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- **Record Origination**: $66.7M in new investments, 7 first-time borrowers, 100% senior secured. 
- **Financial Strength**: $0.42 NII, 76% dividend coverage, $97.8M liquidity. 
- **Cannabis Catalyst**: Post-hemp regulation, state markets poised for stabilization. 
- **Risk Management**: 0% non-accruals, 58% loans at rate floors, selective underwriting. 


**【CEO Opening Remarks】**
- Q3 2025 net investment income per share: $0.42 (12.5% yield-to-book value). 
- Record $66.7M in new investments across 13 deals, 7 first-time borrowers. 
- Differentiated BDC strategy: 99.5% senior secured loans vs. 19.5% industry average; 15.8% weighted average yield vs. 11.4% industry average. 
- No non-accruals; 31% fixed/69% floating rate portfolio with 17% rate sensitivity to 100bp drop. 
- $0.34 dividend declared, 76% coverage ratio. 

**【CFO Financial Commentary】**
- Gross investment income: $15.1M (vs. $13.1M Q2). 
- Net investment income: $9.5M ($0.42/share vs. $0.34 Q2). 
- Net assets: $302.9M ($13.27/share). 
- Liquidity: $97.8M (92.5% credit facility utilization). 
- 58% of floating loans at rate floors. 

**【President's Origination Update】**
- Q3 2025: $66.3M funded, $62.7M repayments (84% early payoffs). 
- $610M pipeline: $415M cannabis, $195M non-cannabis. 
- 84% internally agented loans; 100% senior secured new investments. 
- $27M unfunded commitments; $5M deployed in Q4 to date. 

**【Q&A Highlights】**
- **Repayment Impact**: Unexpected repayments did not slow deployment; pipeline is 12-24 months in development. 
- **Cannabis Outlook**: Post-hemp regulation, state markets may stabilize; price compression from hemp THC likely to reverse. 
- **Tax Liabilities**: Treat uncertain tax provisions as liabilities; negotiate repayment terms with borrowers. 
- **Smaller Borrowers**: Offset risk with strong covenants, lower leverage, and market focus. 


Chicago Atlantic BDC, Inc. (LIEN) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

LIEN

LIEN fundamentals

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