Chicago Atlantic BDC, Inc.

Report azionario NasdaqGM:LIEN

Capitalizzazione di mercato: US$227.3m

Chicago Atlantic BDC Gestione

Criteri Gestione verificati 1/4

Chicago Atlantic BDC Il CEO è Peter Sack, nominato in Mar2025, ha un mandato di 1.25 anni. possiede direttamente 0.026% delle azioni della società, per un valore di $ 58.94K. La durata media del mandato del team dirigenziale e del consiglio di amministrazione è rispettivamente 1.3 anni e 5.4 anni.

Informazioni chiave

Peter Sack

Amministratore delegato

n/a

Compenso totale

Percentuale dello stipendio del CEOn/a
Mandato del CEO1.3yrs
Proprietà del CEO0.03%
Durata media del management1.3yrs
Durata media del Consiglio di amministrazione5.4yrs

Aggiornamenti recenti sulla gestione

Recent updates

Seeking Alpha • May 17

Chicago Atlantic BDC: An Outlier In The BDC Sector

Summary LIEN reported strong Q1 earnings, with a portfolio fair value of $364M across 40 companies. I see steady NAV per share growth projected through Q1 2026, reaching $13.33. LIEN offers a compelling dividend yield of approximately 13.8% based on the latest $0.34/share distribution. Recent results and outlook support confidence in LIEN’s ongoing performance and income potential. Read the full article on Seeking Alpha
Seeking Alpha • Apr 08

Chicago Atlantic BDC: Capturing The Growth Of Cannabis

Summary Chicago Atlantic BDC (LIEN) is a business development company focused on debt investments, primarily in the cannabis sector, offering a 12.7% dividend yield. LIEN's portfolio is concentrated, with 77% in cannabis businesses, but management is diversifying into non-cannabis sectors to mitigate regulatory risks. Despite trading at a 19% discount to NAV, LIEN shows strong fundamentals, growing net investment income, and no non-accruals, but faces rising PIK income. I maintain a buy rating on LIEN due to its attractive valuation, supported dividend, and significant growth potential in the cannabis market. Read the full article on Seeking Alpha
Seeking Alpha • Jan 17

Chicago Atlantic BDC: Unique Cannabis Focused BDC With Potential

Summary Chicago Atlantic BDC (LIEN) offers a unique investment focus on the cannabis industry, with 77% of its portfolio in cannabis-related debt investments. Despite a 22% price decline since inception, LIEN boasts a high dividend yield of 12.4%, supported by solid net investment income and a recent 36% dividend raise. LIEN's portfolio is diversified with 23% non-cannabis investments and benefits from senior secured first lien debt, reducing overall risk. Regulatory risks exist, but LIEN's focus on limited license states and potential growth in legalized cannabis markets present significant upside opportunities. Read the full article on Seeking Alpha
Seeking Alpha • Jun 24

Silver Spike Investment: Potential Gem's 8% Yield Not As Risky As It Seems

Summary Silver Spike Investment Corp. reported negative net investment income in latest earnings, but dividend yield remains safe with coverage of 132%. SSIC's potential catalysts include growth in the cannabis industry and possible federal legalization, which could positively impact their cash flows. Despite solid fundamentals and safe dividend yield, SSIC remains a hold due to unstable NAV and possible overvaluation. Aside from the most recent quarter, SSIC has performed solidly during the current macro environment. Read the full article on Seeking Alpha
Seeking Alpha • Apr 03

Silver Spike Investment Q4: This Cannabis BDC Looks Poised For Growth

Summary Silver Spike Investment Corp. is the only business development company in the cannabis sector, making it an attractive investment as the industry grows. The company reported solid financial numbers for its first full year of operations, with net investment and total investment income growing quarter-over-quarter and year-over-year. Silver Spike recently entered into an agreement with Chicago Atlantic, which is expected to increase scale, liquidity, and portfolio diversification. Although the share price has appreciated nearly 25% since February, the stock still trades at a double-digit discount to its NAV price of $13.77. Read the full article on Seeking Alpha
Seeking Alpha • Feb 04

Silver Spike Investment: Cannabis BDC With Attractive Dividends

Summary Silver Spike Investment is a BDC focused on direct-lending to the cannabis industry, making it an attractive investment in a growing market. SSIC's financials have not been strong since going public, but they have a pipeline of $448 million in the works and a portfolio of well-known cannabis operators. SSIC stock is currently trading at a discount of roughly 45% to its NAV, making it a compelling investment for those willing to take on the risk. The stock also pays a dividend of $0.70, making it an attractive investment for those looking strictly for income. Read the full article on Seeking Alpha
Seeking Alpha • Sep 19

