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(d/b/a Jeeter) Facility Type Delayed Draw Term Loan All in Rate 16.25% Benchmark P Spread 8.75% PIK 0.00% Floor 7.50% Initial Acquisition Date 5/3/2023 Maturity 9/30/20282025-12-310001843162US Corporate Debt First Lien Senior Secured Engage3 Holdings, Inc. Facility Type Term Loan All in Rate 14.00% Benchmark P Spread 2.50% PIK 4.00% Floor 7.50% Initial Acquisition Date 7/22/2025 Maturity 7/22/20302025-01-012025-12-310001843162US Corporate Debt First Lien Senior Secured Information Protect Animals With Satellites LLC (Halo Collar) Facility Type Incremental Term Loan All in Rate 13.25% Benchmark P Spread 1.75% PIK 3.00% Floor 8.50% Initial Acquisition Date 10/1/2024 Maturity 11/1/20262025-01-012025-12-310001843162lien:SeniorSecuredNotesMember2025-01-012025-12-310001843162US Corporate Debt First Lien Senior Secured U.S. Debt Cannabis Aeriz Holdings Corp Facility Type Delayed Draw Term Loan All in Rate 12.75% Benchmark P Spread 5.75% PIK 0.00% Floor 7.00% Initial Acquisition Date 6/30/2025 Maturity 6/30/20282026-01-012026-03-310001843162us-gaap:WarrantMemberlien:EducationalServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMembercountry:US2025-12-310001843162us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001843162us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001843162lien:DebtSecuritiesTwoMember2026-03-310001843162US Corporate Debt First Lien Senior Secured U.S. Debt Cannabis Dreamfields Brands, Inc. Facility Type Delayed Draw Term Loan All in Rate 16.25% Benchmark P Spread 8.75% PIK 0.00% Floor 7.50% Initial Acquisition Date 5/3/2023 Maturity 9/30/20282026-03-310001843162US Corporate Debt First Lien Senior Secured U.S. Debt Cannabis Silver Therapeutics, Inc Facility Type Delayed Draw Term Loan All in Rate 15.00% Benchmark P Spread 7.25% PIK 0.00% Floor 7.75% Initial Acquisition Date 3/26/2025 Maturity 3/24/20282026-01-012026-03-310001843162lien:O2024Q1DividendsMember2025-01-012025-03-310001843162U.S. Preferred Stock Real Estate and Rental and Leasing Workbox Holdings Inc. 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Facility Type Term Loan All in Rate 11.67% Benchmark S Spread 8.00% PIK 0.00% Floor 3.25% Initial Acquisition Date 12/10/2025 Maturity 12/10/20302026-03-310001843162U.S. Warrants Real Estate and Rental and Leasing Workbox Holdings Inc. 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Warrants Initial Acquisition Date 7/22/20252025-01-012025-12-310001843162U.S. Warrants Manufacturing Ocular Science, Inc. Warrants Initial Acquisition Date 12/17/20252025-01-012025-12-310001843162lien:EducationalServicesMember2025-12-310001843162First Lien Senior Secured Canadian Debt Cannabis – Canopy Growth Corporation Facility Type Term Loan All in Rate 9.91% Benchmark S Spread 6.25% PIK 0.00% Floor 3.25% Initial Acquisition Date 1/8/2026 Maturity 1/31/20312026-03-310001843162us-gaap:IPOMember2026-01-012026-03-310001843162us-gaap:WarrantMemberlien:RealEstateAndRentalAndLeasingMembercountry:US2026-03-310001843162lien:SecondDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001843162us-gaap:DebtSecuritiesMember2025-03-310001843162lien:FirstLienSeniorSecuredLoansMember2025-01-012025-12-3100018431622026-03-310001843162First Lien Senior Secured Canadian Debt Information Tulip.io Inc. 