Chicago Atlantic Group
Chicago Atlantic Group is a private alternative investment manager that provides senior-secured debt capital to cannabis operators, niche/regulated industries, and emerging markets borrowers, serving institutional investors through private credit funds, a BDC, and a Mortgage REIT.
- Company typePrivate
- Founded2018
- HeadquartersChicago, United States
- Headcount51–100
- GTM typeB2B
- OfferingServices
What Chicago Atlantic Group does
Chicago Atlantic Group is a private markets alternative investment manager founded in 2018 that originates and structures flexible debt capital for borrowers in cannabis, other niche/regulated industries, and emerging markets. The firm deploys private credit through multiple structures: directly originated term loans and credit facilities (its core competency), private credit funds for institutional LPs, and two publicly traded vehicles — Chicago Atlantic BDC (LIEN), a business development company, and Chicago Atlantic Real Estate Finance (REFI), a mortgage REIT focused on cannabis-related real estate. As of mid-2026 the firm has deployed over $3.3 billion of capital across more than 185 transactions, with a team of 100+ professionals across Chicago, New York, Miami, and London.
The firm's business model rests on management and incentive fees earned on committed and deployed capital across its fund, BDC, and REIT vehicles, supplemented by net interest income retained on balance-sheet lending. Origination emphasis is on asset-backed, senior-secured, covenant-heavy structures in segments underserved by traditional banks — most notably state-licensed cannabis operators (often federally barred from conventional lending), but increasingly extending into AI infrastructure, defense manufacturing, business process outsourcing, biotech, child nutrition, hobby/collectibles, and drone technology. The EM private credit platform launched in 2026 broadens the addressable borrower base across Latin America, Asia, Eastern Europe, the Middle East, and Africa. Single-deal ticket sizes range from roughly $20 million to $350 million (the upper bound represented by the Verano Holdings facility). Leadership is anchored by Managing Partner Peter Sack and includes senior partners Scott Gordon, Tony Cappell, Dino Colonna, and David Kite, alongside Direct Lending head David Enright and emerging markets co-heads Peter Marber and Jim Garvey.
A defining 2026 strategic action is the announced merger of the LIEN BDC and REFI Mortgage REIT (combined NAV of approximately $613 million and combined portfolio of approximately $771 million), a consolidation intended to streamline the public vehicle stack, capture operating synergies, and broaden the asset base available to a single permanent-capital entity.
Chicago Atlantic Group firmographics
Firmographics- Name
- Chicago Atlantic Group
- Legal name
- Chicago Atlantic Advisers, LLC
- Website
- https://chicagoatlantic.com
- Company type
- Private
- Founded year
- 2018
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Chicago Atlantic Group is a private alternative investment manager that provides senior-secured debt capital to cannabis operators, niche/regulated industries, and emerging markets borrowers, serving institutional investors through private credit funds, a BDC, and a Mortgage REIT.
- Ownership category
- akta.pro rank
Chicago Atlantic Group industry classification
Industry- Product category
- Alternative Private Credit Lending
- NAICS
- Portfolio Management and Investment Advice (523940), Funds, Trusts, and Other Financial Vehicles (525)
- SIC
- Short-Term Business Credit Institutions (6153), Finance Lessors (6172)
- akta.pro primary industry
- Middle-Market Lending (FSANADAI)
- akta.pro secondary industries
- Private Credit / Direct Lending (FSAAAHAG), Private Placements (144A/Reg S/MTN) (FSACABAK)
Keywords
Where Chicago Atlantic Group is headquartered
LocationHeadquarters
- HQ city
- Chicago
- HQ country
- United States
- HQ region
- North America
Offices4 records
Markets served
Chicago Atlantic Group business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure
Revenue model
- Interest Income from Direct Lending: Chicago Atlantic generates interest income through senior secured loans to cannabis operators, niche industries, and emerging market borrowers. Loans are highly structured with periodic equity upside, exit fees and strict covenants.
- Management Fees from Investment Funds: The firm manages private credit funds and publicly traded vehicles (BDC and Mortgage REIT) earning management fees from institutional investors.
