Chicago Atlantic Real Estate Finance (REFI) and Chicago Atlantic BDC (LIEN) entered a definitive merger agreement. REFI will convert to a Business Development Company and merge into LIEN through an all-stock exchange. The transaction utilizes an adjusted net asset value (NAV) for NAV exchange. LIEN will remain the surviving entity and continue trading on the Nasdaq under its current ticker.
The combined platform will hold a pro-forma investment portfolio of $771 million. The transaction results in a pro-forma net asset value of $613 million. This increased scale targets better access to diversified, lower-cost leverage.
Former REFI stockholders will own approximately 50.5% of the merged company. Management scheduled a joint conference call for June 18, 2026. The call will begin at 9:00 a.m. ET.