Chicago Atlantic BDC, Inc.

LIEN

$10.22

-1.06%

2026-09-04 11:08:08 EDT-$0.11

Financial Services

Asset Management

NASDAQ

Active Trading

Silver Spike Investment Corp. functions as a specialized business development company (BDC) dedicated to investing across the cannabis industry. It channels capital ...

Price Action of LIEN

$10.22

-1.06%-$0.11

High—

Low—

52W High-1.8%

Rel. vol—

Interval

Range84m

Volume—SMA5SMA10

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Chicago Atlantic BDC, Inc. (NASDAQ: LIEN) is a business development company (BDC) established in 2021 and headquartered in New York, NY. The company focuses on originating and managing a portfolio of senior-secured, first-lien debt investments, primarily targeting established operators in the U.S. cannabis industry. As a specialty finance company, it ...Chicago Atlantic BDC, Inc. (NASDAQ: LIEN) is a business development company (BDC) established in 2021 and headquartered in New York, NY. The company focuses on originating and managing a portfolio of senior-secured, first-lien debt investments, primarily targeting established operators in the U.S. cannabis industry. As a specialty finance company, it provides capital to privately held middle-market cannabis businesses through both direct lending and equity co-investments. The firm collaborates with private equity firms, entrepreneurs, and business owners to facilitate buyouts, recapitalizations, expansion initiatives, refinancings, and acquisitions. Its investment focus spans cannabis cultivators, retailers, enabling technologies, health and wellness, and hemp/CBD distributors. The company is managed by Chicago Atlantic Advisers, LLC, and elected to be regulated as a BDC under the Investment Company Act of 1940. Led by CEO Peter S. Sack, the company aims to deliver uncorrelated returns through a defensive investment strategy and rigorous underwriting. As of the latest data, the company has a market cap of approximately $220 million and employs around 1,200 people (though other sources suggest 51-200). Financially, it has a strong net profit margin of 70.2% and a dividend yield of 14.1%, reflecting its income-focused approach. The company continues to expand its lending platform and recently closed a $100 million senior secured revolving credit facility to support growth. With a focus on the underserved cannabis credit market, Chicago Atlantic BDC provides essential capital to an industry often overlooked by traditional lenders.ExpandCollapse

Founded

2021

Employees

1200

CEO

Peter S. Sack

Full Name

Chicago Atlantic BDC, Inc.

Sector

Financial Services

Industry

Asset Management

ROE

0.04%

Market Cap

$0.23B

Current Ratio

0.17

WACC

5.72%

ROIC

-0.15%

Contact Information

http://ssic.silverspikecap.com

212 905 4920

600 Madison Avenue, New York City, NY 10022

Key Metrics of LIEN

Snapshot

Latest / TTM · 6 periods

Market Cap

$233.24M

ROCE

0.0%

EV / EBITDA

33.62x

-10.5% YoY

FCF Yield

-5.2%

+3.5% YoY

Cash Conversion Cycle

25107.3d

Current Ratio

0.17

Quick take

TTM —

Current ratio below 1.0

Negative working capital

Financial Highlights of LIEN

Profitability trend

Latest / TTM · 6 periods

Gross Margin

84.9%

Net Margin

60.7%

P/E Ratio

7.35x

n/a

Debt / Equity

0.09

n/a

Current Ratio

0.17

Dividend Yield

13.3%

Understanding

TTM —

Current ratio below 1.0

Calendar of LIEN

Upcoming

Sep 25, 2026In 21 days
Ex-dividend date
$1.36 per share
Sep 30, 2026In 26 days
Q3 FY2026 · Estimated results
Est. EPS $0.38 · Revenue $15.42M · 1 analysts
Oct 9, 2026In 35 days
Dividend payment
$1.36 per share
Dec 30, 2026
Q4 FY2026 · Estimated results
Est. EPS $0.39 · Revenue $16.09M · 1 analysts

