Chicago Atlantic BDC (LIEN)
Direct lender to underserved companies in complex regulated industries.
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Direct loans to privately held cannabis companies are the stated focus, alongside permitted investments in growth and technology companies, esoteric and asset-based lending, and liquidity solutions. An external adviser and its investment committee manage the portfolio.
Structured as an externally managed, closed-end business development company, the portfolio invests in direct loans to companies in complex and highly regulated industries that are typically underserved by other capital providers. Privately held cannabis companies are the stated focus, with permitted investments also covering growth and technology companies, esoteric and asset-based lending, and liquidity solutions.
Rebranded from Silver Spike Investment Corp. after acquiring a Chicago Atlantic loan portfolio and entering an adviser-level joint venture, the Nasdaq-listed vehicle operates through Chicago Atlantic BDC Advisers and its investment committee. Its business depends on that external-adviser structure, BDC status, and lending activity in regulated sectors.
Company facts
No analyst consensus on record.
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $925.5M · Total debt $27.00B · Total assets $343.96B · Shareholders' equity $302.49B
- Revenue
- $14.0M
- Operating income
- $7.1M
- Net income
- $6.1M
HistoryDividendAnnual yieldUpcoming
| Insiders | 13.53% | 3.09M shares | |
|---|---|---|---|
| 8 holders · as of Sep 1, 2026 | |||
| Strategic holders | 82.10% | 18.74M shares | |
| 2 holders · as of May 21, 2025 | |||
| Other | 4.37% | 997.2K shares | |
| remainder | |||
22.82M company shares as of Sep 22, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Chicago Atlantic Loan Portfolio, LLC1Strategic10 percent owner | 69.45% | 15.85M | filed Oct 11, 2024 |
Scott GordonInsiderdirector, officer: Co-Chief Investment Officer | 13.07% | 2.98M | filed Sep 1, 2026 |
Chicago Atlantic BDC Advisers, LLC2,3Strategic10 percent owner | 12.65% | 3.82M | filed May 21, 2025 |
John MazarakisInsider10 percent owner | 0.26% | 60,000 | filed Aug 19, 2026 |
Andreas BodmeierInsiderofficer: Chief Executive Officer | 0.11% | 25,000 | filed Oct 11, 2024 |
- Chicago Atlantic Loan Portfolio, LLC's transaction reports restate only vehicles that traded; the 2024 ownership statement (15.85M) is used instead.
- Chicago Atlantic BDC Advisers, LLC's transaction reports restate only vehicles that traded; the 2025 ownership statement (3.82M) less the 928.6K net shares sold since is used instead.
- Chicago Atlantic BDC Advisers, LLC reports a block also reported by Scott Gordon; it is counted once, under Scott Gordon.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 31, 2026 | Scott Gordon | director, officer: Co-Chief Investment Officer | +134 | $10.22 |
| Aug 31, 2026 | Bernardino Colonna | officer: President | +750 | $10.25 |
| Aug 28, 2026 | Bernardino Colonna | officer: President | +250 | $10.18 |
| Aug 26, 2026 | Bernardino Colonna | officer: President | +600 | $10.16 |
| Aug 25, 2026 | Bernardino Colonna | officer: President | +400 | $10.18 |
- Advanced Flower Capital
Specialty lender to state-licensed cannabis operators
- Innovative Industrial Properties
Cannabis-property capital for state-licensed operators
- Ares Capital
Large-scale senior secured lending to private companies
- Blue Owl Capital
Middle-market BDC with broad senior-loan origination
- Sixth Street Specialty Lending
Senior secured direct lending to U.S. middle-market borrowers
- Blackstone Secured Lending Fund
First-lien lending to private U.S. companies
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Chicago Atlantic BDC | $10.34 | +0.67% | $235.1M | 7.4 | 6.5 | 4.5 | +6.8% |
| Advanced Flower Capital | $3.48 | +0.87% | $78.7M | 18.2 | 4.9 | 3.2 | +68.9% |
| Innovative Industrial Properties | $56.11 | −0.09% | $1.63B | 12.7 | 14.4 | 6.2 | +0.7% |
| Ares Capital | $19.40 | −0.23% | $13.96B | 14.4 | 10.1 | 6.0 | +32.6% |
| Blue Owl Capital | $11.18 | −0.13% | $5.55B | 20.0 | 8.7 | 3.9 | −20.8% |
| Sixth Street Specialty Lending | $18.08 | +0.19% | $1.71B | 19.0 | 10.1 | 5.0 | −13.0% |
| Blackstone Secured Lending Fund | $24.88 | −0.34% | $5.81B | 19.6 | 9.5 | 5.5 | +25.9% |
| Median | 18.6 | 9.8 | 5.2 | +13.3% |