Chicago Atlantic Real Estate Finance Inc

Chicago Atlantic BDC reported second-quarter net investment income of $7.7 million, or $0.34 per share, down from $10 million in the first quarter as loan repayments reduced the portfolio and originations and fee income declined. The company maintained its quarterly dividend at $0.34 per share, its eighth consecutive quarter at that level. The investment portfolio declined to $334.8 million after $32.2 million in paydowns, but management reported stable credit quality, no non-accrual loans and no realized losses. The portfolio remains 100% senior secured, with an approximately 16% gross yield. Chicago Atlantic reported a nearly $1.1 billion lending pipeline and expects its proposed all-stock merger with Chicago Atlantic Real Estate Finance to close in the fourth quarter of 2026, subject to approvals, creating a larger, better-capitalized BDC with more than $600 million in book equity.