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Term Loan All in Rate 14.50% Benchmark P Spread Rate 4.00% PIK 3.00% Floor Rate 8.00% Initial Acquisition Date 11/4/2024 Maturity 11/4/20282024-12-310001843162US Corporate Debt First Lien Senior Secured U.S. Debt Cannabis Proper Holdings, LLC Facility Type Delayed Draw Term Loan All in Rate 13.00% Benchmark F Spread 11.00% PIK 2.00% Floor 0.00% Initial Acquisition Date 10/1/2024 Maturity 11/28/20252024-01-012024-12-310001843162srt:MinimumMember2025-09-300001843162U.S. Preferred Stock Real Estate and Rental and Leasing Workbox Holdings Inc. A-1 Preferred Initial Acquisition Date 5/20/20242024-12-310001843162U.S. Warrants Real Estate and Rental and Leasing Workbox Holdings Inc. 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Facility Type Term Loan All in Rate 12.00% Benchmark F Spread 6.00% PIK 6.00% Floor 0.00% Initial Acquisition Date 5/20/2024 Maturity 5/31/20292025-01-012025-09-300001843162country:CA2025-09-300001843162US Corporate Debt First Lien Senior Secured Retail Trade Aura Home, Inc Facility Type Term Loan All in Rate 12.03% Benchmark S Spread Rate 7.50% PIK 0.00% Floor Rate 4.00% Initial Acquisition Date 10/1/2024 Maturity 9/22/20252024-12-310001843162us-gaap:WarrantMemberlien:InformationMemberus-gaap:InvestmentUnaffiliatedIssuerMembercountry:CA2024-12-310001843162us-gaap:RelatedPartyMemberlien:InvestmentAdvisoryAgreementMember2024-07-012024-09-300001843162us-gaap:CommonStockMember2024-12-310001843162us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001843162US Corporate Debt First Lien Senior Secured U.S. Debt Cannabis Verano Holdings Corp. Facility Type Term Loan All in Rate 14.00% Benchmark P Spread 6.50% PIK 0.00% Floor 6.25% Initial Acquisition Date 10/27/2024 Maturity 10/30/20262024-01-012024-12-310001843162us-gaap:WarrantMemberus-gaap:InvestmentUnaffiliatedIssuerMemberlien:RealEstateAndRentalAndLeasingMembercountry:US2024-12-310001843162lien:FirstLienSeniorSecuredLoansMember2025-09-300001843162First Lien Senior Secured Canadian Debt Information Tulip.io Inc. Facility Type Term Loan All in Rate 15.00% Benchmark P Spread 4.00% PIK 3.00% Floor 8.00% Initial Acquisition Date 11/4/2024 Maturity 11/4/20282025-01-012025-09-300001843162us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DebtSecuritiesMember2025-09-300001843162US Corporate Debt First Lien Senior Secured U.S. Debt Cannabis TheraTrue, Inc. Facility Type Delayed Draw Term Loan All in Rate 14.50% Benchmark F Spread 14.50% PIK 0.00% Floor 0.00% Initial Acquisition Date 3/18/2025 Maturity 3/13/20272025-01-012025-09-300001843162lien:SecondLienSeniorSecuredUSDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMemberlien:CannabisMember2025-09-300001843162us-gaap:SouthwestRegionMember2024-12-310001843162US Corporate Debt First Lien Senior Secured Information Protect Animals With Satellites LLC (Halo Collar) Facility Type Term Loan All in Rate 12.25% Benchmark P Spread 1.75% PIK 3.00% Floor 8.50% Initial Acquisition Date 10/1/2024 Maturity 11/1/20262024-01-012024-12-310001843162us-gaap:AdditionalPaidInCapitalMember2024-09-300001843162lien:SecondLienSeniorSecuredLoansMember2024-12-310001843162us-gaap:PrimeRateMember2025-01-012025-09-300001843162Senior Secured U.S. Notes Cannabis Ascend Wellness Holdings, Inc Senior Secured Notes All in Rate 12.75% Benchmark F Spread Rate 12.75% PIK 0.00% Floor Rate 0.00% Initial Acquisition Date 7/16/2024 Maturity 7/16/20292024-12-310001843162us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001843162US Corporate Debt First Lien Senior Secured U.S. Debt Cannabis Verano Holdings Corp. Facility Type Revolver All in Rate 12.49% Benchmark S Spread 8.33% PIK 0.00% Floor 4.00% Initial Acquisition Date 9/30/2025 Maturity 9/29/20282025-01-012025-09-300001843162us-gaap:RevolvingCreditFacilityMembersrt:MinimumMember2025-02-110001843162us-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001843162US Corporate Debt First Lien Senior Secured U.S. Debt Cannabis Aeriz Holdings Corp Facility Type Delayed Draw Term Loan All in Rate 15.50% Benchmark P Spread 6.00% PIK 2.00% Floor 7.00% Initial Acquisition Date 10/1/2024 Maturity 6/30/20252024-12-310001843162us-gaap:WestRegionMember2025-09-300001843162lien:LoanPortfolioAcquisitionAgreementMember2024-12-310001843162US Corporate Debt First Lien Senior Secured U.S. Debt Information Protect Animals With Satellites LLC (Halo Collar) - Facility Type Incremental Term Loan All in Rate 13.25% Benchmark P Spread 1.75% PIK 3.00% Floor 8.50% Initial Acquisition Date 10/1/2024 Maturity 11/1/20262025-09-300001843162us-gaap:InvestmentUnaffiliatedIssuerMemberlien:HealthCareAndSocialAssistanceMemberlien:CorporateDebtFirstLienSeniorSecuredMembercountry:US2024-12-310001843162lien:CannabisMemberus-gaap:InvestmentUnaffiliatedIssuerMemberlien:USCorporateDebtFirstLienSeniorSecuredMember2025-09-300001843162us-gaap:PreferredStockMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300001843162us-gaap:InvestmentUnaffiliatedIssuerMemberlien:USCorporateDebtFirstLienSeniorSecuredMemberlien:FinanceAndInsuranceMember2025-09-300001843162US Corporate Debt First Lien Senior Secured U.S. Debt Retail Trade Aura Home, Inc Facility Type Term Loan All in Rate 10.77% Benchmark S Spread 6.50% PIK 0.00% Floor 3.75% Initial Acquisition Date 4/11/2025 Maturity 9/22/20262025-01-012025-09-3000018431622024-03-310001843162lien:InvestmentAdvisoryAgreementMember2025-09-300001843162us-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberlien:SecondDebtSecuritiesMemberus-gaap:MeasurementInputDiscountRateMember2024-12-310001843162US Corporate Debt First Lien Senior Secured U.S. Debt Cannabis STIIIZY, Inc. (f/k/a Shryne Group Inc.) Facility Type Term Loan All in Rate 17.00% Benchmark P Spread 8.50% PIK 1.00% Floor 4.00% Initial Acquisition Date 5/26/2022 Maturity 5/26/20272024-01-012024-12-310001843162US Corporate Debt First Lien Senior Secured U.S. Debt Cannabis Remedy - Maryland Wellness, LLC Facility Type Delayed Draw Term Loan All in Rate 18.50% Benchmark P Spread 7.50% PIK 3.50% Floor 5.00% Initial Acquisition Date 10/1/2024 Maturity 8/4/20252024-12-310001843162U.S. Preferred Stock Canadian Warrants Information Tulip.io Inc. Warrants Initial Acquisition Date 11/4/20242024-12-310001843162US Corporate Debt First Lien Senior Secured U.S. Debt Retail Trade Portofino Labs, Inc. (dba Because Market) Facility Type Term Loan All in Rate 12.03% Benchmark S Spread 6.25% PIK 1.50% Floor 4.25% Initial Acquisition Date 4/30/2025 Maturity 4/30/20292025-09-300001843162us-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-09-300001843162srt:MinimumMember2025-01-012025-09-300001843162lien:O2025Q3DividendsMember2025-01-012025-09-3000018431622025-01-012025-09-300001843162US Corporate Debt First Lien Senior Secured U.S. Debt Cannabis BeLeaf