Chicago Atlantic BDC to Merge with Chicago Atlantic Real Estate Finance in All-Stock NAV-for-NAV Transaction
LIEN is trading near its 52-week low of $8.92 (13% above the low).
Summary
Chicago Atlantic BDC (LIEN) announced a definitive agreement to merge with Chicago Atlantic Real Estate Finance (REFI) in an all-stock, NAV-for-NAV transaction, creating a significantly larger BDC with enhanced market positioning and a diversified portfolio.
Key Events · M&A and Partnerships · LIEN
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Merger Agreement Signed
Chicago Atlantic BDC (LIEN) will acquire Chicago Atlantic Real Estate Finance (REFI) in an all-stock, NAV-for-NAV merger, with LIEN as the surviving entity. Based on March 31, 2026 NAVs, former REFI stockholders would own approximately 50.5% of LIEN post-merger.
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Significant Scale Increase
The combined company will have a pro-forma Net Asset Value of $613 million and a pro-forma portfolio of $771 million, based on March 31, 2026 financials.
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REFI to Convert to BDC
Prior to the merger, REFI will elect to be regulated as a Business Development Company (BDC).
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Shareholder & Regulatory Approvals
The merger requires approval from both companies' stockholders and is expected to close in Q4 2026.
Analysis · LIEN · Unknown
Chicago Atlantic BDC (LIEN) is acquiring Chicago Atlantic Real Estate Finance (REFI) in a significant all-stock merger. This transaction will more than double LIEN's net asset value and portfolio size, creating a larger, more diversified Business Development Company (BDC). The merger is expected to enhance market positioning, improve access to capital, and potentially drive earnings accretion. The combined entity will maintain a focus on cannabis and underserved middle markets. The LIEN board will also consider a $25 million share repurchase program post-closing, and the manager is funding $2 million of REFI's transaction expenses.
How filings like this one have moved
In the 30 days to Oct 1, 2026, 41.6% of the 317 measured filings Wiseek scored 9 moved their stock by 5% or more by the next session's close. The median move was -0.47%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, LIEN was trading at $10.09 on NASDAQ in the Unknown sector, with a market capitalization of approximately $228.2M. The 52-week trading range was $8.92 to $11.44. This filing was assessed with positive market sentiment and an importance score of 9 out of 10.