Silver Spike Investment: 20% 2 Year Return With Net-Net Cannabis BDC

Summary Silver Spike Investment Corp. is a cannabis focused BDC which IPOd this year. The company is trading at a 23% discount to net asset value of $13.64. As a BDC it’s likely that as SSIC establishes their book that they will also initiate a dividend. I estimate a total 20% return over two years, assuming a reversion to a P/B of 1x and a dividend initiation. Subscribers to the Microcap Review received early access to this article on August 27th, 2022. Anyone looking for additional microcap value and event driven opportunities should take a look at the offering and author Safety in Value's work. The price last closed at $9.10 before we shared this idea with the Microcap Review community. Since then it has jumped 15% to current levels of $10.50 with value still likely. --- Silver Spike Investment Corp (SSIC) is a recently IPOd business development company ((BDC)) currently trading below cash value and at a 23% discount to net asset value of $13.64. If the company were liquidated today and their two loans written off completely they'd have $60.073m cash to distribute to shareholders or $9.69. Despite how low the stock is trading, Q1 earnings revealed two new loans, profitability, and growing book value and a comparison to REIT peers that also do cannabis lending suggest a reversion of P/B to 1x or 29% return. As a BDC it's likely that as SSIC establishes their book that they will also initiate a dividend. I estimate that in a two year time frame with P/B reversion and one year of dividends that annualized returns would be 20%. Given the high amount of cash on hand relative to stock price and clean balance sheet I think there's strong support for this to not trade much farther below current prices. Silver Spike Investment Corp Company History and Business Overview Silver Spike Investment Corp announced their IPO in February 2022 offering 6.071m shares for $14.00 per share. They are a closed end management company which is operating as a business development company with a focus on debt in the nascent cannabis space. In filings they've stated, "We intend to achieve our investment objective by investing primarily in secured debt, unsecured debt, equity warrants and direct equity investments in privately held businesses." Through the IPO the company raised gross proceeds of around $87m which the company since February has been looking to invest. First quarter results have been announced and we can see some of the capital being deployed with $24.418m invested in loans and $60.618m left in cash. Total liabilities for the company are $0.545m which translates to net asset value per share of $13.64 as of June 30th, 2022. At current prices around $10.50 the company is trading at a 23% discount to NAV despite 71% of it being in cash. We can see that two loans comprise the $24.418m invested so far. They offer a window into the kind of book the company may look to build. SSIC Q1'23 10-Q The first loan is to Shryne Group which had been previously announced as SSIC co-led the total $170m loan. Details for SSIC were not defined though so we can observe now that they participated by lending $21m or 12% of the total. It's a floating rate loan with a 12.5% floor so the yield on it should be quite attractive moving forward. Shryne is a fully integrated cannabis operation in California owning brands STIIIZY and Honeyleaf among others. Their assets include cultivation, manufacturing, distribution, and retail properties throughout California. Shryne Group's Website The second loan is to PharmaCann. It's a fixed rate three year loan for $4.250m at 12%. PharmaCann is another vertically integrated cannabis operation and claims to be one of the largest in the country on their website. They own two branded dispensary lines, Verilife and LivWell, operating in a combined seven states where they can sell their own products as well as others. Both PharmaCann and Shryne Group are well positioned as vertically integrated operations to benefit most in a recessionary environment as their scale enables them to reduce cost. The loan base across the two companies offers national exposure yet are non-competing. With the upcoming possibility of SAFE banking provision creating huge catalysts for well-positioned cannabis players going into next year, senior loans in these two companies seem well secured at this point. As a cannabis focused company with two loans at this point there is a lack of diversification in their book. For those that are bearish on cannabis overall then SSIC is likely a pass for you. If one believes that there are profitable companies to be found within the cannabis sector that will continue to be so in the coming years than offering loans to these companies may be a good way to have some exposure. SSIC will be continuing to build out their book and likely will have further loans to announce next quarter, though again focused in the cannabis sector. Investment income will fully start to come through in their next quarterly earnings though net interest income for this quarter was $0.810m with interest income at $0.390m. We can estimate based on the floor for Shryne Group that the company will receive $0.784m in interest income per quarter on these loans. Loans ($m) Principal