Medical, LLC Facility Type Term Loan All in Rate 13.00% Benchmark P Spread 5.50% PIK 0.00% Floor 7.50% Initial Acquisition Date 8/20/2025 Maturity 8/20/20282025-01-012025-09-300001843162lien:USCorporateDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001843162US Corporate Debt First Lien Senior Secured U.S. Debt Cannabis Deep Roots Harvest, Inc. Facility Type Delayed Draw Term Loan All in Rate 14.00 % Benchmark P Spread 6.50% PIK 0.00% Floor 8.00% Initial Acquisition Date 10/23/2024 Maturity 8/15/20272024-12-310001843162us-gaap:RelatedPartyMember2025-09-300001843162us-gaap:MeasurementInputPriceVolatilityMemberus-gaap:WarrantMemberus-gaap:ValuationTechniqueOptionPricingModelMember2024-12-310001843162US Corporate Debt First Lien Senior Secured U.S. Debt Cannabis Dreamfields Brands, Inc. (d/b/a Jeeter) Facility Type Delayed Draw Term Loan All in Rate 16.25% Benchmark P Spread 8.75% PIK 0.00% Floor 7.50% Initial Acquisition Date 5/3/2023 Maturity 5/3/20262025-09-300001843162US Corporate Debt First Lien Senior Secured U.S. Debt Cannabis Nova Farms, LLC Facility Type Term Loan All in Rate 15.00% Benchmark P Spread 6.50% PIK 0.00% Floor 8.50% Initial Acquisition Date 10/1/2024 Maturity 3/28/20272025-01-012025-09-300001843162country:CA2024-12-310001843162us-gaap:WarrantMember2024-09-300001843162lien:StateStreetInstitutionalUSGovernmentMoneyMarketFundMember2024-12-310001843162us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMemberlien:SecondLienSeniorSecuredLoansMember2025-09-300001843162US Corporate Debt First Lien Senior Secured U.S. Debt Cannabis Subsero Holdings - Illinois, Inc Facility Type Delayed Draw Term Loan All in Rate 16.50% Benchmark P Spread 7.00% PIK 2.00% Floor 7.00% Initial Acquisition Date 10/1/2024 Maturity 7/29/20262024-12-310001843162us-gaap:PreferredStockMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001843162US Corporate Debt First Lien Senior Secured U.S. Debt Manufacturing Action Target, Inc. Facility Type Delayed Draw Term Loan All in Rate 12.75% Benchmark P Spread 2.75% PIK 1.50% Floor 8.50% Initial Acquisition Date 8/29/2025 Maturity 7/19/20272025-09-300001843162U.S. Warrants Real Estate and Rental and Leasing Workbox Holdings Inc. A-4 Warrants Initial Acquisition Date 5/20/20242024-01-012024-12-310001843162lien:SeniorSecuredNotesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberlien:FinanceAndInsuranceMembercountry:US2024-12-310001843162lien:SecondDebtSecuritiesMember2024-09-300001843162Non Qualifying Assets2024-12-310001843162US Corporate Debt First Lien Senior Secured U.S. Debt Cannabis Aeriz Holdings Corp Facility Type Delayed Draw Term Loan All in Rate 13.00% Benchmark P Spread 5.75% PIK 0.00% Floor 0.00% Initial Acquisition Date 6/30/2025 Maturity 6/30/20282025-09-300001843162lien:LoanPortfolioAcquisitionAgreementMember2024-09-282024-09-280001843162US Corporate Debt First Lien Senior Secured U.S. Debt Cannabis Oasis - AZ GOAT AZ LLC Facility Type Term Loan All in Rate 15.00% Benchmark P Spread 7.50% PIK 0.00% Floor 8.00% Initial Acquisition Date 10/1/2024 Maturity 3/31/20262024-12-310001843162us-gaap:DebtSecuritiesMember2024-09-300001843162lien:ExpenseLimitationAgreementMember2025-07-012025-09-300001843162lien:LoanPortfolioAcquisitionAgreementMember2024-01-012024-09-300001843162US Corporate Debt Senior Secured U.S. Notes Cannabis Curaleaf Holdings, Inc. Facility Type Senior Secured Note All in Rate 8.00% Benchmark F Spread 8.00% PIK 0.00% Floor 0.00% Initial Acquisition Date 10/11/2022 Maturity 12/15/20262025-01-012025-09-3000018431622024-09-3000018431622024-01-012024-12-310001843162lien:DebtSecuritiesTwoMember2025-09-300001843162us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300001843162lien:LoanPortfolioAcquisitionAgreementMember2024-10-012024-10-010001843162lien:SeniorSecuredNotesMember2025-01-012025-09-300001843162Senior Secured U.S. Notes Finance and Insurance West Creek Financial Holdings, Inc.dba Koalafi Senior Secured Notes All in Rate 18.80% Benchmark F Spread Rate 13.80% PIK 5.00% Floor Rate 0.00% Initial Acquisition Date 10/1/2024 Maturity 11/29/20272024-01-012024-12-310001843162lien:Fixed-RateDebtMember2024-01-012024-12-310001843162lien:O2025Q1DividendsMember2025-01-012025-09-300001843162us-gaap:RelatedPartyMember2024-12-310001843162U.S. Warrants Real Estate and Rental and Leasing Workbox Holdings Inc. A-3 Warrants Initial Acquisition Date 5/20/20242025-01-012025-09-300001843162US Corporate Debt First Lien Senior Secured U.S. Debt Information AI Software, LLC (d/b/a Capacity) Facility Type Delayed Draw Term Loan All in Rate 16.00% Benchmark P Spread 6.50% PIK 2.00% Floor 7.50% Initial Acquisition Date 6/13/2025 Maturity 6/13/20292025-01-012025-09-300001843162us-gaap:InvestmentUnaffiliatedIssuerMemberlien:FirstLienSeniorSecuredCanadianDebtMember2025-09-300001843162us-gaap:PrimeRateMember2024-12-310001843162us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001843162US Corporate Debt First Lien Senior Secured Information Protect Animals With Satellites LLC (Halo Collar) Facility Type Incremental Term Loan All in Rate 12.25% Benchmark P Spread 1.75% PIK 3.00% Floor 8.50% Initial Acquisition Date 10/1/2024 Maturity 11/1/20262024-12-310001843162Canadian Warrants Information Tulip.io Inc. Warrants Initial Acquisition Date 11/4/20242025-01-012025-09-300001843162US Corporate Debt First Lien Senior Secured U.S. Debt Finance and Insurance Hartford Gold Group, LLC Facility Type Term Loan All in Rate 13.98% Benchmark S Spread 9.85% PIK 0.00% Floor 1.50% Initial Acquisition Date 10/1/2024 Maturity 1/6/20272025-09-300001843162U.S. Warrants Information Engage3 Holdings, Inc. Warrants Initial Acquisition Date 7/22/20252025-01-012025-09-300001843162us-gaap:FairValueMeasurementsRecurringMember2024-12-310001843162us-gaap:RetainedEarningsMember2023-12-310001843162us-gaap:InvestmentUnaffiliatedIssuerMemberlien:USCorporateDebtFirstLienSeniorSecuredMemberlien:RetailTradeMembercountry:US2024-12-310001843162lien:CorporateDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMembercountry:US2024-12-310001843162US Corporate Debt First Lien Senior Secured U.S. Debt Cannabis Kapple Holdings LLC (Cannabis & Glass) Facility Type Delayed Draw Term Loan All in Rate 14.53% Benchmark S Spread 10.25% PIK 0.00% Floor 4.00% Initial Acquisition Date 3/28/2025 Maturity 7/28/20282025-09-300001843162us-gaap:RevolvingCreditFacilityMember2025-02-110001843162US Corporate Debt First Lien Senior Secured U.S. Debt Cannabis Verano Holdings Corp. 