- Investment Returns from Portfolio Companies: The firm generates returns through equity participation, exit fees, and success fees from lending transactions.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Pay-as-you-go | Private credit lending terms are negotiated per transaction |
Go-to-market motion1 record
Distribution channels4 records
Marketing channels5 records
Chicago Atlantic Group product offering
Product offeringCore offering
Chicago Atlantic Group is a private markets alternative investment manager that provides flexible debt capital solutions—primarily highly structured, senior secured loans—to companies and industries where access to traditional bank financing is constrained. Core focus areas include U.S. state-licensed cannabis operators, esoteric and niche industries, and government-linked emerging markets borrowers across Latin America, Asia, Eastern Europe, the Middle East, and Africa. The firm deploys capital through private credit funds and two publicly traded vehicles (LIEN BDC and REFI Mortgage REIT).
Product overview
Chicago Atlantic is a private markets alternative investment manager with multiple investment vehicles. The firm operates through three core private credit strategies: Cannabis-Focused Private Credit (senior secured loans to state-licensed cannabis operators), Opportunistic and Niche Direct Credit (liquidity solutions for low-to-middle market including esoteric industries and specialty asset-based loans), and Emerging Markets Private Credit (secured lending to government-linked companies across Latin America, Asia, Africa, Middle East and Developing Europe). The firm also offers two publicly traded vehicles: Chicago Atlantic BDC Inc. (NASDAQ: LIEN), the first publicly-listed BDC focused on U.S. cannabis, and Chicago Atlantic Real Estate Finance Inc. (NASDAQ: REFI), a commercial mortgage REIT focused on cannabis operators.
Differentiator
Problem solved
Functional benefit
Products and services
- Cannabis-Focused Private Credit Investment strategy providing senior secured loans and credit facilities to U.S. state-licensed cannabis operators for working capital, growth capital, refinancing, and acquisitions.
- Opportunistic and Niche Direct Credit Investment strategy providing senior secured loans, growth and technology finance, and specialty asset-based credit to lower-to-middle market companies in esoteric industries overlooked by conventional lenders.
- Emerging Markets Private Credit Investment strategy providing senior secured loans, structured credit, and asset-backed financing to government-linked and strategically important companies and projects in Asia, Africa, Latin America, the Middle East, and Developing Europe.
- Chicago Atlantic BDC, Inc. (Nasdaq: LIEN) Publicly traded business development company (NASDAQ: LIEN) advised by Chicago Atlantic that provides primarily direct loans to middle-market U.S. cannabis companies, giving public market investors exposure to the firm's cannabis credit strategy.
- Chicago Atlantic Real Estate Finance, Inc. (Nasdaq: REFI) Publicly traded commercial mortgage REIT (NASDAQ: REFI) advised by Chicago Atlantic that provides senior secured loans, primarily to state-licensed cannabis operators in the U.S., leveraging the firm's real estate, credit, and cannabis expertise.
Quantifiable outcome
- Deployed over $3.3 billion across 185+ private loan transactions
- +2 more outcomes
Companies that use Chicago Atlantic Group
Customer profileNamed customers9 records
Segments4 records
Ideal customer profiles4 records
Chicago Atlantic Group technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
Chicago Atlantic Group partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered core.
- Chicago Atlantic Real Estate Finance (REFI) & Chicago Atlantic BDC (LIEN) MergercoreChicago Atlantic Real Estate Finance, Inc. (REFI) and Chicago Atlantic BDC, Inc. (LIEN) have entered into a definitive merger agreement to combine into a larger publicly traded business development company focused on senior secured lending. The combined entity will have approximately $613 million in net asset value and $771 million in investment portfolio.
- Chicago Atlantic BDC Inc. (NASDAQ: LIEN)coreFirst publicly-listed BDC focused on the U.S. cannabis industry, providing primarily direct loans to middle-market cannabis companies.
- Chicago Atlantic Real Estate Finance Inc. (NASDAQ: REFI)coreCommercial mortgage REIT utilizing real estate, credit and cannabis expertise to provide senior secured loans primarily to state-licensed cannabis operators.
Scale indicators9 records
Recent moves7 records
Expansion highlights5 records
Chicago Atlantic Group competitors and assessment
Company assessmentDirect peers
- Pelorus Capital Group: Pelorus Capital Group is a private credit and real estate lender focused exclusively on the cannabis industry, providing senior secured loans to state-licensed operators. It is directly comparable to Chicago Atlantic's cannabis-focused private credit strategy, competing for the same borrower relationships in state-legal cannabis markets.
- FundCanna: FundCanna is a specialty finance company providing working capital, growth capital, and real estate-backed loans to licensed cannabis operators. Like Chicago Atlantic, it focuses on serving cannabis companies underserved by traditional banks and structures senior secured debt facilities.
