Chicago Atlantic BDC, Inc.
LIEN Nasdaq Financials FY2021–FY2025
Last close · Oct 23, 2026
$9.09
0.0%
Revenue
Total sales reported in the income statement.
$54.3M
150.6%
vs prior year
Operating margin
Operating income as a share of revenue.
—
Net income
Profit after all expenses, interest and tax.
$33.3M
245.8%
Free cash flow
Cash from operations minus capital spending.
—
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
$207M
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
6.5x
On $1.39 EPS (TTM)
What Chicago Atlantic BDC, Inc. does
No business description yet.
- Legal name
- Chicago Atlantic BDC, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 19, 2026
- Accession · CIK
- 0001193125-26-115112
0001843162
Revenue and margins
Chicago Atlantic BDC, Inc. had $54.3M of revenue in fiscal 2025, up 150.6% on the year before.
FY21
Revenue $0.0M
FY23
Revenue —
FY24
Revenue $21.7M
FY25
Revenue $54.3M
Q2 '23
Revenue $1.1M
Q4 '23
Revenue $2.8M
Q1 '24
Revenue $2.8M
Q2 '24
Revenue $3.1M
Q3 '24
Revenue $3.2M
Q4 '24
Revenue $12.6M
Q1 '25
Revenue $11.9M
Q2 '25
Revenue $13.1M
Q3 '25
Revenue $15.1M
Q4 '25
Revenue $14.2M
Q1 '26
Revenue $16.7M
Q2 '26
Revenue $14.0M
FY21
Gross —
Operating —
Net 838,730.7%
FCF —
FY23
Gross —
Operating —
Net —
FCF —
FY24
Gross —
Operating —
Net 44.4%
FCF —
FY25
Gross —
Operating —
Net 61.3%
FCF —
Gross
Operating
Net
FCF
Q2 '23
Gross —
Operating —
Net 49.1%
FCF —
Q4 '23
Gross —
Operating —
Net −95.8%
FCF —
Q1 '24
Gross —
Operating —
Net −37.5%
FCF —
Q2 '24
Gross —
Operating —
Net 42.0%
FCF —
Q3 '24
Gross —
Operating —
Net −5.2%
FCF —
Q4 '24
Gross —
Operating —
Net 63.1%
FCF —
Q1 '25
Gross —
Operating —
Net 63.9%
FCF —
Q2 '25
Gross —
Operating —
Net 65.6%
FCF —
Q3 '25
Gross —
Operating —
Net 58.6%
FCF —
Q4 '25
Gross —
Operating —
Net 58.0%
FCF —
Q1 '26
Gross —
Operating —
Net 51.1%
FCF —
Q2 '26
Gross —
Operating —
Net 43.4%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY21
Net income $84.7M
FY23
Net income —
FY24
Net income $9.6M
FY25
Net income $33.3M
Q2 '23
Net income $0.6M
Q4 '23
Net income −$2.6M
Q1 '24
Net income −$1.0M
Q2 '24
Net income $1.3M
Q3 '24
Net income −$0.2M
Q4 '24
Net income $8.0M
Q1 '25
Net income $7.6M
Q2 '25
Net income $8.6M
Q3 '25
Net income $8.8M
Q4 '25
Net income $8.2M
Q1 '26
Net income $8.5M
Q2 '26
Net income $6.1M
FY21
Diluted EPS −$0.64
FY23
Diluted EPS —
FY24
Diluted EPS $0.93
FY25
Diluted EPS $1.46
Q2 '23
Diluted EPS $0.09
Q4 '23
Diluted EPS $0.20
Q1 '24
Diluted EPS $0.08
Q2 '24
Diluted EPS $0.21
Q3 '24
Diluted EPS −$0.03
Q4 '24
Diluted EPS $0.67
Q1 '25
Diluted EPS $0.33
Q2 '25
Diluted EPS $0.38
Q3 '25
Diluted EPS $0.39
Q4 '25
Diluted EPS $0.36
Q1 '26
Diluted EPS $0.37
Q2 '26
Diluted EPS $0.27
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY21
Return on capital —
Return on equity 100.2%
Return on assets 99.6%
FY23
Return on capital —
Return on equity —
Return on assets —
FY24
Return on capital —
Return on equity 5.0%
Return on assets 4.8%
FY25
Return on capital —
Return on equity 11.0%
Return on assets 10.2%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
FY21
Free cash flow —
FY23
Free cash flow —
FY24
Free cash flow —
FY25
Free cash flow —
FY21
Cash from operations −$0.5M
Capital spending —
FY23
Cash from operations —
Capital spending —
FY24
Cash from operations −$5.0M
Capital spending —
FY25
Cash from operations −$20.5M
Capital spending —
Cash from operations
Capital spending
Q2 '23
Cash from operations —
Capital spending —
Q4 '23
Cash from operations −$2.6M
Capital spending —
Q1 '24
Cash from operations $2.1M
Capital spending —
Q2 '24
Cash from operations $2.5M
Capital spending —
Q3 '24
Cash from operations −$2.3M
Capital spending —
Q4 '24
Cash from operations −$7.3M
Capital spending —
Q1 '25
Cash from operations −$7.3M
Capital spending —
Q2 '25
Cash from operations $1.9M
Capital spending —
Q3 '25
Cash from operations −$1.4M
Capital spending —
Q4 '25
Cash from operations −$13.8M
Capital spending —
Q1 '26
Cash from operations −$20.8M
Capital spending —
Q2 '26
Cash from operations $33.0M
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
Chicago Atlantic BDC, Inc. returned $23.3M to shareholders in fiscal 2025. The diluted share count rose 120.6%.
