Chicago Atlantic Bdc, Inc. · NASDAQ:LIEN
Chicago Atlantic Bdc — Q2 2026 Earnings Presentation
24 slides from Chicago Atlantic Bdc's earnings presentation, Aug 13, 2026
Slide 1: Second Quarter 2026 Earnings Presentation
Second Quarter 2026 Earnings Presentation Chicago Atlantic BDC, Inc. (NASDAQ: LIEN) August 13, 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 August 13, 2026, and the Company’s Quarterly Report on Form 10-Q for the q
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”) ~$4B+ 210+ ➢ The Adviser, a majority-owned subsidiary of Chicago Atlantic Group, LP (together in loans
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 ➢ 93% of the debt portfolio is protected from further interest rate declines and 81% of the debt portfolio is positively impa
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 $2.4B4 TEAM 115+ professionals, including over 45 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: Financial Highlights
Financial Highlights Quarter Ended Quarter Ended June 30, 2026 March 31, 2026 GROSS INVESTMENT INCOME $14.0 million $16.7 million NET EXPENSES $6.3 million $6.7 million NET INVESTMENT INCOME $7.7 million $10.0 million NET ASSETS AT END OF PERIOD $302.5 million $304.2 million WEIGHTED AVERAGE SHARES
Slide 9: Investment Portfolio Highlights
Investment Portfolio Highlights CHICAGO ATLANTIC BDC, INC. PORTFOLIO AS OF 6/30/26 NET ASSETS $302.5mm INVESTMENTS AT FAIR VALUE $334.8mm NUMBER OF PORTFOLIO COMPANIES 37 GROSS WEIGHTED AVERAGE YIELD OF DEBT INVESTMENTS3 16.0% INTERNALLY AGENTED DEALS (% OF PORTFOLIO COMPANIES) 81.1% NON-ACCRUALS AT
Slide 10: Portfolio Composition
Portfolio Composition PORTFOLIO DIVERSIFICATION8 NON-CANNABIS BY INDUSTRY8 Information Retail Trade 3% 6% 17% 26% Finance and Insurance 17% Real Estate and Rental and Leasing 10% Public Administration 13% 74% Manufacturing 30% Educational Services 4% 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 16.0% LIEN Wtd. Average Portfolio Yield on 3 Debt Investments 16.0% weighted average portfolio yield on debt
Slide 12: Interest Rate Sensitivity – Positioned for Rate Increases with Downside Protections
Interest Rate Sensitivity – Positioned for Rate Increases with Downside Protections Focus on Mitigating Downside Interest Rate Risk while still Benefiting from increasing Rates BY RATE INTEREST TYPE13 INCOME SENSITIVITY14 ➢ 93% of the debt portfolio consists of fixed-rate or floating-rate loans at t
Slide 13: Investment Portfolio: Fair Value vs. Principal
Investment Portfolio: Fair Value vs. Principal $375mm $366mm $364mm $350mm $338mm $333mm $334mm $335mm $325mm $311mm $312mm $307mm $308mm $300mm $291mm $289mm $275mm $277mm $275mm $250mm $225mm $200mm Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Fair Value Principal CONFIDENTIAL| Chicago
Slide 14: Net Investment Income and Dividends
Net Investment Income and Dividends15 $0.50 $0.45 $0.40 $0.35 $0.30 $0.25 $0.20 $0.15 $0.10 $0.05 $0.00 16 16 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Net Investment Income per Share Regular Dividend per Share CONFIDENTIAL| Chicago Atlantic BDC, Inc. 14 See end notes in Append
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 Columbia17 ✓ Legal in 42 states and the District of Columbia18 ✓ Medical use only: 26 s
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 Changed19 What Changed21 ✓ Improves reven
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
Appendix:
Slide 21: Proposed Merger Announcement
Proposed Merger Announcement Merger expected to create a $771mm+23 portfolio business development company (“BDC”) — with the potential to deliver long-term net investment income accretion and improved competitive positioning for shareholders of both LIEN and REFI Merger of LIEN and REFI REFI will el
Slide 22: Estimated Transaction Timeline
Estimated Transaction Timeline Merger Announcement Proxy Solicitation Target Combined Company June 18, 2026 Begins Closing Q2 2026 Q3 2026 Q4 2026 Q1 2027 N-14 Shareholder Registration Meeting Statement & Joint Proxy Filed July 31, 2026 CONFIDENTIAL | Chicago Atlantic BDC, Inc. 22 See end notes in A
Slide 23: Schedule of Investments (as of June 30, 2026)
Schedule of Investments (as of June 30, 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 24: End Notes
End Notes 1) Includes all closed loans across the Chicago Atlantic platform. 14) Represents the change in interest income based upon the portfolio composition as of 6/30/2026, using a range of + 300 bps to – 300 bps of changes to the benchmark index rate. Estimated impacts presented include floating