Recent history

Aug 13, 2026
Q2 FY2026 · Results reported
EPS $0.27 · Revenue $13.97M
View filing
May 14, 2026
Q1 FY2026 · Results reported
EPS $0.37 · Revenue $16.70M
View filing
Mar 19, 2026
FY2025 · Annual results
EPS $1.46 · Revenue $54.30M
View filing
Nov 13, 2025
Q3 FY2025 · Results reported
EPS $0.39 · Revenue $10.80M
View filing
Aug 14, 2025
Q2 FY2025 · Results reported
EPS $0.38 · Revenue $10.50M
View filing
May 14, 2025
Q1 FY2025 · Results reported
EPS $0.74 · Revenue $8.72M
View filing

Financial Statements of LIEN

5Y Trend (Revenue, Earnings, FCF)

Metric	Latest	YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.	QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).	$54.3M	+202.2%	-16.4%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.	$33.3M	+245.8%	-29.0%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.	+77.3%	-22.7%	-1.4%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).	+63.6%	+18.8%	-11.6%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.	+61.3%	+14.5%	-15.1%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.	$-20.5M	-306.7%	+116.9%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.	-37.7%	-34.6%	+120.2%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.	8.2%	—	-50.2%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.	0.22x	-100.0%	-27.8%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.	$342.0M	+10.5%	+92082.6%

Actual vs Estimate

A Dec 31Q Sep 30

Metric	Annual (A vs E)	Annual Surprise	Quarter (A vs E)	Quarter Surprise
EPS Surprise	1.46 vs 1.48	-1.4%	0.27 vs 0.38	-28.9%
Revenue Surprise	$54.3M vs $54.9M	-1.1%	$14.0M vs $15.4M	-9.4%

Insider Transactions of LIEN

Acquisitions (A)

Since Aug 24, 2026

Disposals (D)

Since Aug 24, 2026

Monthly shares of acquisitions/disposals with close price trend (shared daily price source)

Insider Trading Snapshot

Date	Executive	Title	Security	Side	Shares	Price
Aug 31, 2026	Gordon Scott	director, officer: Co-Chief Investment Officer	Common Stock	A	134	$10.22
Aug 31, 2026	Colonna Bernardino	officer: President	Common Stock	A	750	$10.25
Aug 28, 2026	Colonna Bernardino	officer: President	Common Stock	A	250	$10.18
Aug 27, 2026	Colonna Bernardino	officer: President	Common Stock	A	600	$10.18
Aug 27, 2026	Gordon Scott	director, officer: Co-Chief Investment Officer	Common Stock	A	5,000	$10.19

Earnings Call Transcript of LIEN

1 transcript segments

Q1 2026

Unknown Speaker

Operator: Good day, and welcome to Chicago Atlantic BDC, Inc. First Quarter 2026 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded. I would like to turn the conference over to Lisa Kampf. Please go ahead, ma'am. Lisa Kampf: Thank you. Good morning. Welcome to the Chicago Atlantic BDC conference call to review the company's results. On the call today will be Peter Sack, Chief Executive Officer; Tom Geoffroy, Interim Chief Financial Officer; and Dino Colonna, President. Our results were released this morning in our earnings press release, which can be found on the Investor Relations section of our website and in our supplemental earnings presentation filed with the SEC. A live audio webcast of this call is being made available today. For those who listen to the replay of this webcast, we remind you that the remarks made herein are as of today and will not be updated subsequent to this call. Before we begin, I would like to remind everyone that certain statements that are not based on historical facts made during this call, including any statements related to financial guidance, may be deemed forward-looking statements under federal security laws. Such statements involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by those forward-looking statements. We encourage you to refer to our most recent SEC filings for information on some of these risk factors. Chicago Atlantic BDC assumes no obligation or responsibility to update any forward-looking statements. Please note that the information reported on this call speaks only as of today, May 14, 2026. Therefore, you are advised that time-sensitive information may no longer be accurate at the time of any replay or transcript reading. I will now turn the call over to Peter Sack. Please go ahead. Peter Sack: Thank you, Lisa. Good morning, everyone. Chicago Atlantic BDC's record results this quarter demonstrate the benefits of our differentiated strategy. As the first publicly listed BDC focused primarily on lending to the cannabis industry, we remain uniquely positioned to participate in a market with limited competition. In an environment where other BDCs are struggling against credit performance, dividend coverage concerns and interest rate uncertainty, Chicago Atlantic BDC has continued to strengthen its position. Net investment income for the first quarter of 2026 reached a record $10 million or $0.44 per share. During the quarter, we executed on our pipeline, funding a record $93.9 million across 7 portfolio companies, including 3 new borrowers. We efficiently utilized additional capacity on our credit facility, growing the portfolio to its largest level in company history. Today, we announced a $0.34 dividend, marking the seventh consecutive quarter at that rate. We continue to benchmark the company's performance against the broader public BDC industry as documented in the …

