AFCG vs LIEN vs REFI vs TPVG vs HRZN

For growth investors, Chicago Atlantic BDC, Inc.

(LIEN) is the stronger pick with 202. 2% revenue growth year-over-year, versus -39. 6% for Advanced Flower Capital Inc. (AFCG). Horizon Technology Finance Corporation (HRZN) offers the better valuation at 4. 3x trailing P/E (6. 1x forward), making it the more compelling value choice. Analysts rate Chicago Atlantic Real Estate Finance, Inc. (REFI) a "Buy" — based on 6 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.

On trailing P/E, Horizon Technology Finance Corporation (HRZN) is the cheapest at 4.

3x versus Chicago Atlantic Real Estate Finance, Inc. at 6. 9x. On forward P/E, Horizon Technology Finance Corporation is actually cheaper at 6. 1x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Horizon Technology Finance Corporation wins at 0. 26x versus TriplePoint Venture Growth BDC Corp. 's 6. 41x — a PEG below 1. 0 traditionally signals the market is underpricing earnings growth.

Over the past 5 years, Chicago Atlantic Real Estate Finance, Inc.

(REFI) delivered a total return of +24. 7%, compared to -44. 6% for Advanced Flower Capital Inc. (AFCG). Over 10 years, the gap is even starker: TPVG returned +93. 3% versus AFCG's -42. 4%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.

By beta (market sensitivity over 5 years), Chicago Atlantic BDC, Inc.

(LIEN) is the lower-risk stock at 0. 13β versus Advanced Flower Capital Inc. 's 1. 86β — meaning AFCG is approximately 1359% more volatile than LIEN relative to the S&P 500. On balance sheet safety, Chicago Atlantic BDC, Inc. (LIEN) carries a lower debt/equity ratio of 8% versus 149% for Horizon Technology Finance Corporation — giving it more financial flexibility in a downturn.

By revenue growth (latest reported year), Chicago Atlantic BDC, Inc.

(LIEN) is pulling ahead at 202. 2% versus -39. 6% for Advanced Flower Capital Inc. (AFCG). On earnings-per-share growth, the picture is similar: Horizon Technology Finance Corporation grew EPS 756. 3% year-over-year, compared to -218. 8% for Advanced Flower Capital Inc.. Over a 3-year CAGR, REFI leads at 8. 9% annualised revenue growth. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.

Chicago Atlantic BDC, Inc.

(LIEN) is the more profitable company, earning 61. 3% net margin versus -66. 0% for Advanced Flower Capital Inc. — meaning it keeps 61. 3% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: TPVG leads at 77. 9% versus -43. 6% for AFCG. At the gross margin level — before operating expenses — AFCG leads at 90. 7%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.

The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential.

By this metric, Horizon Technology Finance Corporation (HRZN) is the more undervalued stock at a PEG of 0. 26x versus TriplePoint Venture Growth BDC Corp. 's 6. 41x. A PEG below 1. 0 is traditionally considered the threshold for growth-adjusted undervaluation. On forward earnings alone, Horizon Technology Finance Corporation (HRZN) trades at 6. 1x forward P/E versus 6. 5x for TriplePoint Venture Growth BDC Corp. — 0. 4x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for TPVG: 49. 4% to $8. 95.

All stocks in this comparison pay dividends.

Chicago Atlantic Real Estate Finance, Inc. (REFI) offers the highest yield at 100. 0%, versus 1. 0% for Chicago Atlantic BDC, Inc. (LIEN).

For long-horizon retirement investors, Chicago Atlantic BDC, Inc.

(LIEN) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0. 13), 1. 0% yield). Advanced Flower Capital Inc. (AFCG) carries a higher beta of 1. 86 — meaning larger drawdowns in market downturns, which matters significantly when you cannot wait years for a recovery. Both have compounded well over 10 years (LIEN: -3. 9%, AFCG: -42. 4%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.

These companies operate in different sectors (AFCG (Real Estate) and LIEN (Financial Services) and REFI (Real Estate) and TPVG (Financial Services) and HRZN (Financial Services)), which means they face different economic cycles, regulatory environments, and macro sensitivities — making direct comparison nuanced.

In terms of investment character: AFCG is a small-cap income-oriented stock; LIEN is a small-cap high-growth stock; REFI is a small-cap high-growth stock; TPVG is a small-cap high-growth stock; HRZN is a small-cap high-growth stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.