Chicago Atlantic Real Estate Finance, Inc. and Chicago Atlantic BDC, Inc. Announce Definitive Merger Agreement

Chicago Atlantic Real Estate Finance (REFI) and Chicago Atlantic BDC (LIEN) announced a definitive merger agreement where REFI will merge into LIEN in an all-stock transaction. REFI stockholders will receive LIEN shares based on adjusted NAV ratios, with former REFI shareholders expected to own approximately 50.5% of the combined entity. The merger is expected to close in Q4 2026 and aims to create a $613 million NAV platform with $771 million in investments, enhancing competitive positioning, portfolio diversification, and access to debt capital in the cannabis and lower middle market lending sectors.