# EDGAR Filing Document

**Accession Number:** 0001843162
**File Stem:** 0001213900-26-056216
**Filing Date:** 2026-5
**Character Count:** 53956
**Document Hash:** d2bf5be7133893342618445243c2bf32
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-056216.hdr.sgml**: 20260514

**ACCESSION NUMBER**: 0001213900-26-056216

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 36

**CONFORMED PERIOD OF REPORT**: 20260514

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260514

**DATE AS OF CHANGE**: 20260514

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Chicago Atlantic BDC, Inc.
- **CENTRAL INDEX KEY:** 0001843162

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01383
- **FILM NUMBER:** 26975800

**BUSINESS ADDRESS:**
- **STREET 1:** 600 MADISON AVE, SUITE 1800
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** (312) 625-9295

**MAIL ADDRESS:**
- **STREET 1:** 600 MADISON AVE, SUITE 1800
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Silver Spike Investment Corp.
- **DATE OF NAME CHANGE:** 20210128

?xml version='1.0' encoding='ASCII'?

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): May 14, 2026**

**Chicago Atlantic BDC, Inc.**

**(Exact name of Registrant as Specified in Its Charter)**

---

| | | |
|:---|:---|:---|
| **Maryland** | **001-40564** | **86-2872887** |
| **(State or Other Jurisdiction <br> of Incorporation)** | **(Commission File Number)** | **(IRS Employer <br> Identification No.)** |

---

---

| | |
|:---|:---|
| **600 Madison Avenue, Suite 1800 New York, New York** | **10022** |
| **(Address of Principal Executive Offices)** | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code: 312 625-9295**

**Not Applicable**

**(Former Name or Former Address, if Changed Since Last Report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

---

| | |
|:---|:---|
| **Title of each class** | **Name of each exchange on which registered** |
| Common Stock, $0.01 par value per share LIEN | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

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. ☐

**Item 2.02 Results of Operations and Financial Condition.**

On May 14, 2026, Chicago Atlantic BDC, Inc. (the "Company") issued a press release announcing its financial results for the first quarter ended March 31, 2026. The press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 furnished herewith, is being furnished and shall not be deemed "filed" for any purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of such section. The information in Item 2.02 of this Current Report on Form 8-K shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

**Item 7.01 Regulation FD Disclosure.**

On May 14, 2026, the Company disseminated an earnings presentation to be used in connection with its conference call and live webcast on May 14, 2026 at 9:00 a.m. Eastern time to discuss its financial results for the first quarter ended March 31, 2026. The earnings presentation is attached as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference.

The information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.2 furnished herewith, is being furnished and shall not be deemed "filed" for any purpose of Section 18 of the Exchange Act, or otherwise subject to the liabilities of such section. The information in Item 7.01 of this Current Report on Form 8-K shall not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

**Item 9.01 Financial Statements and Exhibits.**

d) Exhibits

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 99.1 | [Press release, dated May 14, 2026.](ea029069801ex99-1.htm) |
| 99.2 | [Earnings Presentation, dated May 14, 2026.](ea029069801ex99-2.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | CHICAGO ATLANTIC BDC, INC. | CHICAGO ATLANTIC BDC, INC. |
| Date: May 14, 2026 | By: | /s/ Thomas Geoffroy |
|  |  | Interim Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![](ea029069801_ex99-1img1.jpg)

**Chicago Atlantic BDC, Inc. Reports First Quarter 2026 Financial Results**

NEW YORK, May 14, 2026 --- Chicago Atlantic BDC, Inc. ("LIEN" or the "Company") (NASDAQ: LIEN), a specialty finance company that has elected to be regulated as a business development company, today announced its financial results for the first quarter ended March 31, 2026.

**First Quarter 2026 Highlights**

● Total gross investment income of $16.7 million

● Net investment income of $10.0 million, or $0.44 per weighted average share outstanding

● Total investment portfolio of $364.0 million at fair value, an increase of $30.7 million as compared to the prior quarter

● Net asset value ("NAV") per share was $13.33 on March 31, 2026, a $0.03 increase as compared to the prior quarter

● Board of Directors declared a dividend of $0.34 per share for the quarter ending June 30, 2026, payable on July 10, 2026 to shareholders of record on June 26, 2026

● Funded seven portfolio companies with $93.9 million in aggregate par value

● As of March 31, 2026, there were 22,820,590 common shares issued and outstanding on a basic and fully diluted basis

Peter Sack, Chief Executive Officer of the Company, commented, "Chicago Atlantic BDC delivered record results this quarter, demonstrating the benefits of our differentiated strategy. While the broader private credit markets have experienced pressure regarding portfolio performance, dividend coverage concerns and interest rate uncertainty, Chicago Atlantic BDC has become stronger this quarter, funding a record level of $93.9 million of investments and growing the portfolio to a new peak of $364.0 million. We also generated record net investment income per share of $0.44, while maintaining a weighted average yield of 15.8%, well above the industry averages."

Mr. Sack continued, "We remain confident in the opportunity set for our differentiated model of self-originating direct lending opportunities to cannabis and lower middle market companies. A recent policy change by the Federal government to reschedule medical cannabis represents the most significant federal policy shift in decades and is a notable policy inflection point that we expect will enhance borrower credit quality and improve industry fundamentals over time. We remain conservative in our strategic execution but are encouraged by the recent momentum."

**Portfolio and Investment Activity**

● As of March 31, 2026, the Company's investment portfolio had an aggregate fair value of approximately $364.0 million across 40 portfolio companies.

● During the quarter ended March 31, 2026, the Company funded seven portfolio companies, three of which were new borrowers, with an aggregate value of $93.9 million, including a refinancing of $38.3 million to its largest borrower. Three additional positions were fully paid off, which amounted to $13.7 million.

● Subsequent to quarter end, one position of $7.0 million was fully paid off.

