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CONFIDENTIAL | Chicago Atlantic BDC, Inc. Third Quarter 2025 Earnings Presentation Chicago Atlantic BDC, Inc. (NASDAQ: LIEN) November 13, 2025
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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 November 13, 2025, and the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025. 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 ser vice 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 inve stments 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
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CONFIDENTIAL | Chicago Atlantic BDC, Inc. 3 Chicago Atlantic BDC, Inc: Company & Platform Overview ~$610M near-term pipeline under evaluation(1) $3.2B+ in loans closed since platform inception(1) 180+ loans closed across platform(1) $311M total portfolio investment value 15.8% gross weighted- average yield of Company debt investments (2) 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. As of 9/30/25. Includes all loans closed and active pipeline across the Chicago Atlantic platform. Active pipeline under evaluation includes potential syndications within the Chicago Atlantic Platform only and represents the active pipeline under evaluation of Chicago Atlantic. 2. As of 9/30/25; see page 21 for information regarding the calculation of Gross Weighted Average Portfolio Yield on Debt Investments (“Portfolio Yield”) and Total Portfolio Investment Value.
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CONFIDENTIAL | Chicago Atlantic BDC, Inc. 4 Investment Highlights A DIFFERENTIATED BDC Strong credit metrics The first public BDC that is primarily focused on the cannabis industry All debt investments are senior secured 71% of the debt portfolio is protected from further interest rate declines Closed $100 million senior secured revolving credit facility earlier this year, providing us ample liquidity for portfolio growth Part of the largest cannabis focused investment platform FOCUS ON UNDERSERVED SECTORS Focus on highly complex and highly regulated industries underserved by other capital providers Direct lending against cash flows and multiple types of collateral in cannabis and the lower middle-market creates a large addressable market Pricing and structuring power with high barriers to entry DIVERSIFIED SOURCE OF CREDIT ALPHA Uncorrelated, idiosyncratic credit opportunity in cannabis and the lower middle-market Other BDCs and private credit funds tend to overlap on sponsor-backed, middle-market lending with similar risk profiles that are typically correlated and lack differentiation Seek alpha where few capital providers with requisite expertise are present
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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 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
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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 6/30/2025. INCEPTION A private credit-focused investment firm founded in 2018 SIZE Capital under management: over $2.2B1 TEAM 95 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. 