Chicago Atlantic BDC
Direct lender to underserved companies in complex regulated industries.
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Profile
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
Categories
Key statistics
Year to date −1.2% · Average volume (30d) 55.8K
Analysts
No analyst consensus on record.
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 13, 2026Q2 FY26 | $0.40 | $0.34 | −15.0% | $16.2M | $14.0M | −13.9% | −2.68% |
| May 14, 2026Q1 FY26 | $0.36 | $0.44 | +22.2% | $14.3M | $16.7M | +16.7% | −1.32% |
| Mar 19, 2026Q4 FY25 | $0.36 | $0.36 | 0.0% | $14.9M | $14.2M | −4.2% | −3.86% |
| Nov 13, 2025Q3 FY25 | $0.35 | $0.42 | +20.0% | $13.4M | $10.8M | −19.5% | −1.55% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $8.7M | $10.5M | $10.8M | $10.7M | $16.7M | $14.0M | |
| Gross profit | $8.6M | $10.2M | $10.8M | $10.5M | $12.6M | $10.4M | |
| Operating income | $7.6M | $8.6M | $8.8M | $8.2M | $9.6M | $7.1M | |
| Net income | $7.6M | $8.6M | $8.8M | $8.2M | $8.5M | $6.1M | |
| Diluted EPS | $0.74 | $0.38 | $0.39 | $0.36 | $0.37 | $0.27 | |
| Gross margin | 98.3% | 97.1% | 99.7% | 98.6% | 75.3% | 74.3% | |
| Operating margin | 87.3% | 81.7% | 81.8% | 77.1% | 57.2% | 50.6% |
Fiscal years (4-quarter sums)FY24 $18.0M · FY25 $40.7M
Balance sheet, Jun 30, 2026Cash & short-term investments $925.5M · Total debt $27.00B · Total assets $343.96B · Shareholders' equity $302.49B
Dividends
Last raised to $0.34 from $0.25 in Dec 2024. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 26, 2026 | Jun 26 | Jul 10 | $0.34 | |
| Mar 30, 2026 | Mar 30 | Apr 14 | $0.34 | |
| Dec 31, 2025 | Dec 31 | Jan 15 | $0.34 | |
| Sep 29, 2025 | Sep 29 | Oct 10 | $0.34 | |
| Jun 27, 2025 | Jun 27 | Jul 11 | $0.34 | |
| Mar 28, 2025 | Mar 28 | Apr 11 | $0.34 | |
| Dec 19, 2024 | Dec 19 | Dec 27 | $0.34 | raised from $0.25 |
| Sep 19, 2024 | Sep 19 | Sep 27 | $0.25 |
Ownership
Shares outstanding 22.89M · Float 19.88M · 86.8% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Chicago Atlantic BDC Advisers, LLC | 3.82M | 16.70% | 13G | Feb 14, 2025 |
| Scott Gordon · director, officer: Co-Chief Investment Officer | 2.98M | 13.03% | Form 4 | Aug 27, 2026 |
| Mazarakis John · 10 percent owner | 60.0K | 0.26% | Form 4 | Aug 19, 2026 |
| Umesh Mahajan · officer: Secretary; Co-CIO | 7.0K | 0.03% | Form 4 | Aug 19, 2026 |
| Peter Sack · director, officer: Chief Executive Officer | 5.9K | 0.03% | Form 4 | Sep 22, 2025 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 26, 2026 | Bernardino Colonna | officer: President | +600 | $10.16 |
| Aug 25, 2026 | Bernardino Colonna | officer: President | +400 | $10.18 |
| Aug 27, 2026 | Bernardino Colonna | officer: President | +600 | $10.18 |
| Aug 27, 2026 | Scott Gordon | director, officer: Co-Chief Investment Officer | +5,000 | $10.19 |
| Aug 26, 2026 | Scott Gordon | director, officer: Co-Chief Investment Officer | +2,483 | $10.15 |
Peers
- 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
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Chicago Atlantic BDC | $10.20 | −0.29% | $233.5M | 7.3 | 6.4 | 4.5 | +33.0% |
| Advanced Flower Capital | $3.65 | +1.38% | $82.1M | 18.9 | 5.1 | 3.4 | +68.9% |
| Innovative Industrial Properties | $56.50 | +0.29% | $1.63B | 12.7 | 14.2 | 6.2 | +0.7% |
| Ares Capital | $19.97 | +0.15% | $14.32B | 14.8 | 10.3 | 6.2 | +32.6% |
| Blue Owl Capital | $11.37 | +0.64% | $5.61B | 20.2 | 8.8 | 4.0 | −20.8% |
| Sixth Street Specialty Lending | $18.74 | −0.11% | $1.78B | 19.7 | 10.5 | 5.2 | −13.0% |
| Blackstone Secured Lending Fund | $24.83 | +0.35% | $5.76B | 19.6 | 9.5 | 5.4 | +25.9% |
| Median | 19.3 | 9.9 | 5.3 | +13.3% |