Chicago Atlantic BDC, Inc. (LIEN) Cash Flow Statement
Where LIEN’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$20.5M
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- −$20.5M −37.7% margin
- Returned to shareholders
- $23.3M
- Change in cash
- −$21.0M cash at year-end $2.9M
Drawn to scale: where the cash came from and how it was used. Hover for values.
LIEN operating cash flow, capex and free cash flow
LIEN cash flow trends, 2021–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$509,1102021 | −$20.5M2025 | — | |
| Capital expenditures | $02021 | $02025 | — | |
| Free cash flow | −$509,1102021 | −$20.5M2025 | — | |
| Free cash flow margin | −5,054.2%2021 | −37.7%2025 | +5,016.5 pts | |
| Operating cash flow / net income | −29.362022 | −0.622025 | +28.74 | |
| Dividends paid | $8.3M2023 | $23.3M2025 | +67.8%/yr | |
| Capex / revenue | 0.0%2021 | 0.0%2025 | 0.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
LIEN cash flow by activity
LIEN net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
LIEN cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Operating activities | |||||
| Net income | $33.3M | $9.6M | $7.3M | $1.7M | −$563,365 |
| Depreciation & amortization | −$2.91B | — | — | — | — |
| Change in working capital | $3.7M | −$4.1M | $2.3M | −$1.6M | $54,255 |
| Other non-cash items | $2.85B | −$10.5M | −$3.9M | −$50.2M | $0 |
| Cash from operating activities | −$20.5M | −$5.0M | $5.7M | −$50.1M | −$509,110 |
| Investing activities | |||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 |
| Acquisitions & other investing | −$52.60B | — | — | — | — |
| Cash from investing activities | −$52.60B | — | — | — | — |
| Financing activities | |||||
| Dividends paid | −$23.3M | −$12.4M | −$8.3M | — | — |
| Net borrowing (repayment) | $25.0M | $0 | $0 | — | — |
| Shares issued | $0 | $9.0M | $0 | $0 | $85.3M |
| Other financing | −$2.2M | −$274,728 | $0 | $85.3M | $0 |
| Cash from financing activities | −$519,923 | −$3.6M | −$8.3M | $85.3M | $85.3M |
| Summary | |||||
| Net change in cash | −$21.0M | −$8.7M | −$2.5M | $84.8M | $84.8M |
| Cash at end of period | $2.9M | $23.9M | $32.6M | $84.8M | $84.8M |
| Free cash flow | −$20.5M | −$5.0M | $5.7M | −$50.1M | −$509,110 |
| Free cash flow margin | −37.7% | −28.0% | 57.3% | −1,239.2% | −5,054.2% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating cash flow / net income | −0.62 | −0.52 | 0.78 | −29.36 | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$8.5M | $8.5M | $2.5M | $8.8M | $8.6M | $7.6M | $8.0M | −$165,012 | $1.3M | $519,811 | $2.5M | $1.3M |
| Depreciation & amortization | $176,659 | — | $748.8M | −$1.81B | −$1.36B | $145,381 | — | — | — | — | — | — |
| Change in working capital | −$1.1M | $1.1M | $1.4M | −$6.5M | $11.5M | −$1.0M | −$6.4M | $227,797 | −$264,265 | $2.3M | $1.4M | −$721,728 |
| Other non-cash items | $42.4M | −$30.5M | −$746.2M | $1.80B | $1.34B | −$1.1M | −$1.2M | $453 | $1.5M | −$731,000 | $3.3M | $288,044 |
| Cash from operating activities | $33.0M | −$20.8M | $6.5M | −$1.4M | $1.9M | $5.7M | $401,762 | $63,238 | $2.5M | $2.1M | $7.1M | $840,198 |
| Investing activities | ||||||||||||
| Capital expenditures | −$5 | −$3 | −$3 | $0 | −$1 | −$3 | −$2 | −$2 | $0 | $0 | $0 | $0 |
| Acquisitions & other investing | $149.8M | −$29.3M | $23.91B | −$34.38B | −$16.2M | −$13.0M | −$7.7M | −$2.3M | — | — | — | — |
| Cash from investing activities | $149.8M | −$29.3M | $23.91B | −$34.38B | −$16.2M | −$13.0M | −$7.7M | −$2.3M | — | — | — | — |
| Financing activities | ||||||||||||
| Dividends paid | −$7.8M | −$7.8M | −$7.8M | −$7.8M | −$7.8M | $0 | −$7.8M | −$1.6M | −$1.6M | −$1.6M | −$4.3M | −$3.9M |
| Net borrowing (repayment) | −$27.5M | $29.5M | $14.0M | $6.0M | $5.0M | $0 | — | $0 | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$135,470 | −$500,001 | $0 | −$215,496 | −$283,400 | −$1.7M | $8.9M | −$53,857 | −$84,320 | −$756 | $0 | $0 |
| Cash from financing activities | −$35.4M | $21.2M | $6.2M | −$2.0M | −$3.0M | −$1.7M | $1.2M | −$1.6M | −$1.6M | −$1.6M | −$4.3M | −$3.9M |
| Summary | ||||||||||||
| Net change in cash | −$2.4M | $411,564 | −$7.5M | −$3.4M | −$1.1M | −$9.0M | −$6.2M | −$3.9M | $843,557 | $548,659 | $2.8M | −$3.1M |
| Cash at end of period | $925,534 | $3.3M | $2.9M | $10.5M | $13.8M | $14.9M | $23.9M | $30.1M | $34.0M | $33.2M | $32.6M | $29.8M |
| Free cash flow | $33.0M | −$20.8M | $6.5M | −$1.4M | $1.9M | $5.7M | $401,760 | $63,240 | $2.5M | $2.1M | $7.1M | $840,198 |
| Free cash flow margin | 236.0% | −124.7% | 60.9% | −12.9% | 18.6% | 65.3% | 4.1% | 2.3% | 106.9% | 70.2% | 197.2% | 44.0% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating cash flow / net income | — | −2.44 | 2.61 | −0.16 | 0.23 | 0.75 | 0.05 | — | 1.92 | 4.05 | 2.86 | 0.66 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
LIEN cash generation
In fiscal 2025 (ended December 31, 2025), Chicago Atlantic BDC generated -$20.5 million of cash from operations and spent $0 on capital expenditures, leaving free cash flow of -$20.5 million, −37.7% of revenue. It returned $23.3 million to shareholders through dividends ($23.3 million) and net share buybacks ($0). Cash and equivalents fell by $21.0 million over the year.
Related: LIEN income statement, LIEN balance sheet, LIEN dividend history. See the LIEN stock overview for the latest quote and news.
LIEN cash flow FAQ
What is Chicago Atlantic BDC's free cash flow?
Chicago Atlantic BDC's free cash flow was -$20.5 million in fiscal 2025: -$20.5 million of operating cash flow minus $0 of capital expenditures It was -$5.0 million a year earlier..
How much cash does Chicago Atlantic BDC generate from operations?
Chicago Atlantic BDC generated -$20.5 million of cash from operating activities in fiscal 2025, −0.62 times its net income of $33.3 million.
How much does Chicago Atlantic BDC pay in dividends?
Chicago Atlantic BDC paid $23.3 million in dividends in fiscal 2025.