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Warrants Initial Acquisition Date 11/4/20242024-01-012024-12-310001843162us-gaap:PreferredStockMemberus-gaap:InvestmentUnaffiliatedIssuerMembercountry:US2024-12-310001843162us-gaap:PreferredStockMemberus-gaap:MarketApproachValuationTechniqueMemberlien:MeasurementInputCurrentValueMember2024-12-310001843162us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2025-09-300001843162US Corporate Debt First Lien Senior Secured U.S. Debt Finance and Insurance Hartford Gold Group, LLC Facility Type Term Loan All in Rate 13.98% Benchmark S Spread 9.85% PIK 0.00% Floor 1.50% Initial Acquisition Date 10/1/2024 Maturity 1/6/20272025-01-012025-09-300001843162US Corporate Debt First Lien Senior Secured U.S. Debt Public Administration Youth Opportunity Investments, LLC Facility Type Term Loan All in Rate 12.02% Benchmark S Spread 7.75% PIK 0.00% Floor 4.00% Initial Acquisition Date 10/1/2024 Maturity 9/18/20262025-09-300001843162us-gaap:CommonStockMember2025-06-300001843162us-gaap:DebtSecuritiesMember2025-01-012025-09-300001843162US Corporate Debt First Lien Senior Secured Public Information Youth Opportunity Investments, LLC Term Loan All in Rate 12.28% Benchmark P Spread Rate 7.75% PIK 0.00% Floor Rate 4.00% Due 9/18/20262024-12-310001843162us-gaap:WarrantMemberus-gaap:InvestmentUnaffiliatedIssuerMembercountry:CA2025-09-300001843162us-gaap:RetainedEarningsMember2025-07-012025-09-300001843162U.S. Warrants Retail Trade Portofino Labs, Inc. 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Facility Type Delayed Draw Term Loan All in Rate 16.00 % Benchmark F Spread 11.00% PIK 5.00% Floor 0.00% Initial Acquisition Date 10/1/2024 Maturity 12/31/20252024-12-310001843162us-gaap:MeasurementInputPriceVolatilityMembersrt:WeightedAverageMemberus-gaap:WarrantMemberus-gaap:ValuationTechniqueOptionPricingModelMember2024-12-310001843162us-gaap:DebtSecuritiesMember2024-01-012024-09-300001843162US Corporate Debt First Lien Senior Secured U.S. Debt Cannabis Silver Therapeutics, Inc Facility Type Delayed Draw Term Loan All in Rate 15.00% Benchmark P Spread 7.25% PIK 0.00% Floor 7.75% Initial Acquisition Date 3/26/2025 Maturity 3/24/20282025-09-300001843162US Corporate Debt First Lien Senior Secured U.S. Debt Cannabis Archos Capital Group, LLC Facility Type Delayed Draw Term Loan All in Rate 13.25% Benchmark P Spread 5.75% PIK 0.00% Floor 8.50% Initial Acquisition Date 10/1/2024 Maturity 2/28/20252024-12-310001843162us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DebtSecuritiesMember2025-09-300001843162US Corporate Debt First Lien Senior Secured Information Protect Animals With Satellites LLC (Halo Collar) Facility Type Incremental Term Loan All in Rate 12.25% Benchmark P Spread 1.75% PIK 3.00% Floor 8.50% Initial Acquisition Date 10/1/2024 Maturity 11/1/20262024-01-012024-12-3100018431622025-09-300001843162us-gaap:InvestmentUnaffiliatedIssuerMemberlien:CorporateDebtFirstLienSeniorSecuredMemberlien:PublicAdministrationMembercountry:US2024-12-310001843162us-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberlien:SecondLienSeniorSecuredLoansMember2025-09-300001843162us-gaap:WarrantMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001843162us-gaap:DebtSecuritiesMember2024-12-310001843162srt:MaximumMember2024-01-012024-09-300001843162lien:EquityInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001843162US Corporate Debt First Lien Senior Secured U.S. Debt Information Protect Animals With Satellites LLC (Halo Collar) Facility Type Term Loan All in Rate 13.25% Benchmark P Spread 1.75% PIK 3.00% Floor 8.50% Initial Acquisition Date 10/1/2024 Maturity 11/1/20262025-09-300001843162lien:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001843162srt:MaximumMember2025-09-300001843162us-gaap:CommonStockMember2024-07-012024-09-300001843162US Corporate Debt First Lien Senior Secured Health Care and Social Assistance Sunny Days Enterprises, LLC Facility Type Delayed Draw Term Loan All in Rate 20.25% Benchmark P Spread 4.75% PIK 8.00% Floor 3.50% Initial Acquisition Date 10/1/2024 Maturity 3/31/20252024-01-012024-12-310001843162us-gaap:WarrantMemberlien:InformationMemberus-gaap:InvestmentUnaffiliatedIssuerMembercountry:US2025-09-300001843162us-gaap:RelatedPartyMemberlien:InvestmentAdvisoryAgreementMemberlien:ChicagoAtlanticAdminLLCMember2024-12-310001843162us-gaap:PrimeRateMember2024-01-012024-12-310001843162us-gaap:AdditionalPaidInCapitalMember2023-12-310001843162lien:FirstLienSeniorSecuredLoansMember2024-01-012024-12-310001843162US Corporate Debt First Lien Senior Secured Real Estate and Rental and Leasing Workbox Holdings Inc. 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A-3 Warrants Initial Acquisition Date 5/20/20242024-12-310001843162lien:LoanPortfolioAcquisitionAgreementMember2024-10-010001843162US Corporate Debt First Lien Senior Secured Information Protect Animals With Satellites LLC (Halo Collar) Facility Type Term Loan All in Rate 12.25% Benchmark P Spread 1.75% PIK 3.00% Floor 8.50% Initial Acquisition Date 10/1/2024 Maturity 11/1/20262024-12-310001843162us-gaap:SoutheastRegionMember2025-09-300001843162us-gaap:RelatedPartyMemberlien:InvestmentAdvisoryAgreementMember2025-07-012025-09-300001843162US Corporate Debt First Lien Senior Secured U.S. Debt Information AI Software, LLC (d/b/a Capacity) Facility Type Delayed Draw Term Loan All in Rate 16.00% Benchmark P Spread 6.50% PIK 2.00% Floor 7.50% Initial Acquisition Date 6/13/2025 Maturity 6/13/20292025-09-300001843162Senior Secured U.S. Notes Finance and Insurance RTCP, LLC Senior Secured Notes All in Rate 15.00% Benchmark F Spread Rate 15.00% PIK 0.00% Floor Rate 0.00% Initial Acquisition Date 10/1/2024 Maturity 10/2/20282024-12-310001843162us-gaap:SecuredOvernightFinancingRateSofrMember2024-01-012024-12-310001843162lien:Fixed-RateDebtMember2024-12-310001843162US Corporate Debt First Lien Senior Secured U.S. Debt Finance and Insurance Minden Holdings, LLC Facility Type Term Loan All in Rate 14.50% Benchmark S Spread 7.25% PIK 0.00% Floor 0.00% Initial Acquisition Date 10/1/2024 Maturity 5/31/20262025-01-012025-09-300001843162us-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001843162lien:FirstLienSeniorSecuredDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMembercountry:CA2024-12-310001843162us-gaap:InvestmentUnaffiliatedIssuerMember2024-07-012024-09-300001843162lien:ManufacturingMember2025-09-300001843162US Corporate Debt First Lien Senior Secured U.S. Debt Cannabis Oasis - AZ GOAT AZ LLC Facility Type Term Loan All in Rate 15.50% Benchmark P Spread 7.50% PIK 0.00% Floor 8.00% Initial Acquisition Date 10/1/2024 Maturity 3/31/20262025-01-012025-09-300001843162First Lien Senior Secured U.S. Debt2024-01-012024-12-310001843162Non Qualifying Assets2024-01-012024-12-310001843162us-gaap:ValuationTechniqueDiscountedCashFlowMemberlien:SecondDebtSecuritiesMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMember2024-12-310001843162US Corporate Debt First Lien Senior Secured U.S. Debt Cannabis TheraTrue, Inc. Facility Type Delayed Draw Term Loan All in Rate 14.50% Benchmark F Spread 14.50% PIK 0.00% Floor 