Chicago Atlantic BDC Inc (LIEN) 2025 Q4 法說會逐字稿

Good day and welcome to the Chicago Atlantic BDC Inc. fourth quarter 2025 earnings conference call. (Operator Instructions) Please note that this event is being recorded. I'd now like to turn the conference over to Tripp Sullivan. Please go ahead.

大家好，歡迎參加芝加哥大西洋商業發展公司（Chicago Atlantic BDC Inc.）2025年第四季財報電話會議。 （操作說明）請注意，本次會議正在錄音。現在我將會議交給特里普·沙利文（Tripp Sullivan）先生。請開始。

Thank you. Good morning. Welcome to the Chicago Atlantic BDC conference call to review the company's results. On the call today will be Peter Sack, Chief Executive Officer; Thomas Geoffroy, Interim Chief Financial Officer; and Dino Colonna, President.

謝謝。早安.歡迎參加芝加哥大西洋商業發展公司（Chicago Atlantic BDC）的業績回顧電話會議。今天出席會議的有：執行長彼得·薩克（Peter Sack）、臨時財務長托馬斯·傑弗裡（Thomas Geoffroy）和總裁迪諾·科隆納（Dino Colonna）。

Our results were released this morning in our earnings press release, which can be found in the investor relations section of our website and in our supplemental earnings presentation filed with the SEC. The live audio webcast of this call is being made available today.

我們今天早上發布了業績新聞稿，您可以在我們網站的投資者關係欄位以及提交給美國證券交易委員會的補充業績報告中找到新聞稿。本次電話會議的即時音訊網路直播今天即可收聽。

For those who listen to the replay of this webcast, we remind you that the remarks made herein as of today and will not be updated subsequent to this call.

對於收聽本次網路直播回放的聽眾，我們提醒您，此處所作的發言僅代表截至今日的觀點，此後將不再更新。

Before we begin, I'd like to remind everyone that certain statements that are not based on historical facts made during this call, including statements related to financial guidance, May be deemed forward-looking statements under federal securities laws because such statements involve known and unknown risk and uncertainties that could cause actual results to differ materially from those expressed or implied by these forward-looking statements, we encourage you to refer to our most recent SEC filings for information on some of these risk factors.

在開始之前，我想提醒大家，本次電話會議中某些並非基於歷史事實的陳述，包括與財務指引相關的陳述，可能被視為聯邦證券法下的前瞻性陳述，因為此類陳述涉及已知和未知的風險和不確定性，可能導致實際結果與這些前瞻性陳述所表達或暗示的結果存在重大差異。我們鼓勵大家查閱我們最近向美國證券交易委員會提交的文件，以了解有關其中一些風險因素的資訊。

Chicago Atlantic BDC assumes no obligation or responsibility to update any forward-looking statements. Please note that the information reported on this call speaks only as of today, March 19, 2026. Therefore, you're advised that time sensitive information may no longer be accurate at the time of any replay or transcript reading. I'll now turn the call over to Peter Sack. Please go ahead.

芝加哥大西洋商業發展公司（Chicago Atlantic BDC）不承擔更新任何前瞻性聲明的義務或責任。請注意，本次電話會議中報告的資訊僅代表截至2026年3月19日的情況。因此，敬請注意，任何時效性資訊在重播或閱讀文字記錄時可能不再準確。現在我將把電話會議交給彼得·薩克（Peter Sack）。請開始。

Thanks, Tripp. Good morning, everyone. During the fourth quarter and the full year, the results continue to demonstrate that Chicago Atlantic BDC is a uniquely positioned BDC, investing primarily in direct loans to privately held companies in niche markets with the goal to deliver an attractive return while creating downside protection.

謝謝，特里普。大家早安。第四季和全年業績持續表明，芝加哥大西洋商業發展公司（Chicago Atlantic BDC）是一家具有獨特優勢的商業發展公司，主要投資於利基市場中私營企業的直接貸款，旨在實現可觀的回報並同時提供下行風險保護。

We are one of the only public BDCs that is primarily focused on and able to lend to cannabis companies. We also focus on pockets of the lower middle market commonly overlooked by capital providers. We believe that this differentiation provides uncorrelated distinct credit opportunities.

我們是少數的專注於大麻公司並能夠為其提供貸款的上市商業發展公司之一。我們也關注那些通常被資本提供方忽視的中低階市場領域。我們相信，這種差異化能夠帶來不相關的獨特信貸機會。

Net investment income for the fourth quarter of 2025 was $0.36 per share and $1.45 for the full year, demonstrating the potential of the business model to generate a yield to book value of 2.7% for the fourth quarter and 11% for the year.

2025 年第四季淨投資收益為每股 0.36 美元，全年淨投資收益為每股 1.45 美元，這表明該商業模式有潛力在第四季度實現 2.7% 的帳面收益率，在全年實現 11% 的帳面收益率。

During the fourth quarter, we executed on our pipeline, funding $31.7 million across seven new investments, including four new borrowers, effectively utilizing additional capacity on our credit facility.

