Financial Performance - Total investment income for Q1 2024 was $2.8 million, with total expenses of $2.9 million, resulting in a net investment loss of $(0.1) million or $(0.01) per share[2][5] - Total investment income for Q1 2024 was $2,760,247, up from $2,457,839 in Q1 2023, marking a year-over-year increase of approximately 12.3%[18] - Net investment income (loss) for Q1 2024 was $(79,809), a decrease from $1,370,723 in Q1 2023, showing a decline of approximately 105.8%[18] - The net increase in net assets resulting from operations for Q1 2024 was $519,811, down from $2,357,080 in Q1 2023, representing a decrease of about 77.9%[18] Asset and Liability Management - Total assets increased to $90,351,075 as of March 31, 2024, up from $88,576,271 on December 31, 2023, representing a growth of approximately 2.0%[17] - Total liabilities increased significantly to $5,832,308 as of March 31, 2024, compared to $3,023,653 at the end of 2023, indicating a rise of about 92.9%[17] - Cash and cash equivalents increased to $33,160,294 as of March 31, 2024, compared to $32,611,635 at the end of 2023, indicating a growth of about 1.7%[17] Investment Portfolio - The investment portfolio had a fair value of $54.8 million, consisting of $46.6 million in secured loans and $8.2 million in secured notes[8] - A net unrealized gain of $0.6 million was recorded during the quarter, primarily related to the fair valuation of debt investments[6] - There were no loans on non-accrual status as of March 31, 2024[8] Shareholder Returns - The company declared a cash dividend of $0.25 per share, payable on June 28, 2024, to stockholders of record on June 20, 2024[2][9] - Net asset value (NAV) per share decreased from $13.77 on December 31, 2023, to $13.60 on March 31, 2024, primarily due to dividend payments[7] - The net asset value per share decreased to $13.60 as of March 31, 2024, from $13.77 at the end of 2023, reflecting a decline of approximately 1.2%[17] Future Outlook - The company anticipates increased cannabis capital markets activity in the second half of 2024 due to potential regulatory changes[3] - The company expects to deploy capital to new portfolio companies with favorable risk/reward characteristics in the foreseeable future[3] - The company entered into an agreement to acquire a loan portfolio from Chicago Atlantic Loan Portfolio, LLC, in exchange for newly issued shares[4] Operational Expenses - Management fees for Q1 2024 were $246,131, slightly up from $238,419 in Q1 2023, showing an increase of approximately 3.0%[18] - Non-control/non-affiliate investment income rose to $2,726,497 for the three months ended March 31, 2024, compared to $2,457,839 for the same period in 2023, reflecting an increase of about 10.9%[18] Share Statistics - The weighted average shares outstanding for Q1 2024 were 6,214,941, compared to 6,214,672 in Q1 2023, reflecting a slight increase of about 0.4%[18]
Chicago Atlantic BDC, Inc.(LIEN) - 2024 Q1 - Quarterly Results