FY21
Dividends $0.0M
Buybacks —
FY23
Dividends $0.0M
Buybacks —
FY24
Dividends $12.4M
Buybacks —
FY25
Dividends $23.3M
Buybacks —
Dividends
Buybacks
Q2 '23
Dividends —
Buybacks —
Q4 '23
Dividends $0.0M
Buybacks —
Q1 '24
Dividends $1.6M
Buybacks —
Q2 '24
Dividends $1.6M
Buybacks —
Q3 '24
Dividends $1.6M
Buybacks —
Q4 '24
Dividends $7.8M
Buybacks —
Q1 '25
Dividends $0.0M
Buybacks —
Q2 '25
Dividends $7.8M
Buybacks —
Q3 '25
Dividends $7.8M
Buybacks —
Q4 '25
Dividends $7.8M
Buybacks —
Q1 '26
Dividends $7.8M
Buybacks —
Q2 '26
Dividends $7.8M
Buybacks —
Dividends
Buybacks
FY21
Diluted shares 0.00B
FY23
Diluted shares —
FY24
Diluted shares 0.01B
FY25
Diluted shares 0.02B
Balance sheet
Cash, debt and the ratios that show how comfortably Chicago Atlantic BDC, Inc. can carry it.
FY21
Cash $84.8M
Debt —
FY23
Cash $32.6M
Debt —
FY24
Cash $23.9M
Debt —
FY25
Cash $2.9M
Debt —
Cash
Debt
| Fiscal year end | FY21 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Cash and short-term investments | $84.8M | $32.6M | $23.9M | $2.9M |
| Total assets | $85.0M | $88.6M | $310M | $342M |
| Total liabilities | $0.5M | $3.0M | $8.4M | $38.6M |
| Shareholders' equity | $84.6M | $85.6M | $301M | $303M |
| Net debt (− = net cash) | — | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY21 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✕ | ✕ | ✕ |
| Return on assets rose | — | — | ✓ |
| Cash from operations exceeds net income | ✕ | ✕ | ✕ |
| Debt fell relative to assets | — | — | — |
| Current ratio rose | — | — | — |
| Share count didn't rise | — | — | ✕ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | — | — | ✓ |
| F-score | — / 3 | — / 3 | — / 6 |
| Accruals ratio | 100.2% | 7.4% | 16.5% |
| Altman Z'' | — | — | — |
4 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY21 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Income statement | ||||
| Revenue | $0.0M | — | $21.7M | $54.3M |
| Net interest income | $0.0M | — | — | — |
| Net income | $84.7M | — | $9.6M | $33.3M |
| Diluted EPS | −$0.64 | — | $0.93 | $1.46 |
| Diluted shares | 0.00B | — | 0.01B | 0.02B |
| Cash flow | ||||
| Cash from operations | −$0.5M | — | −$5.0M | −$20.5M |
| Depreciation and amortization | $0.0M | — | −$1.1M | −$2.7M |
| Dividends paid | $0.0M | $0.0M | $12.4M | $23.3M |
| Dividends and buybacks | $0.0M | $0.0M | $12.4M | $23.3M |
| Balance sheet | ||||
| Cash and short-term investments | $84.8M | $32.6M | $23.9M | $2.9M |
| Total assets | $85.0M | $88.6M | $310M | $342M |
| Total liabilities | $0.5M | $3.0M | $8.4M | $38.6M |
| Shareholders' equity | $84.6M | $85.6M | $301M | $303M |
| Margins | ||||
| Net margin | 838,730.7% | — | 44.4% | 61.3% |
| Net interest share of revenue | 100.0% | — | — | — |
| Returns | ||||
| Return on equity | 100.2% | — | 5.0% | 11.0% |
| Return on assets | 99.6% | — | 4.8% | 10.2% |
| Return on tangible equity | 100.2% | — | 3.2% | 11.0% |
| Growth | ||||
| Revenue growth | — | — | — | 150.6% |
| Net income growth | — | — | — | 245.8% |
| EPS growth | — | — | — | 57.0% |
| Share count change | — | — | — | 120.6% |
| Quality scores | ||||
| Accruals ratio | 100.2% | — | 7.4% | 16.5% |
Source: SEC EDGAR XBRL filings (CIK 0001843162). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.