7 Core Strategy Chicago Atlantic focuses on senior-secured lending in the top of the capital structure to the lower middle-market and middle-market. The platform’s primary investment verticals include cannabis, growth and technology finance, loans to esoteric industries / asset- based loans, and liquidity solutions. INVESTMENT STRATEGY DIFFERENTIATORS Seek above market returns and the preservation of capital Capitalize on opportunities across industries that are created by complexity or the lack of investor focus Invest and lend in underserved market niches Focus on smaller deal sizes with less competition and better relative risk/reward compared to other direct lenders that typically target larger transactions with higher leverage and less covenants Ability to underwrite highly complex industries Extensive origination network Top of the capital structure lending is risk mitigating Prioritize preservation of capital Low correlation to other asset classes Floating-rate loans with high-interest rate floors 84% of loans are agented internally No other public BDCs are invested in our portfolio companies
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CONFIDENTIAL | Chicago Atlantic BDC, Inc. 8 Pro Forma PortfolioFinancial Highlights Quarter Ended September 30, 2025 Quarter Ended June 30, 2025 GROSS INVESTMENT INCOME $15.1 million $13.1 million NET EXPENSES $5.6 million $5.4 million NET INVESTMENT INCOME $9.5 million $7.7 million NET ASSETS AT END OF PERIOD $302.9 million $301.8 million WEIGHTED AVERAGE SHARES OUTSTANDING1 22.8 million 22.8 million PER SHARE DATA: NET INVESTMENT INCOME $ 0.42 $ 0.34 NET ASSET VALUE AT END OF PERIOD $ 13.27 $13.23 1. The common shares issued and outstanding as of September 30, 2025 and June 30, 2025 were 22,820,590 and 22,820,408, respectively
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CONFIDENTIAL | Chicago Atlantic BDC, Inc. 9 Pro Forma PortfolioInvestment Portfolio Highlights CHICAGO ATLANTIC BDC INC. PORTFOLIO AS OF 9/30/25 (UNAUDITED) NET ASSET VALUE (INCLUDING CASH) $302.9mm INVESTMENTS AT FAIR VALUE $311.4mm NUMBER OF PORTFOLIO COMPANIES 37 GROSS WEIGHTED AVERAGE YIELD OF DEBT INVESTMENTS1 15.8% INTERNALLY AGENTED DEALS (% OF PORTFOLIO COMPANIES) 83.8% NON-ACCRUALS AT COST (%) 0.0% AVERAGE POSITION SIZE $7.56mm (2% of investments, at fair value) PIK INTEREST (% OF TOTAL ANNUAL INTEREST)2 3.5% PORTFOLIO COMPANIES KEY FINANCIAL AND CREDIT METRICS3 REVENUE (MEDIAN) $83.4mm EBITDA (MEDIAN) 4 $9.9mm SR. SECURED NET DEBT / EBITDA (WEIGHTED AVERAGE)4 1.9x INTEREST COVERAGE (WEIGHTED AVERAGE)4 2.8x Based on data as of 9/30/25, unless otherwise noted. Weighted average amounts are weighted by the fair market value of each respective investment. See page 21 in the appendix for footnote legend.
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CONFIDENTIAL | Chicago Atlantic BDC, Inc. 10 76% 24% Cannabis Non-Cannabis NON-CANNABIS BY INDUSTRYPORTFOLIO 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. 37% 26% 15% 15% 3% 4% Finance and Insurance Information Public Administration Retail Trade Real Estate and Rental and Leasing Manufacturing
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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 structural protections that enhance downside protection, and provides a competitive moat against potential competition. 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 9/30/25; see pages 10 & 21 for information regarding the calculation of Weighted Average Portfolio Yield on Debt Investments (“Portfolio Yield”) 2. BDC Weekly Insight, Raymond James published 10/3/2025 3. ICE BoA US High Yield Index Effective Yield as of 09/30/25 4. LSTA US Leveraged Loan Index as of 9/30/25 5. BDC Quarterly Report, Oppenheimer & Co. Inc. published 8/20/2025 6.6% 8.4% 11.4% 15.8% US High Yield Index US Leveraged Loan Yield Index Average Portfolio Yield of Public BDCs LIEN Wtd. Average Portfolio Yield on Debt Investments 1 2 3 4 Dividend Yield PIK Income as a percent of Total Investment Income GAAP Leverage Ratio Non-Accruals At Cost Total 2nd Lien, Sub & Equity Exposure BDC Universe(5) Average 11.83% 8.30% 117% 3.50% 24.60% Median 11.95% 6.20% 120% 1.00% 22.40% LIEN as of 9.30.2025 12.95% 3.55% 3.6% 0.00% 0.97%