Amount ($m) Base Rate ($m) Annual Interest ($m) Quarterly Interest ($m) Quarterly Interest Per Share Shryne Group $21.00 12.50% $2.63 $0.656 $0.11 PharmaCann $4.25 12% $0.51 $0.128 $0.02 TOTAL $0.784 $0.13 Operating expenses for this quarter came in at $0.6m and likely included one off items related costs in establishing the loans. What I take this to mean is given implied costs and interest income on just these two loans the company is already profitable with optionality in terms of how profitable given the $60m they can still invest. Meanwhile the stock price of SSIC is trading at a P/B of 0.77x. With the company already generating profit and further loan book to build out I expect a reversion to at least a P/B of 1x over the next year or a 29% return. This is a conservative estimate though as it ascribes no value to their growing book value. From March to June NAV increased from $13.61 to $13.64 and with the base of these two loans generating profitability this value should grow from here. Expenses will remain low as the company is externally managed by an affiliate Silver Spike Capital. What this means is that the investment team isn't paid out SSIC expenses and there is no staff. Rather their main expense comes in the form of a base management fee of 1.75% of gross assets (excluding cash) and an incentive fee based on performance with an annualized hurdle of 7%. We can expect moving forward the company to target returns in excess of this 7% and the two loans around 12% suggest that's achievable. Management fee expenses in Q1 were $0.055m. Silver Spike Capital interests are strongly aligned with SSIC stockholder's interests as they are 72% owners. They believe that their "investment platform has positioned the firm to be the leading, institutional quality provider of equity and debt capital to the burgeoning plant based and alternative health & wellness industry". Previously to SSIC the company successfully launched another SPAC at $250m, SSPK, which brought Weedmaps (MAPS) public. SSC maintains 7.3% ownership in Weedmaps according to their latest proxy. The value of the relationships that SSC has in the space is clear given SSIC already maintains a pipeline of $1.25b in potential investments. Business Development Corporations: Mispriced Compared to Averages Business development corporations are similar to closed end funds in that they invest in other companies and have shares that trade publicly. They are often characterized by high dividend yields between 5-14% or more and give investors access to investments they likely would not otherwise. In the case of SSIC, investors are offered exposure to private cannabis companies. We can look at data from Closed-End Fund Advisors to see some averages for BDCs to get a sense of the landscape. They break out averages for debt focused and equity focused BDCs. Average discount to premium for debt focused BDCs is just -3.05% compared to SSIC's -23% discount. Part of this discount may be due to the lack of dividend currently as most BDCs offer one. I suspect that in the coming year as the book is fully built out and cash invested that a dividend will be established which will likely help to remove the discount while also offering additional return potential. The average debt BDC yield is 8.99% according to the data. Comparison to Similar REITs While SSIC has no BDC peers, there are two REITs which are similar: AFC Gamma (AFCG) and Chicago Atlantic Real Estate Finance (REFI). AFC Gamma is an institutional lender to the cannabis industry focused on senior secured loans. A look at their book shows that an average rate of 13.99% which suggests that a rate above 10% for future loans for SSIC is supported. AFCG trades for a P/B of 1.06x and offers a 12.04% dividend yield. AFCG Q2'22 10-Q Chicago Atlantic Real Estate Finance is focused on senior loans in the cannabis industry as well. They trade for a P/B of 1x and offer a 11.72% dividend yield currently. The average interest rate implied at the floor here is 12.53%. REFI Q2'22 10-Q Given these details I think it's likely that SSIC will be able to continue to fill out their book at rates of at least 10%. They are also benefiting from the inflationary environment so current rates are a bit higher than when some of these loans above were written. Silver Spike Investment Corporation Valuation At current prices of $10.50 and 6.2m shares outstanding market capitalization is $65.1m. Net investment income in Q1 was $0.03 with that value likely to climb as they invest their cash on hand. Total net assets came in at $84.674m in Q1 with 71% represented by cash on hand. SSIC Q1'23 10-Q With the company already profitable with just two loans and a lot of potential to grow interest income moving forward I think it's reasonable for the company to trade for at least a P/B of 1x which I believe suggests a 29% margin of safety. The margin of safety is derived from the reality that book value is likely to grow moving forward so our estimate is likely low and 71% of the book is cash with the potential to generate interest income above 10%. Comparison to more mature peers AFCG and REFI both trading at around a P/B of 1x seems to support the idea that this is reasonable. And this is with AFCG and REFI just coming off their 52 week lows.
Seeking Alpha • Aug 12