第四季度，我們推進了既定項目，為七項新投資（包括四項新借款）提供了 3,170 萬美元的資金，有效利用了我們信貸額度的額外能力。

During the fourth quarter, the broader BDC market was impacted by negative sentiment among investors, with many more BDCs trading below net asset value by the end of 2025. Investors place less reliance on book value as a primary evaluation metric and focused more on potential dividend cuts and losses in existing loan books.

第四季度，受投資者負面情緒影響，整個商業發展公司（BDC）市場受到衝擊，預計到2025年底，更多BDC的交易價格將低於其淨資產值。投資者不再像以往那樣依賴帳面價值作為主要評估指標，而是更加關注潛在的股息削減和現有貸款組合的損失。

They were concerned that the froth in the private credit markets may have led to looser underwriting standards, potentially pressuring portfolio performance and driving higher defaults. Additionally, the drop in the Fed funds rate in December has caused fears that this will weigh on earnings and dividends.

他們擔心，私人信貸市場的泡沫可能導致承保標準放鬆，從而可能對投資組合表現構成壓力並推高違約率。此外，聯準會12月份的降息也引發了人們對獲利和股利可能受到影響的擔憂。

Meanwhile, in global markets, companies operating in the software industry, which were heavily backed by private credit, fell out of favor with the perception that AI would eliminate the needs for their services.

同時，在全球市場上，那些主要依靠私人信貸支援的軟體產業公司，由於人們認為人工智慧將消除對其服務的需求，而失寵了。

And now they're developing concerns about the banks that have backed private credit. It's clear to us that Chicago Atlantic BDC stock is being influenced by negative sentiment currently surrounding the private credit markets. I think it's important for us to reiterate how differentiated Chicago Atlantic BDC is from the rest.

現在，他們對那些為私人信貸提供支持的銀行產生了擔憂。我們很清楚，芝加哥大西洋商業發展公司（Chicago Atlantic BDC）的股價正受到當前圍繞私人信貸市場的負面情緒的影響。我認為，我們有必要重申芝加哥大西洋商業發展公司與其他公司之間的差異。

Chicago Atlantic BDC operates within a unique intersection of credit, the emerging sector of the US cannabis industry, and lower and middle markets underserved by other capital providers. Our thesis is simple. We apply best in class sector expertise.

芝加哥大西洋商業發展公司 (Chicago Atlantic BDC) 的業務獨特之處在於，它融合了信貸、美國新興的大麻產業以及其他資本提供者服務不足的中小型企業市場。我們的理念很簡單：運用業界頂尖的專業知識。

Highly developed relationship based sourcing capabilities. And fundamental credit and investment principles to make debt investments to borrowers with limited sources of debt capital. We take advantage of limited lending competition to structure first what we believe to be differentiated downside risk of senior secured positions.

我們擁有高度發展的基於關係的融資能力，並秉持基本的信貸和投資原則，為債務資金來源有限的借款人提供債務投資。我們利用貸款競爭有限的優勢，首先建構我們認為具有差異化下行風險的優先擔保貸款結構。

And second, a highly outsized return profile relative to broader credit and lending portfolios. Our portfolio has extremely limited overlap with other private credit managers, and the drivers of current private credit market pressure simply are not relevant to us.

其次，相對於更廣泛的信貸和貸款組合而言，我們的回報率極高。我們的投資組合與其他私募信貸管理機構的投資組合重疊度極低，目前私募信貸市場壓力的驅動因素與我們無關。

We have limited exposure to software receivables factory and no exposure to recent examples of fraud in some of the some large syndicated facilities. Our focus areas have not experienced an overallocation of capital, leading to compressed yields that we see across other sectors of private credit.

我們對軟體應收帳款工廠的投資有限，也沒有受到近期一些大型銀團貸款中詐欺案例的影響。我們的重點投資領域並未出現資本過度配置的情況，因此沒有像其他私募信貸領域那樣出現收益率壓縮。

Our strategy is built on a disciplined focus on credit and collateral. We work collaboratively with other borrowers to create value, and our work is executed by a team of originators and underwriters with deep industry and rigorous risk management expertise.

我們的策略建立在對信貸和抵押品的嚴格把控之上。我們與其他借款人通力合作，創造價值。我們的工作由一支擁有深厚產業經驗和嚴謹風險管理能力的貸款發起人和承銷商團隊負責執行。

The metrics speak for themselves, so I will call it a few. The public BDC industry data points that I'm about to mention are taken from Raymond James BDC Weekly Insights as of March 13, 2026, and Oppenheimer's BDC quarterly quarterly report as of December 16, 2025.

這些指標本身就足以說明問題，所以我只列舉幾個。我即將提到的公開 BDC 產業數據點來自 Raymond James 截至 2026 年 3 月 13 日的 BDC 週報，以及 Oppenheimer 截至 2025 年 12 月 16 日的 BDC 季度報告。

Our weighted average yield on debt investments as of December 31, 2025, was 15.8% compared to 10.8% for the average public BDC. 99.5% of our portfolio is senior secured compared to other BDCs who have an average of 24.9% exposure to subordinated debt, equity, and JV investments. 73% of the portfolio at par is either fixed rate or floating rate at floor.

