• Apollo Global Management for specialized loans to overlooked private companies.
• A "special situations" lender for private companies, finding value in complex or time-sensitive opportunities, similar to what a credit fund at KKR might do.
• A sophisticated alternative lender for companies that traditional banks can't or won't finance, akin to a specialized division of a major investment bank like Goldman Sachs focusing on unique credit opportunities.

• Investment Services: Chicago Atlantic BDC provides capital to companies through debt and equity investments, focusing on opportunities in time-sensitive, complex, or dislocated markets.

Chicago Atlantic BDC (LIEN) is a Business Development Company (BDC) that provides debt and equity financing to privately held, middle-market companies. Therefore, its "customers" are the companies to which it provides capital.

LIEN does not sell goods or services to individuals. Instead, it invests in other companies, which are primarily private. Given the nature of a BDC, its portfolio typically consists of a diversified group of borrower companies, rather than a few "major customers" in the traditional sense. However, based on its investment strategy and portfolio composition, Chicago Atlantic BDC primarily serves the following categories of companies:

• Companies in the Regulated Cannabis Industry: A significant portion of Chicago Atlantic BDC's investment portfolio is dedicated to providing senior secured loans to businesses operating in the regulated cannabis sector. These are typically private, middle-market companies seeking capital that is often unavailable from traditional financial institutions due to federal regulations.
• Other Middle-Market Companies in Specialty Finance Markets: LIEN also provides financing to other private, middle-market companies across various industries that may operate in dislocated or underserved credit markets. These businesses often require flexible capital solutions that traditional lenders may not provide.

• Chicago Atlantic Advisers, LLC
• PricewaterhouseCoopers LLP
• UMB Financial Corporation (UMBF)

Peter Sack Chief Executive Officer

Peter Sack has served as Chief Executive Officer of Chicago Atlantic BDC, Inc. since March 2025. He is also a Managing Partner at Chicago Atlantic and Chief Executive Officer of Chicago Atlantic Real Estate Finance, Inc. A seasoned credit investor and portfolio manager, Peter has experience investing across the capital structure. Before joining Chicago Atlantic, he was a Principal at BC Partners Credit, where he established the firm's cannabis vertical and oversaw a portfolio of over $100 million in middle-market private loans. Earlier in his career, he was an Associate at Atlas Holdings LLC, a private equity firm specializing in distressed manufacturing and distribution companies.

Thomas Geoffroy Interim Chief Financial Officer

Thomas Geoffroy was appointed Interim Chief Financial Officer of Chicago Atlantic BDC Inc. in July 2025, having served as Principal Financial and Accounting Officer since 2022. With over 20 years of experience in accounting and finance, he possesses expertise in financial reporting, operations, and internal controls within the financial services industry, including extensive investment fund experience. Prior to Chicago Atlantic, Thomas held CFO positions at a NASDAQ-listed mortgage REIT, a publicly traded credit-focused asset management firm, and a family office. He also served as Controller at Ares Management (NYSE: ARES) and spent nine years as a Senior Manager in the Financial Services Organization's hedge fund audit practice at Ernst & Young.

Scott Gordon Executive Chairman of the Board and Co-Chief Investment Officer

Scott Gordon has served as Executive Chairman of the Board and Co-Chief Investment Officer of Chicago Atlantic BDC, Inc. since 2024. He is the founder and former Chief Executive Officer of Silver Spike Capital. Scott also co-founded Egg Rock Holdings, the parent company of the Papa & Barkley family of cannabis and CBD products. With over 30 years of experience in investing and asset management in emerging markets, Scott was one of the founding members of the JP Morgan emerging market business. He led emerging market and distressed investing efforts at ING Capital and Bank of America's global special situations group. Furthermore, he led Emerging Market businesses at Marathon Asset Management, Caxton Associates, and Taconic Capital, and served as President of Fintech Advisory, a multi-billion-dollar Family Office fund, prior to launching Silver Spike Capital.

Dino Colonna President

Dino Colonna has been the President of Chicago Atlantic BDC, Inc. since 2024. He previously served as a Partner and Co-Head of Credit at Silver Spike Capital. Since 2001, Dino has managed traditional and alternative investment portfolios and provided advisory services to corporations and institutional investors across global capital markets. Before his time at Silver Spike Capital, he was a managing partner at Madison Capital Advisors, a middle-market asset-backed lending and advisory firm focused on emerging growth companies in sectors such as cannabis, life sciences, and technology.

Tony Cappell Partner & Co-founder

Tony Cappell is a Partner and Co-founder at Chicago Atlantic. He also holds the position of Co-Chief Executive Officer and Director at Chicago Atlantic Real Estate Finance, Inc. As a debt investor with over 15 years of experience in the specialty finance sector, Tony has completed more than 150 deals, totaling over $5 billion in credit. Prior to co-founding Chicago Atlantic, he was a Managing Director and Head of Underwriting at Stonegate Capital, a private credit investment firm focused on lower middle-market businesses and emerging brands. His earlier roles include Vice President, ABL Underwriter at First Midwest Bank and Vice President/Underwriting at Gibraltar Business Capital, LLC. He began his career at Wells Fargo Capital Finance as a collateral examiner.

