Chicago Atlantic BDC, Inc. (LIEN) AI Stock Analysis

Chicago Atlantic BDC, Inc., formerly Silver Spike Investment Corp., is a specialty finance company and business development company based in New York, New York. Founded in 2021, the firm focuses on investing across the cannabis ecosystem through direct loans and equity ownership in privately held cannabis companies. It partners with private equity firms, entrepreneurs, business owners, and management teams to provide credit and equity financing alternatives. These financings support buyouts, recapitalizations, growth initiatives, refinancings, and acquisitions across cannabis businesses, including cannabis-enabling technology firms, health and wellness companies, and hemp and CBD distribution enterprises.

Annual revenue grew significantly from $10,073 in FY2021 to $4.0M in FY2022, $10.0M in FY2023, $18.0M in FY2024, and $54.3M in FY2025, representing a 4-year revenue CAGR of 756.9%. Net income expanded from -$563,365 in FY2021 to $33.3M in FY2025, producing a net margin of 61.3% and an EPS of $1.45. Gross margin was 100.0% from FY2021 through FY2024 before moving to 77.3% in FY2025, alongside an operating margin of 63.6%. In the latest quarter ended June 30, 2026, quarterly revenue increased 6.8% year-over-year, while quarterly earnings declined 29.4% year-over-year.

As of June 30, 2026, the company held $925.5M in cash and short-term investments against $27.00B in total debt, resulting in net debt of $26.07B. Total assets stood at $343.96B, and shareholders' equity was $302.49B, with a debt-to-equity ratio of 0.09 and a current ratio of 0.17. In FY2025, free cash flow was -$20.5M, matching operating cash flow of -$20.5M, while dividends paid totaled $23.3M.

At a last close of $9.14 on October 16, 2026, LIEN holds a market capitalization of $208.6M and an enterprise value of $234.7M. The stock trades at a trailing P/E of 6.6x and a forward P/E of 6.3x, which compares with the median of its US-listed Financial Services peers of 12.1x trailing and 10.8x forward. Its price-to-book multiple is 0.8x, and its EV-to-revenue ratio is 6.6x. Over the past year, the shares gained 3.4%, compared to a 16.8% return for the S&P 500 (SPY).

LIEN pays a quarterly dividend with an annual forward dividend of $1.36 per share, translating to a dividend yield of 14.90%. The company has paid dividends for 4 consecutive years and recorded a payout ratio of 87.2%. In FY2025, total dividends paid amounted to $23.3M, and the stock's most recent ex-dividend date was September 25, 2026.

Wall Street coverage includes 1 Strong Buy and 1 Hold rating, with no Buy, Sell, or Strong Sell recommendations. The mean price target is $11.00, implying a 20.4% upside compared to the last close of $9.14. For the current fiscal year ending December 31, 2026, consensus estimates project revenue of $61.2M and EPS of $1.50, reflecting 3.5% earnings growth. Over the last 4 quarters, LIEN beat earnings estimates 2 times. The next earnings date is November 12, 2026.

This page is an AI-written research summary of Chicago Atlantic BDC, Inc. (LIEN). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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