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Facility Type Term Loan All in Rate 12.00% Benchmark F Spread 6.00% PIK 6.00% Floor 0.00% Initial Acquisition Date 5/20/2024 Maturity 5/31/20292026-03-3100018431622025-03-310001843162lien:FirstLienSeniorSecuredLoansMember2025-12-310001843162us-gaap:SoutheastRegionMember2025-12-310001843162us-gaap:PreferredStockMemberus-gaap:MarketApproachValuationTechniqueMemberlien:MeasurementInputCurrentValueMember2026-03-310001843162US Corporate Debt First Lien Senior Secured U.S. Debt Manufacturing Ocular Science, Inc Facility Type Term Loan All in Rate 13.00% Benchmark P Spread 5.25% PIK 1.00% Floor 6.75% Initial Acquisition Date 12/17/2025 Maturity 6/17/20292025-01-012025-12-310001843162srt:MinimumMember2026-03-310001843162US Corporate Debt First Lien Senior Secured U.S. Debt Retail Trade Portofino Labs, Inc. (d/b/a Because Market) Facility Type Term Loan All in Rate 12.00% Benchmark S Spread 6.25% PIK 1.50% Floor 4.25% Initial Acquisition Date 4/30/2025 Maturity 4/30/20292026-03-310001843162U.S. Warrants Educational Services Energize Holdings, Inc. (d/b/a Exos) Warrants Initial Acquisition Date 11/24/20252025-01-012025-12-310001843162US Corporate Debt First Lien Senior Secured U.S. Debt Cannabis Oasis - AZ GOAT AZ LLC Facility Type Term Loan All in Rate 15.50% Benchmark P Spread 7.50% PIK 0.00% Floor 8.00% Initial Acquisition Date 10/1/2024 Maturity 3/31/20272026-03-310001843162lien:InformationMemberlien:USCorporateDebtFirstLienSeniorSecuredMember2026-03-310001843162Non Qualifying Assets2026-01-012026-03-310001843162lien:USCorporateDebtFirstLienSeniorSecuredMemberlien:PublicAdministrationMember2026-03-310001843162lien:LoanPortfolioAcquisitionAgreementMember2024-09-282024-09-280001843162us-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberlien:SecondDebtSecuritiesMemberus-gaap:MeasurementInputDiscountRateMember2025-12-310001843162lien:WarrantOneMember2025-12-310001843162lien:Fixed-RateDebtMember2026-01-012026-03-310001843162First Lien Senior Secured Canadian Debt Information Tulip.io Inc. Facility Type Term Loan All in Rate 15.00% Benchmark P Spread 4.00% PIK 3.00% Floor 8.00% Initial Acquisition Date 11/4/2024 Maturity 11/4/20282025-12-310001843162US Corporate Debt First Lien Senior Secured U.S. Debt Educational Services Energize Holdings, Inc. Facility Type Term Loan All in Rate 11.99% Benchmark S Spread 8.00% PIK 0.00% Floor 3.99% Initial Acquisition Date 10/24/2025 Maturity 10/24/20292025-12-310001843162us-gaap:FairValueInputsLevel2Memberlien:SecondDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001843162US Corporate Debt First Lien Senior Secured U.S. Debt Educational Services Energize Holdings, Inc. Facility Type Term Loan All in Rate 11.99% Benchmark S Spread 8.00% PIK 0.00% Floor 3.99% Initial Acquisition Date 10/24/2025 Maturity 10/24/20292025-01-012025-12-310001843162us-gaap:FairValueInputsLevel3Memberlien:SecondDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001843162lien:SecondDebtSecuritiesMember2025-01-012025-03-310001843162US Corporate Debt First Lien Senior Secured U.S. Debt Cannabis Nova Farms, LLC Facility Type Term Loan All in Rate 15.00% Benchmark P Spread 6.50% PIK 0.00% Floor 8.50% Initial Acquisition Date 10/1/2024 Maturity 3/28/20272026-01-012026-03-310001843162us-gaap:InvestmentUnaffiliatedIssuerMemberlien:CanadianCorporateDebtMember2025-12-310001843162U.S. Preferred Stock Real Estate and Rental and Leasing Workbox Holdings Inc. A-1 Preferred Initial Acquisition Date 