The key risks for Chicago Atlantic BDC (LIEN) are:

1. Lingering Cannabis Exposure and Regulatory Risk: Chicago Atlantic BDC is known for its lending to the cannabis sector, which continues to face federal restrictions and regulatory uncertainties. Despite recent diversification efforts, with a significant portion of its portfolio now in non-cannabis loans, the market still applies a discount to LIEN due to this perceived regulatory and cannabis-related exposure. Changes in laws or regulations governing the company's operations could significantly impact its business.
2. Risks Associated with Investments in Middle-Market Companies and Distressed Lending: As a Business Development Company (BDC), Chicago Atlantic BDC primarily invests in direct loans to privately held middle-market companies. These investments inherently carry significant risks, including the potential to lose all or part of the invested capital. Furthermore, the company may be exposed to risks associated with distressed lending, and defaults by portfolio companies could lead to substantial losses.
3. Interest Rate Sensitivity and Economic Downturns: Chicago Atlantic BDC's financial performance can be impacted by fluctuations in interest rates. While its investments are often in floating-rate loans, a decline in short-term interest rates could lead to a reduction in net investment income. Moreover, economic slowdowns or recessions can adversely affect the financial health of its portfolio companies, potentially resulting in an increase in non-accruing loans and a decrease in net asset value (NAV).

Chicago Atlantic BDC (NASDAQ: LIEN) focuses its investment activities primarily on providing direct loans and equity financing to privately held middle-market companies. The company has a significant focus on the U.S. cannabis industry, alongside other niche and underserved sectors within the broader middle-market direct lending space in the United States.

Addressable Market Sizes (United States)

• U.S. Legal Cannabis Market: The total legal cannabis market in the United States is projected to reach approximately $46 billion to $47 billion in 2026. This market is experiencing rapid growth, with projections suggesting it could reach over $320 billion by 2034. For debt financing specifically, a substantial "debt wall" of roughly $6 billion for U.S. cannabis operators is scheduled to mature by the end of 2026, indicating a significant addressable market for refinancing and new lending.
• U.S. Middle-Market Direct Lending: The U.S. private credit market, where direct lending is the dominant strategy, has expanded significantly and is poised for continued growth. The U.S. private credit market is estimated to be between $1.5 trillion and $2 trillion in 2026 and is forecast to reach $3 trillion by 2028. The broader potential addressable market for private credit across various asset classes exceeds $30 trillion. The middle market in the U.S., which Chicago Atlantic BDC targets, comprises nearly 200,000 companies, generates over $15 trillion in revenue, and employs approximately 50 million workers. Furthermore, nearly $1 trillion in middle-market loans are expected to mature by 2030, creating a significant refinancing opportunity for direct lenders.

Here are 3-5 expected drivers of future revenue growth for Chicago Atlantic BDC (LIEN) over the next 2-3 years:

1. Continued Expansion and Diversification of Loan Portfolio beyond Cannabis: While historically focused on the cannabis sector, Chicago Atlantic BDC is strategically expanding its investment portfolio into other niche or underserved sectors. As of late 2025, approximately 24% of its portfolio consisted of non-cannabis loans across various industries like finance, real estate, and retail. This diversification into a wider array of middle-market companies is expected to broaden its revenue-generating base and reduce reliance on a single sector.
2. Robust Loan Origination and Deployment Activity: The company consistently deploys capital into new investments, indicating sustained growth in its loan portfolio. For instance, in Q3 2025, LIEN funded $66.7 million in new investments. Furthermore, as of late 2025, the pipeline for potential debt transactions, encompassing both cannabis and non-cannabis opportunities, was approximately $610 million. This continuous origination of new loans is a direct contributor to increased interest income, which is the primary source of revenue for the BDC.
3. Strategic Utilization of Credit Facilities to Fund Portfolio Growth: Chicago Atlantic BDC has secured and is actively leveraging credit facilities, such as a $100 million senior secured revolving credit facility, to finance the growth of its investment portfolio. This financial resource enables the company to expand its lending operations and, consequently, its revenue, without necessarily diluting shareholder equity.
4. Maintenance of High-Yield Investments within Niche Sectors: The company's investment strategy focuses on identifying and capitalizing on opportunities in time-sensitive, complex, or dislocated markets where it perceives risk to be fundamentally mispriced, leading to attractive risk-adjusted returns. Chicago Atlantic BDC's credit investment portfolio exhibits a high gross weighted average yield of approximately 15.8%, exceeding the average for traditional BDCs. This ability to consistently generate and maintain high-yield loans through disciplined underwriting and a focus on senior secured lending is a significant driver of future revenue growth.

Share Repurchases

• Chicago Atlantic BDC has shown a 3-Year Average Share Buyback Ratio of -28.7%, indicating dilution rather than repurchases over the period.

Share Issuance

• The company's "Additional Paid-In Capital" increased significantly from approximately $84.92 million in December 2022 to $303.15 million by September 2025, reflecting capital raised through share issuances.
• Chicago Atlantic BDC had 23 million shares outstanding in Q3 2025.
• The company was founded in 2021 and had its IPO in 2022, contributing to initial share issuances.

Outbound Investments

• As of September 30, 2025, Chicago Atlantic BDC’s investment portfolio had an aggregate fair value of approximately $311.4 million across 37 portfolio companies.
• During the third quarter of 2025, the company funded eleven portfolio companies with an aggregate par value of $66.3 million, with seven of these being new borrowers.
• Chicago Atlantic BDC's investment objective is to maximize risk-adjusted returns by investing primarily in direct loans to privately held middle-market companies, predominantly in the cannabis industry.