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CONFIDENTIAL | Chicago Atlantic BDC, Inc. 12 Mitigating Interest Rate Declines Through Strategic Structuring 1. Loss Scenarios for Equity and Debt Investors, Oppenheimer & Co. Inc. published 8/26/2025 100 bps Decline Ticker Latest Quarter NII Annualized Estimate % Change after incentive fee Rank SLRC 1.58 -2.5% 1 LIEN 1.34 -2.8% 2 TPVG 1.12 -2.8% 2 HRZN 1.11 -2.9% 4 CION 1.29 -4.6% 5 FSK 2.47 -5.0% 6 TSLX 2.16 -5.1% 7 OCSL 1.52 -5.6% 8 PNNT 0.72 -5.7% 9 FDUS 2.12 -6.1% 10 NMFC 1.28 -6.6% 11 BCIC 1.98 -6.7% 12 ARCC 1.97 -7.0% 13 CGBD 1.55 -7.7% 14 GECC 1.49 -7.7% 14 OBDC 1.71 -7.7% 14 RWAY 1.5 -7.9% 17 PFLT 0.99 -8.3% 18 PSBD 1.71 -8.3% 18 GBDC 1.52 -8.8% 20 OTF 1.38 -9.4% 21 TCPC 1.3 -9.5% 22 MRCC 0.6 -10.0% 23 CCAP 1.82 -11.6% 24 WHE 1.13 -11.8% 25 SAR 2.64 -12.4% 26 SCM 1.35 -14.0% 27 200 bps Decline Ticker Latest Quarter NII Annualized Estimate % Change after incentive fee Rank TPVG 1.12 -3.3% 1 LIEN 1.34 -4.5% 2 HRZN 1.11 -4.8% 3 SLRC 1.58 -5.0% 4 CION 1.29 -8.9% 5 FSK 2.47 -10.0% 6 TSLX 2.16 -10.2% 7 OCSL 1.52 -11.1% 8 PNNT 0.72 -11.4% 9 FDUS 2.12 -12.1% 10 BCIC 1.98 -13.2% 11 NMFC 1.28 -13.2% 11 ARCC 1.97 -13.9% 13 CGBD 1.55 -15.3% 14 GECC 1.49 -15.4% 15 OBDC 1.71 -15.4% 15 RWAY 1.5 -15.9% 17 PSBD 1.71 -16.5% 18 PFLT 0.99 -16.6% 19 GBDC 1.52 -17.2% 20 TCPC 1.3 -18.4% 21 OTF 1.38 -18.9% 22 MRCC 0.6 -20.0% 23 CCAP 1.82 -23.2% 24 WHE 1.13 -23.5% 25 SAR 2.64 -24.5% 26 SCM 1.35 -27.8% 27 Our loan structures typically protect our debt portfolio on the downside: 71% 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. Per recent Oppenheimer research, LIEN ranked 2nd out of 27 peers in projected annualized net investment income (“NII”) resilience under both 100bps and 200bps rate decline scenarios (see tables to the right). Falling Rates' Impact on BDC Earnings(1)Focus on Mitigating Downside Interest Rate Risk 31% 40% 29% $310mm Fixed Rate Debt Floating Rate Debt Subject to Declining Rates Floating Rate Debt at Floor
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CONFIDENTIAL | Chicago Atlantic BDC, Inc. 13 Quarterly Gross Originations Activity1 3 $0mm $10mm $20mm $30mm $40mm $50mm $60mm $70mm Q3 - 2024 Q4 - 2024 Q1 - 2025 Q2 - 2025 Q3 - 2025 2 1. Data for the presented data above are based on purchase of investments from the Statement of Cashflows per form 10-K/Q filings 2. Reported under ticker SSIC 3. Excluding assets acquired in the CALP Loan Portfolio Acquisition. Originations Demonstrate Execution on Pipeline with a Disciplined Approach
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CONFIDENTIAL | Chicago Atlantic BDC, Inc. 14 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 $0.00 $0.05 $0.10 $0.15 $0.20 $0.25 $0.30 $0.35 $0.40 $0.45 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Net Investment Income per Share Regular Dividend per Share 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. 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. 17 The Cannabis Landscape in the U.S. A significant amount of positive change over the past 6 years 2019 2025 1. MJBiz Factbook 2025 Q1 2. Statista Legal in 41 states and the District of Columbia1 Medical use only: 17 states Recreational/Medical use: 24 states & District of Columbia Industry revenue estimated at $35B in 20251 Legal in 35 states and the District of Columbia1 Medical use only: 25 states Recreational/Medical use: 10 states & District of Columbia Industry revenue at $19.3B2 No regulated use Legalized recreational and medical use Legalized medical use only
