Chicago Atlantic BDC, Inc. (LIEN) Balance Sheet
LIEN balance sheet, 2025
December 31, 2025 · U.S. dollars$342.0M assets = $38.6M liabilities + $303.4M equity
Both columns are drawn to the same scale: what LIEN owns equals what it owes plus shareholders’ equity. Hover a block for its value.
LIEN financial health
Descriptive bands, not a rating. Fiscal 2025.
LIEN balance sheet trends, 2020–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $276,2562020 | $342.0M2025 | +315.5%/yr | |
| Total liabilities | $435,9712020 | $38.6M2025 | +145.1%/yr | |
| Shareholders’ equity | −$159,7152020 | $303.4M2025 | — | |
| Cash & short-term investments | $02020 | $2.9M2025 | — | |
| Working capital | $84.6M2021 | −$10.7M2025 | −$95.2M | |
| Book value per share | $15.582022 | $13.302025 | −5.1%/yr | |
| Current ratio | 177.262021 | 0.222025 | −177.05 | |
| Shares outstanding | 5.6M2022 | 22.8M2025 | +60.2%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
LIEN assets
LIEN liabilities and equity
LIEN debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
LIEN balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Cash & short-term investments | $2.9M | $23.9M | $32.6M | $35.1M | $84.8M | $0 |
| Cash & equivalents | $2.9M | $23.9M | $32.6M | $35.1M | $84.8M | $0 |
| Receivables | $3.18B | $10.1M | $1.8M | $1.6M | $9,215 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $0 | $0 | $89,276 | $32,323 | $256,512 | — |
| Total current assets | $2.9M | $23.9M | $34.5M | $36.7M | $85.0M | — |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $333.3M | $275.2M | $54.1M | $0 | $0 | $0 |
| Other non-current assets | $5.7M | $10.4M | $0 | $50.3M | $0 | $276,256 |
| Total assets | $342.0M | $309.6M | $88.6M | $87.0M | $85.0M | $276,256 |
| Liabilities | ||||||
| Accounts payable | $7.8M | $37,752 | $2 | — | — | — |
| Short-term debt | $25.00B | — | — | — | — | — |
| Total current liabilities | $13.6M | $37,752 | $3.0M | $461,882 | $479,697 | — |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $25.0M | $8.4M | $13,822 | $33,663 | $479,697 | — |
| Total liabilities | $38.6M | $8.4M | $3.0M | $495,545 | $479,697 | $435,971 |
| Shareholders' equity | ||||||
| Common stock & paid-in capital | $228,206 | $228,204 | $62,149 | $62,147 | $62,147 | — |
| Retained earnings (deficit) | $25,650 | −$2.3M | $449,266 | $1.5M | −$427,845 | −$159,715 |
| Accumulated other comprehensive income | — | — | $0 | — | — | — |
| Total shareholders' equity | $303.4M | $301.2M | $85.6M | $86.5M | $84.6M | −$159,715 |
| Key figures | ||||||
| Total debt | $25.0M | — | — | — | — | — |
| Net cash (debt) | −$22.1M | — | — | — | — | — |
| Working capital | −$10.7M | $23.9M | $31.4M | $36.3M | $84.6M | — |
| Tangible book value | $303.4M | $301.2M | $85.6M | $86.5M | $84.6M | −$159,715 |
| Book value per share | $13.30 | $29.12 | $13.77 | $15.58 | — | — |
| Shares outstanding | 22.8M | 10.3M | 6.2M | 5.6M | — | — |
| Current ratio | 0.22 | 633.94 | 11.45 | 79.49 | 177.26 | — |
| Quick ratio | 233.91 | 900.58 | 11.42 | 79.42 | 176.73 | — |
| Debt / equity | 0.08 | — | — | — | — | — |
| Equity / assets | 88.7% | 97.3% | 96.6% | 99.4% | 99.4% | −57.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $925.5M | $3.3M | $2.9M | $10.5M | $13.8M | $14.9M | $23.9M | $30.1M | $34.0M | $33.2M | $32.6M | $29.8M |
| Cash & equivalents | $925.5M | $3.3M | $2.9M | $10.5M | $13.8M | $14.9M | $23.9M | $30.1M | $34.0M | $33.2M | $32.6M | $29.8M |
| Short-term investments | — | — | — | — | $59.6M | — | — | — | — | — | — | — |
| Receivables | $3.59B | $4.5M | $5.0M | $4.3M | $9.0M | $8.3M | $10.1M | $2.1M | $1.6M | $1.7M | $1.8M | $1.8M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.2M | $965,812 | $594,793 | $89,276 | $103,838 |
| Total current assets | $4.51B | $3.3M | $2.9M | $10.5M | $13.8M | $23.2M | $23.9M | $33.4M | $36.6M | $35.4M | $34.5M | $31.8M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $334.8M | $364.0M | $333.3M | $311.4M | $307.5M | $289.3M | $275.2M | $55.8M | $53.4M | $54.9M | $54.1M | $57.4M |
| Other non-current assets | $339.11B | $5.8M | $5.7M | $5.4M | $10.4M | $1.3M | $10.4M | $91,061 | $69,913 | $69,913 | $0 | $50,000 |