截至2025年12月31日，我們的債務投資加權平均收益率為15.8%，而上市商業發展公司（BDC）的平均收益率為10.8%。我們投資組合中99.5%為優先擔保債券，而其他BDC平均僅24.9%的資產為次級債務、股權和合資投資。以面額計算，我們投資組合中73%的資產為固定利率或浮動利率（利率下限）。

Insulating the company against a drop in interest rates. Only 27% of the portfolio is impacted by a further decline in interest rates. We calculate that a 100 basis point drop in rates only impacts NII of the company by approximately 1%. Only 3% of the portfolio is currently exposed to the software industry.

為公司規避利率下降風險。僅27%的投資組合會受到利率進一步下降的影響。我們計算得出，利率下降100個基點只會對公司淨利息收入（NII）產生約1%的影響。目前，僅有3%的投資組合投資於軟體產業。

Our unique investment strategy is focused on underserved markets, providing no overlap in investments made by any other public BDC that we are aware of.

我們獨特的投資策略專注於服務不足的市場，與我們所知的任何其他上市商業發展公司 (BDC) 的投資均無重疊。

We conduct full due diligence on new credits ourselves instead of relying on underwriting conducted by bankers or co-investors, and we carefully monitor the performance of each of our portfolio companies ourselves. The portfolio is under levered with only $25 million of debt as of quarter end. And with a 0.08 times debt to equity ratio.

我們對新信貸項目進行全面的盡職調查，而非依賴銀行家或聯合投資者的承銷，並且我們親自密切監控每家投資組合公司的業績。截至季末，該投資組合槓桿率較低，負債僅2,500萬美元，負債權益比為0.08倍。

This compares with the BDC average of 1.2 times debt to equity. Assuming full utilization of our $100 million credit facility during the year, we would still be well below industry averages of leverage.

相較之下，BDC的平均負債權益比為1.2倍。假設我們年內1億美元的信貸額度全部用完，我們的槓桿率仍遠低於產業平均。

Lastly, we have no non-accruals compared with an industry average of 3.3% of cost. Today we announced a $0.34 dividend marking the sixth consecutive quarter at that rate. Total dividends paid out for the year now total $1.36 per share.

最後，與佔成本3.3%的行業平均值相比，我們沒有任何非應計項目。今天我們宣布派發每股0.34美元的股息，這是連續第六個季度維持該水準。今年已發放的股利總額為每股1.36美元。

The platform is performing well, exceeding returns from the larger BDC market with low downside risk and an expanding opportunity set. Recent M&A in the cannabis market has increased our pipeline for 2026. In addition, in recent months there has been positive momentum in cannabis policy.

該平台表現良好，收益超過規模更大的商業發展公司（BDC）市場，同時下行風險較低，且機會不斷擴大。近期大麻市場的併購活動增加了我們2026年的專案儲備。此外，近幾個月來，大麻政策也呈現正面態勢。

At the federal level, there was a meaningful shift in December 2025, with the current administration committed to pursuing the reclassification of cannabis from Schedule 1 to Schedule 3. While this is not federal legalization, rescheduling would represent a significant federal policy.

在聯邦層面，2025 年 12 月發生了重大轉變，現任政府致力於將大麻從一級管制藥品重新歸類為三級管制藥品。雖然這並非聯邦層級的合法化，但重新分類將代表一項重要的聯邦政策。

As I've said before, rescheduling would dramatically increase cash flow after taxes for our borrowers. In the short-term this would translate into higher equity valuations of both public and private cannabis companies. There would likely be increased M&A activity and higher capital expenditures driven by the higher free cash flow of operators, leading to greater opportunity for our platform.

正如我之前所說，重新安排還款計畫將大幅增加借款人的稅後現金流。短期內，這將提升上市和非上市大麻公司的股權估值。營運商自由現金流的增加可能會帶動併購活動和資本支出的成長，為我們的平台帶來更多機會。

In the medium and long-term, there's lingering uncertainty that would continue to limit investment. Until federal regulators put in place a regulatory framework for cannabis as a Schedule 3 substance. This continued ambiguity will continue to create challenges for US public listings and access to debt markets.

從中長期來看，持續存在的不確定性將繼續限制投資，直到聯邦監管機構制定將大麻列為三級管制物質的監管框架。這種持續的不確定性將繼續為美國上市公司的上市和進入債務市場帶來挑戰。

We highlighted a slide. In this quarter supplemental on how this may set the stage for improved industry economics without opening the door for increased lending competition. We believe that Chicago Atlantic BDC is well positioned to benefit from these developments, although the success of our strategy is not dependent on these changes.

我們重點介紹了一張投影片。本季度補充資料闡述了這可能如何在不加劇貸款競爭的情況下，為改善行業經濟狀況奠定基礎。我們相信，芝加哥大西洋商業發展公司（Chicago Atlantic BDC）已做好充分準備，能夠從這些發展中獲益，儘管我們策略的成功並不完全依賴這些變化。

We manage the business assuming that the regulatory environment does not change. With this mindset, we will continue to pursue higher yields in niche markets where we believe the risk reward is attractive, deploying available liquidity all while continuing to build a portfolio with strong credit metrics and protections.

