NEW YORK — Chicago Atlantic BDC Inc. reported its financial results for the second quarter ended June 30, 2025.
Second Quarter 2025 Highlights and Subsequent Activity
- Total gross investment income of $13.1 million
- Net investment income of $7.7 million, or $0.34 per weighted average share outstanding
- Total investment portfolio of $307.5 million at fair value
- Net asset value (“NAV”) per share was $13.23 on June 30, 2025
- Declared a dividend of $0.34 per share for the quarter ending September 30, 2025 payable on October 10, 2025 to shareholders of record of September 29, 2025
- Funded nine portfolio companies with $39.1 million in aggregate par value during the second quarter of 2025
- Subsequent to quarter end, the Company funded $17.2 million in investments across five borrowers
- As of June 30, 2025, there were 22,820,408 common shares issued and outstanding on a basic and fully diluted basis
Peter Sack, Chief Executive Officer of the Company, commented, “Through a consistent and measured approach, we deployed $56 million in gross fundings by principal value during the second quarter and to date in the third quarter. These investments were partially funded with borrowings on our new senior credit facility. With the originations pipeline of cannabis and non-cannabis opportunities growing to over $780 million across the Chicago Atlantic platform, we believe the credit facility will provide a distinct advantage in meeting the needs for borrowers’ upcoming debt maturities, growth capital and potential ESOP transactions.”
Portfolio and Investment Activity
As of June 30, 2025, the Company’s investment portfolio had an aggregate fair value of approximately $307.5 million across 31 portfolio companies.
During the quarter ended June 30, 2025, the Company funded nine portfolio companies with an aggregate par value of $39.1 million, three of which were in new borrowers. Subsequent to quarter end, the Company funded five investments with an aggregate par value of $17.2 million, three of which were to new borrowers.
During the quarter ended June 30, 2025, the Company had principal repayments of $22.3 million of which $3.1 million was receivable as of June 30, 2025.
As of June 30, 2025, there were no loans on non-accrual status.
Results of Operations
For the three months ended June 30, 2025, total investment income was approximately $13.1 million. For the three months ended June 30, 2025, the Company incurred net expenses of approximately $5.4 million, resulting in net investment income of approximately $7.7 million, or $0.34 per weighted average share, and a net increase in net assets from operations of approximately $8.6 million, or $0.38 per weighted average share.
Liquidity and Capital Resources
As of June 30, 2025, the Company had $108.8 million of liquidity including $13.8 million of cash and cash equivalents and $5.0 million of borrowings outstanding on its $100 million senior credit facility. As of August, 14 2025 the Company has no outstanding borrowings on its senior credit facility and $125.4 million of liquidity.
Net Asset Value
As of June 30, 2025, NAV per share was $13.23 compared with $13.19 as of March 31, 2025. The slight increase in NAV per share was primarily driven by growth in net assets from operations, offset by dividend payments. Total net assets as of June 30, 2025 were $301.8 million compared to $301.0 million as of March 31, 2025.
Dividend
The Company’s Board of Directors declared a cash dividend of $0.34 per share for the quarter ending September 30, 2025 payable on October 10, 2025 to shareholders of record of September 29, 2025.
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.
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