● During the quarter ended March 31, 2026, the Company had principal amortization and repayments of $21.3 million, excluding amounts related to the refinance from our largest borrower.

● As of March 31, 2026, there were no loans on non-accrual status.

**Results of Operations** 

For the three months ended March 31, 2026, total investment income was approximately $16.7 million. For the three months ended March 31, 2026, the Company incurred net expenses of approximately $6.7 million, resulting in net investment income of approximately $10.0 million, or $0.44 per weighted average share, and a net increase in net assets from operations of approximately $8.5 million, or $0.37 per weighted average share.

Net change in unrealized depreciation on investments of $1.4 million reflected the impact across the portfolio of the widening of credit spreads during the quarter ended March 31, 2026.

**Liquidity and Capital Resources**

As of March 31, 2026, the Company had $48.8 million of liquidity including $3.3 million of cash and $45.5 million of borrowings available to be drawn on its $100.0 million senior credit facility, which is subject to certain borrowing base requirements and other restrictions. As of May 13, 2026, the Company has $50.0 million outstanding on its senior credit facility and approximately $51.5 million of liquidity.

**Subsequent Event**

On May 11, 2026 the Company filed a shelf registration statement with the Securities and Exchange Commission, that once declared effective, will allow the Company to issue up to $500 million of securities, including debt securities. The shelf registration is intended to provide the Company with enhanced financial flexibility to efficiently access the capital markets to grow the Company's portfolio.

**Net Asset Value**

As of March 31, 2026, NAV per share was $13.33 compared with $13.30 as of December 31, 2025. Total net assets as of March 31, 2026, were $304.2 million compared to $303.4 million as of December 31, 2025.

**Dividend**

The Company's Board of Directors declared a cash dividend of $0.34 per share for the quarter ending June 30, 2026, payable on July 10, 2026 to shareholders of record on June 26, 2026.

**Conference Call and Quarterly Earnings Presentation**

The Company will host a conference call and live audio webcast, both open for the general public to hear, to discuss the Company's first quarter 2026 financial results at 9:00 a.m. Eastern Time on Thursday, May 14, 2026. The number to access the conference call is 833-630-1956 (international callers: 412-317-1837). The live audio webcast of the call will also be available on the Company's website at investors.chicagoatlanticbdc.com.

A replay of the call will be available at investors.chicagoatlanticbdc.com by the end of day on May 14, 2026.

**Call Details – Chicago Atlantic BDC, Inc. First Quarter 2026 Financial Results:**

● **When**: Thursday, May 14, 2026

● **Time**: 9:00 a.m. ET

● **Webcast Live Stream**: https://edge.media-server.com/mmc/p/rpkq9wzs

● **Replay**: investors.chicagoatlanticbdc.com

LIEN posted its First Quarter 2026 Earnings Presentation on the Events and Presentations page of its website, investors.chicagoatlanticbdc.com. LIEN routinely posts important information for investors on its website. The Company intends to use this website as a means of disclosing material information, for complying with its disclosure obligations under Regulation FD and to post and update investor presentations and similar materials on a regular basis. The Company encourages investors, analysts, the media and others interested in LIEN to monitor the Investor Relations page of its website, in addition to following its press releases, Securities and Exchange Commission ("SEC") filings, publicly available earnings calls, presentations, webcasts and other information posted from time to time on the website. Please visit the IR Resources section of the website to sign up for email notifications.

**About Chicago Atlantic BDC, Inc.**

The Company is a specialty finance company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended, and has elected to be treated as a regulated investment company for U.S. federal income tax purposes. The Company's investment objective is to maximize risk-adjusted returns on equity for its stockholders by investing primarily in direct loans to privately held middle-market companies, with a primary focus on cannabis companies. The Company is managed by Chicago Atlantic BDC Advisers, LLC, an investment manager focused on the cannabis industry and other niche or underfollowed sectors. For more information, please visit chicagoatlanticbdc.com.

**Forward-Looking Statements**

Certain information contained herein may constitute "forward-looking statements" that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about the Company, its current and prospective portfolio investments, its industry, its beliefs and opinions, and its assumptions. Words such as "anticipates," "expects," "intends," "plans," "will," "may," "continue," "believes," "seeks," "estimates," "would," "could," "should," "targets," "projects," "outlook," "potential," "predicts" and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the Company's control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements including, without limitation, the risks, uncertainties and other factors identified in the Company's filings with the SEC. Investors should not place undue reliance on these forward-looking statements, which apply only as of the date on which the Company makes them. The Company does not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law.

**<u>Contact</u>**

Tripp Sullivan

Lisa Kampf

SCR Partners

LIEN@chicagoatlantic.com

**CHICAGO ATLANTIC BDC, INC.**

**Statements of Assets and Liabilities**

---

| | | |
|:---|:---|:---|
|  | **March 31,<br> 2026** | **December 31, <br> 2025** |
|  | **(Unaudited)** | |
| **ASSETS** | | |
| Investments at fair value: |  |  |
| &nbsp;&nbsp;&nbsp;Non-control/Non-affiliate investments | $346596232 | $333311787 |
| &nbsp;&nbsp;&nbsp;Non-controlled affiliate investments | 17370481 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments at fair value (amortized cost of $364,290,996 and $332,209,170, respectively) | 363966713 | 333311787 |
| Interest receivable | 4358743 | 3175591 |
| Cash and cash equivalents | 3346316 | 2934752 |
| Prepaid expenses and other assets | 1305750 | 770292 |
| Due from affiliates | 152958 | 1804032 |
| &nbsp;&nbsp;&nbsp;**Total assets** | $373130480 | $341996454 |
| **LIABILITIES** |  |  |
| Revolving line of credit | $54500000 | $25000000 |
| Distributions payable | 7759001 | 7759001 |
| Income-based incentive fees payable | 2457290 | 2073319 |
| Management fee payable | 1529360 | 1446470 |
| Due to affiliates | 1359256 | 1311604 |
| Other payables | 876266 | 284774 |
| Professional fees payable | 464846 | 456616 |
| Capital gains incentive fees payable |  | 163473 |
| Excise tax payable |  | 69609 |
| Unearned interest income | - | 23514 |
| &nbsp;&nbsp;&nbsp;**Total liabilities** | $68946019 | $38588380 |
| Commitments and contingencies (Note 6) |  |  |
| **NET ASSETS** |  |  |
| Common stock, $0.01 par value, 100,000,000 shares authorized, 22,820,590 and 22,820,590 shares issued and outstanding, respectively | $228206 | $228206 |
| Additional paid-in-capital | 303079082 | 303154218 |
| Distributable earnings | 877173 | 25650 |
| &nbsp;&nbsp;&nbsp;**Total net assets** | $304184461 | $303408074 |
| **NET ASSET VALUE PER SHARE** | $13.33 | $13.30 |

