Chicago Atlantic BDC Inc Financials
This page shows Chicago Atlantic BDC Inc (LIEN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
FY2025’s earnings rebound came from a larger asset base, while operations still consumed cash and leverage moved up.
By FY2025, net income had reached$33.3M even as operating cash flow was-$20.5M , a sign that reported returns were being retained in assets or working capital instead of arriving as cash. That gap matters more because cash fell from$32.6M in FY2023 to$2.9M , so the business looks less self-funding even while its accounting profitability improved.
Scale came first through equity issuance: shares outstanding jumped from 6.2M to 22.8M by FY2024, which helps explain why per-share results did not keep pace with balance-sheet growth at first. By FY2025, return on equity had reached
The payout now sits on a tighter cash footing: FY2025 dividends of
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Chicago Atlantic BDC Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Chicago Atlantic BDC Inc carries a low D/E ratio of 0.13, meaning only $0.13 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 99/100, indicating a strong balance sheet with room for future borrowing.
Chicago Atlantic BDC Inc generates a 11.0% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 29/100. This is up from 3.2% the prior year.
Chicago Atlantic BDC Inc passes 2 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
For every $1 of reported earnings, Chicago Atlantic BDC Inc generates $-0.62 in operating cash flow (-$20.5M OCF vs $33.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Chicago Atlantic BDC Inc reported $33.3M in net income in fiscal year 2025. This represents an increase of 245.8% from the prior year.
Chicago Atlantic BDC Inc earned $1.46 per diluted share (EPS) in fiscal year 2025. This represents an increase of 57.0% from the prior year.
Cash & Balance Sheet
Chicago Atlantic BDC Inc held $2.9M in cash against $0 in long-term debt as of fiscal year 2025.
Chicago Atlantic BDC Inc had 23M shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.
Margins & Returns
Chicago Atlantic BDC Inc's ROE was 11.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 7.8 percentage points from the prior year.
Capital Allocation
LIEN Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $1.2M | N/A | $1.1M-20.8% | $1.4M+40.3% | $974K | N/A | $0 | $0 |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $1.0M | N/A | $339K+12.4% | $301K+107.2% | $145K | N/A | $0 | $0 |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | $8.5M | N/A | $8.8M+2.9% | $8.6M+12.7% | $7.6M | N/A | -$165K-112.8% | $1.3M |
| EPS (Diluted) | $0.37 | N/A | $0.39+2.6% | $0.38+15.2% | $0.33 | N/A | $-0.03 | $0.21 |
LIEN Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $373.1M+9.1% | $342.0M+4.5% | $327.3M-1.4% | $331.8M+5.8% | $313.7M+1.3% | $309.6M+246.7% | $89.3M-0.9% | $90.1M |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $3.3M+14.0% | $2.9M-71.9% | $10.5M-24.3% | $13.8M-7.3% | $14.9M-37.7% | $23.9M-20.5% | $30.1M-11.4% | $34.0M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $68.9M+78.7% | $38.6M+58.6% | $24.3M-18.6% | $29.9M+135.8% | $12.7M+51.0% | $8.4M+24.6% | $6.7M+15.8% | $5.8M |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $304.2M+0.3% | $303.4M+0.2% | $302.9M+0.4% | $301.8M+0.3% | $301.0M0.0% | $301.2M+264.9% | $82.5M-2.0% | $84.3M |
| Retained Earnings | $877K+3319.8% | $26K+105.6% | -$462K+69.9% | -$1.5M+34.9% | -$2.4M-1.1% | -$2.3M+8.5% | -$2.6M-205.9% | -$835K |
LIEN Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$20.8M-51.3% | -$13.8M-887.3% | -$1.4M-171.5% | $1.9M+126.8% | -$7.3M+1.0% | -$7.3M-221.0% | -$2.3M-192.1% | $2.5M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Financing Cash Flow | $21.2M+240.3% | $6.2M+416.4% | -$2.0M+35.2% | -$3.0M-74.2% | -$1.7M-251.2% | $1.2M+171.9% | -$1.6M+1.9% | -$1.6M |
| Dividends Paid | $7.8M0.0% | $7.8M0.0% | $7.8M0.0% | $7.8M | $0-100.0% | $7.8M+399.5% | $1.6M0.0% | $1.6M |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
LIEN Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | 2.8% | N/A | 2.9%+0.1pp | 2.8%+0.3pp | 2.5% | N/A | -0.2%-1.7pp | 1.5% |
| Return on Assets | 2.3% | N/A | 2.7%+0.1pp | 2.6%+0.2pp | 2.4% | N/A | -0.2%-1.6pp | 1.4% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 0.23+0.1 | 0.13+0.0 | 0.08-0.0 | 0.10+0.1 | 0.04+0.0 | 0.03-0.1 | 0.08+0.0 | 0.07 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
Is Chicago Atlantic BDC Inc profitable?
Yes, Chicago Atlantic BDC Inc (LIEN) reported a net income of $33.3M in fiscal year 2025.
What is Chicago Atlantic BDC Inc's return on equity (ROE)?
Chicago Atlantic BDC Inc (LIEN) has a return on equity of 11.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Chicago Atlantic BDC Inc's operating cash flow?
Chicago Atlantic BDC Inc (LIEN) generated -$20.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Chicago Atlantic BDC Inc's total assets?
Chicago Atlantic BDC Inc (LIEN) had $342.0M in total assets as of fiscal year 2025, including both current and long-term assets.
What is Chicago Atlantic BDC Inc's debt-to-equity ratio?
Chicago Atlantic BDC Inc (LIEN) had a debt-to-equity ratio of 0.13 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Chicago Atlantic BDC Inc's return on assets (ROA)?
Chicago Atlantic BDC Inc (LIEN) had a return on assets of 9.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Chicago Atlantic BDC Inc's cash runway?
Based on fiscal year 2025 data, Chicago Atlantic BDC Inc (LIEN) had $2.9M in cash against an annual operating cash burn of $20.5M. This gives an estimated cash runway of approximately 2 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Chicago Atlantic BDC Inc's Piotroski F-Score?
Chicago Atlantic BDC Inc (LIEN) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Chicago Atlantic BDC Inc's earnings high quality?
Chicago Atlantic BDC Inc (LIEN) has an earnings quality ratio of -0.62x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Chicago Atlantic BDC Inc?
Chicago Atlantic BDC Inc (LIEN) scores 21 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.