Record NII per share of $0.44 covers the $0.34 dividend by 1.29x, the strongest coverage in the company's history. The $500M shelf registration signals intent to scale the portfolio aggressively. Watch for deployment pace and whether the weighted average yield can be maintained as the portfolio grows. The cannabis rescheduling catalyst (DOJ reclassification to Schedule III in April 2026) is a tailwind for borrower credit quality.
Price Chart
Executive Summary
Chicago Atlantic BDC (LIEN) reported record Q1 2026 results with net investment income of $0.44 per share, a 22% sequential increase from Q4 2025's $0.36, driven by record portfolio funding of $93.9 million. The portfolio grew to $364M at fair value, NAV per share edged up to $13.33, and the company maintained zero non-accruals. A $500M shelf registration was filed post-quarter to support future portfolio growth.
Key Financial Metrics
Key Facts
- Net investment income of $10.0M ($0.44/share) vs $8.3M ($0.36/share) in Q4 2025, a record
- Total investment portfolio grew to $364.0M at fair value, up $30.7M from prior quarter
- Funded $93.9M in new investments across 7 portfolio companies during the quarter
- NAV per share increased to $13.33 from $13.30 in Q4 2025
- Dividend maintained at $0.34/share for Q2 2026, payable July 10, 2026
- Zero loans on non-accrual status; 100% of debt investments are senior secured
- Filed $500M shelf registration on May 11, 2026 for future capital markets access
- Weighted average portfolio yield maintained at 15.8%
- Liquidity of $48.8M as of March 31, 2026; $51.5M as of May 13, 2026
Financial Impact
Net investment income rose 20.5% sequentially to $10.0M; portfolio grew 9.2% QoQ to $364M; NAV per share +$0.03 QoQ
Risk Factors
- Unrealized depreciation of $1.4M due to widening credit spreads during the quarter
- Revolving credit facility draw increased to $54.5M from $25.0M, raising interest expense to $1.02M (up 120% QoQ)
- Shelf registration could lead to future equity dilution if common stock is issued
- Concentration risk: 76% of portfolio in cannabis, which remains federally illegal for adult-use
Market Snapshot
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001213900-26-056216 |
| Document: ea029069801ex99-2.htm | 0001213900-26-056216 |
| Document: ea0290698-8k_chicago.htm | 0001213900-26-056216 |
| Document: 0001213900-26-056216-index-headers.html | 0001213900-26-056216 |
| Document: 0001213900-26-056216-index.html | 0001213900-26-056216 |
| Document: 0001213900-26-056216.txt | 0001213900-26-056216 |
| 8-K Data (Synthetic) | 0001213900-26-056216 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 1, 2026 27d ago | EFFECT | $9.45 $9.39 | ▼ −0.63% | ▼ −1.94% | $9.10 (−3.70%) |
Aug 24, 2026 9w ago | Insider Cluster | $10.19 $10.27 | ▲ +0.79% | ▲ +1.32% | $9.10 (−10.70%) |
Aug 19, 2026 9w ago | Insider Cluster | $9.78 $10.14 | ▲ +3.68% | ▲ +2.57% | $9.10 (−6.95%) |
Aug 13, 2026 10w ago | DEFA14A | $9.44 $9.78 | ▲ +3.60% | ▲ +5.57% | $9.10 (−3.60%) |
Jun 18, 2026 18w ago | DEFA14A | $10.24 $10.40 | ▲ +1.56% | ▲ +3.23% | $9.10 (−11.13%) |
Jun 18, 2026 18w ago | 425 | $10.24 $10.40 | ▲ +1.56% | ▲ +3.23% | $9.10 (−11.13%) |
Jun 18, 2026 18w ago | 8-K | $10.24 $10.40 | ▲ +1.56% | ▲ +3.23% | $9.10 (−11.13%) |
Jun 18, 2026 18w ago | Press Release | $10.24 $10.40 | ▲ +1.56% | ▲ +3.23% | $9.10 (−11.13%) |
May 14, 2026 23w ago | 8-K | $9.83 $9.82 | ▼ −0.10% | ▲ +0.62% | $9.10 (−7.43%) |
May 14, 2026 23w ago | Press Release | $9.83 $9.82 | ▼ −0.10% | ▲ +0.62% | $9.10 (−7.43%) |
US Market Status
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