Chicago Atlantic BDC Inc 2025年季度报告

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period EndedMarch 31, 2025 ORTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 CHICAGO ATLANTIC BDC, INC. (Exact name of registrant as specified in its charter) Securities registered pursuant to Section 12(b) of the Act: 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: Large accelerated filerNon-accelerated filer 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 is a shell company (as defined in Rule 12b-2 of the Act). Yes☐No☒ As ofMay13,2025,the registrant had22,820,408shares of common stock ($0.01 par value per share) outstanding. CHICAGO ATLANTIC BDC, INC.FORM 10-Q TABLE OF CONTENTS NO.PART IFINANCIAL INFORMATIONItem 1Financial Statements (unaudited)3Statements of Assets and Liabilities3Statements of Operations4Statements of Changes in Net Assets5Statements of Cash Flows6Schedule of Investments7Notes to Financial Statements12Item 2Management’s Discussion and Analysis of Financial Condition and Results of Operations33Item 3Quantitative and Qualitative Disclosures About Market Risk51Item 4Controls and Procedures52PART IIOTHER INFORMATIONItem 1Legal Proceedings52Item 1ARisk Factors52Item 2Unregistered Sales of Equity Securities and Use of Proceeds52Item 3Defaults Upon Senior Securities52Item 4Mine Safety Disclosures52Item 5Other Information52Item 6Exhibits53SIGNATURES54 Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS Except where the context suggests otherwise, the terms “we,” “us,” “our,” “the Company,” and “LIEN” refer to Chicago AtlanticBDC, Inc. In addition, the terms “Adviser,” “investment adviser” and “administrator” refer toChicago Atlantic BDC Advisers, LLC,our external investment adviser and administrator. Some of the statements in this quarterly report on Form 10-Q constitute forward-looking statements because they relate to futureevents or our future performance or financial condition. The forward-looking statements contained in this quarterly report on Form 10-Q may include statements as to: •uncertainties related to the new U.S. Presidential administration, including the potential impact of tariff enactment and taxreductions, and the risk of recession or a shutdown of government services, which could impact our business prospects andthe prospects of our portfolio companies; •our future operating results and distribution projections;•the ability of Chicago Atlantic BDC Advisers, LLC (the “Adviser”) to attract and retain highly talented professionals;•our business prospects and the prospects of our portfolio companies;•the impact of interest and inflation rates on our business prospects and the prospects of our portfolio companies;•the impact of the investments that we expect to make;•the ability of our portfolio companies to achieve their objectives;•our expected financings and investments and the timing of our investments in our initial portfolio;•changes in regulation impacting the cannabis industry;•the adequacy of our cash resources and working capital;•the timing of cash flows, if any, from the operations of our portfolio companies; and•the ability to realize benefits anticipated by the Loan Portfolio Acquisition (as defined below). In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicateforward-looking statements, although not all forward-looking statements include these words. The forward-looking statementscontained in this quarterly report on Form 10-Q involve risks and uncertainties. Our actual results could differ materially from thoseimplied or expressed in the forward-looking statements for any reason, including the factors set forth in “