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Chicago Atlantic BDC, Inc.

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Chicago Atlantic BDC, Inc. • NASDAQ
$11.03 ▲ 1.19% (+0.13)
Market Cap $251.71 M
52w High $13.24
52w Low $9.70
Dividend Yield 1.36%
P/E 6.27
Volume 38.82K
Outstanding Shares 22.82M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $10.798M ▲ $1.928M ▲ $8.834M ▲ 81.815% ▲ $0.42 ▲ $8.834M ▲
Q2-2025 $10.502M ▲ $1.616M ▲ $8.584M ▲ 81.741% ▼ $0.38 ▼ $8.584M ▲
Q1-2025 $8.719M ▼ $958.861K ▼ $7.614M ▼ 87.335% ▲ $0.74 ▼ $7.614M ▼
Q4-2024 $9.878M ▲ $1.903M ▼ $7.975M ▲ 80.731% ▲ $0.96 ▲ $7.975M ▲
Q3-2024 $2.779M $2.944M $-165.012K -5.938% $-0.027 $-165.012K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $10.462B ▲ $327.254B ▲ $24.333B ▲ $302.921B ▲
Q2-2025 $13.829M ▼ $331.75M ▲ $29.907M ▲ $301.844M ▲
Q1-2025 $14.922M ▼ $313.699M ▲ $12.681M ▲ $301.018M ▼
Q4-2024 $23.932M ▼ $309.561M ▲ $8.398M ▲ $301.163M ▲
Q3-2024 $30.112M $89.279M $6.739M $82.54M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $8.834M ▲ $-1.395M ▼ $0 ▲ $-1.972M ▲ $-3.367M ▼ $-1.395M ▼
Q2-2025 $8.584M ▲ $18.101M ▲ $-16.151M ▼ $-3.042M ▼ $-1.092M ▲ $18.101M ▲
Q1-2025 $7.614M ▼ $5.695M ▲ $-12.959M ▼ $-1.746M ▼ $-9.011M ▼ $5.695M ▲
Q4-2024 $7.975M ▲ $401.762K ▲ $-7.736M ▼ $1.155M ▲ $-6.179M ▼ $401.76K ▲
Q3-2024 $-165.012K $63.238K $-2.348M $-1.607M $-3.892M $63.24K

Five-Year Company Overview

Income Statement

Income Statement The company has moved from losses in its early years to consistent profitability in the last few periods. Revenue has climbed steadily as the lending portfolio has scaled, and operating profits now track close to net income, which suggests limited overhead and reasonably efficient operations. Earnings per share are positive but have slipped a bit most recently, which could reflect a mix of share count changes and a maturing growth pace. Overall, the income statement shows a young lender that has transitioned out of its startup phase and into a stable, income‑generating mode, though not yet with a long multi‑year track record through different credit cycles.

Balance Sheet

Balance Sheet The balance sheet looks clean and conservative. Assets and equity have grown sharply in the latest year, reflecting an expanding loan book funded mostly with shareholder capital rather than borrowing. The company currently carries essentially no financial debt, which reduces interest burden and leverage risk, but also means growth relies heavily on issuing equity or recycling earnings. Cash reserves are modest but present, so liquidity exists but is not excessive. In short, this is an asset‑heavy, equity‑funded balance sheet with low leverage but a relatively short history.

Cash Flow

Cash Flow Cash flow is still bumpy, which is common for a newer specialty lender. Operating cash was positive in the prior year but turned modestly negative most recently, likely because the company is deploying more capital into new loans than it is collecting back in cash at this stage of growth. Free cash flow mirrors this pattern since capital spending needs are minimal. The profile suggests that management is prioritizing portfolio growth over near‑term cash accumulation, which can support earnings expansion but makes results more sensitive to credit performance and capital market access.

Competitive Edge

Competitive Edge Chicago Atlantic BDC operates in a very specialized niche: lending to state‑licensed cannabis operators who struggle to access traditional bank financing. This focus, combined with an emphasis on senior secured, first‑lien loans, gives the firm a strong position in a high‑yield, underserved segment. Its early move into this space, deep industry relationships, and regulatory expertise create meaningful barriers to entry for more generalist lenders. At the same time, the company faces concentration risk in a still‑evolving industry, and any major regulatory shifts could both attract new competitors and change economics. The competitive profile is therefore a mix of strong niche advantage and elevated policy and sector‑specific risk.

Innovation and R&D

Innovation and R&D Innovation here is less about technology labs and more about deal structuring, underwriting, and market selection. Chicago Atlantic has innovated by designing tailored financing solutions for cannabis businesses, using senior secured structures, tight covenants, and data‑driven underwriting in a market where information can be sparse and rules complex. Management’s specialized knowledge of cannabis regulations and operators is a key intangible asset. The firm is also starting to apply its expertise to adjacent, underserved areas outside cannabis, which may help diversify risk while preserving its niche lending know‑how. Future “R&D” will likely show up as new product types, new verticals, and refined risk models as regulations and the industry evolve.

Summary

Overall, Chicago Atlantic BDC looks like a focused, early‑stage specialist lender that has successfully turned the corner from startup losses to steady profitability. Its balance sheet is simple and largely unlevered, emphasizing safety from a funding standpoint but making growth more dependent on equity capital. Cash flows are choppy because the firm is in active growth mode, building out its portfolio. The company’s real strength lies in its first‑mover status and expertise in cannabis finance, supported by disciplined, secured lending structures. The flip side is meaningful exposure to a single, heavily regulated sector and to future policy changes. The story is one of a niche financial player with a clear edge in a complex market, but still relatively young, with limited history across a full credit and regulatory cycle.

NEWS

November 21, 2025 · 7:00 AM UTC

Chicago Atlantic BDC, Inc. to Participate in Noble Capital Markets 21st Annual Emerging Growth Equity Conference

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November 13, 2025 · 7:00 AM UTC

Chicago Atlantic BDC, Inc. Declares $0.34 Cash Dividend for Fourth Quarter 2025

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