Chicago Atlantic BDC, Inc.

NASDAQ•LIEN

CEO: Mr. Scott Charles Gordon

Sector: Financial Services

Industry: Asset Management

Listing Date: 2022-02-04

Silver Spike Investment Corp., is a a business development company. It is a specialty finance company, focuses on investing across the cannabis ecosystem through investments in the form of direct loans to, and equity ownership of, privately held cannabis companies. It intends to partner with private equity firms, entrepreneurs, business owners, and management teams to provide credit and equity financing alternatives to support buyouts, recapitalizations, growth initiatives, refinancings, and acquisitions across cannabis companies, including cannabis-enabling technology companies, cannabis-related health and wellness companies, and hemp and CBD distribution companies. The company was founded in 2021 and is based in New York, New York.

Contact Information

600 Madison Avenue, Suite 1800, New York, NY, 10022, United States

212-905-4920

N/A

Market Cap

$226.84M

P/E (TTM)

6.9

Dividend Yield

13.7%

52W High

$12.14

52W Low

$9.58

52W Range

14%

Rank41Top 44.9%

4.0

F-Score

Modified Piotroski Analysis

Based on 5-year fundamentals

Average • 4 / 9 points

Scoring Range (0-9)

8-9: Excellent Value

6-7: Strong Fundamentals

4-5: Average Quality

0-3: Weak Performance

Data Period: 2021-2025

Financial Dashboard

Q3 2025 Data

Revenue

$10.80M+288.56%

4-Quarter Trend

EPS

$0.39-1566.16%

4-Quarter Trend

FCF

-$1.39M-2305.10%

4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Nine Month NII Surge Net Investment Income reached $24.80M USD for nine months, a massive increase from $1.46M USD in prior year period.

NAV Per Share Growth Net Asset Value Per Share grew to $13.27 USD as of September 30, 2025, up from $13.20 USD at year-end 2024.

Investment Portfolio Expansion Total assets increased to $327.25M USD by quarter end, reflecting growth driven by the Loan Portfolio Acquisition completion.

Strong Interest Income Total investment income hit $40.07M USD for the nine months ended September 30, 2025, significantly outpacing prior results.

Risk Factors

Leverage Security Interests Significant assets are pledged as collateral for the $11.00M outstanding balance on the Revolving Line of Credit facility.

Cannabis Sector Concentration Investment focus on the speculative cannabis industry exposes portfolio to inherent legality issues and adverse regulatory changes.

Level 3 Valuation Inputs One hundred percent of the portfolio is Level 3, relying entirely on unobservable inputs, creating inherent valuation uncertainty.

Interest Rate Sensitivity Hypothetical 300 basis point rate increase could reduce net investment income by $5.35M USD for the reporting period.

Outlook

First Lien Debt Focus Portfolio remains heavily weighted toward First Lien Senior Secured Loans, comprising 86.5% of total fair value investments.

Adviser Expense Waivers Adviser waived $1.34M USD in operating expenses under the Expense Limitation Agreement through the nine-month period.

Liquidity Position Maintained Maintained $89.00M USD availability under the Revolving Line of Credit for future investment deployment needs.

Subsequent Dividend Approval Board approved a subsequent cash dividend of $0.34 per share, payable in January 2026 to record date holders.

Peer Comparison

Revenue (TTM)

NEWT

$344.43M

+8.0%

MFIN

$339.80M

+15.9%

TPVG

$91.19M

+28.1%

Gross Margin (Latest Quarter)

TPVG

122.7%

-6.6pp

SSSS

100.0%

+2471.6pp

LIEN

99.7%

-0.3pp

Key Metrics

Symbol	Market Cap	P/E (TTM)	ROE (TTM)	Debt to Assets
NEWT	$338.85M	4.9	17.3%	81.8%
SSSS	$253.95M	0.0	0.0%	12.4%
LIEN	$226.84M	6.9	10.9%	3.4%

Long-Term Trends

Last 4 Quarters

Revenue

Net Income

Operating Cash Flow

4Q Revenue CAGR

3.0%

Moderate Growth

4Q Net Income CAGR

3.5%

Profitability Slowly Improving

Cash Flow Stability

75%

Volatile Cash Flow

Deep Research

Next earnings:Mar 18, 2026

EPS:$0.37

Revenue:$13.41M

Financials

Earnings Calls

Reports

News

Income Statement

Balance Sheet

Cash Flow Statement

Ratios

% Chg.

Income Statement	LTM

No Data