Chicago Atlantic BDC, Inc.(LIEN) - 2024 Q2 - Quarterly Results

Investment Income and Assets - Total investment income for Q2 2024 was $3.1 million, with net investment income of$1.5 million, or $0.25 per share[2] - Total investment income for the three months ended June 30, 2024, was$3,081,333, an increase of 6.5% compared to $2,893,699 for the same period in 2023[18] - Net investment income for the three months ended June 30, 2024, was$1,525,633, compared to $1,899,412 for the same period in 2023, reflecting a decrease of 19.7$53.4 million, consisting of $44.3 million in secured loans,$8.3 million in secured notes, and $0.8 million in equity[8] - Total assets increased to$90,076,727 as of June 30, 2024, up from $88,576,271 at December 31, 2023, representing a growth of 1.69$84.3 million, down from $84.5 million as of March 31, 2024[7] - Cash and cash equivalents rose to$34,003,851 as of June 30, 2024, compared to $32,611,635 at December 31, 2023, marking an increase of 4.25$0.25 per share, payable on September 27, 2024, to stockholders of record on September 19, 2024[2] - Net asset value (NAV) per share decreased from $13.60 on March 31, 2024, to$13.56 on June 30, 2024, primarily due to dividend payments[7] - The net asset value per share decreased to $13.56 as of June 30, 2024, down from$13.77 at December 31, 2023, a decline of 1.53%[17] Expenses and Financial Performance - Total expenses for the three months ended June 30, 2024, were $1,555,700, an increase of 56.4$994,287 in the same period last year[18] - The net increase in net assets resulting from operations for the three months ended June 30, 2024, was $1,292,861, compared to$1,211,404 for the same period in 2023, indicating a growth of 6.7%[18] - Transaction expenses related to the Loan Portfolio Acquisition for the three months ended June 30, 2024, were $533,019, with no expenses recorded for the same period in 2023[18] - The company reported a net realized gain (loss) from investments of$0 for the three months ended June 30, 2024, compared to a loss of $(210,767) in the same period last year[18] - Distributable earnings (accumulated losses) stood at$(834,860) as of June 30, 2024, compared to $449,266 at December 31, 2023[17] Strategic Activities - The company added one portfolio company during the quarter and made an additional investment on July 16, 2024[8] - The company is well-positioned to take advantage of increased debt capital markets activity, despite uncertainties in federal cannabis regulatory reform[3] - The company entered into a definitive agreement to purchase a loan portfolio from Chicago Atlantic Loan Portfolio, LLC, in exchange for newly issued shares of common stock[4] Unrealized Losses - The company recorded a net unrealized loss of$0.2 million during the quarter, mainly related to the fair valuation of debt investments[6]