0.00% Initial Acquisition Date 3/18/2025 Maturity 3/13/20272025-09-300001843162U.S. Warrants Real Estate and Rental and Leasing Workbox Holdings Inc. A-4 Warrants Initial Acquisition Date 5/20/20242025-09-300001843162lien:O2024Q1DividendsMember2024-01-012024-09-300001843162US Corporate Debt First Lien Senior Secured U.S. Debt Information Protect Animals With Satellites LLC (Halo Collar) Facility Type Term Loan All in Rate 13.25% Benchmark P Spread 1.75% PIK 3.00% Floor 8.50% Initial Acquisition Date 10/1/2024 Maturity 11/1/20262025-01-012025-09-300001843162lien:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001843162lien:SeniorSecuredNotesMemberus-gaap:InvestmentUnaffiliatedIssuerMembercountry:US2024-12-310001843162US Corporate Debt First Lien Senior Secured U.S. Debt Cannabis Dreamfields Brands, Inc. (d/b/a Jeeter) Facility Type Delayed Draw Term Loan All in Rate 16.25% Benchmark P Spread 8.75% PIK 0.00% Floor 7.50% Initial Acquisition Date 5/3/2023 Maturity 5/3/20262025-01-012025-09-300001843162us-gaap:InvestmentUnaffiliatedIssuerMember2025-01-012025-09-300001843162us-gaap:AdditionalPaidInCapitalMember2024-07-012024-09-3000018431622025-11-110001843162US Corporate Debt First Lien Senior Secured U.S. Debt Cannabis Engage3 Holdings, Inc. Facility Type Term Loan All in Rate 14.00% Benchmark P Spread 2.50% PIK 4.00% Floor 7.50% Initial Acquisition Date 7/22/2025 Maturity 7/22/20302025-09-300001843162US Corporate Debt First Lien Senior Secured U.S. Debt Cannabis Aeriz Holdings Corp Facility Type Delayed Draw Term Loan All in Rate 15.50% Benchmark P Spread 6.00% PIK 2.00% Floor 7.00% Initial Acquisition Date 10/1/2024 Maturity 6/30/20252024-01-012024-12-310001843162us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberlien:DebtSecuritiesOneMember2025-09-300001843162US Corporate Debt First Lien Senior Secured U.S. Debt Cannabis Kaleafa, Inc. Facility Type Term Loan All in Rate 16.00% Benchmark P Spread 8.50% PIK 0.00% Floor 8.50% Initial Acquisition Date 10/1/2024 Maturity 12/3/20272024-12-310001843162US Corporate Debt First Lien Senior Secured Finance and Insurance Minden Holdings, LLC Facility Type Term Loan All in Rate 14.75% Benchmark P Spread 7.25% PIK 0.00% Floor 0.00% Initial Acquisition Date 10/1/2024 Maturity 5/31/20262024-12-310001843162First Lien Senior Secured Canadian Debt Information Tulip.io Inc. Facility Type Term Loan All in Rate 15.00% Benchmark P Spread 4.00% PIK 3.00% Floor 8.00% Initial Acquisition Date 11/4/2024 Maturity 11/4/20282025-09-300001843162us-gaap:PreferredStockMember2025-01-012025-09-300001843162US Corporate Debt First Lien Senior Secured U.S. Debt Cannabis FLUENT Corp. Facility Type Term Loan All in Rate 13.00% Benchmark F Spread 12.00% PIK 1.00% Floor 0.00% Initial Acquisition Date 3/31/2025 Maturity 11/24/20282025-01-012025-09-300001843162us-gaap:InvestmentUnaffiliatedIssuerMemberlien:USCorporateDebtFirstLienSeniorSecuredMemberlien:RetailTradeMember2025-09-300001843162us-gaap:RetainedEarningsMember2025-01-012025-09-300001843162US Corporate Debt First Lien Senior Secured U.S. Debt Cannabis Shangri-La Columbia, LLC Facility Type Delayed Draw Term Loan All in Rate 13.25% Benchmark P Spread 5.75% PIK 0.00% Floor 7.50% Initial Acquisition Date 6/30/2025 Maturity 6/30/20282025-09-300001843162lien:FirstLienSeniorSecuredLoansMember2024-12-310001843162srt:MaximumMember2024-07-012024-09-300001843162US Corporate Debt First Lien Senior Secured Information Simspace Corporation Facility Type Term Loan All in Rate 17.50% Benchmark P Spread 10.00% PIK 0.00% Floor 8.50% Initial Acquisition Date 10/1/2024 Maturity 11/1/20252024-01-012024-12-310001843162US Corporate Debt First Lien Senior Secured U.S. Debt Cannabis Kaleafa, Inc. Facility Type Term Loan All in Rate 17.00% Benchmark P Spread 8.50% PIK 0.00% Floor 8.50% Initial Acquisition Date 12/4/2024 Maturity 12/3/20272025-01-012025-09-300001843162U.S. Warrants Real Estate and Rental and Leasing Workbox Holdings Inc. A-3 Warrants Initial Acquisition Date 5/20/20242025-09-300001843162US Corporate Debt First Lien Senior Secured U.S. Debt Cannabis HA-MD, LLC Facility Type Term Loan All in Rate 15.00% Benchmark F Spread 15.00% PIK 0.00% Floor 0.00% Initial Acquisition Date 10/1/2024 Maturity 6/6/20262024-01-012024-12-310001843162us-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:DebtSecuritiesMember2024-12-310001843162US Corporate Debt First Lien Senior Secured U.S. Debt Cannabis Dreamfields Brands, Inc. (d/b/a Jeeter) Facility Type Delayed Draw Term Loan All in Rate 16.25% Benchmark P Spread 8.75% PIK 0.00% Floor 7.50% Initial Acquisition Date 5/3/2023 Maturity 5/3/20262024-12-310001843162us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DebtSecuritiesMember2025-09-300001843162us-gaap:WarrantMemberus-gaap:InvestmentUnaffiliatedIssuerMemberlien:RetailTradeMembercountry:US2025-09-300001843162US Corporate Debt First Lien Senior Secured Health Care and Social Assistance Sunny Days Enterprises, LLC Facility Type Delayed Draw Term Loan All in Rate 20.25% Benchmark P Spread 4.75% PIK 8.00% Floor 3.50% Initial Acquisition Date 10/1/2024 Maturity 3/31/20252024-12-310001843162us-gaap:WarrantMember2025-09-300001843162us-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberlien:SecondDebtSecuritiesMemberus-gaap:MeasurementInputDiscountRateMember2025-09-3000018431622024-12-310001843162lien:CannabisMember2025-09-300001843162lien:LoanPortfolioAcquisitionAgreementMember2025-01-012025-09-300001843162us-gaap:NonrelatedPartyMember2025-09-300001843162US Corporate Debt First Lien Senior Secured U.S. Debt Cannabis Elevation Cannabis, LLC Facility Type Delayed Draw Term Loan All in Rate 15.25 % Benchmark P Spread 7.75% PIK 0.00% Floor 8.50% Initial Acquisition Date 10/1/2024 Maturity 12/31/20262024-01-012024-12-310001843162us-gaap:RelatedPartyMemberlien:InvestmentAdvisoryAgreementMemberlien:ChicagoAtlanticAdminLLCMember2025-06-300001843162US Corporate Debt First Lien Senior Secured U.S. Debt Cannabis Nova Farms, LLC Facility Type Term Loan All in Rate 15.00% Benchmark P Spread 6.50% PIK 0.00% Floor 8.50% Initial Acquisition Date 10/1/2024 Maturity 3/28/20272025-09-300001843162US Corporate Debt First Lien Senior Secured U.S. Debt Manufacturing Action Target, Inc. Facility Type Delayed Draw Term Loan All in Rate 12.75% Benchmark P Spread 2.75% PIK 1.50% Floor 8.50% Initial Acquisition Date 8/29/2025 Maturity 7/19/20272025-01-012025-09-3000018431622025-03-310001843162us-gaap:RevolvingCreditFacilityMember2025-02-112025-02-110001843162US Corporate Debt First Lien Senior Secured U.S. Debt Real Estate and Rental and Leasing Workbox Holdings Inc. Facility Type Term Loan All in Rate 12.00% Benchmark F Spread 6.00% PIK 6.00% Floor 0.00% Initial Acquisition Date 5/20/2024 Maturity 