Chicago Atlantic BDC (LIEN) Q2 2026 Earnings Call: NII at $0.34
Source Tradingkey
Key Takeaways
- Chicago Atlantic BDC reported Q2 2026 net investment income of $7.7 million, or $0.34 per share, versus $10.0 million, or $0.44 per share, in Q1 2026.
- The company declared a $0.34-per-share dividend, its eighth consecutive quarterly dividend at that level.
- Portfolio fair value declined $29.1 million sequentially to $334.8 million, primarily because $32.2 million of repayments and amortization exceeded $2.7 million of new originations. Management said the decline did not reflect weaker credit quality.
- The debt portfolio had a 16% weighted average gross yield, was entirely senior secured and had no loans on non-accrual status at June 30, 2026.
- Chicago Atlantic BDC funded a $25 million senior secured debt investment after quarter-end. Its platform-wide pipeline was nearly $1.1 billion, comprising approximately $649 million of cannabis opportunities and $440 million of non-cannabis opportunities.
- Management continues to expect the all-stock merger with Chicago Atlantic Real Estate Finance to close in Q4 2026, subject to shareholder and regulatory approvals and customary closing conditions.
Key Financial Data
| Metric | Q2 2026 | Q1 2026 / Change | Commentary |
|---|---|---|---|
| Gross investment income | $14.0 million | $16.7 million | Lower fee income due to reduced origination activity |
| Total expenses | $6.3 million | $6.7 million | Lower income-based incentive fees |
| Net investment income | $7.7 million | $10.0 million | Lower portfolio size and origination fee income |
| Net investment income per share | $0.34 | $0.44 | Sequential decline |
| Dividend per share | $0.34 | Unchanged for eight quarters | Announced with Q2 results |
| Portfolio fair value | $334.8 million | Down $29.1 million | Repayments exceeded new deployment |
| Weighted average gross debt yield | 16.0% | 15.8% | Remained broadly stable |
| Net unrealized loss | $1.6 million | — | Mainly reversal of prior unrealized gains on loans repaid at par |
| Net assets | $302.5 million | — | As of June 30, 2026 |
| NAV per share | $13.26 | $13.33 | Sequential decrease of $0.07 |
| Debt outstanding | $27.0 million | — | Entirely drawn under the revolving credit facility |
| Debt-to-equity ratio | 0.09x | — | Management described the portfolio as underleveraged |
Business and Operating Performance
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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