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The Screen · Financials · Asset Management
Chicago Atlantic BDC, Inc.
LIEN · Nasdaq · USD · Market cap $223M
Silver Spike Investment Corp., is a a business development company.
FAIL · Does not pass the screen
9.73 USD
At the last full screen 2026-07-19
Screened 2026-07-19 · the tape above runs as of 09:00 UTC · two dates, stated on purpose · verdict and workings shown in full · never trimmed
The Label · The Season, Not the Day
This name holds its accumulation label.
Chicago Atlantic BDC, Inc. holds its Accumulation at $9.73. Consolidating, no directional conviction, held for 7 days.
As held on the ledger · 2026-07-19
Phase
Accumulation
Quantitative state
Consolidating, no directional conviction, held for 7 days
Price at the screen
$9.73
Valuation
6.49 trailing · 5.79 forward price to earnings
Values screen
FAIL· score 95.3
Beta
0.27
The Workings
Five Screens, Shown in Full
Does not pass. Business activity: conventional financial services (interest-based)
Test
Figure
Limit
What it means
Status
Business activity
Excluded
Core business clean
Its core business involves an activity the values screen does not clear.
Fail
Debt load
11.14%
Below 33%
Interest-bearing debt is just 11.1% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
1.31%
Below 33%
Cash held in interest-bearing accounts and securities is 1.3% of assets, under the one-third limit.
Pass
Receivables
0.00%
Below 49%
Money owed to the company is 0.0% of assets, under the 49% limit.
Pass
Revenue purity
0.00%
Below 5%
Only 0.0% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
What the Numbers Say It Is Worth
The Fair Value Range
Our framework reads STRONG OPPORTUNITY: it trades at roughly a 13% discount to our $11.00 fair value, moderate competitive moat, 40.10% revenue growth.
Fair value range in USD, drawn from the 2026-07-19 screen. The gold marker is the market price at the same screen. A 13.1% margin of safety to the base estimate.
Reading the gap · Both our model and the analysts see meaningful upside from here.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-07-19 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Cannabis loans priced like a broken lender
Picture a lender that steps into the cannabis trade where ordinary banks still refuse to tread. Chicago Atlantic BDC backs private operators with direct loans and equity stakes, capturing steady interest income from a sector that keeps expanding. Revenue climbing 40 percent and a 58 percent profit margin show the model is working, while the shares sit at 5.8 times forward earnings, well below fair value and offering a 13 percent margin of safety.
The business trades at a modest 11 percent return on equity yet carries a moderate competitive edge through specialist knowledge most generalist funds lack. One analyst lines up with the same $11 target, and the ethical screen raises no red flags on the lending book. That combination of cash generation and discounted valuation marks a clear strong opportunity.
Risk comes mainly from the narrow focus on a single regulated industry where policy shifts or harvest failures can hit repayments fast. Currency and credit exposure sit inside every BDC, and the modest return on equity leaves little buffer if defaults rise. Analysis, not advice.
The risks · The things to watch: it's a small-cap, so the share price can swing harder than the market.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
LIEN trades on Nasdaq. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-09-04Accumulation · changed$9.73+0.0%Entry 5
The framework has shifted from markdown to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading bullish. Over the past year the shares are up 13%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (1 analysts) rates it none, with a mean price target of $11.
2026-08-04Markdown · changed$9.73-0.6%Entry 4
The framework has shifted from markup to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.6% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading bullish. Over the past year the shares are up 13%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (1 analysts) rates it buy, with a mean price target of $11.
2026-07-18Markup$9.79+0.0%Entry 3
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with near-perfect ethical score. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading bullish. Over the past year the shares are up 13%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (1 analysts) rates it buy, with a mean price target of $11.
2026-07-03Markup$9.79+0.0%Entry 2
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with near-perfect ethical score (95). The risk-adjusted return profile shows modest positive risk-adjusted returns.
2026-07-02Markup$9.79Entry 1
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Ethical screening: PASS with near-perfect ethical score (95). The risk-adjusted return profile shows modest positive risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