5/31/20292025-09-300001843162lien:SecondDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300001843162lien:InformationMemberus-gaap:InvestmentUnaffiliatedIssuerMemberlien:FirstLienSeniorSecuredCanadianDebtMember2025-09-300001843162us-gaap:FairValueInputsLevel2Memberlien:SecondDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300001843162lien:FinanceAndInsuranceMember2024-12-310001843162us-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001843162US Corporate Debt2024-01-012024-12-310001843162lien:SecondLienSeniorSecuredUSDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001843162US Corporate Debt First Lien Senior Secured U.S. Debt Cannabis Subsero Holdings - Illinois, Inc Facility Type Delayed Draw Term Loan All in Rate 16.25% Benchmark P Spread 7.00% PIK 2.00% Floor 7.00% Initial Acquisition Date 10/1/2024 Maturity 7/29/20262025-01-012025-09-300001843162us-gaap:PreferredStockMember2025-09-300001843162US Corporate Debt First Lien Senior Secured U.S. Debt Cannabis Elevation Cannabis, LLC Facility Type Delayed Draw Term Loan All in Rate 16.25% Benchmark P Spread 7.75% PIK 0.00% Floor 8.50% Initial Acquisition Date 10/1/2024 Maturity 12/31/20262025-09-300001843162US Corporate Debt First Lien Senior Secured U.S. Debt Cannabis HA-MD, LLC Facility Type Term Loan All in Rate 15.00% Benchmark F Spread 15.00% PIK 0.00% Floor 0.00% Initial Acquisition Date 10/1/2024 Maturity 6/6/20262025-09-300001843162us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001843162US Corporate Debt First Lien Senior Secured U.S. Debt Cannabis CO Acquisition Vehicle, LLC Facility Type Term Loan All in Rate 20.00% Benchmark F Spread 0.00% PIK 20.00% Floor 0.00% Initial Acquisition Date 9/30/2025 Maturity 12/31/20292025-01-012025-09-3000018431622024-07-012024-09-300001843162us-gaap:SecuredOvernightFinancingRateSofrMember2024-12-310001843162Senior Secured U.S. Notes Cannabis Curaleaf Holdings, Inc. Senior Secured Notes All in Rate 8.00% Benchmark F Spread Rate 8.00% PIK 0.00% Floor Rate 0.00% Initial Acquisition Date 12/15/2026 Maturity 12/15/20262024-12-310001843162lien:WarrantTwoMember2025-09-300001843162lien:SecondDebtSecuritiesMember2025-09-300001843162lien:SeniorSecuredNotesMemberlien:CannabisMemberus-gaap:InvestmentUnaffiliatedIssuerMembercountry:US2024-12-310001843162us-gaap:WarrantMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-09-300001843162US Corporate Debt First Lien Senior Secured U.S. Debt Cannabis Wellgreens 2.0, LLC Facility Type Term Loan All in Rate 14.00% Benchmark P Spread 6.50% PIK 0.00% Floor 7.50% Initial Acquisition Date 7/24/2025 Maturity 7/31/20292025-09-300001843162us-gaap:RevolvingCreditFacilityMember2025-09-300001843162us-gaap:CommonStockMember2023-12-310001843162us-gaap:WarrantMember2023-12-310001843162lien:LoanPortfolioAcquisitionAgreementMember2025-09-300001843162us-gaap:InterestExpenseMember2025-01-012025-09-300001843162us-gaap:WestRegionMember2024-12-310001843162lien:SecondDebtSecuritiesMember2025-01-012025-09-300001843162lien:SecondLienSeniorSecuredLoansMember2025-09-300001843162us-gaap:CommonStockMember2025-09-300001843162lien:RetailTradeMember2025-09-3000018431622025-07-012025-09-300001843162us-gaap:SecuredOvernightFinancingRateSofrMember2025-09-300001843162US Corporate Debt First Lien Senior Secured U.S. Debt Cannabis Subsero Holdings - Illinois, Inc Facility Type Delayed Draw Term Loan All in Rate 16.50% Benchmark P Spread 7.00% PIK 2.00% Floor 7.00% Initial Acquisition Date 10/1/2024 Maturity 7/29/20262024-01-012024-12-310001843162lien:SecondDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001843162US Corporate Debt First Lien Senior Secured U.S. Debt Cannabis Engage3 Holdings, Inc. Facility Type Term Loan All in Rate 14.00% Benchmark P Spread 2.50% PIK 4.00% Floor 7.50% Initial Acquisition Date 7/22/2025 Maturity 7/22/20302025-01-012025-09-300001843162lien:O2025Q4DividendsMemberus-gaap:SubsequentEventMember2025-11-112025-11-110001843162us-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberlien:DebtSecuritiesOneMember2025-09-300001843162lien:CannabisMember2024-12-310001843162U.S. Warrants Information Engage3 Holdings, Inc. Warrants Initial Acquisition Date 7/22/20252025-09-300001843162US Corporate Debt Senior Secured U.S. Notes Cannabis Curaleaf Holdings, Inc. Facility Type Senior Secured Note All in Rate 8.00% Benchmark F Spread 8.00% PIK 0.00% Floor 0.00% Initial Acquisition Date 10/11/2022 Maturity 12/15/20262025-09-300001843162lien:DebtInvestmentMember2024-12-310001843162US Corporate Debt Senior Secured U.S. Notes Cannabis Ascend Wellness Holdings Facility Type Senior Secured Note All in Rate 12.75% Benchmark F Spread 12.75% PIK 0.00% Floor 0.00% Initial Acquisition Date 7/16/2024 Maturity 7/16/20292025-01-012025-09-300001843162us-gaap:PreferredStockMember2023-12-310001843162us-gaap:FairValueInputsLevel2Memberlien:SecondDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001843162us-gaap:FairValueMeasurementsRecurringMemberlien:SecondLienSeniorSecuredLoansMember2025-09-300001843162us-gaap:InvestmentUnaffiliatedIssuerMember2025-07-012025-09-300001843162US Corporate Debt First Lien Senior Secured U.S. Debt Information Protect Animals With Satellites LLC (Halo Collar) - Facility Type Incremental Term Loan All in Rate 13.25% Benchmark P Spread 1.75% PIK 3.00% Floor 8.50% Initial Acquisition Date 10/1/2024 Maturity 11/1/20262025-01-012025-09-300001843162us-gaap:NonrelatedPartyMember2024-12-310001843162us-gaap:WarrantMemberus-gaap:InvestmentUnaffiliatedIssuerMembercountry:US2025-09-300001843162us-gaap:RelatedPartyMemberlien:InvestmentAdvisoryAgreementMember2025-01-012025-09-300001843162U.S. Warrants Information AI Software, LLC (d/b/a Capacity) Warrants Initial Acquisition Date 6/13/20252025-09-300001843162Canadian Warrants Information Tulip.io Inc. Warrants Initial Acquisition Date 11/4/20242025-09-300001843162us-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-09-300001843162us-gaap:WarrantMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001843162US Corporate Debt First Lien Senior Secured Finance and Insurance Hartford Gold Group, LLC Facility Type Term Loan All in Rate 14.40% Benchmark S Spread 9.85% PIK 0.00% Floor 1.50% Initial Acquisition Date 10/1/2024 Maturity 12/17/20252024-12-310001843162us-gaap:InvestmentUnaffiliatedIssuerMemberlien:FinanceAndInsuranceMemberlien:CorporateDebtFirstLienSeniorSecuredMembercountry:US2024-12-310001843162US Corporate Debt Second Lien Senior Secured Cannabis Remedy - Maryland Wellness, LLC Facility Type Delayed Draw Term Loan All in Rate 20.25% Benchmark P Spread 9.00% PIK 3.50% Floor 7.75% Initial Acquisition Date 10/1/2024 Maturity 8/1/20282025-09-300001843162lien:RetailTradeMember2024-12-310001843162us-gaap:AdditionalPaidInCapitalMember2024-01-012024-09-30xbrli:purelien:PortfolioCompanyxbrli:shareslien:Segmentiso4217:USDxbrli:shareslien:Quartersiso4217:USD

