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Chicago Atlantic BDC, Inc. (LIEN) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Chicago Atlantic BDC, Inc. stock $13.85, price $9.07, upside +52.7%, quality 54 out of 100. Rating: strongly undervalued. Calculated from audited financials with 8 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services US

CA Chicago Atlantic BDC, Inc. logo Broad data Nov 9, 2026

Chicago Atlantic BDC, Inc.

LIEN · US
Meets all rules

The stock costs 35% less than our calculation considers fair.

Fair value $13.85 · Strongly undervalued
Highly profitable · 52.8% net margin (TTM)
Ranks above peers (10/12)
Broad data
Costs just 6.5 times its yearly profit.
Quality 54/100
Expensive Growth (revenue 3y +137.6 %/yr in USD)
15.0% dividend yield · Watch coverage
Wide moat 73/100 · thin data
Insiders bought $657,735 (6M)
Negative free cash flow
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$10.27 $4.82 Fair Value $13.85 Feb 2022 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 9, 2026.

How to read this chart

57‑month range $4.82 – $10.27 · fair‑value band $11.30 – $18.87 · the $9.07 price screens below the $13.85 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 9, 2026.

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Company profile

Silver Spike Investment Corp., is a a business development company. It is a specialty finance company, focuses on investing across the cannabis ecosystem through investments in the form of direct loans to, and equity ownership of, privately held cannabis companies.

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It intends to partner with private equity firms, entrepreneurs, business owners, and management teams to provide credit and equity financing alternatives to support buyouts, recapitalizations, growth initiatives, refinancings, and acquisitions across cannabis companies, including cannabis-enabling technology companies, cannabis-related health and wellness companies, and hemp and CBD distribution companies.

The company was founded in 2021 and is based in New York, New York.

Stock analysis

Chicago Atlantic BDC, Inc. (LIEN) currently trades at $9.07, while our model-based Fair Value estimate is $13.85, implying the stock looks roughly 35% undervalued today.

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Valuation

Bull case: the Earnings-Based group reads highest at a median of $60.10 per share, and 7 of the 8 models we run sit above the $9.07 price.

Bear case: the Asset-Based group reads lowest at $8.91, and 1 of the 8 models stay below the price. Data coverage for this calculation is high.

Scenario range: $11.30 (bear) to $18.87 (bull), the price of $9.07 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 54/100 (solid quality), in the Financial Services sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Chicago Atlantic BDC, Inc. reported revenue of $54.3M in FY2025 versus $10.1K in FY2021, a compound +756.9%/yr. Reported net income was $33.3M in FY2025.

Key figures

Market cap $207M Micro · P/E ratio 6.5 · P/S ratio 3.45 · EPS (TTM) $1.39 · Dividend yield 15.0% · Net margin 52.8% · Return on equity 10.5% · Return on assets (EBIT) 4.6% (5-year average).

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 73 out of 100 (low confidence).

What moves the price

The share trades about 10% below its 52-week high and 8% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −16% fair-value upside, at 53%, LIEN screens cheaper than that median.

Fair Value models

Bear $11.30 Fair Value $13.85 Bull $18.87
Price $9.07 · Upside +52.7%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($0.0257 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
Residual Income $11.30 $12.43 $14.58 71
Gordon GGM $7.79 $13.85 $18.87 63
DDM Multi-Stage $7.79 $12.74 $14.82 63
All 8 models by family
Earnings-Based
Graham-Dodd $9.92 $69.16 $97.05 59
Lynch FV $35.73 $51.04 $66.35 57
Dividend Discount
Gordon GGM $7.79 $13.85 $18.87 63
DDM Multi-Stage $7.79 $12.74 $14.82 63
Multiples
P/E Multiple $14.22 $18.96 $23.70 63
P/B Multiple $13.96 $18.61 $23.27 55
Asset-Based
NCAV (Graham) $6.65 $8.91 $13.30 51
Economic Profit
Residual Income $11.30 $12.43 $14.58 71

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Quality Score breakdown

Overall quality 54/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 47
How much profit the company makes from its sales and capital
Quality Growth 80
Are margins and returns getting better?
Cashflow 33
Do the profits arrive as real cash?
Financial strength 76
Debt, balance sheet and risk of trouble
Investment 33
Does it invest with discipline instead of growing at any price?
Low Volatility 92
How calm the share price moves, does not count
Price momentum 44
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 37
Distance to the 52-week high, does not count
New shares 40
Buys back shares or issues new ones?

