Chicago Atlantic BDC Inc 2024年度报告

(Mark One) ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year EndedDecember 31, 2024 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number:001-40564 CHICAGO ATLANTIC BDC, INC. (Exact name of registrant as specified in its charter) Maryland86-2872887(State or other jurisdiction of incorporation or organization)(IRS Employer Identification No.) (212)905-4923(Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Securities registered pursuant to Section 12(g) of the Act: NoneIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☐ No☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes☐No☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90 days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files). Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smallerreporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act: If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectivenessof its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registeredpublic accounting firm that prepared or issued its audit report.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes☐No☒ As of June 30, 2024, the aggregate market value of the common stock($0.01 par value per share)of the registrant held by non-affiliates of the registrant was approximately $53,422,819, based on the closing sale price on the Nasdaq Global Market on that date of$11.82 per share. As of March 28,2025, the registrant had22,820,386shares of common stock ($0.01 par value per share) outstanding. DOCUMENTS INCORPORATED BY REFERENCEPortions of the registrant’s definitive Proxy Statement for its 2025 Annual Meeting of Stockholders, to be filed with the Securities and Exchange Commission within 120 days following the end of the registrant’s fiscal year, are incorporated by reference into Part III ofthis annual report on Form 10-K. CHICAGO ATLANTIC BDC, INC.FORM 10-K TABLE OF CONTENTS NO.PART IItem 1Business3Item 1ARisk Factors35Item 1BUnresolved Staff Comments78Item 1CCybersecurity78Item 2Properties79Item 3Legal Proceedings79Item 4Mine Safety Disclosures79PART IIItem 5Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities79Item 6[Reserved]83Item 7Management’s Discussion and Analysis of Financial Condition and Results of Operations83Item 7AQuantitative and Qualitative Disclosures About Market Risk98Item 8Financial Statements and Supplementary Data100Item 9Changes in and Disagreements with Accountants on Accounting and Financial Disclosure131Item 9AControls and Procedures131Item 9BOther Information131Item 9CDisclosure Regarding Foreign Jurisdictions that Prevent Inspections131PART IIIItem 10Directors, Executive Officers and Corporate Governance132Item 11Executive Compensation132Item 12Security Ownership of Certain Beneficial Owners and Management and Related StockholderMatters132Item 13Certain Relationships and Related Transactions, and Director Independence132Item 14Principal Accou