---

**CHICAGO ATLANTIC BDC, INC.**

**Statements of Operations**

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31,<br> 2026<br> (Unaudited)** | **December 31,<br> 2025<br> (Unaudited)** |
| **INVESTMENT INCOME** | | |
| **Non-controlled/non-affiliate investment income** | | |
| &nbsp;&nbsp;&nbsp;Interest income | $13780772 | $12255979 |
| &nbsp;&nbsp;&nbsp;Fee income | 2096857 | 1972540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income from non-controlled/non-affiliate investments | 15877629 | 14228519 |
| **Non-controlled affiliate investment income** |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | 802644 |  |
| &nbsp;&nbsp;&nbsp;Fee income | 22500 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income from non-controlled affiliate investments | 825144 | - |
| **Total investment income** | 16702773 | 14228519 |
| **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;Income-based incentive fees | 2457289 | 2073318 |
| &nbsp;&nbsp;&nbsp;Management fee | 1529359 | 1446470 |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | 1212784 | 1210993 |
| &nbsp;&nbsp;&nbsp;Interest expense | 1024542 | 464501 |
| &nbsp;&nbsp;&nbsp;Professional fees | 198238 | 194980 |
| &nbsp;&nbsp;&nbsp;Audit expense | 153750 | 153750 |
| &nbsp;&nbsp;&nbsp;Other expenses | 146106 | 154849 |
| &nbsp;&nbsp;&nbsp;Sub-administrator fees | 133410 | 145771 |
| &nbsp;&nbsp;&nbsp;Legal expenses | 45750 | 51299 |
| &nbsp;&nbsp;&nbsp;Excise tax expense | 2730 | 69609 |
| &nbsp;&nbsp;&nbsp;Capital gains incentive fees | (163473) | (4121) |
| **Total expenses** | 6740485 | 5961419 |
| **NET INVESTMENT INCOME (LOSS)** | 9962288 | 8267100 |
| **NET REALIZED GAIN (LOSS) FROM INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;Non-controlled non-affiliate investments | **-** | **-** |
| &nbsp;&nbsp;&nbsp;Non-controlled affiliate investments | **-** | **-** |
| **Net realized gain (loss) from investments** | **-** | **-** |
| **NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;Non-controlled non-affiliate investments | (2487070) | (20604) |
| &nbsp;&nbsp;&nbsp;Non-controlled affiliate investments | 1060170 | - |
| **Net change in unrealized appreciation (depreciation) on investments** | (1426900) | (20604) |
| **Net realized and unrealized gains (losses)** | (1426900) | (20604) |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $8535388 | $8246496 |
| **NET INVESTMENT INCOME (LOSS) PER SHARE - BASIC AND DILUTED** | $0.44 | $0.36 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE - BASIC AND DILUTED** | $0.37 | $0.36 |
| **WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC AND DILUTED** | 22820590 | 22820590 |

---

## Exhibit 99.2

**Exhibit 99.2**

![](ea029069801_ex99-2img1.jpg)

CONFIDENTIAL \| Chicago Atlantic BDC, Inc. First Quarter 2026 Earnings Presentation Chicago Atlantic BDC, Inc. (NASDAQ: LIEN) May 14, 2026

![](ea029069801_ex99-2img2.jpg)

CONFIDENTIAL\| Chicago Atlantic BDC, Inc. 2 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 May 14, 2026, and the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026. The information contained herein may not be used, reproduced or distributed to others, in whole or in part, for any other purpose without the prior written consent of the Company. This presentation does not constitute a prospectus and should under no circumstances be understood as an offer to sell or the solicitation of an offer to buy the Company's common stock or any other securities nor will there be any sale of the common stock or any other securities referred to in this presentation in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction. Nothing in these materials should be construed as a recommendation to invest in any securities that may be issued by the Company or as legal, accounting or tax advice. An investment in securities of the type described herein presents certain risks. Nothing contained herein shall be relied upon as a promise or representation whether as to the past or future performance. Information regarding performance by the Company's management team and their affiliates is presented for informational purposes only. You should not rely on the historical record of the Company's management team and their affiliates as indicative of the future performance of an investment in the Company or the returns the Company will, or is likely to, generate going forward. Certain information contained herein has been derived from sources prepared by third parties. While such information is believed to be reliable for the purposes used herein, the Company makes no representation or warranty with respect to the accuracy of such information. This presentation contains references to trademarks and service marks belonging to other entities. Solely for convenience, trademarks and trade names referred to in this presentation may appear without the® or symbols, but such references are not intended to indicate, in any way, that the applicable licensor will not assert, to the fullest extent under applicable law, its rights to these trademarks and trade names. The Company does not intend its use or display of other companies' trade names, trademarks or service marks to imply a relationship with, or endorsement or sponsorship of the Company by, any other companies. The information contained in this presentation is summary information that is intended to be considered in the context of other public announcements that the Company may make, by press release or otherwise, from time to time. The Company undertakes no duty or obligation to publicly update or revise the information contained in this presentation, except as required by law. These materials contain information about the Company, certain of its personnel and affiliates and its historical performance. You should not view information related to the past performance of the Company as indicative of the Company's future results, the achievement of which cannot be assured. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of principal may occur. Certain information contained herein may constitute "forward-looking statements" that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about the Company, its current and prospective portfolio investments, its industry, its beliefs and opinions, and its assumptions. Words such as "anticipates," "expects," "intends," "plans," "will," "may," "continue," "believes," "seeks," "estimates," "would," "could," "should," "targets," "projects," "outlook," "potential," "predicts" and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the Company's control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward- looking statements including, without limitation, the risks, uncertainties and other factors identified in the Company's filings with the Securities and Exchange Commission (the "SEC"). Investors should not place undue reliance on these forward-looking statements, which apply only as of the date on which the Company makes them. The Company does not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law. Disclaimers and Forward-Looking Statements

