's website - The company held a conference call on **Thursday, August 14, 2025, at 9:00 AM ET** to discuss its Q2 2025 financial results[9](index=9&type=chunk)[13](index=13&type=chunk) - A live audio webcast and replay of the conference call are available on the company's website at lien.chicagoatlantic.com[9](index=9&type=chunk)[10](index=10&type=chunk)[13](index=13&type=chunk) - The Q2 2025 earnings presentation has been posted to the "Events & Presentations" page of the company's website at lien.chicagoatlantic.com[12](index=12&type=chunk)

Group 1 - The Company, Chicago Atlantic BDC, Inc., has declared a cash dividend of $0.34 per share for the quarter ending September 30, 2025 [1] - Key dates for the dividend include a record date of September 29, 2025, and a payment date of October 10, 2025 [1] - The Company has a dividend reinvestment plan (DRIP) that allows stockholders to reinvest dividends into additional shares unless they opt to receive cash [1] Group 2 - Chicago Atlantic BDC, Inc. is a specialty finance company regulated as a business development company under the Investment Company Act of 1940 [2] - The Company's investment objective is to maximize risk-adjusted returns on equity by primarily investing in direct loans to privately held middle-market companies, focusing on the cannabis sector [2] - The Company is managed by Chicago Atlantic BDC Advisers, LLC, which specializes in the cannabis industry and other niche sectors [2]

Core Viewpoint - Chicago Atlantic BDC, Inc. reported its financial results for the second quarter ended June 30, 2025, highlighting significant investment activity and a slight increase in net asset value per share [1][2][5]. Financial Performance - Total investment income for the second quarter was approximately $13.1 million, with net investment income of about $7.7 million, translating to $0.34 per weighted average share [5][9]. - The company incurred net expenses of approximately $5.4 million during the same period, resulting in a net increase in net assets from operations of approximately $8.6 million, or $0.38 per weighted average share [5][9]. Investment Activity - The company deployed $56 million in gross fundings during the second quarter, with a growing originations pipeline of over $780 million in cannabis and non-cannabis opportunities [3]. - Nine portfolio companies were funded with an aggregate par value of $39.1 million during the second quarter, and an additional $17.2 million was funded across five borrowers subsequent to the quarter end [10][9]. Liquidity and Capital Resources - As of June 30, 2025, the company had $108.8 million in liquidity, including $13.8 million in cash and cash equivalents, and $5.0 million in borrowings outstanding on its $100 million senior credit facility [6]. - By August 14, 2025, the company reported no outstanding borrowings on its senior credit facility and $125.4 million in liquidity [6]. Net Asset Value - The net asset value (NAV) per share increased to $13.23 as of June 30, 2025, compared to $13.19 as of March 31, 2025, driven by growth in net assets from operations [7][9]. - Total net assets as of June 30, 2025, were approximately $301.8 million, up from $301.0 million as of March 31, 2025 [7]. Dividend Declaration - The company declared a cash dividend of $0.34 per share for the quarter ending September 30, 2025, payable on October 10, 2025, to shareholders of record as of September 29, 2025 [11][9].

Core Viewpoint - Chicago Atlantic BDC, Inc. reported its financial results for the second quarter ended June 30, 2025, highlighting significant investment activity and a slight increase in net asset value per share [1][2][5]. Financial Performance - Total investment income for the second quarter was approximately $13.1 million, with net investment income of about $7.7 million, translating to $0.34 per weighted average share [5][9]. - The company incurred net expenses of approximately $5.4 million during the same period, resulting in a net increase in net assets from operations of approximately $8.6 million, or $0.38 per weighted average share [5][19]. Investment Activity - The company deployed $56 million in gross fundings during the second quarter, with a growing originations pipeline of over $780 million across cannabis and non-cannabis opportunities [3][10]. - Nine portfolio companies were funded with an aggregate par value of $39.1 million during the second quarter, and an additional $17.2 million was funded across five borrowers subsequent to the quarter end [9][10]. Liquidity and Capital Resources - As of June 30, 2025, the company had $108.8 million in liquidity, including $13.8 million in cash and cash equivalents, and $5.0 million in borrowings outstanding on its $100 million senior credit facility [6][9]. - By August 14, 2025, the company had no outstanding borrowings on its senior credit facility and $125.4 million in liquidity [6]. Net Asset Value - The net asset value (NAV) per share increased to $13.23 as of June 30, 2025, compared to $13.19 as of March 31, 2025, driven by growth in net assets from operations [7][9]. - Total net assets as of June 30, 2025, were $301.8 million, up from $301.0 million as of March 31, 2025 [7][18]. Dividend Declaration - The company declared a cash dividend of $0.34 per share for the quarter ending September 30, 2025, payable on October 10, 2025, to shareholders of record as of September 29, 2025 [11][9].

Group 1 - The Company, Chicago Atlantic BDC, Inc., is a specialty finance company regulated as a business development company, focusing on maximizing risk-adjusted returns on equity by investing primarily in direct loans to privately held middle-market companies, particularly in the cannabis sector [4] - The financial results for the second quarter ended June 30, 2025, will be released before the market opens on August 14, 2025, followed by a conference call at 9:00 a.m. Eastern Time [2][6] - The conference call will be accessible to the general public via a live audio webcast on the Company's website [2][3]

Core Viewpoint - Chicago Atlantic BDC, Inc. is holding its Annual Meeting on June 25, 2025, to discuss key proposals including the re-election of a board member and the ratification of its independent accounting firm [1][2]. Group 1: Annual Meeting Details - The Annual Meeting will be conducted virtually and is open to stockholders of record as of April 25, 2025 [1]. - Stockholders will vote on the re-election of Supurna VedBrat to the Board until the 2028 annual meeting and on the selection of BDO USA, P.C. as the independent registered public accounting firm for the fiscal year ending December 31, 2025 [2]. Group 2: Voting Process - Stockholders are encouraged to submit their votes through various methods including online, by phone, or by mail [3]. Group 3: Company Overview - Chicago Atlantic BDC, Inc. is a specialty finance company regulated as a business development company, focusing on maximizing risk-adjusted returns by investing primarily in direct loans to privately held middle-market companies, particularly in the cannabis sector [4]. - The company is managed by Chicago Atlantic BDC Advisers, LLC, which specializes in the cannabis industry and other niche sectors [4].