Chicago Atlantic BDC Inc 2025年度报告

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THETRANSITION PERIOD FROMTO Chicago Atlantic BDC, Inc. (Exact name of Registrant as specified in its Charter) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YES☐NO☒ Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES☒NO☐ Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). YES☒NO☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growthcompany. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large Accelerated filer☐Accelerated filer☐Non-Accelerated filer☒Smaller reporting company☐Emerging growth company☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financialaccounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financialreporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect thecorrection of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of theregistrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ As of June 30, 2025, the aggregate market value of the common stock ($0.01 par value per share) of the registrant held by non-affiliates of the registrant was approximately$207,788,142, based on the closing sale price on the Nasdaq Global Market on that date of $10.35 per share. As of March 18, 2026, the registrant had 22,820,590 shares of common stock ($0.01 par value per share) outstanding.DOCUMENTS INCORPORATED BY REFERENCE CHICAGO ATLANTIC BDC, INC.FORM 10-K Table of Contents PART I Item 1.BusinessItem 1A.Risk FactorsItem 1B.Unresolved Staff CommentsItem 1C.CybersecurityItem 2.PropertiesItem 3.Legal ProceedingsItem 4.Mine Safety Disclosures PART II Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecurities93Item 6.[Reserved]97Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations98Item 7A.Quantitative and Qualitative Disclosures About Market Risk116Item 8.Financial Statements and Supplementary Data118Item 9.Changes in and Disagreements With Accountants on Accounting and Financial Disclosure160Item 9A.Controls and Procedures160Item 9B.Other Information160Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections160 PART III Item 10.Directors, Executive Officers and Corporate Governance161Item 11.Executive Compensation161Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters161Item 13.Certain Relationships and Related Transactions, and Director Independence161Item 14.Principal Accounting Fees and Services161 PART IV Item 15.Exhibits, Financial Statement Schedules162Item 16.Form 10-K Summary163 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS Except where the context suggests otherwise, the terms “we,” “us,” “our,” “the Company,” and “LIEN” refer to Chicago AtlanticBDC, Inc. In addition, the terms “Adviser,” “investment adviser” and “administrator” refer toChicago Atlantic BDC Advisers,LLC, our external investment adviser and administrator. Some of the statements in this annual report on Form 10-K constitute forward-looking statements because they relate to future eventsor our future performance or financial condition. The forward-looking statements contained in this annual report on Form 10-K mayinclude statements as to: •uncertainties related to the potential