Chicago Atlantic Bdc Stock Earnings Reports

Chicago Atlantic BDC reported a record quarter (Q1 2026) with net investment income of $10.0 million ($0.44 per share) driven by strong originations and higher interest income. The company funded a record $93.9 million across seven portfolio companies (including three new borrowers) and grew its portfolio to the largest level in company history while maintaining conservative capital structure: $54.5 million of debt outstanding (0.18x debt-to-equity), approximately $51.5 million of available liquidity (including revolver capacity), and no nonaccruals. The portfolio is highly senior-secured (100% of debt investments senior secured), with a gross weighted average yield of ~15.8% and ~94% of the debt portfolio protected from rate declines via fixed rates or floors. Management reiterated disciplined underwriting, a continued focus on cannabis and underserved lower-middle-market lending, and highlighted favorable regulatory developments—most notably the DOJ’s rescheduling of state-licensed medical cannabis from Schedule I to Schedule III—which they expect to improve borrower cash flows and credit quality over time. The company filed a $500 million shelf (primarily to enable future debt raises) and emphasized ample room to opportunistically deploy additional leverage while remaining well below peer BDC average leverage. The origination pipeline totaled roughly $810 million (approximately $482 million cannabis, $328 million non-cannabis), and management expects deal activity to pick up further as regulatory tailwinds and M&A momentum increase.