Chicago Atlantic Bdc, Inc. · NASDAQ:LIEN
Chicago Atlantic Bdc — Q3 2025 Earnings Presentation
21 slides from Chicago Atlantic Bdc's earnings presentation, Nov 13, 2025
Slide 1: Third Quarter 2025 Earnings Presentation
Third Quarter 2025 Earnings Presentation Chicago Atlantic BDC, Inc. (NASDAQ: LIEN) November 13, 2025 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 November 13, 2025, and the Company’s Quarterly Report on Form 10-Q for the
Slide 3: Chicago Atlantic BDC, Inc: 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 $3.2B+ 180+ with i
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 71% of the debt portfolio is protected from further interest rate declines Closed $100 million senior secured rev
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 $2.2B1 TEAM 95 professionals, including over 35 investment professionals Seeking attractive risk-adjusted returns, preservation of capital and INVESTMENT PRINCIPLES income gen
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 September 30, 2025 June 30, 2025 GROSS INVESTMENT INCOME $15.1 million $13.1 million NET EXPENSES $5.6 million $5.4 million NET INVESTMENT INCOME $9.5 million $7.7 million NET ASSETS AT END OF PERIOD $302.9 million $301.8 million W
Slide 9: Investment Portfolio Highlights
Investment Portfolio Highlights Pro Forma Portfolio CHICAGO ATLANTIC BDC INC. PORTFOLIO AS OF 9/30/25 (UNAUDITED) NET ASSET VALUE (INCLUDING CASH) $302.9mm INVESTMENTS AT FAIR VALUE $311.4mm NUMBER OF PORTFOLIO COMPANIES 37 GROSS WEIGHTED AVERAGE YIELD OF DEBT INVESTMENTS1 15.8% INTERNALLY AGENTED D
Slide 10: Portfolio Composition
Portfolio Composition PORTFOLIO DIVERSIFICATION1 NON-CANNABIS BY INDUSTRY 3% 4% 24% 15% 37% 15% 76% 26% Finance and Insurance Information Cannabis Non-Cannabis Public Administration Retail Trade Real Estate and Rental and Leasing Manufacturing 1. Calculated as a percentage of the total fair value of
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: Mitigating Interest Rate Declines Through Strategic Structuring
Mitigating Interest Rate Declines Through Strategic Structuring Focus on Mitigating Downside Interest Rate Risk Falling Rates' Impact on BDC Earnings(1) Our loan structures typically protect our debt portfolio on the 100 bps Decline 200 bps Decline Latest Quarter NII downside: Latest Quarter NII Ann
Slide 13: Quarterly Gross Originations Activity
Quarterly Gross Originations Activity1 Originations Demonstrate Execution on Pipeline with a Disciplined Approach $70mm $60mm $50mm $40mm $30mm $20mm $10mm $0mm Q3 - 2024 2 Q4 - 2024 3 Q1 - 2025 Q2 - 2025 Q3 - 2025 1. Data for the presented data above are based on purchase of investments from the St
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 2 2 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Net Investment Income per Share Regular Dividend per Share 1. Net investment income per share based on basic weighted average common shares outstanding at the
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: 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 41 states and the District of Columbia1 Medica
Slide 18: The Cannabis Industry: Size of Opportunity and Growth Projections
The Cannabis Industry Size of Opportunity and Growth Projections The U.S. cannabis industry is estimated to be $35B in top-line Assuming the cannabis market enterprise value at 1x retail revenue in 2025 and is projected to grow to $69B by revenue, and a 35% debt to 65% equity capital structure2, 203
Slide 19: Appendix: Schedule of Investments
Appendix: Schedule of Investments
Slide 20: Schedule of Investments (as of September 30, 2025)
Schedule of Investments (as of September 30, 2025) Fixed Portfolio Company Security Type Maturity Date vs. 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 10/30/2026 Floating Prim
Slide 21: Investment Portfolio Highlights: Footnote Legend
Investment Portfolio Highlights: Footnote Legend Pro Forma Portfolio Based on data as of 9/30/25, 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 w