![](ea029069801_ex99-2img3.jpg)

CONFIDENTIAL\| Chicago Atlantic BDC, Inc. 3 Chicago Atlantic BDC, Inc Company & Platform Overview ~$810M near-term pipeline under evaluation(2) $3.8B+ in loans closed since platform inception(1) 195+ loans closed across platform(1) $364M total portfolio investment value 15.8% gross weighted- average yield of Company debt investments (3) 100% of current company debt investments are senior secured ➢ 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 with its affiliates, "Chicago Atlantic"), is an SEC-registered investment adviser and works with its clients to originate, underwrite and deploy primarily first-lien, senior- secured fixed and floating rate debt primarily to the cannabis industry's most established operators and to other niche companies overlooked by the broader market ➢ The Adviser focuses on opportunities that are time-sensitive, highly complex or in dislocated sectors where risk is fundamentally mispriced with attractive risk- adjusted returns ➢ Seasoned investment team with decades of multi-sector experience across market cycles and complex legal and regulatory frameworks in credit, special situations, equities, distressed and emerging market debt ➢ Access to Chicago Atlantic's leading lending platform which typically serves as lead or co-lead arranger, and its proprietary sourcing network and direct originations team 1. Includes all closed loans across the Chicago Atlantic platform. 2. Includes potential funding opportunities for new originations and refinancing of existing assets as of 3/31/2026 3. As of 3/31/26; see page 22 for information regarding the calculation of Gross Weighted Average Portfolio Yield on Debt Investments ("Portfolio Yield") and Total Portfolio Investment Value.

![](ea029069801_ex99-2img4.jpg)

CONFIDENTIAL\| Chicago Atlantic BDC, Inc. 4 Investment Highlights A DIFFERENTIATED BDC ➢Strong credit metrics ➢The first public BDC primarily focused on the cannabis industry ➢All debt investments are senior secured ➢94% of the debt portfolio is protected from further interest rate declines ➢Ample liquidity remains in our senior secured revolving credit facility, providing us runway for portfolio growth ➢Part of a leading cannabis focused investment platform FOCUS ON UNDERSERVED SECTORS ➢Focus on highly complex and highly regulated industries often overlooked by other capital providers ➢Direct lending to the cannabis industry and the lower middle-market, secured by a diverse collateral base ➢Investing in underserved market niches creates pricing power, enhances downside protections, and creates a durable competitive moat SEEKING TO DELIVER A DIVERSIFIED SOURCE OF CREDIT ALPHA ➢Uncorrelated, idiosyncratic credit opportunity in cannabis and the lower middle-market ➢Limited exposure to sponsor-backed, middle-market transactions, a crowded space where BDCs and private credit funds tend to focus ➢Investing where few capital providers with requisite expertise are present

![](ea029069801_ex99-2img5.jpg)

CONFIDENTIAL\| Chicago Atlantic BDC, Inc. 5 Peter Sack CEO Scott Gordon Executive Chairman & Co-CIO Umesh Mahajan Co-CIO & Secretary Dino Colonna, CFA President ▪Former Principal at BC Partners Credit, leading its cannabis practice ▪Former private equity investor, focusing on distressed industrial opportunities ▪MBA from University of Pennsylvania's Wharton School of Business, BA from Yale University, and Fulbright Scholar ▪Over 30 years of investing and asset management experience in emerging markets ▪Former Founding Partner, CEO and CIO of Silver Spike Capital, Former President of Fintech Advisory, a multi-billion dollar Family Office fund ▪Investor in the cannabis & psychedelics industry since 2013 ▪BA Bowdoin College ▪28-year career in various middle-market, credit and special situations investing ▪Former Co-head of Credit and Partner at Silver Spike Capital, Former Managing Director at Ascribe Capital and led various roles at Merrill Lynch and Bank of America ▪MBA from University of Pennsylvania's Wharton School of Business and Btech, Indian Institute of Technology ▪23-year career in various credit, derivatives and equity investments as well as investment banking across global capital markets ▪Former Co-head of Credit and Partner at Silver Spike Capital, and held various roles at Madison Capital Advisors, Barclays and Forest Investment Management ▪MBA from ESADE, BSBA from the University of Delaware Thomas Geoffroy Interim Chief Financial Officer Andrew Lovitt Chief Compliance Officer Gianni Fazio Chief Accounting Officer A SEASONED TEAM WITH DECADES OF EXPERIENCE ACROSS CREDIT, CANNABIS, AND CAPITAL MARKETS ▪20 years of accounting and finance experience ▪Former CFO of a NASDAQ listed mortgage REIT ▪Licensed Certified Public Accountant ▪BS from the University of Missouri – St. Louis, Magna Cum Laude ▪Previously an attorney in the Private Credit group at Katten Muchin Rosenman LLP ▪Has advised lenders and borrowers in numerous finance transactions, including cash flow and asset-based transactions, leverage buyouts, refinancings & repayments ▪JD from the University of Pennsylvania and BA from Purdue University ▪Previously a Venture Associate at Adit Ventures where he managed the operations and financial reporting of early & late-stage venture funds. ▪Licensed Certified Public Accountant ▪BS & MS, Long Island University Experienced Credit & Cannabis Leadership Team