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended September 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 001-40564

CHICAGO ATLANTIC BDC, INC.

(Exact name of registrant as specified in its charter)


Maryland		86-2872887
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)
600 Madison Avenue, Suite 1800
New York, NY
		10022
(Address of principal executive offices)		(Zip Code)

(212) 905-4923

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	LIEN	The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☐
		Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

As of November 11, 2025, the registrant had 22,820,590 shares of common stock ($0.01 par value per share) outstanding.

Table of Contents

CHICAGO ATLANTIC BDC, INC.

FORM 10-Q


	TABLE OF CONTENTS
		PAGE NO.
PART I	FINANCIAL INFORMATION
Item 1	Financial Statements (unaudited)	2
	Statements of Assets and Liabilities	2
	Statements of Operations	3
	Statements of Changes in Net Assets	4
	Statements of Cash Flows	6
	Schedule of Investments	7
	Notes to Financial Statements	13
Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	34
Item 3	Quantitative and Qualitative Disclosures About Market Risk	51
Item 4	Controls and Procedures	51
PART II	OTHER INFORMATION
Item 1	Legal Proceedings	53
Item 1A	Risk Factors	53
Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	53
Item 3	Defaults Upon Senior Securities	53
Item 4	Mine Safety Disclosures	53
Item 5	Other Information	54
Item 6	Exhibits	55
SIGNATURES		56

Table of Contents

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

Except where the context suggests otherwise, the terms “we,” “us,” “our,” “the Company,” and “LIEN” refer to Chicago Atlantic BDC, Inc. In addition, the terms “Adviser,” “investment adviser” and “administrator” refer to Chicago Atlantic BDC Advisers, LLC, our external investment adviser and administrator.

Some of the statements in this quarterly report on Form 10-Q constitute forward-looking statements because they relate to future events or our future performance or financial condition. The forward-looking statements contained in this quarterly report on Form 10-Q may include statements as to:

•

uncertainties related to the new U.S. Presidential administration, including the potential impact of tariff enactment and tax reductions, and the risk of recession or a shutdown of government services, which could impact our business prospects and the prospects of our portfolio companies;

•

our future operating results and distribution projections;

•

the ability of the Adviser to attract and retain highly talented professionals;

•

our business prospects and the prospects of our portfolio companies;

•

the impact of interest and inflation rates on our business prospects and the prospects of our portfolio companies;

•

the impact of the investments that we expect to make;

•

the ability of our portfolio companies to achieve their objectives;

•

our expected financings and investments and the timing of our investments in our initial portfolio;

•

changes in regulation impacting the cannabis industry;

•

the adequacy of our cash resources and working capital;

•

the timing of cash flows, if any, from the operations of our portfolio companies; and

•

the ability to realize benefits anticipated by the Loan Portfolio Acquisition (as defined below).

In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this quarterly report on Form 10-Q involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth in “Item 1A. Risk Factors” in our annual report on Form 10-K for the fiscal year ended December 31, 2024 and elsewhere in this quarterly report on Form 10-Q. Other factors that could cause actual results to differ materially include:

•

changes or potential disruptions in our operations, the economy, financial markets or political environment;

•

risks associated with possible disruption in our operations or the economy generally due to terrorism, natural disasters, the conflicts between Russia and Ukraine and in the Middle East, and the potential for volatility in energy prices and other commodities and their impact on the industries in which we invest;

•

the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks;

•

future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities) and conditions in our operating areas, particularly with respect to business development companies (“BDCs”) or regulated investment companies (“RICs”); and

•

other considerations that may be disclosed from time to time in our publicly disseminated documents and filings.

We have based the forward-looking statements included in this quarterly report on Form 10-Q on information available to us on the date of this quarterly report on Form 10-Q, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. The forward-looking statements contained in this quarterly report on Form 10-Q are excluded from the safe harbor protection provided by Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

Table of Contents

PART I: FINANCIAL INFORMATION

Item 1. Financial Statements

Chicago Atlantic BDC, Inc.

Statements of Assets and Liabilities


	September 30, 2025			December 31, 2024
	(Unaudited)
ASSETS
Investments at fair value:
Non-control/non-affiliate investments at fair value (amortized cost of $310,270,261 and $274,346,711, respectively)	$	311,393,482		$	275,241,398
Cash and cash equivalents		10,462,366			23,932,406
Interest receivable		3,653,641			3,582,610
Prepaid expenses and other assets		1,074,337			321,108
Due from affiliates		669,753			2,361,019
Receivable for investment sold		-			4,122,500
Total assets	$	327,253,579		$	309,561,041

LIABILITIES
Revolving line of credit	$	11,000,000		$	-
Distributions payable		7,759,001			-
Income-based incentive fees payable		2,347,474			1,998,945
Management fee payable		1,399,845			758,362
Due to affiliates		985,882			905,129
Professional fees payable		477,094			458,809
Other payables		180,611			46,219
Capital gains incentive fees payable		167,594			121,887
Unearned interest income		15,499			37,752
Transaction fees payable related to the Loan Portfolio Acquisition		-			2,945,125
Offering costs payable		-			989,645
Excise tax payable		-			88,709
Deferred financing costs payable		-			47,881
Total liabilities	$	24,333,000		$	8,398,463

Commitments and contingencies (Note 6)

NET ASSETS
Common stock, $0.01 par value, 100,000,000 shares authorized, 22,820,590 and 22,820,386 shares issued and outstanding, respectively	$	228,206		$	228,204
Additional paid-in-capital		303,154,218			303,272,034
Distributable earnings (Accumulated loss)		(461,845	)		(2,337,660	)
Total net assets	$	302,920,579		$	301,162,578
NET ASSET VALUE PER SHARE	$	13.27		$	13.20

See notes to financial statements.

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Chicago Atlantic BDC, Inc.

