Chicago Atlantic BDC (LIEN) Proxy filing summary

Executive summary

• Q3 2026 net investment income was $8.3 million; NAV per share was $13.27, with $399.6 million of investments at fair value across 39 portfolio companies.

• Proposed REFI merger is expected to close in 2027, subject to stockholder approvals and customary closing conditions.

• Preliminary joint proxy statement/prospectus filed July 31, 2026 and amended September 23; final materials and proxy mailing to follow SEC effectiveness.

Voting matters and shareholder proposals

• REFI and LIEN stockholders must approve the merger; other closing conditions include REFI's election to BDC status and approval of its investment advisory agreement.

• Proxy materials cover the merger and related proposals; proxy solicitation and mailing are to begin after the joint proxy statement/prospectus becomes effective.

Board of directors and corporate governance

• Both boards unanimously approved the merger following unanimous recommendations from their respective special committees of independent directors.