![](ea029069801_ex99-2img6.jpg)

CONFIDENTIAL\| Chicago Atlantic BDC, Inc. 6 About CHICAGOATLANTIC 1. Capital under management represents total committed investor capital, total available leverage including undrawn capital, and capital invested by co-investors and managed by the firm, as of 3/31/2026. 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 INVESTMENT PRINCIPLES Seeking attractive risk-adjusted returns, preservation of capital and income generation predominantly through investment opportunities that are overlooked or underserved by conventional capital sources LOCATIONS Chicago, Miami, New York, London

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CONFIDENTIAL\| Chicago Atlantic BDC, Inc. 8 Pro Forma Portfolio Financial Highlights 1. The common shares issued and outstanding as of 3/31/2026 and 12/31/2025 were 22,820,590 and 22,820,590, respectively Quarter Ended March 31, 2026 Quarter Ended 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 WEIGHTED AVERAGE SHARES OUTSTANDING1 22.8 million 22.8 million PER SHARE DATA: NET INVESTMENT INCOME $0.44 $0.36 NET ASSET VALUE AT END OF PERIOD $13.33 $13.30

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CONFIDENTIAL\| Chicago Atlantic BDC, Inc. 9 Pro Forma Portfolio Investment Portfolio Highlights 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 PORTFOLIO COMPANIES) 85.0% NON-ACCRUALS AT COST (%) 0.0% AVERAGE POSITION SIZE $8.4mm (2.3% of investments, at fair value) PIK INTEREST (% OF TOTAL ANNUAL INTEREST) / POST-ORIGINATION PIK2 8.3% / 0.0%\* PORTFOLIO COMPANIES KEY FINANCIAL AND CREDIT METRICS3 REVENUE (MEDIAN) $89.9mm EBITDA (MEDIAN) 4 $9.8mm SR. SECURED NET DEBT / EBITDA (WEIGHTED AVERAGE)4 2.2x INTEREST COVERAGE (WEIGHTED AVERAGE)4 2.9x 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. See page 22 in the appendix for footnote legend. \*less than 0.01%

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CONFIDENTIAL\| Chicago Atlantic BDC, Inc. 10 76% 24% Cannabis Non-Cannabis NON-CANNABIS BY INDUSTRY PORTFOLIO DIVERSIFICATION1 Portfolio Composition 1. Calculated as a percentage of the total fair value of the Company's investment portfolio (excluding cash and cash equivalents). Industries follow NAICS categorizations. 18% 11% 29% 2% 13% 17% 6% 3% Information Retail Trade Finance and Insurance Real Estate and Rental and Leasing Public Administration Manufacturing Educational Services Admin & Waste Mgmt Services

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CONFIDENTIAL\| Chicago Atlantic BDC, Inc. 11 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% weighted average portfolio yield on debt investments: ➢Investing in market niches underserved by traditional lenders drives pricing power, enables downside protections and a durable competitive moat ➢Attractive risk-adjusted returns driven by disciplined underwriting and focus on senior secured loans. ➢Complex regulatory and/or legal barriers deter traditional capital providers, creating compelling opportunities for experienced lenders. ➢Credit alpha driven by uncorrelated, idiosyncratic credit opportunities that typically have higher returns with lower leverage profiles compared to most traditional BDC's. 1. As of 3/31/26; see pages 9 & 22 for information regarding the calculation of Weighted Average Portfolio Yield on Debt Investments ("Portfolio Yield") 2. BDC Weekly Insight, Raymond James published 5/1/2026 3. LSTA US Leveraged Loan Index as of 3/31/2026 4. ICE BoA US High Yield Index Effective Yield as of 3/31/2026 5. BDC Quarterly Report, Oppenheimer & Co. Inc. published 3/27/2026 7.3% 8.8% 10.8% 15.8% US High Yield Index US Leveraged Loan Yield Index Average Portfolio Yield of Public BDCs LIEN Wtd. Average Portfolio Yield on Debt Investments1 2 3 4 Dividend Yield GAAP Leverage Ratio Non-Accruals At Cost Total 2nd Lien, Sub & Equity Exposure BDC Universe(5) Average 13.5% 126.3% 3.4% 25.5% Median 13.7% 125.0% 2.7% 23.0% LIEN as of 3.31.2026 14.6% 17.9% 0.0% 1.3%

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CONFIDENTIAL\| Chicago Atlantic BDC, Inc. 12 Limited Downside from Interest Rate Changes 1. Based on principal outstanding as of 3/31/2026, approximately $149.7 million (40.9%) and $130.2 million (35.5%) of total outstanding principal bears interest based on the Prime Rate and Secured Overnight Financing Rate ("SOFR"), respectively. 2. Represents the change in interest income based upon the portfolio composition as of 3/31/2026, using a range of + 300 bps to – 300 bps of changes to the benchmark index rate. Estimated impacts presented include floating rate loans indexed to both the U.S prime rate and SOFR. BY RATE TYPE(1) 23.6% 70.2% 6.3% Fixed-rate Floating-rate (at Floor) Floating-rate (not at Floor) $366.1M INTEREST INCOME SENSITIVITY(2) Bps change in Benchmark Interest Rates Estimated Change in Total Interest Income ($ in 000s) 300 $7,233 200 $4,434 100 $1,850 (100) ($82) (200) ($82) (300) ($82) Focus on Mitigating Downside Interest Rate Risk ➢94% of the debt portfolio consists of fixed-rate or floating-rate loans at their contractual floors, providing meaningful downside protection in a declining rate environment ➢The debt portfolio is protected on the downside from a hypothetical change in interest rates, with convexity on the upside. See table to the right for estimated change in annualized total investment income based on the current debt portfolio

