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Chicago Atlantic BDC, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports an investment portfolio with an aggregate fair value of approximately $55.8 million, comprised of $43.4 million in first lien, senior secured loans, $11.7 million in senior secured notes, and $0.7 million in equity securities across seven portfolio companies.
Total investment income for the three months ended September 30, 2024, was approximately $3.2 million, compared to $2.9 million for the same period in 2023. The increase is attributed to higher fee income and interest income.
Operating expenses for the nine months ended September 30, 2024, were $7.6 million, up from $3.4 million in the same period of 2023. The increase is primarily due to $5.1 million in transaction expenses related to the Loan Portfolio Acquisition.
Net investment income for the nine months ended September 30, 2024, was approximately $1.5 million, down from $4.9 million in the same period of 2023. The decline is mainly due to increased transaction expenses.
The company completed its acquisition of a loan portfolio from Chicago Atlantic Loan Portfolio, LLC, issuing 16,605,372 shares of common stock in exchange for loans valued at $219.6 million.
The filing details a new investment advisory agreement and a new license agreement with Chicago Atlantic BDC Advisers, LLC, following the creation of a joint venture with Chicago Atlantic BDC Holdings, LLC.
Chicago Atlantic BDC, Inc. continues to focus on investing in companies within the cannabis industry and other highly regulated sectors, aiming to maximize risk-adjusted returns on equity for its shareholders.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Chicago Atlantic BDC Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.