The firm has transitioned from a debt-free status to a debt-to-equity ratio of 0.18 as of 2026Q1, reflecting a strategic shift toward utilizing modest leverage to support portfolio expansion.
| Total Current Assets | 7.86M | 2.93M | 23.93M | 34.46M | 36.72M | 85.03M | 0 |
| Cash & Short-Term Investments | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 0 | -10.07M | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 365.27M | 339.06M | 275.24M | 54.12M | 50.25M | 0 | 0 |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 363.97M | 0 | 275.24M | 54.12M | 50.25M | 0 | 0 |
| Other Non-Current Assets | - | - | - | - | - | - | - |
| Total Assets | 373.13M | 342M | 309.56M | 88.58M | 86.97M | 85.03M | 276.26K |
| Asset Turnover | 0.14x | 0.16x | 0.06x | 0.11x | 0.05x | 0.00x | - |
| Asset Growth % | 564.27% | 10.48% | 249.49% | 1.85% | 2.28% | 30680.07% | - |
| Total Current Liabilities | 0 | 13.59M | 37.75K | 3.01M | 461.88K | 0 | 0 |
| Accounts Payable | 0 | 7.78M | 37.75K | 0 | 0 | 0 | 0 |
| Days Payables Outstanding | - | - | - | - | - | - | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - |
| Other Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | -435.97K |
| Current Ratio | - | 0.22x | 633.94x | 11.45x | 79.49x | - | - |
| Quick Ratio | - | 0.22x | 633.94x | 11.45x | 79.49x | - | - |
| Cash Conversion Cycle | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 68.95M | 25M | 8.36M | 13.82K | 33.66K | 479.7K | 0 |
| Long-Term Debt | 54.5M | 25M | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - |
| Total Liabilities | 68.95M | 38.59M | 8.4M | 3.02M | 495.55K | 479.7K | 435.97K |
| Total Debt | 54.5M | 25M | 0 | 0 | 0 | 0 | 0 |
| Net Debt | 51.15M | 22.07M | -23.93M | -32.61M | -35.13M | -84.77M | 0 |
| Debt / Equity | 0.18x | 0.08x | - | - | - | - | - |
| Debt / EBITDA | 1.55x | 0.72x | - | - | - | - | - |
| Net Debt / EBITDA | 1.45x | 0.64x | -2.49x | -4.44x | -435.98x | - | - |
| Interest Coverage | 23.40x | 27.63x | - | - | - | - | - |
| Total Equity | 304.18M | 303.41M | 301.16M | 85.55M | 86.48M | 84.55M | -159.72K |
| Equity Growth % | 527.03% | 0.75% | 252.02% | -1.07% | 2.28% | 53039.35% | - |
| Book Value per Share | 13.33 | 13.30 | 29.12 | 13.77 | 15.58 | 96.37 | -0.18 |
| Total Shareholders' Equity | 304.18M | 303.41M | 301.16M | 85.55M | 86.48M | 84.55M | -159.72K |
| Common Stock | 228.21K | 228.21K | 228.2K | 62.15K | 62.15K | 62.15K | 0 |
| Retained Earnings | 877.17K | 25.65K | -2.34M | 449.27K | 1.5M | -427.85K | -159.72K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Regulatory dependency on cannabis
As reported in recent financial statements, LIEN has aggressively expanded its total assets from $88.6M in 2023Q4 to $373.1M by 2026Q1, signaling a rapid transition from a capital-heavy cash position to a fully deployed investment portfolio within the specialized cannabis credit sector.
The significant growth in total assets suggests that management has successfully executed its deployment strategy, moving capital from idle cash into interest-bearing loans. Investors should monitor whether this rapid scaling maintains credit quality, as the shift from cash to assets inherently increases the firm's exposure to borrower-specific default risks.
Based on the provided balance sheet data, LIEN has transitioned from a debt-free status in 2024 to a debt-to-equity ratio of 0.18 by 2026Q1, indicating a strategic shift toward utilizing modest leverage to support its growing investment portfolio.
While the current D/E ratio remains conservative compared to broader BDC peers, the upward trend in total debt from $0 to $54.5M suggests that the company is beginning to utilize credit facilities to fund its operations. This shift warrants investigation into the cost of this capital and whether it will meaningfully enhance ROE without compromising the firm's historically clean balance sheet.
According to quarterly filings, LIEN's cash position has contracted significantly from a peak of $34.0M in 2024Q2 to just $3.3M in 2026Q1, reflecting the aggressive deployment of capital into the firm's loan portfolio and a reduced buffer against potential operational shocks.
The sharp decline in the current ratio, which dropped from over 11.0 in 2023Q4 to levels below 1.0 in recent periods, suggests that the company is operating with limited immediate liquidity. This tightening appears to be a deliberate trade-off for higher interest-earning assets, yet it leaves the firm with less flexibility to manage sudden cash outflows or portfolio impairments.
As evidenced by the shift from negative retained earnings of $2.6M in 2024Q3 to a positive balance of $877.2K by 2026Q1, LIEN has begun to generate cumulative profitability, marking a pivotal milestone in the company's lifecycle as an investment vehicle.
The transition to positive retained earnings suggests that the firm's underlying investment income is finally outpacing its initial organizational and operational costs. Investors should watch for the sustainability of this trend, as it serves as a primary indicator of the firm's ability to generate long-term value for shareholders beyond initial capital deployment.
Based on the absence of PPE and goodwill in the reported figures, LIEN's balance sheet is almost entirely composed of financial assets, which, as noted in regulatory filings, are primarily Level 3 instruments that rely on internal management valuations rather than observable market prices.
The reliance on internal models for the vast majority of assets creates a potential distortion where the reported NAV may not reflect the true liquidation value of the loan portfolio. This lack of transparency regarding asset quality makes the balance sheet highly sensitive to management's subjective assumptions about borrower creditworthiness and collateral value.
Quick answers to the most common questions about buying LIEN stock.
As of 2025, Chicago Atlantic BDC, Inc. (LIEN) had total assets of $342.0M including $2.9M in current assets.
Chicago Atlantic BDC, Inc. (LIEN) carries total debt of $25.0M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Chicago Atlantic BDC, Inc. (LIEN) has total shareholders' equity (book value) of $303.4M ($13.30 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Chicago Atlantic BDC, Inc. (LIEN) reported a current ratio of 0.22x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.