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CONFIDENTIAL\| Chicago Atlantic BDC, Inc. 13 Fair Market Value of Investment Portfolio Growth in the FMV of the Investment Portfolio $275mm $289mm $307mm $311mm $333mm $364mm $200mm $225mm $250mm $275mm $300mm $325mm $350mm $375mm Q4 - 2024 Q1 - 2025 Q2 - 2025 Q3 - 2025 Q4 - 2025 Q1 - 2026

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CONFIDENTIAL\| Chicago Atlantic BDC, Inc. 14 $0.00 $0.05 $0.10 $0.15 $0.20 $0.25 $0.30 $0.35 $0.40 $0.45 $0.50 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 shares outstanding at the end of each respective quarter. 2. Q3 2024 and Q4 2024 NII per share excludes Loan Portfolio Acquisition Expenses Net Investment Income and Dividends1 2 2

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CONFIDENTIAL\| Chicago Atlantic BDC, Inc. 15 Target Borrowers Investment Sub-Strategies CANNABIS LENDING GROWTH & TECHNOLOGY ESOTERIC & ASSET-BASED LENDING LIQUIDITY SOLUTIONS ➢Growth or EBITDA positive entities ➢Companies that require capital but do not want to dilute their equity ➢Companies that are showing strong cash flow performance with low leverage profiles ➢Transactions tend to be attractively priced and have better than normal covenants and amortization due to complexity of the industry ➢Low debt to enterprise value ➢Industry leaders and disruptive companies experiencing strong growth ➢Companies that have raised significant equity capital validating market value ➢Industry focus typically includes software, hardware, E-commerce and direct to consumer ➢Liquidity covenants that ensure such company has adequate cash runway ➢Low debt to enterprise value ➢Profitable or demonstrated path to near term profitability ➢Structured credit and asset-based loans, receivables pools, and equipment ➢Companies that are showing strong cash flow performance with low leverage profiles, but the industries carry regulatory, reputational or other risks ➢Transactions tend to be attractively priced and have better than normal covenants and amortization due to complexity of the industry or situation ➢Low debt to asset values and/or enterprise values ➢Financing is typically event driven ➢Companies that are pursuing a merger, acquisition, refinancing, dividend recap, or other strategic liquidity need ➢Companies that are showing strong cash flow performance with low leverage profiles ➢Companies that have multiple areas of value and liquidity in addition to the underlying business ➢Low debt to enterprise value ➢Industry agnostic 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 liquidity solutions. We are not required to have a minimum investment in any of these sub-strategies.

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CONFIDENTIAL\| Chicago Atlantic BDC, Inc. 16 The Cannabis Landscape in the U.S. How the landscape changed over past 7 years 2019 2026 1 – MJBiz https://mjbizdaily.com/map-of-us-marijuana-legalization-by-state/ 2 – MJBiz Factbook Q1 2026 ✓Legal in 42 states and the District of Columbia2 ✓Medical use only: 18 states ✓Recreational/Medical use: 24 states & District of Columbia ✓Legal in 36 states and the District of Columbia1 ✓Medical use only: 26 states ✓Recreational/Medical use: 10 states & District of Columbia No regulated use Legalized recreational and medical use Legalized medical use only

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CONFIDENTIAL\| Chicago Atlantic BDC, Inc. 17 The Cannabis Landscape in the U.S. Where We See Opportunities WE FOLLOW ALPHA INTO INDUSTRIES WITH LIMITED COMPETITION LACK OF TRADITIONAL FINANCING Banks generally don't lend to firms in this industry, allowing higher interest rates, attractive collateral, and lender-friendly covenants. LOW CORRELATIONS TO TRADITIONAL MARKETS Medical cannabis behaves like pharmaceuticals, recreational cannabis behaves like tobacco and alcohol, both exhibiting low correlation with traditional markets. HIGH BARRIERS TO ENTRY Each state has unique investment characteristics, supply and demand dynamics, and legal frameworks, requiring sophisticated understanding of the industry and strong underwriting expertise. FOCUS ON LIMITED LICENSE STATES Limited license states have limited competition, lucrative license values, high wholesale prices, and less black-market presence.

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CONFIDENTIAL\| Chicago Atlantic BDC, Inc. 18 Federal Cannabis Policy Updates: Shift in Regulatory Reform Chicago Atlantic makes no guarantee of future outcomes. Please refer to Projections and Forward-Looking Statements disclosure at the end of this presentation. 1. https://www.dentons.com/en/insights/alerts/2026/april/23/doj-reschedules 2. https://www.foxrothschild.com/publications/doj-officially-reschedules-certain-cannabis 3. https://www.cnbc.com/2025/11/13/congress-thc-hemp-ban.html DOJ RECLASSIFIES MEDICAL-USE CANNABIS CONGRESS BANS UNREGULATED CANNABIS: TACIT ENDORSEMENT OF CURRENT STATE PROGRAMS What Changed1 • April 2026: DOJ reclassified medical-use and FDA-approved cannabis products from Schedule I to Schedule III • New hearing process beginning June 29th (to conclude no later than July 15th) will consider broadening rescheduling to include adult-use Why It Matters • Eliminates the 280E tax burden for state- licensed medical operators2 • Encourages institutional capital re- engagement due to the decline in regulatory risk • Potential for increased M&A activity What Changed3 • Nov 2025: Federal legislation tightened the hemp definition • Effectively banning intoxicating hemp-derived THC • One-year wind-down period Why It Matters • Closes the 2018 Farm Bill loophole • Disrupts the unregulated retail THC markets and reduces pricing pressure • Consolidates consumer demand back toward state-licensed cannabis ACCRETIVE POTENTIAL FOR CURRENT PORTFOLIO & INCREASES LENDING OPPORTUNITIES ✓Improves revenue visibility and margin durability for licensed operators ✓Strengthens operator cash flow and balance sheets ✓Supports higher valuation multiples ✓Improves and strengthens credit profiles and quality across the regulated market ✓Not expected to encourage new lending competition; enables private lenders to maintain premium pricing and strong collateral protections

