Chicago Atlantic BDC, Inc. Reports First Quarter 2026 Financial Results
Rhea-AI Summary
Chicago Atlantic BDC (NASDAQ: LIEN) reported first quarter 2026 results with total investment income of $16.7 million and net investment income of $10.0 million, or $0.44 per share. The investment portfolio reached $364.0 million, NAV per share was $13.33, and a $0.34 dividend was declared for Q2 2026.
AI-generated analysis. Not financial advice.
Positive
- Net investment income of $10.0 million, or $0.44 per share
- Total investment portfolio of $364.0 million, up $30.7 million quarter-over-quarter
- Funded $93.9 million across seven portfolio companies, including three new borrowers
- NAV per share increased to $13.33 from $13.30
- No loans on non-accrual status as of March 31, 2026
- Board declared a quarterly cash dividend of $0.34 per share
- Filed a $500 million shelf registration to enhance capital markets access
Negative
- Net unrealized depreciation on investments of $1.4 million from wider credit spreads
News Market Reaction – LIEN
On the day this news was published, LIEN gained 8.38%, reflecting a notable positive market reaction. Argus tracked a peak move of +5.4% during that session. Our momentum scanner triggered 8 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $18M to the company's valuation, bringing the market cap to $227.06M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
LIEN was flat at 0.0% pre‑news. Peers in Asset Management showed mixed moves: SABA +0.71%, GLO +0.33%, ERC -0.22%, while SCD and TSI were unchanged. This points to stock‑specific drivers rather than a clear sector trend.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 19 | Q4/FY 2025 earnings | Positive | +2.0% | Q4 and full-year results with higher NII and portfolio growth. |
| Nov 13 | Q3 2025 earnings | Positive | +3.1% | Stronger Q3 income, higher NAV and expanded portfolio funding. |
| Aug 14 | Q2 2025 earnings | Positive | +0.3% | Strong Q2 income, portfolio expansion and sustained dividend level. |
| Mar 31 | Q4/FY 2024 earnings | Positive | -1.6% | Q4 2024 growth, portfolio acquisition and higher dividends. |
| Nov 07 | Q3 2024 earnings | Neutral | -0.6% | Q3 2024 results with small portfolio and subsequent acquisition details. |
Earnings reports have generally been followed by modest positive moves, with one notable negative reaction despite positive operating trends.
Over the past five earnings cycles, LIEN has steadily expanded its portfolio and maintained NAV per share near the $13.20–$13.33 range. Net investment income per share has trended from $0.35 in Q4 2024 to $0.42 in Q3 2025 and $0.36 in Q4 2025, with portfolio fair value rising from $275.2M to $333.3M. The current Q1 2026 release continues this trajectory with higher investment income, portfolio growth and stable NAV, reinforcing the pattern of incremental scaling in a specialized lending niche.
Historical Comparison
Past 5 earnings releases saw an average move of 0.64%, with generally positive reactions to growing income and portfolio size. Q1 2026 results extend this pattern of incremental balance sheet expansion and steady NAV.
Earnings releases show progression from Q4 2024 portfolio fair value of $275.2M and NAV $13.20 to $333.3M and NAV $13.30 by Q4 2025, and now an investment portfolio of $364.0M with NAV $13.33 in Q1 2026, reflecting consistent scaling of the lending platform.
Market Pulse Summary
The stock moved +8.4% in the session following this news. A strong positive reaction aligns with the company’s pattern of constructive responses to earnings where net investment income and portfolio size expand. Q1 2026 delivered record net investment income of $10.0M and portfolio fair value of $364.0M, with NAV per share edging up to $13.33. Investors may also weigh that shares traded closer to the 52‑week low of $8.92 than the high of $11.44 before this report.
Key Terms
business development company financial
net asset value financial
non-accrual status financial
senior credit facility financial
Regulation FD regulatory
AI-generated analysis. Not financial advice.
NEW YORK, May 14, 2026 (GLOBE NEWSWIRE) -- 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
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
Net change in unrealized depreciation on investments of
Liquidity and Capital Resources
As of March 31, 2026, the Company had
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
Net Asset Value
As of March 31, 2026, NAV per share was
Dividend
The Company’s Board of Directors declared a cash dividend of
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.
