Chicago Atlantic BDC
Private credit portfolio and Schedule of Investments data from SEC EDGAR filings.
Filing Information
Portfolio Composition
Portfolio-wide breakdown by fair value across this BDC’s full Schedule of Investments. Source: SEC EDGAR (public).
Top Portfolio Holdings
| Company | Sector | Investment | Coupon | Maturity | Cost | Fair Value |
|---|---|---|---|---|---|---|
| U.S. Debt Cannabis Verano Holdings Corp. Facility Type Term Loan All in Rate 11.66% Benchmark S | Senior Secured Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 7.66% (PIK 0.00%) | 2029-03-11 | $38,325,000 | $38,325,000 | |
| U.S. Debt Cannabis Dreamfields Brands, Inc. Facility Type Delayed Draw Term Loan All in Rate 16.25% Benchmark P | Senior Secured Senior Secured | http://fasb.org/us-gaap/2025#PrimeRateMember + 8.75% (PIK 0.00%) | 2028-09-30 | $31,716,000 | $31,429,000 | |
| U.S. Debt Cannabis Verano Holdings Corp. Facility Type Revolver All in Rate 12.33% Benchmark S | Senior Secured Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 8.33% (PIK 0.00%) | 2029-02-28 | $26,667,000 | $26,533,000 | |
| All in Rate 15.00% Benchmark F | Senior Secured Note Senior Secured | http://chicagoatlantic.com/20260331#FixedRateMember + 15.00% (PIK 0.00%) | 2028-10-02 | $21,983,000 | $22,000,000 | |
| CO Acquisition Vehicle LLC | — | $17,370,481 | ||||
| U.S. Debt Cannabis CO Acquisition Vehicle, LLC Facility Type Term Loan All in Rate 20.00% Benchmark F | Senior Secured Senior Secured | http://chicagoatlantic.com/20260331#FixedRateMember + 0.00% (PIK 20.00%) | 2029-12-31 | $16,310,000 | $17,370,000 | |
| U.S. Debt Cannabis Illicit - S1 Enterprises, Inc Facility Type Term Loan All in Rate 13.96% Benchmark S | Senior Secured Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 10.24% (PIK 0.00%) | 2028-12-31 | $14,466,000 | $14,375,000 | |
| Canadian Debt Cannabis - Canopy Growth Corporation Facility Type Term Loan All in Rate 9.91% Benchmark S | Senior Secured Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 6.25% (PIK 0.00%) | 2031-01-31 | $13,786,000 | $13,786,000 | |
| U.S. Debt Cannabis Flowery - Bill's Nursery, Inc Facility Type Delayed Draw Term Loan All in Rate 16.00% Benchmark F | Senior Secured Senior Secured | http://chicagoatlantic.com/20260331#FixedRateMember + 11.00% (PIK 5.00%) | 2027-12-31 | $13,856,000 | $13,734,000 | |
| U.S. Debt Cannabis Nova Farms, LLC Facility Type Term Loan All in Rate 15.00% Benchmark P | Senior Secured Senior Secured | http://fasb.org/us-gaap/2025#PrimeRateMember + 6.50% (PIK 0.00%) | 2027-03-28 | $13,469,000 | $13,475,000 | |
| U.S. Debt Cannabis BeLeaf Medical, LLC Facility Type Term Loan All in Rate 13.25% Benchmark P | Senior Secured Senior Secured | http://fasb.org/us-gaap/2025#PrimeRateMember + 5.75% (PIK 0.00%) | 2028-08-20 | $13,471,000 | $13,403,000 | |
| U.S. Debt Cannabis Wyld - Northwest Commonwealth, LLC Facility Type Term Loan All in Rate 16.67% Benchmark P | Senior Secured Senior Secured | http://fasb.org/us-gaap/2025#PrimeRateMember + 8.42% (PIK 1.50%) | 2029-01-30 | $11,750,000 | $11,750,000 | |
| U.S. Debt Public Administration Youth Opportunity Investments, LLC Facility Type Term Loan All in Rate 11.75% Benchmark S | Senior Secured Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 7.75% (PIK 0.00%) | 2026-09-18 | $11,267,000 | $11,349,000 | |
| U.S. Debt Cannabis Shangri-La Columbia, LLC Facility Type Delayed Draw Term Loan All in Rate 13.25% Benchmark P | Senior Secured Senior Secured | http://fasb.org/us-gaap/2025#PrimeRateMember + 5.75% (PIK 0.00%) | 2028-06-30 | $10,874,000 | $10,874,000 | |
| U.S. Debt Cannabis Aeriz Holdings Corp Facility Type Delayed Draw Term Loan All in Rate 12.75% Benchmark P | Senior Secured Senior Secured | http://fasb.org/us-gaap/2025#PrimeRateMember + 5.75% (PIK 0.00%) | 2028-06-30 | $9,590,000 | $9,302,000 | |
| U.S. Debt Cannabis Fluent Corp. Facility Type Term Loan All in Rate 13.00% Benchmark F | Senior Secured Senior Secured | http://chicagoatlantic.com/20260331#FixedRateMember + 12.00% (PIK 1.00%) | 2028-11-24 | $8,404,000 | $8,418,000 | |
