Chicago Atlantic Advisers LLC

5 – Fees and Compensation of this brochure for more information regarding Transaction Fees and
Management Fee Offsets.

Advisory and Management Services for Publicly Traded Vehicles

Chicago Atlantic REIT Manager, LLC (the “REIT Manager”) serves as the manager to Chicago Atlantic
Real Estate Finance, Inc. (NASDAQ: REFI) (the “REIT”), a public commercial real estate finance
company. The REIT Manager is under common control with Chicago Atlantic.

Chicago Atlantic BDC Advisers, LLC (the “BDC Adviser”) serves as the investment adviser to Chicago
Atlantic BDC, Inc. (NASDAQ: LIEN) (the “BDC”), a publicly traded business development company.
Peter Sack, a Partner of the Adviser, is the Chief Executive Officer of the BDC. The BDC Adviser is under
common control with Chicago Atlantic.

Several employees of Chicago Atlantic are also supervised persons of the REIT Manager and BDC Adviser
and handle the responsibilities of the REIT Manager and BDC Adviser per expense-sharing arrangements
between (i) Chicago Atlantic and the REIT Manager and (ii) Chicago Atlantic and the BDC Adviser. All
three entities share Chicago Atlantic’s employees and resources. The Funds, at times, will compete with
the REIT Manager and BDC Adviser for Chicago Atlantic’s attention, time, personnel, and other resources.
Chicago Atlantic will devote the internal resources necessary to meet each Client’s varying levels of
demand for these resources and appropriately conduct each Client’s business affairs as required by the
relevant Governing Documents. Further, consistent with the co-investment exemptive relief provided by
the SEC to the BDC and BDC Adviser, the BDC will invest alongside the Firm’s Clients in the ordinary
course of business. Chicago Atlantic does not utilize or select other advisers or third-party managers.

Affiliated Broker-Dealer

The Founding Partners of Chicago Atlantic are owners of a broker-dealer (the “Affiliated Broker Dealer”).
The Firm does not actively engage in any business through the Affiliated Broker-Dealer. Certain supervised
persons of Chicago Atlantic are also supervised persons of Stoneliving Securities, LLC (“Stoneliving”).
Stoneliving is a FINRA-registered broker-dealer headquartered in Florida that conducts multiple lines of
business, including: underwriting or selling group participant corporate securities (other than mutual funds);
brokering or dealing the sale of tax shelters or limited partnerships in primary distributions; private
placements of securities; and participating in merger and acquisition services for which it may receive a
success fee upon successful closing of transactions.

Publicly Traded Cannabis Operator

One of Chicago Atlantic’s principals serves as Chief Executive Officer and Co-Executive Chairman of the
Board of a publicly traded company in which certain of our Funds hold material equity interests and to
which the Funds provide financing. As one of Chicago Atlantic’s principals and a member of certain of its
Investment Committees, this principal is capable of exercising significant influence over the Funds. The
publicly traded company has further entered into binding agreements with certain target portfolio
companies, which are or may in the future become borrowers under loans held by the Funds. As a result of
these transactions, which are ongoing, there are conflicts of interest related to the allocation of the

principal’s time and attention to the Firm’s affairs as well as their executive positions for both the Firm and
the publicly traded company. The principal recuses themselves from all matters that involve the Funds, the
publicly traded company, and other target portfolio companies ancillary thereto, including as it relates to
any actions that would arise, including exercise of rights and remedies under relevant credit agreements, if
the publicly traded company were to default on its obligations to the Funds or if a similar material event
occurred that presented a direct conflict between the Firm and/or the Funds and the publicly traded
company.

Item 7. Types of Clients

As discussed in Item 4 of this brochure, Chicago Atlantic’s Clients are the Funds. Investors in the Funds
are generally high-net-worth individuals, family offices, pension and profit-sharing plans (other than plan
participants), charitable organizations, and institutional investors. Generally, investors in the Funds are
required to meet certain suitability qualifications, such as being either (i) an “accredited investor” within
the meaning of Rule 501(a) of Regulation D under the Securities Act of 1933, as amended (the “Securities
Act”), a “qualified client” within the meaning of Rule 205-3 under the Advisers Act and, for certain Funds,
a “qualified purchaser” as defined in Section 2(a)(51) of the Investment Company Act of 1940, as amended
(the “1940 Act”); or (ii) a non-U.S. person in accordance with the requirements of Regulation S under the
Securities Act and applicable eligibility requirements of the respective Fund; and (iii) in accordance with
any other applicable law. As such, the Funds that Chicago Atlantic manages are exempt from registration
as an investment company through the exemptions provided by Sections 3(c)(1) and 3(c)(7) of the 1940
Act.

The minimum initial investment in the Funds is stated in the Governing Documents. Each Fund’s General
Partner may waive such minimum under certain circumstances and in such General Partner’s sole
discretion. Minimum investment for any separately managed account will be determined on a case-by-case
basis, in our sole discretion.