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CONFIDENTIAL\| Chicago Atlantic BDC, Inc. 19 Potential Benefits of Regulatory Reform INCREASED MARKET OPPORTUNITIES Renewed federal momentum around cannabis reform following President Trump's December executive order and the rescheduling of medical cannabis in April '26 has revived the possibility of additional reforms and broader regulatory clarity. Further progress on recreational rescheduling could materially improve operator cash flow, expand access to capital, and reopen strategic financing opportunities across the industry.1 ENHANCED SALES THROUGH CREDIT CARD PROCESSING Allowing dispensaries to process credit card transactions may lead to a significant boost in sales. IMPROVED EQUITY VALUATIONS As investor confidence grows, equity valuations are likely to tick higher, providing additional incentives for investment and increased credit protection. INCREASED ATTRACTIVENESS FOR ACQUISITION Further legalization could create more favorable conditions and increase portfolio attractiveness for potential acquirers (such as private equity or private credit funds), while make-whole provisions and pre-payment penalties provide additional appeal. FAVORABLE COMPETITIVE LANDSCAPE Significant barriers to entry, such as stringent financial requirements and industry- specific knowledge, is likely to keep the market relatively stable and prevent an inundation of competitors over the next several years. 1 – https://www.forbes.com/sites/sarahsinclair/2025/12/18/trump-signs-executive-order-to-reschedule-cannabis-heres-what-it-means/

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Appendix: Schedule of Investments

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CONFIDENTIAL\| Chicago Atlantic BDC, Inc. 21 Schedule of Investments (as of March 31, 2026) 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 Secured Loans 3/11/2029 Floating SOFR 4.00% 7.66% n/a $38,325,000 10.53% Portfolio Company 1 First Lien Senior Secured Loans 2/28/2029 Floating SOFR 4.00% 8.33% n/a 26,533,334 7.29% Portfolio Company 2 First Lien Senior Secured Loans 9/30/2028 Floating Prime 7.50% 8.75% n/a 31,427,550 8.63% Portfolio Company 3 Senior Secured Notes 10/2/2028 Fixed Fixed n/a 15.00% n/a 22,000,000 6.04% Portfolio Company 4 First Lien Senior Secured Loans 12/31/2029 Fixed Fixed n/a 0.00% 20.00% 17,370,481 4.77% Portfolio Company 5 First Lien Senior Secured Loans 1/31/2031 Floating SOFR 3.25% 6.25% n/a 13,785,996 3.79% Portfolio Company 5 Warrants n/a n/a n/a n/a n/a n/a 1,047,500 0.29% Portfolio Company 6 First Lien Senior Secured Loans 12/31/2028 Floating SOFR 3.72% 10.24% n/a 14,375,400 3.95% Portfolio Company 7 First Lien Senior Secured Loans 12/31/2027 Fixed Fixed n/a 11.00% 5.00% 13,734,451 3.77% Portfolio Company 8 First Lien Senior Secured Loans 3/28/2027 Floating Prime 8.50% 6.50% n/a 13,474,746 3.70% Portfolio Company 9 First Lien Senior Secured Loans 8/20/2028 Floating Prime 7.50% 5.75% n/a 13,403,381 3.68% Portfolio Company 10 First Lien Senior Secured Loans 1/30/2029 Floating Prime 6.75% 8.42% 1.50% 11,750,000 3.23% Portfolio Company 11 First Lien Senior Secured Loans 9/18/2026 Floating SOFR 4.00% 7.75% n/a 11,348,647 3.12% Portfolio Company 12 First Lien Senior Secured Loans 6/30/2028 Floating Prime 13.25% 5.75% n/a 10,874,400 2.99% Portfolio Company 13 First Lien Senior Secured Loans 6/30/2028 Floating Prime 7.00% 5.75% n/a 9,302,019 2.56% Portfolio Company 14 First Lien Senior Secured Loans 11/24/2028 Fixed Fixed n/a 12.00% 1.00% 8,418,385 2.31% Portfolio Company 14 First Lien Senior Secured Loans 12/31/2026 Fixed Fixed n/a 0.00% 13.00% 839,161 0.23% Portfolio Company 15 First Lien Senior Secured Loans 3/2/2030 Floating Prime 6.75% 5.25% 1.00% 7,249,922 1.99% Portfolio Company 15 Warrants n/a n/a n/a n/a n/a n/a 254,709 0.07% Portfolio Company 16 First Lien Senior Secured Loans 12/31/2026 Floating Prime 8.50% 7.75% n/a 7,149,328 1.96% Portfolio Company 17 First Lien Senior Secured Loans 8/13/2030 Fixed Fixed n/a 12.50% n/a 7,050,000 1.94% Portfolio Company 18 First Lien Senior Secured Loans 7/22/2030 Floating Prime 7.50% 2.50% 4.00% 5,811,365 1.60% Portfolio Company 18 Warrants n/a n/a n/a n/a n/a n/a 243,000 0.07% Portfolio Company 19 First Lien Senior Secured Loans 3/24/2028 Floating Prime 7.75% 7.25% n/a 6,047,090 1.66% Portfolio Company 20 First Lien Senior Secured Loans 7/28/2028 Floating SOFR 4.00% 10.25% n/a 5,970,000 1.64% Portfolio Company 21 First Lien Senior Secured Loans 3/30/2031 Floating Prime 6.75% 3.25% 2.00% 3,573,174 0.98% Portfolio Company 21 First Lien Senior Secured Loans 3/30/2031 Floating Prime 6.75% 3.25% 2.00% 1,838,879 0.51% Portfolio Company 22 First Lien Senior Secured Loans 4/30/2029 Floating SOFR 4.25% 6.25% 1.50% 5,063,906 1.39% Portfolio Company 22 Warrants n/a n/a n/a n/a n/a n/a 21,250 0.01% Portfolio Company 23 First Lien Senior Secured Loans 6/17/2029 Floating Prime 6.75% 5.25% 1.00% 4,759,771 1.31% Portfolio Company 23 Warrants n/a n/a n/a n/a n/a n/a 191,648 0.05% Portfolio Company 24 First Lien Senior Secured Loans 10/24/2029 Floating SOFR 3.99% 8.00% n/a 4,925,000 1.35% Portfolio Company 24 Warrants n/a n/a n/a n/a n/a n/a 21,500 0.01% Portfolio Company 25 First Lien Senior Secured Loans 7/31/2029 Floating Prime 7.50% 6.50% n/a 4,303,370 1.18% Portfolio Company 26 First Lien Senior Secured Loans 3/31/2027 Floating Prime 8.00% 7.50% n/a 4,088,118 1.12% Portfolio Company 27 First Lien Senior Secured Loans 9/22/2026 Floating SOFR 3.75% 6.50% n/a 518,931 0.14% Portfolio Company 27 First Lien Senior Secured Loans 9/22/2026 Floating SOFR 3.75% 6.50% n/a 3,325,000 0.91% Portfolio Company 28 Senior Secured Notes 7/16/2029 Fixed Fixed n/a 12.75% n/a 3,430,000 0.94% Portfolio Company 29 First Lien Senior Secured Loans 11/4/2028 Floating Prime 8.00% 4.00% 4.50% 3,091,566 0.85% Portfolio Company 30 First Lien Senior Secured Loans 3/13/2027 Fixed Fixed n/a 14.50% n/a 3,000,643 0.82% Portfolio Company 31 First Lien Senior Secured Loans 5/31/2029 Fixed Fixed n/a 6.00% 6.00% 2,040,519 0.56% Portfolio Company 31 Preferred Stock n/a n/a n/a n/a n/a n/a 500,000 0.14% Portfolio Company 31 Warrants n/a n/a n/a n/a n/a n/a 131,000 0.04% Portfolio Company 31 Warrants n/a n/a n/a n/a n/a n/a 296,000 0.08% Portfolio Company 32 First Lien Senior Secured Loans 12/10/2030 Floating SOFR 3.25% 8.00% n/a 2,922,813 0.80% Portfolio Company 33 First Lien Senior Secured Loans 8/1/2028 Fixed Fixed n/a 12.75% n/a 2,877,533 0.79% Portfolio Company 34 First Lien Senior Secured Loans 6/6/2026 Fixed Fixed n/a 15.00% n/a 2,765,000 0.76% Portfolio Company 35 First Lien Senior Secured Loans 7/29/2026 Floating Prime 7.00% 7.00% 2.00% 2,762,967 0.76% Portfolio Company 36 Senior Secured Notes 11/29/2027 Fixed Fixed n/a 13.80% 5.00% 2,757,420 0.76% Portfolio Company 37 First Lien Senior Secured Loans 12/3/2027 Fixed Fixed n/a 8.50% n/a 2,669,064 0.73% Portfolio Company 38 First Lien Senior Secured Loans 7/19/2027 Floating Prime 8.50% 2.00% 1.50% 2,412,091 0.66% Portfolio Company 39 Second Lien Senior Secured Loans 8/1/2028 Floating Prime 7.75% 9.00% 3.50% 1,406,185 0.40% Portfolio Company 40 Warrants n/a n/a n/a n/a n/a n/a 487,500 0.14% Total $363,966,713 100.00%

