Chicago Atlantic BDC
LIEN on Nasdaq. Chicago Atlantic BDC lends money to private companies and earns interest on those loans. Market value $218m.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
What to watch out for
See stocks that passed both tests
This is not advice. Check the numbers below.
We could not compute this from the filings.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: not known. Our list needs 70 on quality and 60 on price.
$9.49 a share, 6% above its 1-year low
Over the past year the price has ranged from $8.92 to $11.27.
Dividend: 10.7% a year
Paid every year for 3 years
Payouts have jumped around in recent years, so this may not repeat.
Yields this high often come before a cut. Check the company's latest news.
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | ||||
| Revenue | n/a | n/a | n/a | n/a |
| Operating margin | ||||
| Operating margin | n/a | n/a | n/a | n/a |
| Debt to equity | ||||
| Debt to equity | n/a | n/a | n/a | n/a |
| Shares outstanding | ||||
| Shares outstanding | 0.01bn | 0.02bn | 0.02bn | 0.02bn |
Health checks
- Free cash flow positiveNot enough data
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)No
- DebtUnknown
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 267% more shares since 2022
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Profit: $6 million, down 29% on a year ago.
- About the same number of shares as a year ago.
| Quarter to | Amount |
|---|---|
| September 2024 | -$165,012 |
| December 2024 | Not reported |
| March 2025 | $8m |
| June 2025 | $9m |
| September 2025 | $9m |
| December 2025 | $8m |
| March 2026 | $9m |
| June 2026 | $6m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 19 March 2026
- Next quarterly (estimated, 10-Q)
- 12 November 2026
Who owns it
None of the long-term investors we follow own it. 48 funds in all.
Largest holders overall
- Intrepid Capital Management$7m
- Sowell Financial Services$5mAdded
- Mirae Asset Global Etfs Holdings$2mAdded
- Corient Private Wealth LP$2mCut
- CDC Financial$2mAdded
- Condor Capital Management$2m
- LVM Capital Management$2m
- HighTower Advisors$2mCut
- Partners Capital Investment Group, LLP$1mNew
- Black Maple Capital Management LP$1m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- Scott GordonPassive investorat least 16.9%(filed with 8 related holders)Since 31 December 2024
- Chicago Atlantic Loan Portfolio, LLCSold down below 5%Since 9 April 2025
| Holder | Stake | Since | |
|---|---|---|---|
Scott Gordon Passive investor | at least 16.9% (filed with 8 related holders) | 31 December 2024 | |
Chicago Atlantic Loan Portfolio, LLC | Sold down below 5% | 9 April 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 4 insiders bought $657,749 of shares on the open market.
- Gordon ScottCo-Chief Investment Officer, DirectorBought
- Date
- 31 August 2026
- Shares
- 134
- Price
- $10.22
- Value
- $1,369
- Colonna BernardinoPresidentBought
- Date
- 31 August 2026
- Shares
- 750
- Price
- $10.25
- Value
- $7,685
- Colonna BernardinoPresidentBought
- Date
- 28 August 2026
- Shares
- 250
- Price
- $10.18
- Value
- $2,545
- Colonna BernardinoPresidentBought
- Date
- 27 August 2026
- Shares
- 600
- Price
- $10.18
- Value
- $6,106
- Gordon ScottCo-Chief Investment Officer, DirectorBought
- Date
- 27 August 2026
- Shares
- 5,000
- Price
- $10.19
- Value
- $50,940
- Colonna BernardinoPresidentBought
- Date
- 26 August 2026
- Shares
- 600
- Price
- $10.16
- Value
- $6,094
- Gordon ScottCo-Chief Investment Officer, DirectorBought
- Date
- 26 August 2026
- Shares
- 2,483
- Price
- $10.15
- Value
- $25,202
- Colonna BernardinoPresidentBought
- Date
- 25 August 2026
- Shares
- 400
- Price
- $10.18
- Value
- $4,070
- Gordon ScottCo-Chief Investment Officer, DirectorBought
- Date
- 25 August 2026
- Shares
- 250
- Price
- $10.12
- Value
- $2,530
- Gordon ScottCo-Chief Investment Officer, DirectorBought
- Date
- 24 August 2026
- Shares
- 1,520
- Price
- $10.11
- Value
- $15,366
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 31 August 2026 | Gordon Scott Co-Chief Investment Officer, Director | Bought | 134 | $10.22 | $1,369 |
| 31 August 2026 | Colonna Bernardino President | Bought | 750 | $10.25 | $7,685 |
| 28 August 2026 | Colonna Bernardino President | Bought | 250 | $10.18 | $2,545 |
| 27 August 2026 | Colonna Bernardino President | Bought | 600 | $10.18 | $6,106 |
| 27 August 2026 | Gordon Scott Co-Chief Investment Officer, Director | Bought | 5,000 | $10.19 | $50,940 |
| 26 August 2026 | Colonna Bernardino President | Bought | 600 | $10.16 | $6,094 |
| 26 August 2026 | Gordon Scott Co-Chief Investment Officer, Director | Bought | 2,483 | $10.15 | $25,202 |
| 25 August 2026 | Colonna Bernardino President | Bought | 400 | $10.18 | $4,070 |
| 25 August 2026 | Gordon Scott Co-Chief Investment Officer, Director | Bought | 250 | $10.12 | $2,530 |
| 24 August 2026 | Gordon Scott Co-Chief Investment Officer, Director | Bought | 1,520 | $10.11 | $15,366 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 19 Mar 2026, plus the 10-Q filed 13 Aug 2026 and 5 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Profits run ahead of cash.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.