Against that backdrop, Sack emphasized what he called Chicago Atlantic BDC’s differentiated exposure and underwriting approach, arguing that the drivers of current pressure in private credit markets “simply are not relevant” to the company’s strategy. He said the portfolio has limited exposure to software and receivables factoring and no exposure to “recent examples of fraud in some large syndicated facilities.”Sack said the broader BDC market was pressured in late 2025 by negative investor sentiment, with ...

Net investment income for the fourth quarter of 2025 was $0.36 per share and $1.45 for the full year, demonstrating the potential of the business model to generate a yield to book value of 2.7% for the fourth quarter and 11% for the year. During the fourth quarter, we executed on our pipeline, funding $31.7 million across seven new investments, including four new borrowers, effectively utilizing additional capacity on our credit facility. During the fourth quarter, the broader BDC market was impacted by neg ...

Financial Data and Key Metrics Changes - Net investment income for Q4 2025 was $0.36 per share, and $1.45 for the full year, indicating a yield to book value of 2.7% for Q4 and 11% for the year [4] - Gross investment income totaled $14.2 million for Q4, down from $15.1 million in Q3, primarily due to one-time fees from unscheduled repayments recognized in Q3 [17] - Net investment income for Q4 was $8.3 million, or $0.36 per share, compared to $9.5 million, or $0.42 per share in Q3 [18] - Net assets totaled $303.4 million at quarter end, with a net asset value per share of $13.30, slightly up from $13.27 in Q3 [18] Business Line Data and Key Metrics Changes - The company funded $31.7 million across 7 new investments in Q4, including 4 new borrowers, with 100% of these being senior secured loans [5][20] - The average credit investment size was approximately 2.4% of the debt portfolio at fair value, with 25% of the portfolio invested in non-cannabis companies [16] Market Data and Key Metrics Changes - The broader BDC market faced negative sentiment, with many BDCs trading below net asset value by the end of 2025, leading to concerns about potential dividend cuts and losses in existing loan books [5] - The weighted average yield on debt investments was 15.8%, compared to 10.8% for the average public BDC [9] Company Strategy and Development Direction - The company focuses on direct loans to privately held companies in niche markets, particularly the cannabis sector and lower middle market, aiming for attractive returns with downside protection [4] - The strategy emphasizes disciplined underwriting and structuring of investments to deliver above-market risk-adjusted returns, with a focus on first lien senior secured loans [23] - Recent M&A activity in the cannabis market has increased the company's pipeline for 2026, with a total of approximately $732 million in potential debt transactions [12][21] Management's Comments on Operating Environment and Future Outlook - Management noted that the recent shift in cannabis policy at the federal level could lead to increased cash flow for borrowers and higher equity valuations, although uncertainty remains until a regulatory framework is established [12][13] - The company believes it is well-positioned to benefit from developments in the cannabis industry, despite managing the business under the assumption that the regulatory environment may not change [14] Other Important Information - The company has a low debt-to-equity ratio of 0.08x, significantly below the BDC average of 1.2x, and has no non-accruals compared to an industry average of 3.3% [11] - A dividend of $0.34 was announced, marking the sixth consecutive quarter at that rate, with total dividends for the year amounting to $1.36 per share [11] Q&A Session Summary Question: Pipeline details and growth - The $732 million pipeline includes opportunities across the entire Chicago Atlantic platform, with an increase from approximately $600 million reported last quarter [28][30] Question: Impact of rescheduling on borrower discussions - Rescheduling has led to increased eagerness among operators to invest in their businesses and pursue exits, creating more financing opportunities [32] Question: State-level activity and catalysts - There is increased consolidation activity in states with attractive fundamental economics, such as Virginia, Ohio, and Missouri [34] Question: Credit facility and financing options - There is potential to increase the revolver in 2026, along with other financing options available to BDCs [35] Question: Repayments and their implications - The early repayments observed were idiosyncratic and reflective of broader transaction activity in the market, leading to more refinancing opportunities [43]

Chicago Atlantic BDC (NasdaqGM:LIEN) Q4 2025 Earnings call March 19, 2026 09:00 AM ET Company ParticipantsDino Colonna - PresidentPablo Zuanic - Founder and Managing PartnerPeter Sack - CEOThomas Geoffroy - Interim CFOTripp Sullivan - Investor Relations RepresentativeConference Call ParticipantsMitchel Penn - Managing Director and Senior AnalystOperatorGood day, and welcome to the Chicago Atlantic BDC, Inc. fourth quarter 2025 earnings conference call. All participants will be in listen-only mode. Should yo ...

