Chicago Atlantic BDC, Inc., was incorporated in Maryland on January 25, 2021. They are a newly established specialty finance company that aims to invest in the entire cannabis ecosystem by providing direct loans and equity to private cannabis companies. Their investment objective is a risk-adjusted rate of return that maximizes shareholder returns. They will seek to capitalize on what they see as the nascent cannabis industry and drive equity returns by generating current income from debt investments and capital appreciation from equity and equity-related investments. 

Chicago Atlantic BDC expects the REFI merger to close in Q4 2026, targeting a combined book equity of over $600 million. In Q2 2026, the company reported net investment income of $7.7 million, or $0.34 per share, and declared a $0.34 dividend for the eighth consecutive quarter.

Chicago Atlantic BDC

Chicago Atlantic BDC Targets $600M Book Equity in Q4 2026

Chicago Atlantic Real Estate Finance reported Q2 2026 distributable earnings of $0.44 per share, primarily due to early loan prepayments. The proposed merger with Chicago Atlantic BDC aims to unlock scale and liquidity. The company prioritizes retail-heavy portfolios and maintains a 90%-100% dividend payout ratio for 2026.

Chicago Atlantic

Chicago Atlantic Q2 Earnings Fall on Loan Prepayments, Mergers Ahead

Chicago Atlantic Real Estate Finance (REFI) agreed to merge with Chicago Atlantic BDC (LIEN) in an all-stock deal. The combined entity will be regulated as a business development company and will trade on the Nasdaq Global Select Market as LIEN. Former REFI shareholders will own approximately 50.5% of the combined company, based on adjusted net asset values as of March 31. The combined entity will have a pro-forma NAV of $613 million and a pro-forma investment portfolio of $771 million.Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) and Chicago Atlantic BDC, Inc. (NASDAQ: LIEN) have entered into a definitive merger agreement, under which REFI will convert to a business development company (BDC) and merge with LIEN in an all-stock transaction. The merger is expected to create a combined entity with a pro-forma net asset value (NAV) of $613 million and a <a href="https://www.oppenheimer.com/news-media/2026/notable-transactions/exclusive-financial-advisor-to-the-chicago-atlantic-real-estate-finance">$771 million pro-forma investment portfolio</a>. Upon completion, LIEN will be the surviving entity and will <a href="https://www.oppenheimer.com/news-media/2026/notable-transactions/exclusive-financial-advisor-to-the-chicago-atlantic-real-estate-finance">continue trading under "LIEN"</a>.Under the terms of the agreement, REFI shareholders will receive shares of LIEN common stock based on the ratio of REFI’s adjusted NAV per share to LIEN’s adjusted NAV per share, as determined shortly before the merger closes. Based on March 31, 2026 NAV data, <a href="https://www.oppenheimer.com/news-media/2026/notable-transactions/exclusive-financial-advisor-to-the-chicago-atlantic-real-estate-finance">former REFI shareholders own 50.5%</a>. The merger is structured as an <a href="https://www.oppenheimer.com/news-media/2026/notable-transactions/exclusive-financial-advisor-to-the-chicago-atlantic-real-estate-finance">adjusted NAV-for-NAV exchange of shares</a>.The strategic combination aims to enhance competitive positioning, diversify the portfolio, and improve access to debt capital. The combined entity will focus on <a href="https://www.oppenheimer.com/news-media/2026/notable-transactions/exclusive-financial-advisor-to-the-chicago-atlantic-real-estate-finance">senior secured lending to cannabis</a>. Management and governance will transition to a unified board, with <a href="https://www.oppenheimer.com/news-media/2026/notable-transactions/exclusive-financial-advisor-to-the-chicago-atlantic-real-estate-finance">Peter Sack serving as CEO</a>.The merger is subject to approval by shareholders of both companies, as well as regulatory and lender consents. <a href="https://www.oppenheimer.com/news-media/2026/notable-transactions/exclusive-financial-advisor-to-the-chicago-atlantic-real-estate-finance">Expected to close Q4 2026</a>.<img src="https://cdn.ainvest.com/aigc/hxcmp/images/compress-1cd3aa610d64a001.png" alt="Chicago Atlantic Real Estate Finance to Merge with BDC, Creates $613M Combined Entity">

Chicago Atlantic Real Estate Finance to Merge with BDC, Creates $613M Combined Entity