Silver Spike Investment NII of $0.03, Total Investment Income of $0.8M

Silver Spike Investment press release (NASDAQ:SSIC): Q1 NII of $0.03. Total Investment Income of $0.8M.

AMMINISTRATORE DELEGATO

Peter Sack (37 yo)

1.3yrs
Mandato

Mr. Peter Sharp Sack is Director of Ability Insurance Company since 2021. He is Managing Partner, Chief Executive Officer of BDC and Co- Chief Executive Officer of REIT of Chicago Atlantic Advisers, LLC. H...

Gruppo dirigente

NomePosizioneMandatoCompensazioneProprietà
Scott Gordon
Co-Chief Investment Officer & Executive Chairman5.4yrsNessun dato0.15%
$ 348.8k
Peter Sack
Chief Executive Officer1.3yrsNessun dato0.026%
$ 58.9k
Bernardino Colonna
President1.7yrsNessun dato0.011%
$ 24.2k
Thomas Geoffroy
Interim Chief Financial Officerless than a yearNessun dato0.0018%
$ 4.1k
Umesh Mahajan
Co-Chief Investment Officer & Secretary2.1yrsNessun dato0.012%
$ 27.0k
Gianni Fazio
Chief Accounting Officerless than a yearNessun datoNessun dato
Andrew Lovitt
Chief Compliance Officer & General Counsel1yrNessun datoNessun dato
William Healy
Partner & Head of Capital Formationno dataNessun datoNessun dato
1.3yrs
Durata media
49.5yo
Età media

Gestione esperta: Il team dirigenziale di LIEN non è considerato esperto (durata media 1.3 anni), il che suggerisce un nuovo team.

Membri del Consiglio di amministrazione

NomePosizioneMandatoCompensazioneProprietà
Scott Gordon
Co-Chief Investment Officer & Executive Chairman5.4yrsNessun dato0.15%
$ 348.8k
Tracey Warson
Lead Independent Director5.4yrsUS$64.96kNessun dato
Americo Da Corte-Abreu
Independent Director5.4yrsUS$69.95kNessun dato
Supurna VedBrat
Independent Director1.3yrsUS$27.53kNessun dato
Michael Chorske
Independent Director5.4yrsUS$64.96kNessun dato
5.4yrs
Durata media
64yo
Età media

Consiglio di amministrazione esperto: I membri del consiglio di amministrazione di LIEN sono considerati esperti (durata media dell'incarico 5.4 anni).

Analisi aziendale e situazione dei dati finanziari

DatiUltimo aggiornamento (ora UTC)
Analisi dell'azienda2026/06/17 06:06
Prezzo dell'azione a fine giornata2026/06/16 00:00
Utili2026/03/31
Utili annuali2025/12/31

Fonti dei dati

I dati utilizzati nella nostra analisi aziendale provengono da S&P Global Market Intelligence LLC. I seguenti dati sono utilizzati nel nostro modello di analisi per generare questo report. I dati sono normalizzati, il che può comportare un ritardo nella disponibilità della fonte.

PacchettoDatiTempisticaEsempio Fonte USA *
Dati finanziari della società10 anni
  • Conto economico
  • Rendiconto finanziario
  • Bilancio
Stime di consenso degli analisti+3 anni
  • Previsioni finanziarie
  • Obiettivi di prezzo degli analisti
Prezzi di mercato30 anni
  • Prezzi delle azioni
  • Dividendi, scissioni e azioni
Proprietà10 anni
  • Top azionisti
  • Insider trading
Gestione10 anni
  • Team di leadership
  • Consiglio di amministrazione
Sviluppi principali10 anni
  • Annunci aziendali

* Esempio per i titoli statunitensi, per i titoli non statunitensi si utilizzano forme e fonti normative equivalenti.

Se non specificato, tutti i dati finanziari si basano su un periodo annuale ma vengono aggiornati trimestralmente. Si tratta dei cosiddetti dati TTM (Trailing Twelve Month) o LTM (Last Twelve Month). Per saperne di più.

Modello di analisi e Snowflake

I dettagli del modello di analisi utilizzato per generare questo report sono disponibili sulla nostra pagina Github; abbiamo anche guide su come utilizzare i nostri report e tutorial su Youtube.

Scoprite il team di livello mondiale che ha progettato e realizzato il modello di analisi Simply Wall St.

Metriche di settore e industriali

Le nostre metriche di settore e di sezione sono calcolate ogni 6 ore da Simply Wall St; i dettagli del nostro processo sono disponibili su Github.

Fonti analitiche

Chicago Atlantic BDC, Inc. è coperta da 4 analisti. 2 di questi analisti ha fornito le stime di fatturato o di utile utilizzate come input per il nostro report. Le stime degli analisti vengono aggiornate nel corso della giornata.

AnalistaIstituzione
Mitchel PennOppenheimer & Co. Inc.
Michael LaveryPiper Sandler Companies
William CarterStifel, Equities Research