Financial Data and Key Metrics Changes - Net investment income for Q4 2025 was $0.36 per share, and $1.45 for the full year, indicating a yield to book value of 2.7% for Q4 and 11% for the year [4][18] - Gross investment income totaled $14.2 million for Q4, down from $15.1 million in Q3, primarily due to one-time fees from unscheduled repayments recognized in Q3 [17] - Net investment income for Q4 was $8.3 million, compared to $9.5 million in Q3, reflecting a decrease due to one-time fees [18] - Net assets totaled $303.4 million at quarter end, with a net asset value per share of $13.30, slightly up from $13.27 in Q3 [18] Business Line Data and Key Metrics Changes - The company funded $31.7 million across 7 new investments in Q4, including 4 new borrowers, with 100% of these being senior secured loans [5][20] - The average credit investment size was approximately 2.4% of the debt portfolio at fair value, with 25% of the portfolio invested in non-cannabis companies [16] Market Data and Key Metrics Changes - The broader BDC market faced negative sentiment, with many BDCs trading below net asset value by the end of 2025, leading to concerns about potential dividend cuts and losses in existing loan books [5] - The weighted average yield on debt investments was 15.8%, compared to 10.8% for the average public BDC [9] Company Strategy and Development Direction - The company focuses on direct loans to privately held companies in niche markets, particularly the cannabis sector and lower middle market, which are often overlooked by capital providers [4][6] - The strategy emphasizes downside protection and aims to deliver attractive returns through disciplined credit and collateral focus [8][13] - Recent M&A activity in the cannabis market has increased the company's pipeline for 2026, with a total of approximately $732 million in potential debt transactions [11][22] Management's Comments on Operating Environment and Future Outlook - Management noted that the recent shift in cannabis policy at the federal level could significantly increase cash flow for borrowers, leading to higher equity valuations and increased M&A activity [12] - The company remains cautious about the regulatory environment but believes it is well-positioned to benefit from developments in the cannabis sector [13] - Management highlighted that the current market anxiety presents opportunities for disciplined lenders, as they can capitalize on the strengths of their portfolio and liquidity [25] Other Important Information - The company has a low debt-to-equity ratio of 0.08x, significantly below the BDC average of 1.2x, and has no non-accruals compared to an industry average of 3.3% [11] - The company announced a $0.34 dividend, marking the sixth consecutive quarter at that rate, with total dividends for the year amounting to $1.36 per share [11] Q&A Session Summary Question: Clarification on the $732 million pipeline - The pipeline figure refers to the entire Chicago Atlantic Group platform, showing an increase from approximately $600 million reported last quarter [31] Question: Impact of rescheduling discussions on borrower activity - Management noted increased eagerness among larger players for consolidation and operators considering exits, which is positive for financing opportunities [33] Question: Activity in specific states regarding cannabis - There is increased activity in states like Virginia and ongoing consolidation in mature markets such as Ohio and Colorado [35] Question: Potential for increasing the credit facility - There is room to increase the revolver in 2026, along with other financing options available to BDCs [36] Question: Insights on repayments in Q4 and Q1 - The higher-than-expected repayments were idiosyncratic across several borrowers, reflecting broader transaction activity in the market [44]

Fourth Quarter 2025 Earnings Presentation Chicago Atlantic BDC, Inc. (NASDAQ: LIEN) March 19, 2026 CONFIDENTIAL | Chicago Atlantic BDC, Inc. Disclaimers and Forward-Looking Statements The information contained in this presentation should be viewed in conjunction with the earnings conference call of Chicago Atlantic 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 use ...

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. ● As of December 31, 2025, the Company's investment portfolio had an aggregate fair value of approximately $333.3 mill ...

NEW YORK, March 19, 2026 (GLOBE NEWSWIRE) -- Chicago Atlantic BDC, Inc. (the “Company”) (NASDAQ: LIEN), a specialty finance company that has elected to be regulated as a business development company, today announced that the Company’s board of directors has declared a cash dividend of $0.34 per share for the quarter ending March 31, 2026. The following are the key dates for the dividends: Record DateMarch 30, 2026Payment DateApril 14, 2026 About Chicago Atlantic BDC, Inc.The Company is a specialty finance c ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-40564 Chicago Atlantic BDC, Inc. (Exact name of Registrant as specified in its Charter) Maryland 86-2872887 (State ...

NEW YORK, March 19, 2026 (GLOBE NEWSWIRE) -- 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 outstandingTotal investme ...