# Chicago Atlantic BDC Advisers, LLC

> Chicago Atlantic BDC Advisers, LLC is an SEC-registered investment advisory firm in New York, NY, registered since 2021, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated July 15, 2026.

- CRD: 312723
- Filed as: CHICAGO ATLANTIC BDC ADVISERS, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: New York, NY
- Filing period: October 2026
- Form ADV filing dated: July 15, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/312723
- AdvisorCensus page: https://advisorcensus.com/firm/chicago-atlantic-bdc-advisers-llc-new-york-ny-312723

## Quick answers

**How is Chicago Atlantic BDC Advisers, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Chicago Atlantic BDC Advisers, LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Chicago Atlantic BDC Advisers, LLC located?**
Chicago Atlantic BDC Advisers, LLC's principal office is in New York, NY, according to its Form ADV; the August 2026 filing also lists 3 other offices (Schedule D, Section 1.F).

**Is Chicago Atlantic BDC Advisers, LLC registered with the SEC or a state?**
Chicago Atlantic BDC Advisers, LLC is an SEC-registered investment advisory firm, registered since 2021. Status as filed: Approved. CRD 312723.

**How much does Chicago Atlantic BDC Advisers, LLC manage?**
Chicago Atlantic BDC Advisers, LLC reports $341,996,454 in regulatory assets under management in its Form ADV filing dated July 15, 2026 (100% discretionary).

**How have Chicago Atlantic BDC Advisers, LLC's assets and staff changed since 2021?**
In the Form ADV data for Chicago Atlantic BDC Advisers, LLC: Regulatory assets under management: $86,959,954 in the October 2022 data and $341,996,454 in the October 2026 data, up 293%. Total employees: 6 in October 2021 and 0 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Chicago Atlantic BDC Advisers, LLC serve?**
By number of clients on Form ADV Item 5.D: business development companies (1).

**Does Chicago Atlantic BDC Advisers, LLC report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/312723

**What changed in Chicago Atlantic BDC Advisers, LLC's recent Form ADV filings?**
In the August 2026 filing data: Added an office in Farmington Hills, MI.

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Regulatory assets under management (Item 5.F)
- Total: $341,996,454
- Discretionary: $341,996,454
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Business development companies | 1 | $341,996,454 |

### Advisory services (Item 5.G)
- Portfolio management for investment companies (and business development companies)

### Firm details
- Registered since: 2021 (5 years)
- Employees: 0 total, 0 performing advisory functions
- Wrap fee program participation: No
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the August 2026 filing
- Chicago, IL
- Farmington Hills, MI
- Miami, FL

### Websites listed on Form ADV (Item 1.I)
- chicagoatlantic.com
- investors.chicagoatlanticbdc.com
- lien.chicagoatlantic.com
- LinkedIn @chicagoatlantic

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | Not reported | 6 | February 9, 2021 |
| October 2022 | $86,959,954 | 9 | September 23, 2022 |
| October 2023 | $86,721,734 | 9 | September 12, 2023 |
| October 2024 | $91,793,786 | 10 | June 12, 2024 |
| October 2025 | $309,561,041 | 8 | June 20, 2025 |
| October 2026 | $341,996,454 | 0 | July 15, 2026 |

Regulatory assets under management: $86,959,954 in the October 2022 data and $341,996,454 in the October 2026 data, up 293%.
Total employees: 6 in October 2021 and 0 in October 2026.

## Changes in the filing (last 12 months)

### August 2026
- Added an office in Farmington Hills, MI.

### April 2026
- Employees performing advisory functions went from 5 to 0.
- Regulatory assets under management went from $309,561,041 to $341,996,454 (+10%).
- Added an office in Chicago, IL.
- Added an office in Miami, FL.
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Chicago Atlantic BDC Advisers, LLC (CRD 312723): Form ADV filing data as of October 2026.