我們秉持著監管環境不變的假設來經營業務。基於此，我們將繼續在風險回報具吸引力的細分市場中尋求更高收益，並充分利用現有流動性，同時持續建構信用指標穩健、保障措施完善的投資組合。

We've carved out a unique strategy with above market returns. Opportunity for growth and limited competition. We've demonstrated that this strategy delivers positive results.

我們制定了一項獨特的策略，實現了高於市場平均的回報。成長機會眾多，競爭有限。我們已經證明，這項策略能夠帶來正面的成果。

Now I'll turn it over to Tom to discuss the numbers in greater detail.

現在我將把發言權交給湯姆，讓他更詳細地討論這些數字。

Good morning. Thanks, Peter. I want to highlight the investor presentation that was filed with the SEC this morning that serves as our earnings supplemental. I'll start with the investment portfolio. We have 39 portfolio company investments. 25% of the portfolio is invested in non-cannabis companies across multiple sectors.

早安.謝謝，彼得。我想重點介紹一下今天早上提交給美國證券交易委員會（SEC）的投資者演示文稿，這份文件是我們業績的補充報告。首先，我們來看看投資組合。我們目前有39家投資組合公司。其中25%的資金投資於多個產業的非大麻公司。

The average credit investment size is approximately 2.4% of our debt portfolio at fair value. 73% of the debt portfolio is insulated from further interest rate declines due to either fixed rates or floating rate floors. The gross weighted average yield of the company's debt investment portfolio is approximately 15.8%. Which is in line with the last quarter's yield.

以公允價值計算，平均信貸投資規模約為我們債務組合的2.4%。由於固定利率或浮動利率下限，73%的債務組合免受進一步利率下降的影響。公司債務投資組合的加權平均收益率約為15.8%，與上季收益率基本持平。

And none of our loans are on non-approval status. As of December 30, 2025, the company had $25 million of debt outstanding, all of which was drawn from the revolving line of credit. As of March 18, 2026, the company had approximately $47.5 million of liquidity comprised of $45.5 million of borrowing capacity under its $100 million credit facility, subject to borrowing base and other restrictions. And approximately $22 million of cash on the balance sheet.

我們所有貸款均已獲批准。截至2025年12月30日，公司未償債務為2,500萬美元，全部來自循環信貸額度。截至2026年3月18日，公司流動資金約為4,750萬美元，其中包括1億美元信貸額度下的4,550萬美元可用借款額度（受借款基數和其他限制條件約束）以及資產負債表上的約2,200萬美元現金。

We started 2026 with ample liquidity and lower leverage than other BDCs, providing us the flexibility to deploy additional capital strategically. Financial highlights for the fourth quarter were gross investment income totaling $14.2 million compared to $15.1 million for the third quarter.

2026年初，我們擁有充足的流動資金，槓桿率也低於其他商業發展公司，這使我們能夠靈活地進行策略性資本部署。第四季財務亮點包括：總投資收益為1420萬美元，而第三季為1510萬美元。

The net decrease in investment income of approximately $0.9 million from the prior quarter was primarily due to one-time fees from unscheduled repayments recognized in the third quarter of approximately $2 million which were partially offset by increases of approximately $0.7 million in amendment and origination fees and an increase of $0.4 million of interest income for the fourth quarter.

投資收益淨減少約 0.9 百萬美元，主要原因是第三季確認了約 200 萬美元的非計劃還款一次性費用，但部分被第四季度約 70 萬美元的修改和發放費用增加以及 40 萬美元的利息收入增加所抵消。

Net expenses for the quarter were $5.9 million compared to $5.6 million in the third quarter. Net investment income for the quarter it was $8.3 million or $0.36 per share compared to $9.5 million or $0.42 per share in the third quarter. The decrease again was primarily due to the impact of one-time fees earned in the third quarter.

本季淨支出為590萬美元，而第三季為560萬美元。本季淨投資收益為830萬美元，即每股0.36美元，第三季為950萬美元，即每股0.42美元。淨投資收益下降的主要原因仍是第三季一次性費用的影響。

Net assets totaled $303.4 million at quarter end. Net asset value per share was $13.30 compared to $13.27 cents in the third quarter. At quarter end there were $22.8 million common shares issued and outstanding on a basic and fully diluted basis.

截至季末，淨資產總額為3.034億美元。每股淨值為13.30美元，而第三季為13.27美元。截至季末，已發行及流通在外的普通股總數為2,280萬股（以基本及完全稀釋基準計算）。

I will now turn it over to Dino to talk about our originations efforts.

現在我將把發言權交給迪諾，讓他談談我們的起源工作。

Thanks, Tom. During the fourth quarter, we funded $31.7 million in new debt investments to seven portfolio companies. Four of these investments are new borrowers to the BDC. Of these new debt investments, 100% of them were senior secured, and 89% are floating rate loans at their floor at quarter end.

謝謝，湯姆。第四季度，我們向七家投資組合公司提供了3,170萬美元的新債務投資。其中四家是BDC的新借款人。這些新債務投資全部為優先擔保貸款，其中89%為浮動利率貸款，利率為季末的最低利率。

During the fourth quarter, we also had loan repayments and amortization totaling approximately 11 million, which included paydowns of 8.1 million. As of the end of the fourth quarter, there were approximately $25 million in total unfunded commitments for the portfolio.