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CONFIDENTIAL | Chicago Atlantic BDC, Inc. 18 The Cannabis Industry Size of Opportunity and Growth Projections Chicago Atlantic makes no guarantee of future outcomes or targets. Numerous assumptions and variables underly the projected growth of the Chicago Atlantic private credit opportunity by 2031. Refer to the Projections and Forward-Looking Statements disclosure at the beginning of this presentation. 1. MJBiz Factbook 2025; ($ in billions) 2. S&P Capital IQ and Company Filings of the 20 largest cannabis companies (ranked by market capitalization); equity and debt figures are as of 12/31/24 The U.S. cannabis industry is estimated to be $35B in top-line retail revenue in 2025 and is projected to grow to $69B by 20311: Assuming the cannabis market enterprise value at 1x revenue, and a 35% debt to 65% equity capital structure 2, the current value of the U.S. cannabis debt market can be estimated to be $12B. With the Chicago Atlantic platform’s closed cannabis loans to date of over $2.5B, Chicago Atlantic estimates that it represents approximately 20% of the current U.S. cannabis debt market. With the projected industry size of $69B in retail sales in 6 years, and assuming we maintain our current debt market share of 20%, the Chicago Atlantic private credit opportunity could grow to over $4B. 2025 2026 2027 2028 2029 2030 2031 Retail Sales Estimates $35.3B $39.2B $43.9B $49.2B $55.6B $62.8B $69.1B
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Appendix: Schedule of Investments
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CONFIDENTIAL | Chicago Atlantic BDC, Inc. 20 Schedule of Investments (as of September 30, 2025) 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 10/30/2026 Floating Prime 6.25% 6.50% n/a $ 42,707,181 13.71% Portfolio Company 1 First Lien Senior Secured Loans 9/29/2028 Floating SOFR 4.00% 8.33% n/a 10,000,000 3.21% Portfolio Company 2 First Lien Senior Secured Loans 5/3/2026 Floating Prime 7.50% 8.75% n/a 31,745,000 10.19% Portfolio Company 3 Senior Secured Notes 10/2/2028 Fixed Fixed n/a 15.00% n/a 22,000,000 7.07% Portfolio Company 4 First Lien Senior Secured Loans 12/31/2029 Fixed Fixed n/a 0.00% 20.00% 15,000,000 4.82% Portfolio Company 5 First Lien Senior Secured Loans 3/28/2027 Floating Prime 8.50% 6.50% n/a 13,984,083 4.49% Portfolio Company 6 First Lien Senior Secured Loans 12/31/2027 Fixed Fixed n/a 11.00% 5.00% 13,734,017 4.41% Portfolio Company 7 First Lien Senior Secured Loans 8/20/2028 Floating Prime 7.50% 5.50% n/a 12,891,710 4.14% Portfolio Company 8 First Lien Senior Secured Loans 12/31/2026 Floating Prime 8.50% 7.75% n/a 12,491,986 4.01% Portfolio Company 9 First Lien Senior Secured Loans 9/18/2026 Floating SOFR 4.00% 7.75% n/a 11,659,571 3.74% Portfolio Company 10 First Lien Senior Secured Loans 6/30/2028 Floating Prime 7.50% 5.75% n/a 11,583,600 3.72% Portfolio Company 11 First Lien Senior Secured Loans 11/24/2028 Fixed Fixed n/a 12.00% 1.00% 9,876,212 3.17% Portfolio Company 12 First Lien Senior Secured Loans 6/30/2028 Floating Prime n/a 5.75% n/a 9,541,761 3.06% Portfolio Company 13 Senior Secured Notes 12/15/2026 Fixed Fixed n/a 8.00% n/a 8,245,000 2.65% Portfolio Company 14 First Lien Senior Secured Loans 8/13/2030 Fixed Fixed n/a 12.50% n/a 7,208,050 2.31% Portfolio Company 15 First Lien Senior Secured Loans 9/22/2026 Floating SOFR 3.75% 6.50% n/a 3,325,000 1.07% Portfolio Company 15 First Lien Senior Secured Loans 9/22/2026 Floating SOFR 3.75% 6.25% n/a 2,390,444 0.77% Portfolio Company 15 First Lien Senior Secured Loans 9/22/2026 Floating SOFR 3.75% 6.50% n/a 518,931 0.17% Portfolio Company 16 First Lien Senior Secured Loans 7/22/2030 Floating Prime 7.50% 2.50% 4.00% 5,698,232 1.83% Portfolio