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CONFIDENTIAL\| Chicago Atlantic BDC, Inc. 22 Pro Forma Portfolio Investment Portfolio Highlights: Footnote Legend 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 weighted average of the annualized yield for each debt investment in the portfolio weighted by the fair value of each debt investment as of 3/31/2026. The yield for each debt investment is calculated by dividing (a) the sum of (i) the stated annual cash interest rate of the debt investment as of 3/31/2026, (ii) the stated annual payment-in-kind interest rate, if any, of the debt investment as of 3/31/2026, (iii) any additional recurring fees, (iv) the difference between the par value and the fair value of the debt investment, expressed as a percentage of the par value of the debt investment, and annualized based on the remaining term of the debt investment as of 3/31/2026, and (v) the exit fee of the debt investment, if any, expressed as a percentage of the par value of the debt investment and annualized based on the remaining term of the debt investment as of 3/31/2026, by (b) the fair value of the debt investment, expressed as a percentage of the par value of the debt investment. The Portfolio Yield calculation does not reflect any prepayment penalties or early payoffs with respect to the debt investments. The Portfolio Yield is gross of expenses and excludes cash and equity holdings. The Portfolio Yield would be lower if the calculation reflected expenses and cash holdings. The Portfolio Yield does not represent actual investment returns to the Company's stockholders and the Company may not actually realize the foregoing yield of any specific debt investment, including if the remaining term of the debt investment is less than a year. 2. Represents the percentage of total annual interest expected to be received in kind instead of in cash. The Company has no PIK interest that was introduced post-origination that replaces previously required cash interest, typically due to amendments, covenant breaches, or restructurings. 3. Amounts were derived from the portfolio company financial statements used in connection with determining the investment valuations as of 3/31/2026, have not been independently verified by the Company, and may reflect a normalized or adjusted amount. Accordingly, the Company makes no representation or warranty in respect of this information. 4. Excluded from the data is information in respect of portfolio companies with negative or de minimis EBITDA, or where EBITDA may not be the appropriate measure of credit risk.