第四季度，我們還支付了約1,100萬美元的貸款和攤還款項，其中包括810萬美元的還款。截至第四季末，該投資組合中未撥付的承諾資金總額約為2,500萬美元。

To date in the first quarter 2026, we have funded $93.9 million. In new investments to seven borrowers, of which three were new to the BDC included in this was a refinance of $38.3 million to our largest borrower. We're excited to have delivered a bespoke solution to the company that met their needs while maintaining an attractive and well-structured investment for the portfolio.

截至2026年第一季度，我們已發放9,390萬美元資金。新增投資對象包括七家借款人，其中三家是首次與BDC合作，包括為我們最大的借款人提供的3,830萬美元再融資。我們很高興能夠為該公司提供量身定制的解決方案，既滿足了他們的需求，又保持了投資組合的吸引力和結構性。

We have had $55.7 million in payoffs from borrowers quarter to date, resulting in approximately $40 million in net originations thus far in 2026.

本季至今，我們已收到借款人償還的 5,570 萬美元，因此 2026 年至今淨新增貸款額約為 4,000 萬美元。

The pipeline across the Chicago Atlantic platform as of quarter end, which includes cannabis and non-cannabis opportunities, totaled approximately $732 million in potential debt transactions.

截至季末，芝加哥大西洋平台上的潛在債務交易項目（包括大麻和非大麻項目）總額約為 7.32 億美元。

The breakdown of the opportunity set includes approximately 616 million in cannabis opportunities and approximately $116 million in non-cannabis opportunities. As Tom mentioned, we have approximately $48 million of liquidity to grow the portfolio, but as always, we will maintain our disciplined approach to underwriting and structuring investments that deliver above market risk adjusted returns.

該投資機會組合包括約6.16億美元的大麻相關投資機會和約1.16億美元的非大麻相關投資機會。正如湯姆所提到的，我們擁有約4800萬美元的流動資金用於擴大投資組合，但我們將一如既往地堅持嚴謹的承銷和投資結構設計方法，以實現高於市場平均水平的風險調整後收益。

We've had to show patience in the past when the markets around us seem to underprice risk, and that patience has paid off because we have the portfolio strength and liquidity to go on offense when many other private credit managers are busy playing defense.

過去，當周圍的市場似乎低估風險時，我們不得不表現出耐心，而這種耐心得到了回報，因為我們擁有強大的投資組合和流動性，可以在許多其他私人信貸管理者忙於防守時採取進攻策略。

Both the cannabis and non-cannabis verticals continue to perform well within the portfolio, while demand for new debt capital within the lower middle markets remains healthy. As Peter mentioned, recent M&A activity in the cannabis industry has been a positive for our pipeline.

投資組合中的大麻和非大麻業務板塊均持續表現良好，同時中低端市場對新增債務資本的需求依然強勁。正如Peter所提到的，大麻產業近期的併購活動對我們的專案儲備起到了積極作用。

Our disciplined and thoughtful approach to sourcing and structuring investments has resulted in a portfolio with low correlation to other asset classes and the broader private credit markets.

我們嚴謹周密的投資來源和結構設計方法，使得我們的投資組合與其他資產類別和更廣泛的私募信貸市場的相關性較低。

This differentiated portfolio has been intentionally constructed and is a direct result of how we approach creating value for our investors, and they include. Investing in underserved market niches which allows for favorable downside protection with pricing power.

這個差異化投資組合是經過精心構建的，直接反映了我們為投資者創造價值的方式，其中包括：投資於服務不足的細分市場，從而利用定價權獲得有利的下行風險保護。

We have a limited reliance on sponsored driven deal flow, so we tend to main control over underwriting, structuring and documentation. And we believe that not chasing the ultra competitive parts of the market translates to better credit performance in the long run.

我們對贊助商主導的交易流依賴程度較低，因此我們傾向於掌控承銷、結構設計和文件編制。我們相信，不追逐市場中競爭異常激烈的部分，長遠來看更有利於獲得更好的信貸表現。

We perform our own rigorous due diligence on all of our investments. And our strategy remains almost entirely focused on first lien senior secured loans that are structured with lender friendly covenants. The underlying strength of the portfolio and structural protections from further interest rate risk has allowed us to continue to generate a stable and durable dividend.

我們對所有投資都進行嚴格的盡職調查。我們的投資策略幾乎完全專注於具有對貸款方有利條款的優先擔保貸款。投資組合的穩健基礎以及抵禦利率風險的結構性保障措施，使我們能夠持續產生穩定且可持續的股利。

The underlying loans in the portfolio also continue to demonstrate significant health overall, with low net leverage, high interest coverage, and no non-approvals. There's also no overlap with investments made by other public BDCs that we are aware of. And finally, the portfolio is underleveraged compared to industry standards.

