Chicago Atlantic BDC, Inc.

June 30, 2025

(In thousands)

Footnote Legend

(1)

Unless otherwise indicated, all securities are valued using significant unobservable inputs, which are categorized as Level 3 assets under the Financial Accounting Standards Board’s Accounting Standards Codification 820's, Fair Value Hierarchy.

(2)

Par represents the outstanding principal balance net of repayments, if any, as per the terms of the debt instrument’s contract.

(3)

Generally, the interest rate on floating interest rate investments is at benchmark rate plus spread, subject to a benchmark interest rate floor. The benchmark rate is determined via the Credit or Loan Service Agreement, such as the Secured Overnight Financing Rate (“S”) or the U.S. Prime Rate (“P”). The terms in the Schedule of Investments disclose the actual interest rate in effect as of the reporting period. S loans are typically indexed to 30-day,90-day or 180-day rates("1M," "3M" or "6M", respectively) as defined in the Credit or Loan Service

Agreement. As of June 30, 2025, rates for 1M S, 3M S and 6M S are 4.32%,4.34%, and 4.37%, respectively. As of June 30, 2025, the P was 7.50%.

(4)

All investments were valued at fair value. See "Note 4 — Fair Value of Financial Instruments" in the accompanying notes to the financial statements.

(5)

The Company uses the North American Industry Classification System (“NAICS”) code for classifying the industry grouping of its portfolio companies, excluding any portfolio company operating in the cannabis industry.

(6)

Indicates a non-income producing investment. As of June 30, 2025, no debt investments are deemed as non-income producing.

(7)

Geographic regions are determined by the respective portfolio company’s headquarters’ location.

(8)

The respective portfolio company’s headquarters is located outside of the United States.

(9)

Portfolio company located in the Northeast.

(10)

Portfolio company located in the Midwest.

(11)

Portfolio company located in the West.

(12)

Portfolio company located in the Southeast.

(13)

Portfolio company located in the Southwest.

(14)

The investment is a “non-qualifying asset.” Under the Investment Company Act of 1940, as amended (the “1940 Act”), a business development company (“BDC”) may not acquire any “non-qualifying asset” (i.e., an asset other than assets of the type listed in Section 55(a) of the 1940 Act, which are referred to as “qualifying assets”), unless, at the time the acquisition is made, qualifying assets represent at least 70% of the BDC’s total assets. As of June 30, 2025, the aggregate fair value of non-qualifying assets is $11,220,019 or 3.38% of the Company’s total assets.

(15)

The amortized cost represents the original cost adjusted for any accretion of discounts, amortization of premiums and payment-in-kind ("PIK") interest or dividends.

(16)

Under the 1940 Act, as amended, the Company generally is deemed to be an “affiliated person” of a portfolio company if it owns 5% or more of the portfolio company’s voting securities and is generally deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of June 30, 2025, the Company did not hold investments in portfolio companies of which it is deemed to be an “affiliated person” nor deemed to “control” a portfolio company.

(17)

Assets are pledged as collateral for the Revolving Line of Credit (as defined below). See "Note 5 - Debt."

F - Fixed

P - Prime

PIK - Payment-In-Kind

S - SOFR

Schedule of Investments

December 31, 2024

(In thousands)

Footnote Legend

(1)

Unless otherwise indicated, all securities are valued using significant unobservable inputs, which are categorized as Level 3 assets under the Financial Accounting Standards Board’s Accounting Standards Codification 820's Fair Value Hierarchy.

(2)

Par represents the outstanding principal balance net of repayments, if any, as per the terms of the debt instrument’s contract.

(3)

Generally, the interest rate on floating interest rate investments is at benchmark rate plus spread, subject to a benchmark interest rate floor. The benchmark rate is determined via the Credit or Loan Service Agreement, such as the Secured Overnight Financing Rate (“S”) or the U.S. Prime Rate (“P”). The terms in the Schedule of Investments disclose the actual interest rate in effect as of the reporting period. S loans are typically indexed to 30-day,90-day or 180-day rates ("1M," "3M" or "6M," respectively) as defined in the Credit or Loan Service Agreement. As of December 31, 2024, rates for 1M S, 3M S and 6M S are 4.53%,4.69%, and 5.03%, respectively. As of December 31, 2024, the P was 7.50%.

(4)

All investments were valued at fair value. See "Note 4 — Fair Value of Financial Instruments" in the accompanying notes to the financial statements.

(5)

The Company uses the North American Industry Classification System (“NAICS”) code for classifying the industry grouping of its portfolio companies, excluding any portfolio company operating in the cannabis industry.

(6)

Indicates a non-income producing investment. As of December 31, 2024, no debt investments are deemed as non-income producing.

(7)

Geographic regions are determined by the respective portfolio company’s headquarters’ location.

(8)

The respective portfolio company’s headquarters is located outside of the United States.

(9)

Portfolio company located in the Northeast.

(10)

Portfolio company located in the Midwest.

(11)

Portfolio company located in the West.

(12)

Portfolio company located in the Southeast.

(13)

Portfolio company located in the Southwest.

(14)

The investment is a “non-qualifying asset.” Under the Investment Company Act of 1940, as amended (the “1940 Act”), a business development company (“BDC”) may not acquire any “non-qualifying asset” (i.e., an asset other than assets of the type listed in Section 55(a) of the 1940 Act, which are referred to as “qualifying assets”), unless, at the time the acquisition is made, qualifying assets represent at least 70% of the BDC’s total assets. As of December 31, 2024 the aggregate fair value of non-qualifying assets is $59,263,833 or 19.14% of the Company’s total assets.

(15)

The rate shown is the annualized seven-day yield as of December 31, 2024.

(16)

Included within ‘Cash and cash equivalents’ on the Statements of Assets and Liabilities.

(17)

The amortized cost represents the original cost adjusted for any accretion of discounts, amortization of premiums and payment-in-kind ("PIK") interest or dividends.

F - Fixed

P - Prime

PIK - Payment-In-Kind

S - SOFR