Earnings Releases·Nov 12, 2026, 7:00 AM ET

Chicago Atlantic BDC, Inc. — Third Quarter 2026 Earnings Summary

Total investment income rose to $15.4 million ($0.68/share) from $14.0 million in the prior quarter and $15.1 million year-over-year, while net investment income declined to $8.3 million ($0.36/share) from $9.5 million a year ago due to a 27% increase in net expenses to $7.1 million.
Net asset value (NAV) per share remained flat at $13.27, and distributions were maintained at $0.34 per share ($7.8 million total), consistent with the prior quarter and the same period last year.
The merger with Chicago Atlantic Real Estate Finance, Inc. (REFI) is expected to close in 2027, with former REFI stockholders projected to own approximately 50.5% of the combined entity, subject to stockholder and regulatory approvals.
Portfolio growth accelerated with total investments reaching $399.6 million (up from $334.8 million in the prior quarter) and 39 portfolio companies, supported by $72.0 million in new funding and a 100% senior secured debt structure with zero non-accrual investments.
Liquidity stands at $10.2 million as of quarter-end, though the debt-to-equity ratio increased to 0.30x from 0.09x in the prior quarter, and the company maintains a $500 million shelf registration for future capital flexibility.