Statements of Operations

(Unaudited)


	For the Three Months Ended							For the Nine Months Ended
	September 30, 2025			September 30, 2024				September 30, 2025			September 30, 2024
INVESTMENT INCOME
Non-control/non-affiliate investment income
Interest income	$	13,826,674		$	2,686,771			$	37,012,196		$	8,203,601
Fee income		1,243,929			489,176				3,061,447			813,926
Total investment income		15,070,603			3,175,947				40,073,643			9,017,527

EXPENSES
Income-based incentive fees		2,347,473			-				6,232,387			328,503
Management fee		1,399,845			253,421				4,006,051			745,876
General and administrative expense		1,082,419			-				3,423,679			-
Interest expense		338,515			-				785,156			-
Professional fees		199,939			120,762				691,525			240,898
Legal expenses		103,733			60,200				667,798			200,073
Audit expense		153,750			95,675				497,502			299,225
Other expenses		157,903			107,485				472,042			306,643
Sub-administrator fees		154,939			98,489				441,529			298,132
Capital gains incentive fees		(131,412	)		(35,904	)			45,707			37,465
Excise tax expense		2,797			31,314				2,797			31,314
Transaction expenses related to the Loan Portfolio Acquisition		-			2,429,993				-			5,069,062
Total expenses		5,809,901			3,161,435				17,266,173			7,557,191
Waiver of General and administrative expense (Note 6)		-			-				(658,477	)		-
Expense limitation agreement (Note 6)		(230,419	)		-				(1,338,202	)		-
Net expenses		5,579,482			3,161,435				15,269,494			7,557,191
NET INVESTMENT INCOME (LOSS)		9,491,121			14,512				24,804,149			1,460,336

NET REALIZED GAIN (LOSS) FROM INVESTMENTS
Non-controlled non-affiliate investments		-			-				-			-
Net realized gain (loss) from investments		-			-				-			-

NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS
Non-controlled non-affiliate investments		(657,060	)		(179,524	)			228,534			187,324
Net change in unrealized appreciation (depreciation) on investments		(657,060	)		(179,524	)			228,534			187,324
Net realized and unrealized gains (losses)		(657,060	)		(179,524	)			228,534			187,324

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	8,834,061		$	(165,012	)		$	25,032,683		$	1,647,660

NET INVESTMENT INCOME (LOSS) PER SHARE - BASIC AND DILUTED	$	0.42		$	0.00		(1)	$	1.09		$	0.23
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE - BASIC AND DILUTED	$	0.39		$	(0.03	)		$	1.10		$	0.27
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC AND DILUTED		22,820,568			6,214,965				22,820,454			6,214,952

(1) Represents less than $0.0005 per share

See notes to financial statements.

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Chicago Atlantic BDC, Inc.

Statements of Changes in Net Assets

(Unaudited)


	Common Stock
	Shares		Par Value		Additional paid-in- capital		Distributable Earnings/ (Accumulated Loss)			Total Net Assets
Balance, June 30, 2025		22,820,408	$	228,204	$	303,152,264	$	(1,536,905	)	$	301,843,563
Net increase (decrease) in net assets resulting from operations
Net investment income (loss)		-		-		-		9,491,121			9,491,121
Net realized gain (loss) from investments		-		-		-		-			-
Net change in unrealized appreciation (depreciation) from investments		-		-		-		(657,060	)		(657,060	)
Total net increase (decrease) in net assets resulting from operations		-		-		-		8,834,061			8,834,061
Distributions to stockholders from:
Investment income-net		-		-		-		(7,759,001	)		(7,759,001	)
Capital transactions
Issuance of common stock, net of offering costs		-		-		-		-			-
Reinvestment of stockholder distributions		182		2		1,954		-			1,956
Total net increase (decrease) in net assets from capital transactions		182		2		1,954		-			1,956
Total increase (decrease) in net assets		182		2		1,954		1,075,060			1,077,016
Balance, September 30, 2025		22,820,590	$	228,206	$	303,154,218	$	(461,845	)	$	302,920,579


	Common Stock
	Shares		Par Value		Additional paid-in- capital		Distributable Earnings/ (Accumulated Loss)			Total Net Assets
Balance, June 30, 2024		6,214,964	$	62,149	$	85,030,784	$	(834,860	)	$	84,258,073
Net increase (decrease) in net assets resulting from operations
Net investment income (loss)		-		-		-		14,512			14,512
Net realized gain (loss) from investments		-		-		-		-			-
Net change in unrealized appreciation (depreciation) from investments		-		-		-		(179,524	)		(179,524	)
Total net increase (decrease) in net assets resulting from operations		-		-		-		(165,012	)		(165,012	)
Distributions to stockholders from:
Investment income-net		-		-		-		(1,553,741	)		(1,553,741	)
Capital transactions
Issuance of common stock, net of offering costs		-		-		-		-			-
Reinvestment of stockholder distributions		31		-		322		-			322
Total net increase (decrease) in net assets from capital transactions		31		-		322		-			322
Total increase (decrease) in net assets		31		-		322		(1,718,753	)		(1,718,431	)
Balance, September 30, 2024		6,214,995	$	62,149	$	85,031,106	$	(2,553,613	)	$	82,539,642

See notes to financial statements.

Table of Contents

Chicago Atlantic BDC, Inc.

Statements of Changes in Net Assets

(Unaudited)


	Common Stock
	Shares		Par Value		Additional paid-in- capital			Distributable Earnings/ (Accumulated Loss)			Total Net Assets
Balance, December 31, 2024		22,820,386	$	228,204	$	303,272,034		$	(2,337,660	)	$	301,162,578
Net increase (decrease) in net assets resulting from operations
Net investment income (loss)		-		-		-			24,804,149			24,804,149
Net realized gain (loss) from investments		-		-		-			-			-
Net change in unrealized appreciation (depreciation) from investments		-		-		-			228,534			228,534
Total net increase (decrease) in net assets resulting from operations		-		-		-			25,032,683			25,032,683
Distributions to stockholders from:
Investment income-net		-		-		-			(23,276,871	)		(23,276,871	)
Capital transactions
Issuance of common stock, net of offering costs		-		-		-			-			-
Reinvestment of stockholder distributions		204		2		2,187			-			2,189
Total net increase (decrease) in net assets from capital transactions		204		2		2,187			-			2,189
Total increase (decrease) in net assets		204		2		2,187			1,755,812			1,758,001
Effect of permanent adjustments						(120,003	)		120,003			-
Balance, September 30, 2025		22,820,590	$	228,206	$	303,154,218		$	(461,845	)	$	302,920,579


	Common Stock
	Shares		Par Value		Additional paid-in- capital			Distributable Earnings/ (Accumulated Loss)			Total Net Assets
Balance, December 31, 2023		6,214,941	$	62,149	$	85,041,203		$	449,266		$	85,552,618
Net increase (decrease) in net assets resulting from operations
Net investment income (loss)		-		-		-			1,460,336			1,460,336
Net realized gain (loss) from investments		-		-		-			-			-
Net change in unrealized appreciation (depreciation) from investments		-		-		-			187,324			187,324
Total net increase (decrease) in net assets resulting from operations		-		-		-			1,647,660			1,647,660
Distributions to stockholders from:
Investment income-net		-		-		-			(4,661,215	)		(4,661,215	)
Capital transactions
Issuance of common stock, net of offering costs		-		-		-			-			-
Reinvestment of stockholder distributions		54		-		579			-			579
Total net increase (decrease) in net assets from capital transactions		54		-		579			-			579
Total increase (decrease) in net assets		54		-		579			(3,013,555	)		(3,012,976	)
Effect of permanent adjustments		-		-		(10,676	)		10,676			-
Balance, September 30, 2024		6,214,995	$	62,149	$	85,031,106		$	(2,553,613	)	$	82,539,642

See notes to financial statements.

Table of Contents

Chicago Atlantic BDC, Inc.

