Chicago Atlantic Bdc, Inc. · NASDAQ:LIEN
Chicago Atlantic Bdc — Q1 2026 Earnings Presentation
22 slides from Chicago Atlantic Bdc's earnings presentation, May 14, 2026
Slide 1: First Quarter 2026 Earnings Presentation
First Quarter 2026 Earnings Presentation Chicago Atlantic BDC, Inc. (NASDAQ: LIEN) May 14, 2026 CONFIDENTIAL | Chicago Atlantic BDC, Inc.
Slide 2: Disclaimers and Forward-Looking Statements
Disclaimers and Forward-Looking Statements The information contained in this presentation should be viewed in conjunction with the earnings conference call of Chicago A tlantic BDC, Inc. (the “Company”) (Nasdaq: LIEN) held on May 14, 2026, and the Company’s Quarterly Report on Form 10-Q for the quar
Slide 3: Company & Platform Overview
Chicago Atlantic BDC, Inc Company & Platform Overview ➢ Chicago Atlantic BDC, Inc. (NASDAQ: LIEN) (the “Company” or “us”) is externally managed by Chicago Atlantic BDC Advisers, LLC (the “Adviser”) ➢ The Adviser, a majority-owned subsidiary of Chicago Atlantic Group, LP (together $3.8B+ 195+ with it
Slide 4: Investment Highlights
Investment Highlights ➢ Strong credit metrics ➢ The first public BDC primarily focused on the cannabis industry ➢ All debt investments are senior secured A DIFFERENTIATED BDC ➢ 94% of the debt portfolio is protected from further interest rate declines ➢ Ample liquidity remains in our senior secured
Slide 5: Experienced Credit & Cannabis Leadership Team
Experienced Credit & Cannabis Leadership Team Peter Sack Scott Gordon Umesh Mahajan Dino Colonna, CFA CEO Executive Chairman Co-CIO & President & Co-CIO Secretary ▪ Former Principal at BC Partners Credit, ▪ Over 30 years of investing and asset ▪ 28-year career in various middle -market, ▪ 23-year ca
Slide 6: About Chicago Atlantic
About CHICAGOATLANTIC INCEPTION A private credit-focused investment firm founded in 2018 SIZE Capital under management: over $2.3B1 TEAM 100+ professionals, including over 35 investment professionals Seeking attractive risk-adjusted returns, preservation of capital and INVESTMENT PRINCIPLES income g
Slide 7: Core Strategy
Core Strategy Chicago Atlantic focuses on INVESTMENT STRATEGY DIFFERENTIATORS senior-secured lending in the ✓ Seek above market returns and the ✓ Ability to underwrite highly complex top of the capital structure to preservation of capital industries the lower middle-market and ✓ Capitalize on opport
Slide 8: Pro Forma Highlights
Pro Forma Highlights Financial Portfolio Quarter Ended Quarter Ended March 31, 2026 December 31, 2025 GROSS INVESTMENT INCOME $ 16.7 million $14.2 million NET EXPENSES $6.7 million $5.9 million NET INVESTMENT INCOME $10.0 million $8.3 million NET ASSETS AT END OF PERIOD $304.2 million $303.4 million
Slide 9: Investment Portfolio Highlights
Investment Portfolio Highlights Pro Forma Portfolio CHICAGO ATLANTIC BDC INC. PORTFOLIO AS OF 3/31/26 NET ASSET VALUE (INCLUDING CASH) $304.2mm INVESTMENTS AT FAIR VALUE $364.0mm NUMBER OF PORTFOLIO COMPANIES 40 GROSS WEIGHTED AVERAGE YIELD OF DEBT INVESTMENTS1 15.8% INTERNALLY AGENTED DEALS (% OF P
Slide 10: Portfolio Composition
Portfolio Composition PORTFOLIO DIVERSIFICATION1 NON-CANNABIS BY INDUSTRY Information Retail Trade 3% 6% 18% 24% Finance and Insurance 17% Real Estate and Rental and Leasing 11% Public Administration 13% 76% Manufacturing Educational Services 29% 2% Cannabis Non-Cannabis Admin & Waste Mgmt Services
Slide 11: A Differentiated Investment Portfolio
A Differentiated Investment Portfolio Chicago Atlantic BDC, Inc. Offers a Significant Premium to Public BDCs and Traditional Leveraged Finance Chicago Atlantic BDC (Nasdaq: LIEN) generated a 15.8% LIEN Wtd. Average Portfolio Yield on Debt Investments 1 15.8% weighted average portfolio yield on debt