Contact
Tripp Sullivan
Lisa Kampf
SCR Partners
LIEN@chicagoatlantic.com
| CHICAGO ATLANTIC BDC, INC. Statements of Assets and Liabilities | ||||||
| March 31, 2026 | December 31, 2025 | |||||
| (Unaudited) | ||||||
| ASSETS | ||||||
| Investments at fair value: | ||||||
| Non-control/Non-affiliate investments | $ | 346,596,232 | $ | 333,311,787 | ||
| Non-controlled affiliate investments | 17,370,481 | – | ||||
| Total investments at fair value (amortized cost of | 363,966,713 | 333,311,787 | ||||
| Interest receivable | 4,358,743 | 3,175,591 | ||||
| Cash and cash equivalents | 3,346,316 | 2,934,752 | ||||
| Prepaid expenses and other assets | 1,305,750 | 770,292 | ||||
| Due from affiliates | 152,958 | 1,804,032 | ||||
| Total assets | $ | 373,130,480 | $ | 341,996,454 | ||
| LIABILITIES | ||||||
| Revolving line of credit | $ | 54,500,000 | $ | 25,000,000 | ||
| Distributions payable | 7,759,001 | 7,759,001 | ||||
| Income-based incentive fees payable | 2,457,290 | 2,073,319 | ||||
| Management fee payable | 1,529,360 | 1,446,470 | ||||
| Due to affiliates | 1,359,256 | 1,311,604 | ||||
| Other payables | 876,266 | 284,774 | ||||
| Professional fees payable | 464,846 | 456,616 | ||||
| Capital gains incentive fees payable | – | 163,473 | ||||
| Excise tax payable | – | 69,609 | ||||
| Unearned interest income | – | 23,514 | ||||
| Total liabilities | $ | 68,946,019 | $ | 38,588,380 | ||
| Commitments and contingencies (Note 6) | ||||||
| NET ASSETS | ||||||
| Common stock, | $ | 228,206 | $ | 228,206 | ||
| Additional paid-in-capital | 303,079,082 | 303,154,218 | ||||
| Distributable earnings | 877,173 | 25,650 | ||||
| Total net assets | $ | 304,184,461 | $ | 303,408,074 | ||
| NET ASSET VALUE PER SHARE | $ | 13.33 | $ | 13.30 | ||
| CHICAGO ATLANTIC BDC, INC. Statements of Operations | ||||
| For the Three Months Ended | ||||
| March 31, 2026 (Unaudited) | December 31, 2025 (Unaudited) | |||
| INVESTMENT INCOME | ||||
| Non-controlled/non-affiliate investment income | ||||
| Interest income | ||||
| Fee income | 2,096,857 | 1,972,540 | ||
| Total investment income from non-controlled/non-affiliate investments | 15,877,629 | 14,228,519 | ||
| Non-controlled affiliate investment income | ||||
| Interest income | 802,644 | – | ||
| Fee income | 22,500 | – | ||
| Total investment income from non-controlled affiliate investments | 825,144 | – | ||
| Total investment income | 16,702,773 | 14,228,519 | ||
| EXPENSES | ||||
| Income-based incentive fees | 2,457,289 | 2,073,318 | ||
| Management fee | 1,529,359 | 1,446,470 | ||
| General and administrative expenses | 1,212,784 | 1,210,993 | ||
| Interest expense | 1,024,542 | 464,501 | ||
| Professional fees | 198,238 | 194,980 | ||
| Audit expense | 153,750 | 153,750 | ||
| Other expenses | 146,106 | 154,849 | ||
| Sub-administrator fees | 133,410 | 145,771 | ||
| Legal expenses | 45,750 | 51,299 | ||
| Excise tax expense | 2,730 | 69,609 | ||
| Capital gains incentive fees | (163,473) | (4,121) | ||
| Total expenses | 6,740,485 | 5,961,419 | ||
| NET INVESTMENT INCOME (LOSS) | 9,962,288 | 8,267,100 | ||
| NET REALIZED GAIN (LOSS) FROM INVESTMENTS | ||||
| Non-controlled non-affiliate investments | – | – | ||
| Non-controlled affiliate investments | – | – | ||
| Net realized gain (loss) from investments | – | – | ||
| NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS | ||||
| Non-controlled non-affiliate investments | (2,487,070) | (20,604) | ||
| Non-controlled affiliate investments | 1,060,170 | – | ||
| Net change in unrealized appreciation (depreciation) on investments | (1,426,900) | (20,604) | ||
| Net realized and unrealized gains (losses) | (1,426,900) | (20,604) | ||
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | ||||
| NET INVESTMENT INCOME (LOSS) PER SHARE – BASIC AND DILUTED | ||||
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE – BASIC AND DILUTED | ||||
| WEIGHTED AVERAGE SHARES OUTSTANDING – BASIC AND DILUTED | 22,820,590 | 22,820,590 | ||
