Chicago Atlantic Bdc, Inc. · NASDAQ:LIEN
Chicago Atlantic Bdc — Q4 2025 Earnings Presentation
23 slides from Chicago Atlantic Bdc's earnings presentation, Mar 19, 2026
Slide 1: Fourth Quarter 2025 Earnings Presentation
Fourth Quarter 2025 Earnings Presentation Chicago Atlantic BDC, Inc. (NASDAQ: LIEN) March 19, 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 Atlantic BDC, Inc. (the “Company”) (Nasdaq: LIEN) held on March 19, 2026, and the Company’s Annual Report on Form 10-K for the year e
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 $3.3B+ 185+ with it
Slide 4: Investment Highlights
Investment Highlights ➢ Strong credit metrics ➢ The first public BDC that is primarily focused on the cannabis industry ➢ All debt investments are senior secured A DIFFERENTIATED BDC ➢ 73% of the debt portfolio is protected from further interest rate declines ➢ Ample liquidity remains in our $100 mi
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 car
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 December 31, 2025 September 30, 2025 GROSS INVESTMENT INCOME $14.2 million $15.1 million NET EXPENSES $5.9 million $5.6 million NET INVESTMENT INCOME $8.3 million $9.5 million NET ASSETS AT END OF PERIOD $303.4 million $302.9 milli
Slide 9: Investment Portfolio Highlights
Investment Portfolio Highlights Pro Forma Portfolio CHICAGO ATLANTIC BDC INC. PORTFOLIO AS OF 12/31/25 NET ASSET VALUE (INCLUDING CASH) $303.4mm INVESTMENTS AT FAIR VALUE $333.3mm NUMBER OF PORTFOLIO COMPANIES 39 GROSS WEIGHTED AVERAGE YIELD OF DEBT INVESTMENTS1 15.8% INTERNALLY AGENTED DEALS (% OF
Slide 10: Portfolio Composition
Portfolio Composition PORTFOLIO DIVERSIFICATION1 NON-CANNABIS BY INDUSTRY 4% 6% 9% 24% 25% 14% 11% 2% 75% 30% Information Retail Trade Finance and Insurance Real Estate and Rental and Leasing Cannabis Non-Cannabis Public Administration Manufacturing Educational Services Administrative and Support an
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 Further Interest Rate Cuts
Limited Downside from Further Interest Rate Cuts Focus on Mitigating Downside Interest Rate Risk BY RATE NET INVESTMENT TYPE(1) INCOME SENSITIVITY(2) ➢ 73% of the debt portfolio consists of fixed-rate or floating-rate loans at their contractual floors, providing meaningful downside protection in a B
Slide 13: Fair Market Value of Investment Portfolio
Fair Market Value of Investment Portfolio Growth in the FMV of the Investment Portfolio $350,000,000 $330,000,000 $310,000,000 $290,000,000 $270,000,000 $250,000,000 Q4 - 2024 Q1 - 2025 Q2 - 2025 Q3 - 2025 Q4 - 2025 CONFIDENTIAL | Chicago Atlantic BDC, Inc. 13
Slide 14: Net Investment Income and Dividends
Net Investment Income and Dividends1 $0.45 $0.40 $0.35 $0.30 $0.25 $0.20 $0.15 $0.10 $0.05 $0.00 Q3 2024 2 Q4 2024 2 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Net Investment Income per Share Regular Dividend per Share 1. Net investment income per share based on basic weighted average common shares outstanding
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. 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 17: Federal Cannabis Policy Updates: Shift in Regulatory Reform
Federal Cannabis Policy Updates: Shift in Regulatory Reform CONGRESS BANS ACCRETIVE POTENTIAL FOR PRESIDENT ORDERS UNREGULATED CANNABIS: TACIT CURRENT PORTFOLIO & INCREASES RESCHEDULING OF CANNABIS ENDORSEMENT OF CURRENT LENDING OPPORTUNITIES STATE PROGRAMS What Changed1 What Changed2 ✓ Improves rev
Slide 18: Potential Benefits of Regulatory Reform
Potential Benefits of Regulatory Reform Renewed federal momentum around cannabis reform following President Trump’s December executive order has revived the possibility of rescheduling and broader INCREASED MARKET regulatory clarity. Potential movement on rescheduling could materially improve OPPORT
Slide 19: The Cannabis Landscape in the U.S.
The Cannabis Landscape in the U.S. A significant amount of positive change over the past 6 years 2019 2025 Legalized recreational and medical use Legalized medical use only No regulated use ✓ Legal in 35 states and the District of Columbia1 ✓ Legal in 42 states and the District of Columbia3 ✓ Medica
Slide 20: The Cannabis Industry
The Cannabis Industry Size of Opportunity and Growth Projections The U.S. cannabis industry was estimated to be $35B in top-line retail revenue in 2025 and is projected to grow to $69B by 20311: $69.1B $62.8B $55.6B $49.2B $43.9B $39.2B $35.3B 2025 2026 2027 2028 2029 2030 2031 Retail Sales Estimate
Slide 21: Appendix: Schedule of Investments
Appendix: Schedule of Investments
Slide 22: Schedule of Investments (as of December 31, 2025)
Schedule of Investments (as of December 31, 2025) Portfolio Company Security Type Maturity Date Fixed vs. Floating Floating Reference Rate Prime/SOFR Floor Cash Spread/Coupon PIK Rate Investment Value % of Investment Value Portfolio Company 1 First Lien Senior Se cured Loans 10/30/2026 Floating Prim
Slide 23: Investment Portfolio Highlights: Footnote Legend
Investment Portfolio Highlights: Footnote Legend Pro Forma Portfolio Based on data as of 12/31/25, 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