Investing for the long run requires a different approach. The "My Forever Portfolio" video suggests buying undervalued stocks to hold forever. The stocks featured are undervalued and have potential for long-term growth. The video was recorded on July 5, 2026, and published on July 7, 2026, using afternoon stock prices from that date.Investing for the long run requires a different approach. The "My Forever Portfolio" video suggests buying undervalued stocks to hold forever, emphasizing companies with strong fundamentals and long-term growth potential. The video, recorded on July 5, 2026, and published on July 7, 2026, uses <a href="https://www.forbes.com/sites/investor-hub/article/best-undervalued-stocks-buy-july-2026/">afternoon stock prices</a> from that date to highlight opportunities in the market.Undervalued stocks often provide diversification and long-term returns with lower volatility compared to high-growth counterparts. They are particularly useful for balancing portfolios with heavy exposure to high-valuation tech stocks. Forbes recently identified eight undervalued stocks for July 2026 based on <a href="https://www.forbes.com/sites/investor-hub/article/best-undervalued-stocks-buy-july-2026/">six key criteria</a>, including Lynch upside, price-to-book (P/B) ratio, price-to-earnings (P/E) ratio, debt-to-equity (D/E) ratio, revenue growth, and analyst ratings.These stocks include Arch Capital Group (ACGL), Trip.com Group (TCOM), Equinox Gold (EQX), Central Puerto (CEPU), UP Fintech (TIGR), Caledonia Mining (CMCL), Chicago Atlantic BDC (LIEN), and Jiayin Group (JFIN). Each company demonstrates strong fundamentals, strategic growth, or attractive yields. For example, Arch Capital Group has a conservative balance sheet and a history of generating returns in difficult insurance markets, while Trip.com Group has shown <a href="https://www.forbes.com/sites/investor-hub/article/best-undervalued-stocks-buy-july-2026/">consistent revenue and profit</a> growth over the past five years.Investors considering undervalued stocks should evaluate factors such as financial resilience, growth potential, and market conditions. These stocks may require patience and a long-term perspective, as value investing rarely delivers immediate results. As with any investment strategy, due diligence and alignment with personal financial goals are essential.<img src="https://cdn.ainvest.com/aigc/hxcmp/images/compress-1ccd23e98e952002.png" alt="Forever Portfolio: 5 Undervalued Stocks to Buy Now and Hold">

Arch Capital Group

Equinox Gold

Caledonia Mining

Trip.com

Jiayin Group

UP Fintech Holding

Central Puerto

Forever Portfolio: 5 Undervalued Stocks to Buy Now and Hold

Kahn Swick & Foti, LLC is investigating the proposed merger of Chicago Atlantic Real Estate Finance, Inc. and Chicago Atlantic BDC, Inc. The law firm seeks to determine whether the merger is fair to shareholders and whether the process was adequate. Former Louisiana Attorney General Charles C. Foti, Jr. is leading the investigation. Shareholders can contact Lewis Kahn at 855-768-1857 or visit ksfcounsel.com for more information.Kahn Swick &amp; Foti, LLC is currently investigating the proposed merger between Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) and Chicago Atlantic BDC, Inc. (NASDAQ: LIEN), seeking to determine whether the transaction is in the best interests of shareholders and whether <a href="https://www.sec.gov/Archives/edgar/data/1843162/000121390026069853/ea029515901ex99-1.htm">the merger process was adequate</a>. The merger, which was announced on June 18, 2026, involves REFI electing to be regulated as a business development company (BDC) and <a href="https://www.sec.gov/Archives/edgar/data/1843162/000121390026069853/ea029515901ex99-1.htm">merging with LIEN in an all-stock transaction</a>. Upon completion, LIEN will be the surviving entity and will continue to trade under the ticker symbol “LIEN.”Under the terms of the merger agreement, REFI shareholders will receive shares of LIEN common stock based on the <a href="https://www.sec.gov/Archives/edgar/data/1843162/000121390026069853/ea029515901ex99-1.htm">adjusted net asset value (NAV)</a> per share of both companies. Based on March 31, 2026 financial data, REFI shareholders are expected to own approximately 50.5% of LIEN following the merger, though the <a href="https://www.sec.gov/Archives/edgar/data/1843162/000121390026069853/ea029515901ex99-1.htm">final ownership percentage will depend</a> on the NAV ratio calculated shortly before closing. The boards of both companies have unanimously approved the merger, with each acting on the recommendation of their respective <a href="https://www.sec.gov/Archives/edgar/data/1843162/000121390026069853/ea029515901ex99-1.htm">special committees of independent directors</a>.The merger is expected to create a combined company with a <a href="https://www.sec.gov/Archives/edgar/data/1843162/000121390026069853/ea029515901ex99-1.htm">pro forma NAV of $613 million</a> and a portfolio of $771 million in investments. Proponents of the merger highlight potential benefits such as increased competitive positioning, enhanced portfolio diversification, improved access to debt capital, and the <a href="https://www.sec.gov/Archives/edgar/data/1843162/000121390026069853/ea029515901ex99-1.htm">potential for earnings accretion</a> through operating efficiencies. However, the transaction remains subject to shareholder and regulatory approvals, as well as customary closing conditions, with a <a href="https://www.sec.gov/Archives/edgar/data/1843162/000121390026069853/ea029515901ex99-1.htm">projected closing in Q4 2026</a>.Former Louisiana Attorney General Charles C. Foti, Jr., a partner at Kahn Swick &amp; Foti, is <a href="https://ksfcounsel.com/">leading the merger investigation</a>. The firm is examining whether the merger process was conducted fairly and whether <a href="https://ksfcounsel.com/">the terms adequately protect shareholders</a>. Shareholders who wish to participate in the investigation or have questions about the merger can <a href="https://ksfcounsel.com/">contact Lewis Kahn at 855-768-1857</a> or visit ksfcounsel.com for more information.<img src="https://cdn.ainvest.com/aigc/hxcmp/images/compress-1cb99226b0ded001.png" alt="Chicago Atlantic Real Estate Finance Investor Alert: Kahn Swick &amp; Foti Investigates Merger Proposal">

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