Chicago Atlantic BDC, Inc.

Listed Company

LIENCIK 0001843162NasdaqEmerging GrowthMarylandFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$33.28M

Total Assets

$342.00M

Equity

$303.41M

Shares Out

22.82M

Op. Cash Flow

$-20.48M

Business

Chicago Atlantic BDC, Inc. is an externally managed, closed-end, non-diversified business development company that provides specialty finance solutions to companies in highly complex and highly regulated industries. It primarily originates direct investments in the form of secured and unsecured loans, equity and equity-related investments, nominally priced warrants and certain derivatives, and provides limited managerial assistance to portfolio companies. Its principal business is organized into four sub-strategies: Cannabis; Growth & Technology; Esoteric & Asset-Based Lending; and Liquidity Solutions. The company primarily targets U.S. lower middle-market and middle-market companies, with limited non-U.S. investments, sourcing opportunities through its adviser’s origination network, private equity sponsors, venture capital firms and brokers.

Summary from filing dated 2025-03-31

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-03-31
Interest income	49	20	12	—
Fee income	5	2	196,251	0
Total investment income	54	22	12	—
Income-based incentive fees	8	2	2	0
Management fee	5	2	1	0
General and administrative expenses	5	700,000	0	328,002
Interest expense	1	0	0	—
Professional fees	886,505	527,358	435,090	34,920
Legal expenses	719,097	282,156	343,824	34,069
Audit expense	651,252	497,200	499,698	40,000
Other expenses	626,891	430,254	355,672	6,808
Sub-administrator fees	587,300	449,974	335,253	—
Excise tax expense	72,406	120,024	10,655	0
Capital gains incentive fees	41,586	34,304	87,583	0
Transaction expenses related to the Loan Portfolio Acquisition	0	5	711,264	0
Total expenses	23	12	5	573,438
Waiver of general and administrative expenses (Note 6)	−658,477	0	0	—
Expense limitation agreement (Note 6)	−1	0	0	—
Net expenses	21	12	5	—
NET INVESTMENT INCOME (LOSS)	33	9	7	−563,365
Net realized gain (loss) from investments	0	−74,483	−210,767	0
Net change in unrealized appreciation (depreciation) on investments	207,930	246,004	922,031	0
Net realized and unrealized gains (losses)	207,930	171,521	711,264	—
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	33	10	7	—
NET INVESTMENT INCOME (LOSS) PER SHARE - BASIC (in dollars per share)	1.45	0.91	1.07	−0.64
NET INVESTMENT INCOME (LOSS) PER SHARE - DILUTED (in dollars per share)	1.45	0.91	1.07	−0.64
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE - BASIC (in dollars per share)	1.46	0.93	1.18	−0.64
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE - DILUTED (in dollars per share)	1.46	0.93	1.18	−0.64
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC (in shares)	23	10	6	877,409
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED (in shares)	23	10	6	877,409

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2022 2022-03-31
Non-control/non-affiliate investments at fair value (amortized cost of $310,270,261 and $274,346,711, respectively)	333	275	—	—	—
Interest receivable	3	4	2	2	—
Cash and cash equivalents	3	24	33	35	—
Due from affiliates	2	2	0	—	—
Prepaid expenses and other assets	770,292	321,108	89,276	—	—
Receivable for investment sold	0	4	—	—	—
Total assets	342	310	89	87	—
Revolving line of credit	25	0	—	—	—
Distributions payable	8	0	—	—	—
Income-based incentive fees payable	2	2	2	0	—
Management fee payable	1	758,362	257,121	170,965	—
Professional fees payable	456,616	458,809	431,953	28,744	—
Capital gains incentive fees payable	163,473	121,887	87,583	0	—
Excise tax payable	69,609	88,709	10,655	80,566	—
Unearned interest income	23,514	37,752	0	—	—
Transaction fees payable related to the Loan Portfolio Acquisition	0	3	711,264	0	0
Offering costs payable	0	989,645	0	—	—
Deferred financing costs payable	0	47,881	0	—	—
Total liabilities	39	8	3	495,545	—
Commitments and contingencies (Note 7)	—	—	—	—	—
Common stock, $0.01 par value, 100,000,000 shares authorized, 22,820,408 and 22,820,386 shares issued and outstanding, respectively	228,206	228,204	62,149	62,147	—
Additional paid-in-capital	303	303	85	85	—
Distributable earnings (Accumulated loss)	25,650	−2	449,266	1	—
Total net assets	303	301	86	86	85
NET ASSET VALUE PER SHARE (in dollars per share)	13.3	13.2	13.77	13.91	13.61

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-03-31
Net (accretion of discounts) and amortization of premiums	−3	−1	−810,554	0
Purchase of investments	−156	−30	−8	0
PIK interest capitalized	−3	−743,775	−115,725	0
Proceeds from sales of investments and principal repayments	104	21	6	0
Amortization of deferred financing costs	628,985	0	0	—
Interest receivable	407,019	−2	−196,279	−9,215
Receivable for investment sold	4	−4	0	—
Due from affiliates	556,987	−2	0	—
Prepaid expenses and other assets	129,546	−133,953	−56,953	—
Income-based incentive fees payable	74,374	487,692	2	0
Management fee payable	688,108	501,241	86,156	0
Capital gains incentive fees payable	41,586	34,304	87,583	0
Professional fees payable	−2,193	26,856	221,639	0
Transaction fees payable related to the Loan Portfolio Acquisition	−3	2	711,264	0
Other payables	238,555	32,397	−19,841	25,359
Due to affiliates	406,475	905,129	−37	85
Excise tax payable	−19,100	78,054	−69,911	0
Unearned interest income	−14,238	37,752	0	—
Net cash provided by (used in) operating activities	−20	−5	6	−509,110
Offering costs paid	−1	−274,728	0	—
Distributions paid	−23	−12	−8	0
Financing costs paid	−1	0	0	—
Proceeds from borrowings on revolving line of credit	52	0	0	—
Principal payments under revolving line of credit	−27	0	0	—
Proceeds from issuance of common stock	0	9	0	85
Net cash provided by (used in) financing activities	−519,923	−4	−8	85
Net increase (decrease) in cash and cash equivalents	−21	−9	−3	85
Excise taxes paid	115,357	41,969	80,566	—
Interest expense paid	37,979	0	0	—
Accrual for deferred financing costs (Note 2)	1	47,881	0	—
Accrual for deferred offering costs (Note 2)	101,286	49,998	0	—
Reinvestment of dividend distribution	2,189	812	2,318	0
Loans acquired for issuances of shares of common stock	0	211	0	—

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