| U.S. Debt Manufacturing Round 2 Holdings, LLC Facility Type Term Loan All in Rate 13.00% Benchmark P | Senior Secured Senior Secured | http://fasb.org/us-gaap/2025#PrimeRateMember + 5.25% (PIK 1.00%) | 2030-03-02 | $7,250,000 | $7,250,000 | |
| U.S. Debt Cannabis Elevation Cannabis, LLC Facility Type Delayed Draw Term Loan All in Rate 16.25% Benchmark P | Senior Secured Senior Secured | http://fasb.org/us-gaap/2025#PrimeRateMember + 7.75% (PIK 0.00%) | 2026-12-31 | $7,074,000 | $7,149,000 | |
| U.S. Debt Cannabis Cresco Labs, LLC Facility Type Term Loan All in Rate 12.50% Benchmark F | Senior Secured Senior Secured | http://chicagoatlantic.com/20260331#FixedRateMember + 12.50% (PIK 0.00%) | 2030-08-13 | $7,238,000 | $7,050,000 | |
| U.S. Debt Cannabis Silver Therapeutics, Inc Facility Type Delayed Draw Term Loan All in Rate 15.00% Benchmark P | Senior Secured Senior Secured | http://fasb.org/us-gaap/2025#PrimeRateMember + 7.25% (PIK 0.00%) | 2028-03-24 | $6,171,000 | $6,047,000 | |
| U.S. Debt Cannabis Kapple Holdings LLC (Cannabis & Glass) Facility Type Delayed Draw Term Loan All in Rate 14.25% Benchmark S | Senior Secured Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 10.25% (PIK 0.00%) | 2028-07-28 | $5,950,000 | $5,970,000 | |
| U.S. Debt Information Engage3 Holdings, Inc. Facility Type Term Loan All in Rate 14.00% Benchmark P | Senior Secured Senior Secured | http://fasb.org/us-gaap/2025#PrimeRateMember + 2.50% (PIK 4.00%) | 2030-07-22 | $5,855,000 | $5,811,000 | |
| U.S. Debt Retail Trade Portofino Labs, Inc. (d/b/a Because Market) Facility Type Term Loan All in Rate 12.00% Benchmark S | Senior Secured Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 6.25% (PIK 1.50%) | 2029-04-30 | $5,028,000 | $5,064,000 | |
| U.S. Debt Educational Services Energize Holdings, Inc. (d/b/a Exos) Facility Type Term Loan All in Rate 11.99% Benchmark S | Senior Secured Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 8.00% (PIK 0.00%) | 2029-10-24 | $4,968,000 | $4,925,000 | |
| U.S. Debt Manufacturing Ocular Science, Inc Facility Type Term Loan All in Rate 13.00% Benchmark P | Senior Secured Senior Secured | http://fasb.org/us-gaap/2025#PrimeRateMember + 5.25% (PIK 1.00%) | 2029-06-17 | $4,872,000 | $4,760,000 |
Loan-Pricing Trend
Fair-value-weighted average credit spread and average mark across this BDC’s Schedule-of-Investments debt holdings, by filing quarter. Spread and mark are shown in the units reported in the filing. Source: SEC EDGAR (public).
| Quarter | Priced Loans | Wtd-Avg Spread | Avg Mark | Debt Fair Value |
|---|---|---|---|---|
| 2022-06-30 | 0 | — | — | $170K |
| 2023-03-31 | 0 | — | — | $110K |
| 2023-06-30 | 3 | 7.62 | 95.4 | $237M |
| 2023-09-30 | 4 | 7.46 | 94.9 | $232M |
| 2023-12-31 | 3 | 7.61 | 97.0 | $228M |
| 2024-03-31 | 3 | 7.62 | 98.2 | $231M |
| 2024-06-30 | 3 | 7.70 | 96.0 | $313M |
| 2024-09-30 | 3 | 7.67 | 97.0 | $311M |
| 2024-12-31 | 0 | — | 97.7 | $910M |
| 2025-03-31 | 0 | — | 98.2 | $876M |
| 2025-06-30 | 36 | 8.43 | 100.3 | $306M |
| 2025-09-30 | 40 | 7.92 | 98.6 | $309M |
| 2025-12-31 | 41 | 7.97 | 99.0 | $328M |
| 2026-03-31 | 43 | 7.99 | 98.6 | $378M |
Marks reflect each BDC’s own fair-value estimates as reported to the SEC, not traded prices. Private-credit loans are predominantly Level 3 under ASC 820 — valued from unobservable inputs and determined in good faith by each BDC’s board, so figures are estimates as of the filing date and are not directly comparable across managers. Informational only; not investment advice or a valuation.
About Chicago Atlantic BDC
Chicago Atlantic BDC (LIEN) is a publicly traded Business Development Company (BDC) — essentially a publicly listed fund that lends money to mid-sized private companies. In plain English: BDCs raise money from public investors and lend it to businesses that are too small for Wall Street banks. By law, they must pay out at least 90% of their profits as dividends, which is why BDC yields are often 8–12%. Chicago Atlantic BDC discloses its full loan portfolio through SEC filings.
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