此投資組合中的底層貸款整體狀況依然良好，淨槓桿率低，利息保障倍數高，且無未獲批准記錄。據我們所知，該投資組合與其他上市商業發展公司（BDC）的投資並無重疊。最後，與行業標準相比，該投資組合的槓桿率較低。

Periods of macro uncertainty tend to expose underwriting shortcuts and reward discipline. While market anxiety today is real, our consistent repeatable approach has positioned us well for what we believe is an increasingly attractive deployment environment. We do not compete by chasing large sponsor-driven deals or by stretching on leverage structure or pricing.

宏觀經濟不確定時期往往會暴露承保中的投機取巧行為，並獎勵嚴謹的承保策略。儘管當前市場焦慮情緒真實存在，但我們始終如一、可複製的策略使我們能夠更好地應對我們認為日益有利的市場環境。我們不透過追逐大型發起人主導的交易，也不透過提高槓桿率或定價來參與競爭。

Our focus remains on discipline sourcing, conservative structuring, and rigorous underwriting. That is how the platform was built and it is how we intend to grow. We believe this approach has produced and will continue to produce an idiosyncratic credit opportunity that targets above market returns with a strong emphasis on capital preservation.

我們始終專注於嚴謹的資金來源、穩健的結構設計和嚴格的承銷。這正是我們平台的立足之本，也是我們未來發展的基石。我們相信，這種方法已經並將繼續創造獨特的信用投資機會，在高度重視資本保全的前提下，實現高於市場平均的回報。

Thank you for your continued support and we look forward to updating you again next quarter.

感謝您一直以來的支持，我們期待下個季度再次向您報告最新情況。

Operator, we are now ready for questions.

操作員，我們現在可以開始接受提問了。

(Operator Instructions)

（操作說明）

Pablo Zuanic, Zuanic & associates

Pablo Zuanic，Zuanic & associates

Thank you and good morning, everyone. Look, just, I guess a two-part question, but first, in terms of housekeeping, when you talk about the $732 million pipeline, is that for the Chicago Atlantic Group as a platform or for Lle specifically?

謝謝大家，早安。我有個問題，大概分成兩個部分。首先，關於內部事務，你們提到的7.32億美元的管道項目，是指芝加哥大西洋集團作為一個平台的項目，還是特指Lle公司的項目？

And then I was looking at the third quarter press release. I don't think a pipeline number was given then, but if you can just talk about how much the pipeline grew between November and now March. That, that's the first part of the question is housekeeping. Then the second part is that I know you addressed it in part, but obviously we had December 18, right, executive order, talk about how discussions are playing out with the potential borrowers out there. Has there been a bit of a cadence?

然後我看了第三季的新聞稿。我記得當時沒有給出具體的在建項目數量，但您能否談談從去年11月到今年3月，在建項目數量增長了多少？這是問題的第一部分，屬於背景介紹。第二部分是，我知道您已經部分談到了，但顯然我們在12月18日簽署了一項行政命令，討論與潛在藉款人的談判進展。談判是否有一定的節奏？

Maybe there was a lot of discussions in December, January, but here we are in March and we still don't have news on rescheduling. Has that changed? If you can just talk about the cadence and how the discussions have changed with operators, in general, thank you.

或許12月和1月有很多討論，但現在已經是3月了，我們仍然沒有關於重新安排航班的消息。情況有變化嗎？如果您能談談目前的進展速度以及與運營商的討論總體上發生了哪些變化，那就太好了。

Yes. Thank you, Pablo. Hey Pablo, maybe I'll. Just quickly on the pipeline, that's across the entire platform, and last quarter, was we reported approximately $600 million of the pipeline, so that's, a pretty nice increase to the 700 and change we just, mentioned.

是的。謝謝你，帕布羅。嘿，帕布羅，也許我會…就管道建設方面快速說一下，這是整個平台的情況，上個季度我們報告的管道建設額約為6億美元，所以這比我們剛才提到的7億美元多有相當大的增長。

Thanks. Excuse me. I'll start with your last question, Pablo, and as it relates to pipeline we rescheduling, I think it has breathed a new fresh air of optimism into the industry. We're seeing it from a couple of perspectives. We're seeing greater eagerness to execute on consolidation.

謝謝。不好意思。我先回答你最後一個問題，Pablo。關於管道重新安排，我認為這給了行業一股新的樂觀情緒。我們從兩個角度來看，一方面，我們看到各方都更積極地推動整合。

As larger players see potentially a short window and execute acquisitions before rescheduling becomes effective. And then On the supply side we're seeing greater eagerness of operators who have stayed on the sidelines.

大型企業預感到機會窗口可能很短，因此在重新安排生效前完成收購。而在供應方面，我們看到那些先前一直觀望的營運商也變得更加積極主動。

Not pursuing exits in a very low valuation environment, starting to come off the sidelines. To consider exiting or selling their business and all of that volume, all of that transaction activity is positive for lien because it creates more new opportunities to provide financing.

在估值極低的環境下，企業並未急於退出，而是開始考慮退出或出售業務。所有這些交易活動對留置權而言都是利好消息，因為它創造了更多新的融資機會。

And then I think more difficult to quantify across the industries you're seeing a general stronger willingness to for operators to invest in their businesses. And invest in growth.

