Chicago Atlantic BDC, Inc.

Chicago Atlantic BDC, Inc. (LIEN) reported strong FY 2025 performance, driven by portfolio expansion post Loan Portfolio Acquisition. Total investment income reached $54.3M, up significantly from $21.7M in 2024, fueled by $49.3M interest income and $5.0M fee income. Net investment income was $33.1M, boosted by net expenses of $21.2M after waivers. Net increase in net assets from operations hit $33.3M, compared to $9.6M in 2024. Investments grew to $333.3M (non-control/non-affiliate at fair value), from $275.2M prior year, with total assets at $342.0M and net assets $303.4M (NAV per share $13). Cash from operations was -$20.5M amid $156.2M purchases offset by $103.6M repayments. Leverage included $25.0M revolving line. This growth underscores successful scaling in cannabis-focused lending, positioning for sustained income generation amid floating-rate portfolio (71.8% of debt).

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