Leadership Team of LIEN

8 executives

Name	Title	Gender	Year Born	Status
Umesh Bhaskar Mahajan	Co-Chief Investment Officer & Secretary	Male	1971	Active
William Healy	Partner & Head of Capital Formation	Male	1964	Active
Andrew Thomas Lovitt	Chief Compliance Officer & General Counsel	Male	1991	Active
Bernardino Colonna	President	Male	1979	Active
Gianni Fazio	Chief Accounting Officer	Male	1996	Active
Peter S. Sack	Chief Executive Officer	Male	1989	Active
Scott Charles Gordon	Co-Chief Investment Officer & Executive Chairman	Male	1961	Active
Thomas Napoleon Geoffroy	Interim Chief Financial Officer	Male	1974	Active

Recent News of LIEN

Seeking Alpha8/13/2026Neutral

Chicago Atlantic BDC, Inc. (LIEN) Q2 2026 Earnings Call Transcript

MarketBeat8/13/2026Neutral

Chicago Atlantic BDC Q2 Earnings Call Highlights

Chicago Atlantic BDC NASDAQ: LIEN reported second-quarter net investment income of $7.7 million, or $0.34 per share, as loan repayments exceeded new originations and reduced the size of its investment portfolio.

Zacks Investment Research8/13/2026Neutral

Chicago Atlantic BDC, Inc. (LIEN) Lags Q2 Earnings and Revenue Estimates

Chicago Atlantic BDC, Inc. (LIEN) came out with quarterly earnings of $0.34 per share, missing the Zacks Consensus Estimate of $0.4 per share. This compares to earnings of $0.34 per share a year ago.

GlobeNewsWire8/13/2026Neutral

Chicago Atlantic BDC, Inc. Declares $0.34 Cash Dividend for Third Quarter 2026

NEW YORK, Aug. 13, 2026 (GLOBE NEWSWIRE) -- Chicago Atlantic BDC, Inc. (the “Company”) (NASDAQ: LIEN), a specialty finance company that has elected to be regulated as a business development company, today announced that the Company's board of directors has declared a cash dividend of $0.34 per share for the quarter ended September 30, 2026. The following are the key dates for the dividends: Record Date September 25, 2026 Payment Date October 9, 2026 About Chicago Atlantic BDC, Inc. The Company is a specialty finance company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended, and has elected to be treated as a regulated investment company for U.S. federal income tax purposes.

GlobeNewsWire8/13/2026Neutral

Chicago Atlantic BDC, Inc. Reports Second Quarter 2026 Financial Results

NEW YORK, Aug. 13, 2026 (GLOBE NEWSWIRE) -- Chicago Atlantic BDC, Inc. (“LIEN” or the “Company”) (NASDAQ: LIEN), a specialty finance company that has elected to be regulated as a business development company, today announced its financial results for the second quarter ended June 30, 2026. Operating Highlights For the Three Months Ended (Dollar amounts in millions, except per share data)* June 30, 2026 March 31, 2026 Total Amount Per Share Total Amount Per Share Total investment income $14.0 $0.61 $16.7 $0.73 Net investment income $7.7 $0.34 $10.0 $0.44 Net change in unrealized gains (losses) $(1.6) $(0.07) $(1.4) $(0.06) Net increase in net assets resulting from operations $6.1 $0.27 $8.5 $0.37 *totals may not foot due to rounding.

Historical Employee Count of LIEN

Current

Minimum

Maximum

Recent Filings

Report Date	Form Type	Filing Date	SEC Filing
Dec 31, 2025	10-K	Mar 19, 2026	View
Dec 31, 2024	10-K	Mar 31, 2025	View
Dec 31, 2023	10-K	Mar 28, 2024	View
Mar 31, 2022	10-K	Jun 29, 2022	View

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Chicago Atlantic BDC, Inc.