Slide 12: Limited Downside from Interest Rate Changes
Limited Downside from Interest Rate Changes Focus on Mitigating Downside Interest Rate Risk BY RATE INTEREST TYPE(1) INCOME SENSITIVITY(2) ➢ 94% of the debt portfolio consists of fixed-rate or floating-rate loans at their contractual floors, Bps change in Benchmark Estimated Change in Total 6.3% pro
Slide 13: Fair Market Value of Investment Portfolio
Fair Market Value of Investment Portfolio Growth in the FMV of the Investment Portfolio $375mm $364mm $350mm $333mm $325mm $311mm $307mm $300mm $289mm $275mm $275mm $250mm $225mm $200mm Q4 - 2024 Q1 - 2025 Q2 - 2025 Q3 - 2025 Q4 - 2025 Q1 - 2026 CONFIDENTIAL| Chicago Atlantic BDC, Inc. 13
Slide 14: Net Investment Income and Dividends
Net Investment Income and Dividends1 $0.50 $0.45 $0.40 $0.35 $0.30 $0.25 $0.20 $0.15 $0.10 $0.05 $0.00 2 2 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Net Investment Income per Share Regular Dividend per Share 1. Net investment income per share based on basic weighted average common shar
Slide 15: Target Borrowers
Target Borrowers Investment Sub-Strategies Although our primary investment focus has been in the cannabis industry, sub-strategies of our principal investment strategy may also consist of growth and technology companies, esoteric and asset-based lending opportunities, and companies in need of liquid
Slide 16: The Cannabis Landscape in the U.S.
The Cannabis Landscape in the U.S. How the landscape changed over past 7 years 2019 2026 Legalized recreational and medical use Legalized medical use only No regulated use ✓ Legal in 36 states and the District of Columbia1 ✓ Legal in 42 states and the District of Columbia2 ✓ Medical use only: 26 sta
Slide 17: The Cannabis Landscape in the U.S.: Where We See Opportunities
The Cannabis Landscape in the U.S. Where We See Opportunities LACK OF TRADITIONAL FINANCING Banks generally don’t lend to firms in this industry, allowing higher interest rates, attractive collateral, and lender-friendly covenants. HIGH BARRIERS TO ENTRY Each state has unique investment characterist
Slide 18: Federal Cannabis Policy Updates: Shift in Regulatory Reform
Federal Cannabis Policy Updates: Shift in Regulatory Reform CONGRESS BANS ACCRETIVE POTENTIAL FOR DOJ RECLASSIFIES UNREGULATED CANNABIS: CURRENT PORTFOLIO & MEDICAL-USE CANNABIS TACIT ENDORSEMENT OF INCREASES LENDING CURRENT STATE PROGRAMS OPPORTUNITIES What Changed1 What Changed3 ✓ Improves revenue
Slide 19: Potential Benefits of Regulatory Reform
Potential Benefits of Regulatory Reform Renewed federal momentum around cannabis reform following President Trump’s December executive order and the rescheduling of medical cannabis in April ‘26 has INCREASED MARKET revived the possibility of additional reforms and broader regulatory clarity. Furthe
Slide 20: Appendix: Schedule of Investments
Appendix: Schedule of Investments
Slide 21: Schedule of Investments (as of March 31, 2026)
Schedule of Investments (as of March 31, 2026) Fixed vs. Portfolio Company Security Type Maturity Date Floating Reference Rate Prime/SOFR Floor Cash Spread/Coupon PIK Rate Investment Value % of Investment Value Floating Portfolio Company 1 First Lien Senior Secured Loans 3/11/2029 Floating SOFR 4.00
Slide 22: Investment Portfolio Highlights: Footnote Legend
Investment Portfolio Highlights: Footnote Legend Pro Forma Portfolio Based on data as of 3/31/2026, unless otherwise noted. Weighted average amounts are weighted by the fair market value of each respective investment. 1. Weighted Average Portfolio Yield on Debt Investments (“Portfolio Yield”) is the