Chicago Atlantic BDC (LIEN) investor relations material

Executive summary

• Q3 NII was $8.3M, or $0.36/share; the $0.34/share dividend marked the eighth consecutive quarterly payment at that rate.

• Portfolio fair value reached a record $399.6M across 39 borrowers, following record YTD gross originations of $167.4M, including $72.0M funded to two new borrowers in Q3.

• Debt investments were 100% senior secured, with no non-accruals and a 15.5% weighted-average debt yield.

Financial highlights

• Q3 investment income was $15.4M; net expenses were $7.1M, versus $6.3M in Q2 and $5.6M in Q3 2025.

• Q3 NII was $8.3M, or $0.36/share, versus $7.7M and $0.34/share in Q2 and $9.5M and $0.42/share in Q3 2025.

• Net assets were $302.7M at September 30, 2026, versus $302.5M at June 30; NAV was $13.27/share at quarter-end.

• Net assets increased $8.0M from operations, or $0.35/share, versus $8.8M, or $0.39/share, in Q3 2025; Q3 unrealized depreciation and a realized loss reduced results.

• 9M investment income was $46.1M and NII was $25.9M, versus $40.1M and $24.8M; net assets from operations increased $22.6M versus $25.0M.

Outlook and guidance

• Active pipeline was $686.5M of potential investments at varying underwriting stages; deployment remains discretionary and tied to available liquidity.

• Q3 originations were expected to contribute fully to Q4 results, while closings may slow as the revolver approaches capacity.

• The proposed REFI merger is expected to close in 2027, subject to SEC review, shareholder approval and other closing conditions; timing and completion are not assured.

• A Q4 dividend of $0.34/share was declared, payable January 15, 2027, to holders of record December 31, 2026.

• Potential cannabis regulatory progress could improve operator cash flows, financing access and strategic options, but depends on further reform.