MergerJun 18, 2026, 07:36 AM
Chicago Atlantic REIT to Merge with BDC, Form Scaled Entity
AI Summary
Chicago Atlantic Real Estate Finance, Inc. (REFI) and Chicago Atlantic BDC, Inc. (LIEN) have entered into a definitive merger agreement. REFI will elect to be regulated as a Business Development Company (BDC) and merge with LIEN in an all-stock transaction. The combined entity will operate as a BDC under the ticker symbol 'LIEN' on the Nasdaq Global Select Market. The merger is expected to create a scaled BDC with a pro forma NAV of $613 million and a pro forma portfolio of $771 million, aiming to enhance competitive positioning, portfolio diversification, and access to capital. The transaction is anticipated to close in the fourth quarter of 2026.
Key Highlights
- Chicago Atlantic Real Estate Finance (REFI) to merge with Chicago Atlantic BDC (LIEN) in an all-stock transaction.
- REFI will elect to be regulated as a BDC prior to the merger.
- The combined entity will operate as a BDC under the ticker symbol 'LIEN'.
- Pro forma combined entity will have a Net Asset Value (NAV) of $613 million and investments of $771 million.
- The merger is expected to close in the fourth quarter of 2026.
- LIEN's board will consider a stock repurchase program of up to $25.0 million post-closing.
Price Impact
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