Company 16 Warrants n/a n/a n/a n/a n/a n/a 342,439 0.11% Portfolio Company 17 First Lien Senior Secured Loans 3/24/2028 Floating Prime 7.75% 7.25% n/a 5,643,000 1.81% Portfolio Company 18 First Lien Senior Secured Loans 11/1/2026 Floating Prime 8.50% 1.75% 3.00% 3,504,142 1.13% Portfolio Company 18 First Lien Senior Secured Loans 11/1/2026 Floating Prime 8.50% 1.75% 3.00% 1,853,177 0.60% Portfolio Company 19 Senior Secured Notes 11/29/2027 Fixed Fixed n/a 13.80% 5.00% 5,348,390 1.72% Portfolio Company 20 First Lien Senior Secured Loans 6/13/2029 Floating Prime 7.50% 6.50% 2.00% 4,717,856 1.52% Portfolio Company 20 Warrants n/a n/a n/a n/a n/a n/a 491,000 0.16% Portfolio Company 21 First Lien Senior Secured Loans 4/30/2029 Floating SOFR 4.25% 6.25% 1.50% 5,051,013 1.62% Portfolio Company 21 Warrants n/a n/a n/a n/a n/a n/a 52,500 0.02% Portfolio Company 22 First Lien Senior Secured Loans 3/31/2026 Floating Prime 8.00% 7.50% n/a 4,528,376 1.45% Portfolio Company 23 First Lien Senior Secured Loans 7/31/2029 Floating Prime 7.50% 6.50% n/a 4,440,414 1.43% Portfolio Company 24 Senior Secured Notes 7/16/2029 Fixed Fixed n/a 12.75% n/a 3,447,500 1.11% Portfolio Company 25 First Lien Senior Secured Loans 11/4/2028 Floating Prime 8.00% 4.00% 3.00% 3,060,724 0.98% Portfolio Company 25 Warrants n/a n/a n/a n/a n/a n/a - 0.00% Portfolio Company 26 First Lien Senior Secured Loans 7/19/2027 Floating Prime 8.50% 2.75% 1.50% 2,994,731 0.96% Portfolio Company 27 First Lien Senior Secured Loans 3/13/2027 Fixed Fixed n/a 14.50% n/a 2,985,714 0.96% Portfolio Company 28 First Lien Senior Secured Loans 6/6/2026 Fixed Fixed n/a 15.00% n/a 2,975,000 0.96% Portfolio Company 29 First Lien Senior Secured Loans 8/1/2028 Fixed Fixed n/a 12.75% n/a 2,960,881 0.95% Portfolio Company 30 First Lien Senior Secured Loans 12/3/2027 Floating Prime 8.50% 8.50% n/a 2,811,846 0.90% Portfolio Company 31 First Lien Senior Secured Loans 5/31/2029 Fixed Fixed n/a 6.00% 6.00% 1,947,032 0.63% Portfolio Company 31 Preferred Stock n/a n/a n/a n/a 0.00% n/a 500,000 0.16% Portfolio Company 31 Warrants n/a n/a n/a n/a 0.00% n/a 115,000 0.04% Portfolio Company 31 Warrants n/a n/a n/a n/a 0.00% n/a 44,000 0.01% Portfolio Company 32 First Lien Senior Secured Loans 7/29/2026 Floating Prime 7.00% 7.00% 2.00% 2,820,579 0.91% Portfolio Company 33 First Lien Senior Secured Loans 7/28/2028 Floating SOFR 4.00% 10.25% n/a 2,010,000 0.65% Portfolio Company 34 Second Lien Senior Secured Loans 8/1/2028 Floating Prime 7.75% 9.00% 3.50% 1,473,025 0.47% Portfolio Company 35 First Lien Senior Secured Loans 5/31/2026 Floating Prime n/a 7.25% n/a 400,000 0.13% Portfolio Company 36 First Lien Senior Secured Loans 1/6/2027 Floating SOFR 1.50% 9.85% n/a 161,300 0.05% Portfolio Company 37 First Lien Senior Secured Loans 10/30/2025 Floating Prime 8.50% 5.75% n/a 113,065 0.04% Total $ 311,393,482 100.00%
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CONFIDENTIAL | Chicago Atlantic BDC, Inc. 21 Pro Forma PortfolioInvestment Portfolio Highlights: Footnote Legend Based on data as of 9/30/25, 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 9/30/25. 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 9/30/25, (ii) the stated annual payment-in-kind interest rate, if any, of the debt investment as of 9/30/25, (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 9/30/25, 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 9/30/25, 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. 3. Amounts were derived from the portfolio company financial statements used in connection with determining the investment valuations as of 9/30/25, 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.