Statements of Cash Flows

(Unaudited)


	For the Nine Months Ended
	September 30, 2025			September 30, 2024
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	25,032,683		$	1,647,660
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net change in unrealized (appreciation) depreciation from investments		(228,534	)		(187,324	)
Net (accretion of discounts) and amortization of premiums		(2,105,692	)		(501,303	)
Purchase of investments		(124,909,502	)		(5,141,250	)
PIK interest capitalized		(1,499,341	)		(182,634	)
Proceeds from sales of investments and principal repayments		92,590,985			4,344,000
Amortization of deferred financing costs		426,745			-
(Increase) Decrease in operating assets:
Interest receivable		(71,031	)		119,417
Receivable for investment sold		4,122,500			-
Due from affiliates		1,691,266			-
Prepaid expenses and other assets		27,742			(64,278	)
Other receivable		-			(401,313	)
Paydown receivable		-			(21,000	)
Increase (Decrease) in operating liabilities:
Income-based incentive fees payable		348,529			(1,511,253	)
Management fee payable		641,483			(3,700	)
Capital gains incentive fees payable		45,707			37,465
Professional fees payable		18,285			(12,784	)
Transaction fees payable related to the Loan Portfolio Acquisition		(2,945,125	)		4,084,285
Other payables		134,392			10,474
Due to affiliates		80,753			51,142
Excise tax payable		(88,709	)		(10,655	)
Unearned interest income		(22,253	)		42,550
Payable for investments purchased		-			-
Net cash provided by (used in) operating activities		(6,709,117	)		2,299,499

Cash flows from financing activities
Offering costs paid		(1,090,931	)		(138,933	)
Distributions paid		(15,515,682	)		(4,660,638	)
Financing costs paid		(1,154,310	)		-
Proceeds from borrowings on revolving line of credit		11,000,000			-
Net cash provided by (used in) financing activities		(6,760,923	)		(4,799,571	)

Net increase (decrease) in cash and cash equivalents		(13,470,040	)		(2,500,072	)
Cash and cash equivalents, beginning of period		23,932,406			32,611,635
Cash and cash equivalents, end of period	$	10,462,366		$	30,111,563

Supplemental disclosures
Excise taxes paid	$	115,357		$	-
Non-cash operating, financing and investing activity
Reinvestment of dividend distribution	$	2,189		$	579
Accrual for deferred financing costs (Note 2)	$	1,106,429		$	41,061
Accrual for deferred offering costs (Note 2)	$	101,286		$	1,127,739

See notes to financial statements.

Table of Contents

CHICAGO ATLANTIC BDC, INC.

Schedule of Investments

September 30, 2025

(Unaudited)

(In thousands)


Portfolio Company	Facility Type	All in Rate			Benchmark (3)	Spread			PIK			Floor			Initial Acquisition Date	Maturity	Par (2)		Amortized Cost(15)		Fair Value (4)		% of Net Assets	Footnotes
Investments at Fair Value US Corporate Debt First Lien Senior Secured U.S. Debt Cannabis																								(1)(5)(16)
Aeriz Holdings Corp	Delayed Draw Term Loan		13.00	%	P		5.75	%		0.00	%		0.00	%	6/30/2025	6/30/2028		9,590		9,590		9,542	3.1%	(9)
Archos Capital Group, LLC	Delayed Draw Term Loan		14.25	%	P		5.75	%		0.00	%		8.50	%	10/1/2024	10/30/2025		113		113		113	0.0%	(10)
BeLeaf Medical, LLC	Term Loan		13.00	%	P		5.50	%		0.00	%		7.50	%	8/20/2025	8/20/2028		12,892		12,892		12,892	4.3%	(10)(17)
CO Acquisition Vehicle, LLC	Term Loan		20.00	%	F		0.00	%		20.00	%		0.00	%	9/30/2025	12/31/2029		15,000		15,000		15,000	5.0%	(9)
Cresco Labs, LLC	Term Loan		12.50	%	F		12.50	%		0.00	%		0.00	%	8/13/2025	8/13/2030		7,500		7,208		7,208	2.4%	(10)(17)
Kapple Holdings LLC (Cannabis & Glass)	Delayed Draw Term Loan		14.53	%	S		10.25	%		0.00	%		4.00	%	3/28/2025	7/28/2028		2,000		1,983		2,010	0.7%	(11)(17)
Dreamfields Brands, Inc. (d/b/a Jeeter)	Delayed Draw Term Loan		16.25	%	P		8.75	%		0.00	%		7.50	%	5/3/2023	5/3/2026		31,745		31,710		31,745	10.5%	(11)(17)
Elevation Cannabis, LLC	Delayed Draw Term Loan		16.25	%	P		7.75	%		0.00	%		8.50	%	10/1/2024	12/31/2026		12,555		12,336		12,492	4.1%	(10)(17)
Flowery - Bill's Nursery, Inc.	Delayed Draw Term Loan		16.00	%	F		11.00	%		5.00	%		0.00	%	10/1/2024	12/31/2027		13,803		13,780		13,734	4.5%	(12)(17)
FLUENT Corp.	Term Loan		13.00	%	F		12.00	%		1.00	%		0.00	%	3/31/2025	11/24/2028		10,078		9,937		9,876	3.3%	(12)
HA-MD, LLC	Term Loan		15.00	%	F		15.00	%		0.00	%		0.00	%	10/1/2024	6/6/2026		2,975		2,973		2,975	1.0%	(12)
Kaleafa, Inc.	Term Loan		17.00	%	P		8.50	%		0.00	%		8.50	%	12/4/2024	12/3/2027		2,784		2,784		2,812	0.9%	(11)(17)
Nova Farms, LLC	Term Loan		15.00	%	P		6.50	%		0.00	%		8.50	%	10/1/2024	3/28/2027		14,567		13,898		13,984	4.6%	(9)(17)
Oasis - AZ GOAT AZ LLC	Term Loan		15.50	%	P		7.50	%		0.00	%		8.00	%	10/1/2024	3/31/2026		4,574		4,549		4,528	1.5%	(11)(17)
Shangri-La Columbia, LLC	Delayed Draw Term Loan		13.25	%	P		5.75	%		0.00	%		7.50	%	6/30/2025	6/30/2028		11,760		11,545		11,584	3.8%	(10)(17)(18)
Silver Therapeutics, Inc.	Delayed Draw Term Loan		15.00	%	P		7.25	%		0.00	%		7.75	%	3/26/2025	3/24/2028		5,700		5,700		5,643	1.9%	(9)(17)
Subsero Holdings - Illinois, Inc	Delayed Draw Term Loan		16.25	%	P		7.00	%		2.00	%		7.00	%	10/1/2024	7/29/2026		2,765		2,733		2,821	0.9%	(10)(17)
TerrAscend Corporation	Term Loan		12.75	%	F		12.75	%		0.00	%		0.00	%	7/15/2025	8/1/2028		3,105		2,961		2,961	1.0%	(14)
TheraTrue, Inc.	Delayed Draw Term Loan		14.50	%	F		14.50	%		0.00	%		0.00	%	3/18/2025	3/13/2027		2,986		2,986		2,986	1.0%	(10)
Verano Holdings Corp.	Term Loan		13.75	%	P		6.50	%		0.00	%		6.25	%	10/27/2024	10/30/2026		42,495		42,483		42,706	14.1%	(10)(17)
Verano Holdings Corp.	Revolver		12.49	%	S		8.33	%		0.00	%		4.00	%	9/30/2025	9/29/2028		10,000		10,000		10,000	3.3%	(10)(17)
Wellgreens 2.0, LLC	Term Loan		14.00	%	P		6.50	%		0.00	%		7.50	%	7/24/2025	7/31/2029		4,398		4,440		4,440	1.5%	(11)(19)
Total Cannabis																				221,601		222,052	73.4%
Finance and Insurance
Hartford Gold Group, LLC	Term Loan		13.98	%	S		9.85	%		0.00	%		1.50	%	10/1/2024	1/6/2027		178		164		161	0.1%	(11)
Minden Holdings, LLC	Term Loan		14.50	%	P		7.25	%		0.00	%

Chicago Atlantic BDC, Inc. 10-Q