5/20/20242025-12-310001843162lien:SecondDebtSecuritiesMember2024-12-310001843162US Corporate Debt First Lien Senior Secured U.S. Debt Cannabis Kaleafa, Inc. Facility Type Term Loan All in Rate 17.00% Benchmark P Spread 8.50% PIK 0.00% Floor 8.50% Initial Acquisition Date 12/4/2024 Maturity 12/3/20272025-12-310001843162us-gaap:RelatedPartyMemberlien:DueFromAffiliateMember2026-03-310001843162US Corporate Debt First Lien Senior Secured U.S. Debt Cannabis Kaleafa, Inc. Facility Type Term Loan All in Rate 17.00% Benchmark P Spread 8.50% PIK 0.00% Floor 8.50% Initial Acquisition Date 10/1/2024 Maturity 12/3/20272026-03-310001843162us-gaap:RevolvingCreditFacilityMembersrt:MinimumMember2025-02-110001843162US Corporate Debt First Lien Senior Secured U.S. Debt Cannabis Fluent Corp. Facility Type Term Loan All in Rate 13.00% Benchmark F Spread 12.00% PIK 1.00% Floor 0.00% Initial Acquisition Date 3/31/2025 Maturity 11/24/20282026-03-310001843162US Corporate Debt First Lien Senior Secured U.S. Debt Cannabis Verano Holdings Corp. Facility Type Term Loan All in Rate 13.25% Benchmark P Spread 6.50% PIK 0.00% Floor 6.25% Initial Acquisition Date 10/27/2024 Maturity 10/30/20262025-01-012025-12-310001843162us-gaap:WarrantMember2026-03-310001843162srt:MaximumMember2026-03-310001843162US Corporate Debt Senior Secured U.S. Notes Cannabis Ascend Wellness Holdings Inc Facility Type Senior Secured Note All in Rate 12.75% Benchmark F Spread 12.75% PIK 0.00% Floor 0.00% Initial Acquisition Date 7/16/2024 Maturity 7/16/20292026-01-012026-03-310001843162us-gaap:FairValueMeasurementsRecurringMember2026-03-310001843162US Corporate Debt First Lien Senior Secured U.S. Debt Retail Trade Portofino Labs, Inc. (d/b/a Because Market) Facility Type Term Loan All in Rate 12.03% Benchmark S Spread 6.25% PIK 1.50% Floor 4.25% Initial Acquisition Date 4/30/2025 Maturity 4/30/20292025-12-310001843162U.S. Warrants Information Engage3 Holdings, Inc. Warrants Initial Acquisition Date 7/22/20252025-12-310001843162US Corporate Debt First Lien Senior Secured U.S. Debt Cannabis Verano Holdings Corp. Facility Type Revolver All in Rate 12.49% Benchmark S Spread 8.33% PIK 0.00% Floor 4.00% Initial Acquisition Date 9/30/2025 Maturity 9/29/20282025-01-012025-12-310001843162us-gaap:RevolvingCreditFacilityMember2026-03-310001843162US Corporate Debt First Lien Senior Secured U.S. Debt Information Protect Animals With Satellites LLC (Halo Collar) Facility Type Term Loan All in Rate 12.00% Benchmark P Spread 3.25% PIK 2.00% Floor 6.75% Initial Acquisition Date 10/1/2024 Maturity 3/30/20312026-01-012026-03-310001843162us-gaap:WarrantMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001843162srt:MinimumMember2026-01-012026-03-310001843162us-gaap:PreferredStockMember2026-01-012026-03-310001843162lien:SeniorSecuredUSNotesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberlien:CannabisMember2025-12-310001843162U.S. Preferred Stock Canadian Warrants Information Tulip.io Inc. Warrants Initial Acquisition Date 11/4/20242025-01-012025-12-310001843162US Corporate Debt First Lien Senior Secured U.S. Debt Cannabis Wyld - Northwest Commonwealth, LLC Facility Type Term Loan All in Rate 16.67% Benchmark P Spread 8.42% PIK 1.50% Floor 6.75% Initial Acquisition Date 1/30/2026 Maturity 1/30/20292026-01-012026-03-310001843162us-gaap:MidwestRegionMember2025-12-310001843162US Corporate Debt First Lien Senior Secured U.S. Debt Retail Trade Aura Home, Inc Facility Type