Open the full quality analysis →

Insider trades

In the last 6 months, 4 officers or directors bought shares worth $657,735, most recently on Aug 31, 2026. Buying cluster

  • BuyBernardino ColonnaPresident2× since Aug 25, 2026: 2,600 shares, avg. $10.20$26,509Aug 31, 2026
  • BuyScott GordonCo-Chief Investment Officer, Director4× since Aug 17, 2026: 61,166 shares, avg. $9.66$590,917Aug 31, 2026
  • BuyUmesh MahajanSecretary; Co-CIO4,000 shares at $9.60$38,400Aug 17, 2026
  • BuyGianni James Lezziere FazioChief Accounting Officer200 shares at $9.55$1,910Aug 17, 2026
  • BuyJohn Mazarakis10% owner60,000 shares at $9.44$566,400Aug 17, 2026

Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.

Source: SEC Form 4, as of Nov 6, 2026. All filings at the SEC ↗

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+202.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+137.6%
What shareholders gained per year (last 3 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 3 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+37.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+22.7%
Dividend (yield on the price)15.0%
Profit margin 2021 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−5,593% → 64%

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Asset Management · 587 stocks

Beats the industry median on 10/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 54 · Below median
Fair Value upside +52.7% · Above median
Profitability
Return on equity (12 months) 10.5% · Above median
Return on assets 9.7% · Above median
Net margin (12 months) 52.8% · Above median
Operating margin (12 months) 62.0% · Above median
Growth and dividend
Revenue growth (quarter YoY) 6.8% · Below median
Dividend yield (12 months) 15.0% · Top 25%

Valuation Multiplesvs Asset Management median · lower = cheaper

P/E (12 months) 6.5× · Cheaper than median
P/B 0.68× · Cheaper than median
P/S (12 months) 3.45× · Cheaper than median
EV/EBITDA 5.9× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 60
FUTURE (revenue growth)34 · sector 38
PAST (return on equity)42 · sector 29
HEALTH (low debt)0 · sector 96
DIVIDEND (yield)100 · sector 80

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Asset Management stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Exor N.V EXO €73.35 €139.37 +90% vs LIEN
Raymond James Financial, Inc RJF $162.81 $281.42 +73% vs LIEN
Apollo Global Management, Inc APO $116.75 $197.52 +69% vs LIEN
Ameriprise Financial, Inc AMP $501.49 $609.56 +22% vs LIEN
State Street Corporation STT $165.56 $139.37 −16% vs LIEN
Ares Management Corporation ARES $133.98 $99.35 −26% vs LIEN
Northern Trust Corporation NTRS $172.76 $123.42 −29% vs LIEN
Brookfield Asset Management Ltd BAM $52.95 $31.26 −41% vs LIEN
Blackstone Inc BX $119.50 $52.29 −56% vs LIEN
KKR & Co KKR $96.48 $27.32 −72% vs LIEN

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Chicago Atlantic BDC, Inc.: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Chicago Atlantic BDC, Inc. Fair Value". https://www.fairvalue-calculator.com/stock/LIEN

