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Visual21 Nov 2025
Data center suppliers
Chicago Atlantic BDC (LIEN) investor relations material
Chicago Atlantic BDC Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Completed a transformative loan portfolio acquisition in October 2024, increasing portfolio fair value from $55.8M to $311.4M as of September 30, 2025, with 75.5%-76% of investments in cannabis-related companies and a focus on senior secured lending to underserved sectors.
Achieved record new originations, funding $66.7M to 13 new investments, with seven new borrowers, improving portfolio diversification and utilization of the credit facility.
Net investment income reached $9.5M ($0.42/share) for Q3 2025, supporting a 12.5% yield to book value and a $0.34 dividend for the fifth consecutive quarter.
Closed a $100M senior secured revolving credit facility, enhancing liquidity for growth and portfolio expansion.
Operates as a single segment, externally managed BDC, with a primary objective to maximize risk-adjusted returns on equity.
Financial highlights
Gross investment income for Q3 2025 was $15.1M, up from $13.1M in Q2, with $1.9M from one-time prepayment and make-whole fees.
Net investment income was $9.5M ($0.42/share), up from $7.7M ($0.34/share) in Q2.
Net asset value per share increased to $13.27 at September 30, 2025, from $13.23 in Q2 and $13.20 at year-end 2024.
Portfolio investments at fair value totaled $311.4M across 37 companies.
No loans on non-accrual status as of September 30, 2025.
Outlook and guidance
Management highlighted strong origination and underwriting, with plans to deploy available liquidity into 2026, but expects a more measured pace in Q4.
Active investment pipeline of $609.7M-$610M under review, with a focus on direct origination in cannabis and specialty finance.
Board approved a $0.34/share dividend payable January 2026.
Management believes liquidity is sufficient for at least the next 12 months.
Maintains a disciplined approach to underwriting and structuring investments, focusing on above-market risk-adjusted returns.
Cannabis market pivot strategy
Hemp derivatives bill impact on borrowers
Mitigating risk in smaller company lending
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Next Chicago Atlantic BDC earnings date
Q4 20252 Apr, 2026
Next Chicago Atlantic BDC earnings date
Q4 20252 Apr, 2026
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Frequently asked questions
Silver Spike Investment Corp. is a specialty finance company focused on providing credit and investment solutions to the cannabis industry. The company offers tailored financing to businesses operating within the legal cannabis and related sectors, addressing the unique capital needs of companies in this space. Silver Spike Investment Corp. invests across various stages of business growth, providing loans and other forms of financing to support expansion and operations. The company serves the legal cannabis industry, including ancillary businesses that support the sector's infrastructure and supply chain. The company is headquartered in New York, New York, and its shares are listed on the NASDAQ.
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