07:40 AM EDT, 06/18/2026 (MT Newswires) -- Chicago Atlantic Real Estate Finance ( REFI ) agreed to merge with Chicago Atlantic BDC ( LIEN ) in an all-stock transaction, with REFI electing to become a business development company, the companies said Thursday.

Based on March 31 net asset values, REFI shareholders are expected to own about 50.5% of the combined company, with LIEN remaining the surviving entity and continuing to trade under its current ticker, the companies added.

The transaction is expected to close in the fourth quarter of 2026.