然後，我認為更難量化的是，各行業的營運商普遍更願意投資自身業務，並投資成長。

Right. And just to follow-up on that same point at the state level, given the news flow right on Virginia, I guess Pennsylvania is more a question mark. Do you want to highlight any states where you're seeing more activity in terms of potential catalysts at the state level?

好的。關於州一級的同樣觀點，鑑於維吉尼亞州的新聞動態，我認為賓州的情況更不明朗。您是否想重點介紹一下您認為在州一級存在更多潛在催化劑的州？

Let's say the thoughts are still early in Pennsylvania, but certainly eagerness in Virginia. And I think the consolidation is the consolidation tends to be focused on states where In states where the fundamental economics are attractive, and we're still seeing lots of consolidation activity in Ohio, Missouri, in Maryland to some extent.

賓州的情況尚處於早期階段，但維吉尼亞州的情況顯然已經十分樂觀。我認為，企業整合往往集中在那些基本經濟狀況良好的州，我們仍然看到俄亥俄州、密蘇裡州以及馬裡蘭州（在某種程度上）有大量的整合活動。

And more mature states that have seen stabilizations in their market, including legacy states like Colorado and California.

以及市場趨於穩定的較成熟的州，包括科羅拉多州和加利福尼亞州等傳統州。

Thank you. And then in terms of the credit facility, obviously you gave the numbers for March 18, 100 million in total. Is there room to increase that that revolver in 2026, or that would be difficult right now? It's, it certainly is possible, and then there are other options of financing available to BDCs including unsecured financing. But obviously issuing equity would not be an option given the discount of our value, right?

謝謝。關於信貸額度，您剛才提到3月18日的數據，總額為1億美元。 2026年是否有可能增加循環信貸額度？或現在增加比較困難？當然有可能，而且商業發展公司（BDC）還有其他融資選擇，包括無擔保融資。但考慮到我們目前的估值折讓，發行股票顯然不是可行的選擇，對嗎？

Okay, thank you, and then look, I mean obviously totally agree with the fresh air and the new optimism in the industry, of course, but when I look at some of your new loans like in the fourth quarter, yes, about 14 million on a new with the illicit, right, the new company enterprises.

好的，謝謝。然後你看，我的意思是，我當然完全同意行業內的新氣象和新的樂觀情緒，但是當我看到你們的一些新貸款，比如在第四季度，是的，大約有 1400 萬美元的新貸款，與非法的，對吧，新公司企業。

But there was just one borrower, one new borrower on the cannabis side, and I think three on the non-cannabis side, and I don't know what, what's that ratio for for the first quarter, but I'm just trying to say, yes, we have to focus on the par value, right?

但大麻產業只有一位借款人，一位新借款人，非大麻產業有三位借款人，我不知道第一季的比例是多少，但我只是想說，是的，我們必須關注面值，對吧？

So there was more lent to cannabis than to non-cannabis, but in terms of operators, it seems that You're increasing much faster the number of borrowers in terms of operators on the non-cannabis side versus cannabis. You want to share some light on that, or just by definition loans to smaller to middle market companies in non-cannabis will be smaller than cannabis loans.

所以，發放給大麻產業的貸款比發放給非大麻產業的貸款要多，但就業者而言，非大麻產業的借款人數量成長速度似乎遠高於大麻產業。您能否就此做一些解釋？或者只是因為根據定義，非大麻產業中小型企業獲得的貸款規模自然會小於大麻產業的貸款規模？

It's more the latter. We consist are non-cannabis positions and that portfolio of non-cannabis positions is going to reflect a much more diversified portfolio of physicians and issuers than our cannabis positions.

更傾向於後者。我們的投資組合包含非大麻類資產，而這些非大麻資產的投資組合在醫生和發行人方面將比我們的大麻類資產更加多元化。

Okay, and then if you can, you spoke about in the, in the first quarter in terms of the new loans you spoke about a bespoke solution for one of your operators. You want to share more color in terms of what was that specifically and maybe on the borrowers.

好的，如果可以的話，您在第一季談到新貸款時，提到了為貴公司一家營運商量身定制的解決方案。您能否更詳細地介紹一下具體內容，以及借款人的情況？

I'm reluctant to provide the borrower names because we have not disclosed it in any specific in the specific filing, but in this case this was a first out, last out financing in partnership, with a large financial institution.

我不願透露借款人姓名，因為我們沒有在具體的備案文件中披露，但就此案而言，這是與一家大型金融機構合作的先出後出的融資方式。

We're finding that as the industry matures, partnership with with bank partners can provide both attractive return and risk profiles for lenders such as Chicago Atlantic, also providing increasingly competitive and sustainable.

我們發現，隨著產業的成熟，與銀行合作夥伴的合作可以為芝加哥大西洋銀行等貸款機構提供有吸引力的回報和風險狀況，同時也能提供越來越有競爭力和永續性的方案。

Credit facilities for some of the larger most credit credit worthy operators in the space.

為業內一些規模最大、信用評級最高的運營商提供信貸便利。

Right, I, I'm going to ask two more questions and apologies if there's anyone else on the queue, in terms of repayments that we saw in the fourth quarter and the ones we've seen so far in the 1st quarter. Does that come as a bit of a surprise? I mean, at least in terms of my modeling, it's a lot more than I had expected, and I don't understand what, what's driving that. Or is it just normal for the course of business?