- NewLake Capital Partners: NewLake Capital Partners is a specialty finance company that provides senior secured loans and real estate financing to state-licensed cannabis operators. It is a directly comparable cannabis-focused credit vehicle, sharing Chicago Atlantic's regulatory moat thesis and senior-secured, asset-backed lending approach.
- Bespoke Financial: Bespoke Financial is a tech-enabled specialty finance company providing working capital and credit facilities to licensed cannabis businesses. It directly competes with Chicago Atlantic in senior secured cannabis lending, particularly for MSO and mid-market operators.
- Growers Capital: Growers Capital provides specialized financing solutions to the cannabis industry including equipment leasing and senior secured term loans. It competes directly with Chicago Atlantic in niche cannabis credit and shares the focus on borrowers excluded from traditional banking channels.
- Sundie Investments: Sundie Investments is a private credit firm specializing in cannabis industry lending, providing senior secured debt to operators across cultivation, retail, and ancillary businesses. It is a directly comparable cannabis-focused lender competing for similar deal flow as Chicago Atlantic.
- Gramercy Funds Management: Gramercy Funds Management is a specialist emerging markets investment manager focused on private credit and distressed debt. It is directly comparable to Chicago Atlantic's newly launched Emerging Markets Private Credit platform in terms of asset class, geography, and senior secured lending focus.
- Cordiant Capital: Cordiant Capital is an emerging markets private credit and infrastructure debt manager providing senior loans to companies in developing economies. It is a directly comparable peer for Chicago Atlantic's EM strategy, addressing similar bank retrenchment dynamics with relationship-driven, structured lending.
Broad incumbents
- Ares Capital Corporation: Ares Capital Corporation is one of the largest publicly traded BDCs with broad middle-market direct lending exposure. As a broad incumbent, it has begun allocating to cannabis-adjacent lending and competes with Chicago Atlantic's LIEN BDC for institutional capital and large MSO borrowers.
- Oaktree Specialty Lending: Oaktree Specialty Lending is a publicly traded BDC managed by Oaktree Capital Management providing senior secured loans to middle-market companies. As a broad incumbent, it represents the scale competitor that could encroach on Chicago Atlantic's niche verticals as cannabis and esoteric lending become more institutional.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
Chicago Atlantic Group social profiles
Digital presenceChicago Atlantic Group compliance and trust
Trust signalCompliance1 record
Chicago Atlantic Group financial estimates
Financial estimateRevenue estimate
Valuation estimate
Chicago Atlantic Group leadership team
Management profileNumber of profiles
Profiles11 records
Chicago Atlantic Group funding detail
Funding detailFunding overview
Funding rounds2 records
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Chicago Atlantic Group M&A and investment
M&A and investmentM&A
Investments18 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Chicago Atlantic Group
What does Chicago Atlantic Group do?
Chicago Atlantic Group is a private markets alternative investment manager that provides flexible debt capital solutions—primarily highly structured, senior secured loans—to companies and industries where access to traditional bank financing is constrained. Core focus areas include U.S. state-licensed cannabis operators, esoteric and niche industries, and government-linked emerging markets borrowers across Latin America, Asia, Eastern Europe, the Middle East, and Africa. The firm deploys capital through private credit funds and two publicly traded vehicles (LIEN BDC and REFI Mortgage REIT).
Is Chicago Atlantic Group a public or private company?
Chicago Atlantic Group is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Chicago Atlantic Group founded?
Chicago Atlantic Group was founded in 2018. It employs 51 to 100 people.
Where is Chicago Atlantic Group based?
Chicago Atlantic Group is headquartered in Chicago, United States, in the North America region.
How does Chicago Atlantic Group make money?
Three revenue lines are on record. Interest Income from Direct Lending is the primary driver. The others are management Fees from Investment Funds and investment Returns from Portfolio Companies.
Who are Chicago Atlantic Group's main competitors?
Direct peers on record are Pelorus Capital Group, FundCanna, NewLake Capital Partners, Bespoke Financial, Growers Capital, Sundie Investments, Gramercy Funds Management and Cordiant Capital. Broad incumbents are Ares Capital Corporation and Oaktree Specialty Lending.
Does Chicago Atlantic Group have an API?
No public API is recorded for Chicago Atlantic Group.
What industry is Chicago Atlantic Group in?
Chicago Atlantic Group's product category is Alternative Private Credit Lending. Its primary akta.pro industry code is FSANADAI, Middle-Market Lending, with a secondary code of FSAAAHAG, Private Credit / Direct Lending. Its NAICS code is 523940 and its SIC code is 6153.