Financial Advisor to the Chicago Atlantic Real Estate Finance Inc. Special Committee

On June 18th, 2026, Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) and Chicago Atlantic BDC, Inc. (NASDAQ: LIEN) announced they have entered into a definitive merger agreement under which REFI will elect to be regulated as a BDC, and merge with and into LIEN in an all-stock, strategic combination (the “Merger”). Upon closing of the Merger, LIEN will be the surviving public entity and will continue to operate as a BDC and trade on the Nasdaq Global Select Market under the ticker symbol “LIEN”.

The combined vehicle will have approximately $613 million of net assets and $771 million in investments on a pro-forma basis.

REFI stockholders will receive a number of shares of LIEN common stock based on the ratio of REFI’s adjusted net asset value ("NAV") per share to LIEN’s adjusted NAV per share, in each case as determined shortly prior to closing. Based on the respective net asset values of REFI and LIEN as of March 31, 2026, the former REFI stockholders would be expected to own approximately 50.5% of LIEN immediately following the Merger; the actual ownership percentage will depend on the NAV ratio calculated shortly prior to closing. The Merger is structured as an adjusted NAV-for-NAV exchange of shares.