好的，我還要再問兩個問題，如果前面還有其他人也在排隊，請見諒。我想問的是，我們第四季和第一季目前的還款狀況。這是否讓您感到有些意外？我的意思是，至少就我的模型預測而言，這遠遠超出了我的預期，我不明白是什麼原因造成的。還是這只是正常的商業行為？

Thank you. You're asking was the originations volume as a subsequent event a surprise?

謝謝。您是想問，貸款發放量作為後續事件是否出乎意料嗎？

No, not the origination. I'm talking about the repayments, the early repayments or unscheduled repayments that took place both in the fourth quarter and so far in the 1st quarter.

不，不是指貸款發放。我指的是還款，包括第四季和第一季迄今發生的提前還款或計劃外還款。

It seems to me that, I mean, I know it's hard to model and anticipate, right? They are unscheduled, but it just seems to me that they've been a lot more than I had expected, and I'm wondering what's driving that more opportunities for those borrowers out there, other solutions.

在我看來，我知道這很難建模和預測，對吧？這些貸款都是非計劃性的，但我覺得它們比我預期的要多得多，我想知道是什麼原因導致這種情況，是否能為借款人提供更多機會和其他解決方案。

I'm just trying to understand the book growth in terms of grocery urination has been great, so obviously congratulations, but I think in terms of repayments has been maybe more than I had expected and maybe more than you had expected, and I'm just trying to understand what has been driving that.

我只是想了解一下，就食品雜貨銷售而言，圖書增長非常可觀，所以當然要祝賀你們，但就還款而言，我認為可能比我預期的還要多，也可能比你們預期的還要多，我只是想了解是什麼因素推動了這種情況。

As far as payoffs in Q4. The payoffs have been idiosyncratic across a large, a fairly large number of borrowers, relatively small individual positions.

就第四季度的收益而言，由於借款人數量眾多，而單一借款人的持倉規模相對較小，因此收益情況各不相同。

But I do think it is reflective of that broader transaction activity that's accelerated within the market. Broader transaction activity means both more frequent financing opportunities but also more frequent refinancing opportunities of our existing portfolio. With regard to Originations and payoffs with as a subsequent event, the large origination and the large pay down were connected and we're the same borrower.

但我認為這反映了市場內更廣泛的交易活動正在加速成長。更廣泛的交易活動意味著更頻繁的融資機會，也意味著我們現有投資組合中更頻繁的再融資機會。就貸款發放和後續償還而言，大額貸款發放和大額貸款償還是相關的，我們是同一借款人。

Okay, that's good thank you that's all for me thanks.

好的，謝謝，我的情況就是這樣，謝謝。

Mitchel Penn, Oppenheimer.

米切爾·佩恩，奧本海默。

Good morning guys. Hey, just following up on Pablo's question. You talked about the states. Is it possible to get disclosures on, which states these, companies are in?

各位早安。嘿，我來跟進一下Pablo的問題。你提到了各州的情況。能否取得這些公司所在州的詳細資訊？

We will explore that for next quarter.

我們將在下個季度探討這個問題。

And, the second question is can you remind us in terms of your evaluations you know BDCs, all BDCs sort of employee third-party valuation services and they use them in different ways. Can you walk us through.

第二個問題是，您能否就您的評估工作向我們介紹一下，您知道商業發展公司（BDC）都提供員工第三方評估服務，而且他們使用這些服務的方式各不相同。能給我們詳細解釋一下嗎？

How do you guys use, third parties in the evaluation services for your portfolio because it is a little different than most of the BDCs as you mentioned.

你們是如何使用第三方機構來評估你們的投資組合的？因為正如你所提到的，你們的做法與大多數商業發展公司（BDC）略有不同。

We utilize a third-party evaluation provider to value every position each quarter. Other other BDC managers opt to use third-party advisor for in some cases for each position only once per year.

我們每季都會聘請第三方評估機構對每個職位進行估值。其他一些商業發展公司（BDC）的經理人則選擇每年僅對每個職位聘請一次第三方顧問。

We rely on internal evaluations through the balance of the year and we've opted to provide a more transparent and consistent approach.

在今年剩餘時間裡，我們將依靠內部評估，並選擇提供更透明和一致的方法。

Got it. Thanks. And my last question is there, is what percent of the portfolio overlaps with, refi?

明白了，謝謝。我的最後一個問題還在，投資組合中有多少百分比與再融資重疊？

We haven't published that number historically, and I think we will take it under consideration for next quarter in conjunction with your question on. Excuse me, state by state exposure.

我們之前從未公佈過這個數字，我認為我們會結合您提出的關於各州疫情風險敞口的問題，在下個季度進行考慮。抱歉，我指的是各州疫情風險敞口。

Thanks. That, that's all for me. Thanks so much, guys.

謝謝。我就說這些了。非常感謝各位。

Thank you, Mitchell. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝你，米切爾。會議到此結束。感謝你參加今天的演講。你可以斷開連線了。