| Total assets | $343.96B | $373.1M | $342.0M | $327.3M | $331.8M | $313.7M | $309.6M | $89.3M | $90.1M | $90.4M | $88.6M | $89.2M |
| Liabilities | ||||||||||||
| Accounts payable | $7.8M | $7.8M | $7.8M | $7.8M | $19.6M | $8.0M | $37,752 | $0 | $62,189 | $0 | $2 | $321 |
| Short-term debt | $27.00B | — | $25.00B | $11.00B | $5.00B | — | — | — | — | — | — | — |
| Total current liabilities | $27.00B | $14.4M | $13.6M | $13.3M | $24.9M | $8.0M | $37,752 | $6.7M | $5.8M | $5.3M | $3.0M | $1.8M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $14.47B | $54.5M | $25.0M | $11.0M | $5.0M | $4.7M | $8.4M | $6.7M | $16,628 | $485,505 | $13,822 | $10,923 |
| Total liabilities | $41.47B | $68.9M | $38.6M | $24.3M | $29.9M | $12.7M | $8.4M | $6.7M | $5.8M | $5.8M | $3.0M | $1.8M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $228.2M | $228,206 | $228,206 | $228,206 | $228,204 | $228,204 | $228,204 | $62,149 | $62,149 | $62,149 | $62,149 | $62,147 |
| Retained earnings (deficit) | −$817,749 | $877,173 | $25,650 | −$461,845 | −$1.5M | −$2.4M | −$2.3M | −$2.6M | −$834,860 | −$573,983 | $449,266 | $2.3M |
| Accumulated other comprehensive income | — | — | — | — | $0 | — | — | — | $0 | $0 | $0 | $0 |
| Total shareholders' equity | $302.49B | $304.2M | $303.4M | $302.9M | $301.8M | $301.0M | $301.2M | $82.5M | $84.3M | $84.5M | $85.6M | $87.4M |
| Key figures | ||||||||||||
| Total debt | $27.00B | $54.5M | $25.0M | $11.0M | $5.0M | — | — | — | — | — | — | — |
| Net cash (debt) | −$26.07B | −$51.2M | −$22.1M | −$537,634 | $8.8M | — | — | — | — | — | — | — |
| Working capital | −$22.49B | −$11.1M | −$10.7M | −$2.9M | −$11.1M | $15.2M | $23.9M | $26.7M | $30.8M | $30.1M | $31.4M | $30.0M |
| Tangible book value | $302.49B | $304.2M | $303.4M | $302.9M | $301.8M | $301.0M | $301.2M | $82.5M | $84.3M | $84.5M | $85.6M | $87.4M |
| Book value per share | $13,254.88 | $13.33 | $13.30 | $13.27 | $13.23 | $29.10 | $36.38 | $13.28 | $13.56 | $13.60 | $13.77 | $14.06 |
| Shares outstanding | 22.8M | 22.8M | 22.8M | 22.8M | 22.8M | 10.3M | 8.3M | 6.2M | 6.2M | 6.2M | 6.2M | 6.2M |
| Current ratio | 0.17 | 0.23 | 0.22 | 0.79 | 0.56 | 2.91 | 633.94 | 4.99 | 6.31 | 6.63 | 11.45 | 17.92 |
| Quick ratio | 0.17 | 0.54 | 0.58 | 1.11 | 0.92 | 2.91 | 900.58 | 4.80 | 6.14 | 6.52 | 11.42 | 17.86 |
| Debt / equity | 0.09 | 0.18 | 0.08 | 0.04 | 0.02 | — | — | — | — | — | — | — |
| Equity / assets | 87.9% | 81.5% | 88.7% | 92.6% | 91.0% | 96.0% | 97.3% | 92.5% | 93.5% | 93.5% | 96.6% | 98.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 19, 2026); data from EODHD.
LIEN financial position
At the end of fiscal 2025 (December 31, 2025), Chicago Atlantic BDC had total assets of $342.0 million (up 10.5% from a year earlier), total liabilities of $38.6 million and shareholders' equity of $303.4 million. It held $2.9 million in cash and short-term investments against $25.0 million of debt, net debt of $22.1 million. Its current ratio was 0.22. In the latest quarter (ended June 30, 2026) total assets were $344.0 billion and equity $302.5 billion.
Related: LIEN income statement, LIEN cash flow statement, LIEN key metrics. See the LIEN stock overview for the latest quote and news.
LIEN balance sheet FAQ
What are Chicago Atlantic BDC's total assets?
Chicago Atlantic BDC reported total assets of $342.0 million at the end of fiscal 2025 (December 31, 2025), compared with $309.6 million a year earlier.
How much debt does Chicago Atlantic BDC have?
Chicago Atlantic BDC had $25.0 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.08.
How much cash does Chicago Atlantic BDC have?
Chicago Atlantic BDC held $2.9 million in cash and short-term investments at the end of fiscal 2025; with $25.0 million of debt that is net debt of $22.1 million.
What is Chicago Atlantic BDC's book value?
Chicago Atlantic BDC's shareholders' equity (book value) was $303.4 million at the end of fiscal 2025, or $13.30 per share.
What is Chicago Atlantic BDC's current ratio?
Chicago Atlantic BDC had current assets of $2.9 million and current liabilities of $13.6 million, a current ratio of 0.22 (current liabilities exceed current assets).