Chicago Atlantic BDC reports Q2 2026 net investment income, keeps dividend

Chicago Atlantic BDC (NASDAQ: LIEN ) released second-quarter financial results and hosted an earnings call on Thursday.

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The full earnings call is available at Summary Chicago Atlantic BDC reported a net investment income of $7.7 million for Q2 2026, maintaining a $0.34 dividend per share for the eighth consecutive quarter.

The company emphasized its unique focus on cannabis industry lending, with a portfolio valued at $334.8 million and a weighted average yield on debt investments of 16%.

Chicago Atlantic BDC announced an all-stock merger with Chicago Atlantic Real Estate Finance, expected to close in Q4 2026, subject to approvals.

The company highlighted its strategic advantage in the cannabis market, with recent regulatory developments seen as positive for credit quality.

Liquidity stood at $73.9 million at quarter end, with a pipeline of $1.1 billion in potential debt transactions, including significant cannabis and non-cannabis opportunities.

Full Transcript OPERATOR Good morning and welcome to the Chicago Atlantic BDC second quarter 2026 conference call.

All participants will be in listen-only mode.

Should you need assistance, please signal a conference specialist by pressing star then zero on your telephone keypad.

After today's presentation, there will be an opportunity to ask questions.

To ask a question, you may press star then one on your telephone keypad.

To withdraw your question, please press star then two.

Please note this event is being recorded.

I would now like to turn the conference over to Lisa Kampf from STR Partners.

Please go ahead.

Lisa Kampf, STR Partners Thank you.

Good morning.

Welcome to the Chicago Atlantic BDC conference call to review the company's results.

On the call today will be Peter Sack, Chief Executive Officer; Tom Jeffrey, Interim Chief Financial Officer; and Dino Colonna, President.

Our results were released this morning in our earnings press release, which can be found on the Investor Relations section of our website and in our supplemental earnings presentation filed with the SEC.

A live audio webcast of this call is being made available today.

For those who listen to the replay of this webcast, we remind you that the remarks made herein are as of today and will not be updated subsequent to this call.

During this call, certain comments and statements we make may be deemed forward-looking statements within the meaning prescribed by the securities laws, including statements related to the future performance of our portfolio, our pipeline of potential loans and other investments, future dividend and financing activities, the proposed merger of Chicago Atlantic Real Estate Finance, Inc. with and into the company, and the anticipated benefits and timing of that merger.

Such forward-looking statements are subject to significant risks and uncertainties that can cause actual results to differ materially from our current expectations.

Investors are urged to carefully review various disclosures made by the company, including the risks and other information disclosed in the company's filings with the SEC.

Risks and uncertainties include the ability to complete the merger of REFI and LION on the anticipated timeline, to obtain stockholder and regulatory approvals and required lender consent, to realize the anticipated benefits of the transaction, and developments in the cannabis regulatory environment, as well as the other risks described in our SEC filings and in the legends in today's filed material.

Actual results may differ materially, and we undertake no obligation to update except as required by law.

The transcript of this call is being filed with the SEC pursuant to Rule 425 under the Securities Act of 1933 and is deemed filed under Rule 14a-12 under the Securities Exchange Act of 1934 in connection with the proposed merger.

LION filed with the SEC a registration statement on Form N-14, which includes a joint proxy statement of LION and REFI and a prospectus of LION.

Investors and stockholders are urged to read those materials and any amendments or supplements when they become available because they contain important information about the transaction.

LION, REFI, their respective directors and executive officers, Chicago Atlantic BDC Advisors, LLC, and Chicago Atlantic REIT Manager, LLC, and certain other people may be deemed participants in the solicitation.

Information about those persons and their interests are included in the joint proxy statement and prospectus.

Copies of all filed materials will be available free of charge on the SEC's website and on each company's investor relations website.