Frequently asked questions

Is Chicago Atlantic BDC, Inc. (LIEN) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of $13.85 versus a price of $9.07, about +53% upside (undervalued).
What is the fair value of LIEN?
Our model-based fair value for Chicago Atlantic BDC, Inc. is $13.85 (as of Nov 9, 2026), built from audited fundamentals. The current price: $9.07.
What is the quality score of LIEN?
Chicago Atlantic BDC, Inc. has a Quality Score of 54/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Chicago Atlantic BDC, Inc. (LIEN)?
Our model-based price target is the fair value of $13.85 (as of Nov 9, 2026) from 8 valuation models. Cautious scenario $11.30, optimistic scenario $18.87. It is a calculation from audited fundamentals, not an analyst target.
What is the Chicago Atlantic BDC, Inc. stock forecast for 2026?
Our models put fair value at $13.85, about +53% upside versus a price of $9.07 (undervalued). Cautious scenario $11.30, optimistic scenario $18.87. The calculation is refreshed regularly with new filings.
What is the revenue of Chicago Atlantic BDC, Inc. (LIEN)?
Chicago Atlantic BDC, Inc. reported trailing-twelve-month revenue of about $60.0M (latest available figure, as of Nov 9, 2026).
Does Chicago Atlantic BDC, Inc. pay a dividend?
Chicago Atlantic BDC, Inc. currently shows a dividend yield of 14.99% relative to its recent price (as of Nov 9, 2026).
How much is the dividend of Chicago Atlantic BDC, Inc. (LIEN) and when is the ex-dividend date?
Chicago Atlantic BDC, Inc. pays a dividend of $1.36 per share a year, a dividend yield of 15.0%. The last ex-dividend date was Sep 25, 2026. The payout ratio is 97.8% of earnings. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What is the intrinsic value of Chicago Atlantic BDC, Inc. (LIEN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Chicago Atlantic BDC, Inc. it is $13.85 per share (as of Nov 9, 2026), against a price of $9.07. It is the blended result of 8 valuation models in 5 families (Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Chicago Atlantic BDC, Inc. stock overvalued or undervalued in 2026?
As of Nov 9, 2026, LIEN trades below its calculated fair value: price $9.07, fair value $13.85, a gap of about +53% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of LIEN?
No. The price is what the market pays today ($9.07); the fair value is what the company's own numbers justify ($13.85). For Chicago Atlantic BDC, Inc. the two are $4.78 per share apart. That gap is exactly why we show both numbers side by side.
How much is Chicago Atlantic BDC, Inc. worth?
The market values Chicago Atlantic BDC, Inc. at about $207M (market capitalisation, as of Nov 9, 2026). Per share that is $9.07; our models calculate a fair value of $13.85 per share.
What do the bullish and bearish scenarios say about LIEN?
Our models span a range for Chicago Atlantic BDC, Inc.: cautious scenario $11.30, base $13.85, optimistic $18.87 per share (as of Nov 9, 2026, price $9.07). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of LIEN?
Chicago Atlantic BDC, Inc. trades at a price-to-earnings ratio of 6.5 (as of Nov 9, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $13.85 is built from several models across several years. Other multiples: P/B 0.7, P/S 3.5, EV/EBITDA 5.9.
How solid is the balance sheet of Chicago Atlantic BDC, Inc. (LIEN)?
Balance-sheet figures for Chicago Atlantic BDC, Inc. (as of Nov 9, 2026): return on equity 10.5%. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is LIEN from its 52-week high?
Chicago Atlantic BDC, Inc. trades at $9.07, about 10% below its 52-week high of $10.04 and 8% above the low of $8.43 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $13.85 is for.
Which stocks are comparable to Chicago Atlantic BDC, Inc.?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Asset Management Ltd, KKR & Co, Apollo Global Management, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Chicago Atlantic BDC, Inc. stock attractive at the current price?
The data as of Nov 9, 2026: price $9.07, calculated fair value $13.85 (+53%), Quality Score 54/100, from 8 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of LIEN calculated?
We run Chicago Atlantic BDC, Inc. through 8 models from 5 families: Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of $13.85 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Chicago Atlantic BDC, Inc. currently trades 35% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Chicago Atlantic BDC, Inc. (LIEN)?
The closing price on Nov 6, 2026 was $9.07. Our model-based fair value is $13.85, about +53% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Chicago Atlantic BDC, Inc. right now?
The price is below even our cautious bear case ($11.30). The market is more pessimistic than our downside scenario. Solid quality (54/100) at a price below fair value, the discount is the argument here, not the business quality. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Key figures of Chicago Atlantic BDC, Inc.

How large is the market capitalisation of Chicago Atlantic BDC, Inc. (LIEN)?
The market capitalisation of Chicago Atlantic BDC, Inc. is $207M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Chicago Atlantic BDC, Inc. (LIEN)?
The price-to-sales ratio of Chicago Atlantic BDC, Inc. is 3.45 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Chicago Atlantic BDC, Inc. (LIEN)?
Earnings per share at Chicago Atlantic BDC, Inc. are $1.39 (price ÷ EPS = P/E 6.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Chicago Atlantic BDC, Inc. (LIEN)?
The dividend yield of Chicago Atlantic BDC, Inc. is 15.0% (payout 97.8%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Chicago Atlantic BDC, Inc. (LIEN)?
The net margin of Chicago Atlantic BDC, Inc. is 52.8% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Chicago Atlantic BDC, Inc. (LIEN)?
The return on equity (ROE) of Chicago Atlantic BDC, Inc. is 10.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Chicago Atlantic BDC, Inc. (LIEN)?
On an EBIT basis the return on assets of Chicago Atlantic BDC, Inc. is 4.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Chicago Atlantic BDC, Inc. (LIEN)?
The operating margin of Chicago Atlantic BDC, Inc. is 62.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Chicago Atlantic BDC, Inc. (LIEN)?
Revenue at Chicago Atlantic BDC, Inc. is growing +6.8% versus a year earlier (3y avg +138%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Chicago Atlantic BDC, Inc. (LIEN)?
Earnings per share at Chicago Atlantic BDC, Inc. are growing −29.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Chicago Atlantic BDC, Inc. (LIEN) generate?
The free cash flow of Chicago Atlantic BDC, Inc. is −$20.5M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Chicago Atlantic BDC, Inc. (LIEN) carry?
The net debt of Chicago Atlantic BDC, Inc. is $22.1M (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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