Term Loan All in Rate 10.77% Benchmark S Spread 6.50% PIK 0.00% Floor 3.75% Initial Acquisition Date 10/1/2024 Maturity 9/22/20262025-01-012025-12-310001843162US Corporate Debt First Lien Senior Secured U.S. Debt Manufacturing Ocular Science, Inc Facility Type Term Loan All in Rate 13.00% Benchmark P Spread 5.25% PIK 1.00% Floor 6.75% Initial Acquisition Date 12/17/2025 Maturity 6/17/20292025-12-310001843162US Corporate Debt First Lien Senior Secured U.S. Debt Cannabis Wellgreens Facility Type Term Loan All in Rate 14.00% Benchmark P Spread 6.50% PIK 0.00% Floor 7.50% Initial Acquisition Date 7/24/2025 Maturity 7/31/20292026-01-012026-03-310001843162lien:RetailTradeMember2026-03-310001843162us-gaap:PreferredStockMember2024-12-310001843162us-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001843162us-gaap:InvestmentUnaffiliatedIssuerMemberlien:USCorporateDebtFirstLienSeniorSecuredMemberlien:RetailTradeMember2025-12-310001843162lien:SecondDebtSecuritiesMember2025-03-310001843162US Corporate Debt First Lien Senior Secured U.S. Debt Cannabis Hugo Technologies, Inc. Facility Type Term Loan All in Rate 11.79% Benchmark S Spread 8.00% PIK 0.00% Floor 3.25% Initial Acquisition Date 12/10/2025 Maturity 12/10/20302025-01-012025-12-310001843162U.S. Preferred Stock Real Estate and Rental and Leasing Workbox Holdings Inc. A-1 Preferred Initial Acquisition Date 5/20/20242026-01-012026-03-31xbrli:purelien:PortfolioCompanyxbrli:shareslien:Segmentiso4217:USDxbrli:shareslien:Quartersiso4217:USD\n\n[Table of Contents](#toc_page)\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\n \n\n \n\nFORM 10-Q\n\n \n\n \n\n(Mark One)\n\n☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the Quarterly Period Ended March 31, 2026\n\nOR\n\n☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nCommission file number: 001-40564\n\n \n\n \n\nCHICAGO ATLANTIC BDC, INC.\n\n(Exact name of registrant as specified in its charter)\n\n \n\n \n\n \n\nMaryland\n\n \n\n86-2872887\n\n(State or other jurisdiction of\n\nincorporation or organization)\n\n \n\n(IRS Employer Identification No.)\n\n \n\n \n\n600 Madison Avenue, Suite 1800\n\n \n\nNew York, NY\n\n \n\n10022\n\n(Address of principal executive offices)\n\n \n\n(Zip Code)\n\n \n\n(312) 625-9295\n\n(Registrant’s telephone number, including area code)\n\n \n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n \n\nTitle of Each Class\n\n \n\nTrading Symbol(s)\n\n \n\nName of each exchange on which registered\n\nCommon Stock, par value $0.01 per share\n\nLIEN\n\nThe NASDAQ Stock Market LLC\n\n \n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange 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.\n\nYes ☒ No ☐\n\n \n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).\n\nYes ☒ No ☐\n\n \n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:\n\n \n\nLarge accelerated filer\n\n☐\n\n \n\nAccelerated filer\n\n☐\n\nNon-accelerated filer\n\n☒\n\n \n\nSmaller reporting company\n\n☐\n\n \n\n \n\n \n\nEmerging growth company\n\n☒\n\n \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\n \n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒\n\n \n\nAs of May 13, 2026, the registrant had 22,820,590 shares of common stock ($0.01 par value per share) outstanding.\n\n \n\n \n\n[Table of Contents](#toc_page)\n\nCHICAGO ATLANTIC BDC, INC.\n\nFORM 10-Q\n\n \n\n \n\nTABLE OF CONTENTS\n\n \n\n \n\nPAGE\n\nNO.\n\nPART I\n\nFINANCIAL INFORMATION"}