Chicago Atlantic BDC (LIEN)


Market Price (11/6/2026): $9.09 | Market Cap: $207.4 MilSector: Financials | Industry: Asset Management & Custody Banks

Chicago Atlantic BDC (LIEN)


Market Price (11/6/2026): $9.09
Market Cap: $207.4 Mil
Sector: Financials
Industry: Asset Management & Custody Banks

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 30%, Dividend Yield is 15%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 26%

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 26%

Low stock price volatility
Vol 12M is 22%

Megatrend and thematic drivers
Megatrends include Digital & Alternative Assets. Themes include Private Credit.

Weak multi-year price returns
2Y Excs Rtn is -44%, 3Y Excs Rtn is -40%

Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -22%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -7.5%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -7.5%

Key risks
LIEN key risks include [1] its significant portfolio concentration in the cannabis industry, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 30%, Dividend Yield is 15%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 26%
1 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 26%
2 Low stock price volatility
Vol 12M is 22%
3 Megatrend and thematic drivers
Megatrends include Digital & Alternative Assets. Themes include Private Credit.
4 Weak multi-year price returns
2Y Excs Rtn is -44%, 3Y Excs Rtn is -40%
5 Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -22%
6 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -7.5%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -7.5%
7 Key risks
LIEN key risks include [1] its significant portfolio concentration in the cannabis industry, Show more.

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

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Updated on 11/1/2026

Chicago Atlantic BDC (LIEN) stock has remained largely at the same level since 7/31/2026 because of the following key factors:

1. Mixed Fiscal Q2 2026 Financial Results.

Chicago Atlantic BDC reported a net investment income of $0.34 per share for fiscal Q2 2026, missing the consensus estimate of $0.40 per share. Total investment income also saw a decline to $14.0 million from $16.7 million in fiscal Q1 2026. However, this underperformance in income and revenue was balanced by the company maintaining its quarterly dividend of $0.34 per share for the seventh consecutive quarter and exhibiting strong credit quality with zero non-accruals in its portfolio. This combination of a missed earnings estimate alongside consistent shareholder returns and sound credit metrics likely created a neutral investor sentiment, contributing to the stock's stability.

2. Anticipated Merger with Chicago Atlantic Real Estate Finance.

The ongoing all-stock merger with Chicago Atlantic Real Estate Finance (REFI), initially announced in June 2026 and projected to close in fiscal Q4 2026, fostered a "wait and see" attitude among investors. While this merger is expected to create a larger combined Business Development Company with over $600 million in book equity, the market likely paused for further clarity on the integration process and the prospective performance of the unified entity. This potential for future growth, coupled with inherent uncertainties of a merger, likely kept the stock trading largely sideways during the period.

Show more
Updated on 11/1/2026

Chicago Atlantic BDC (LIEN) stock has remained largely at the same level since 7/31/2026 because of the following key factors:

1. Mixed Fiscal Q2 2026 Financial Results.

Chicago Atlantic BDC reported a net investment income of $0.34 per share for fiscal Q2 2026, missing the consensus estimate of $0.40 per share. Total investment income also saw a decline to $14.0 million from $16.7 million in fiscal Q1 2026. However, this underperformance in income and revenue was balanced by the company maintaining its quarterly dividend of $0.34 per share for the seventh consecutive quarter and exhibiting strong credit quality with zero non-accruals in its portfolio. This combination of a missed earnings estimate alongside consistent shareholder returns and sound credit metrics likely created a neutral investor sentiment, contributing to the stock's stability.

2. Anticipated Merger with Chicago Atlantic Real Estate Finance.

The ongoing all-stock merger with Chicago Atlantic Real Estate Finance (REFI), initially announced in June 2026 and projected to close in fiscal Q4 2026, fostered a "wait and see" attitude among investors. While this merger is expected to create a larger combined Business Development Company with over $600 million in book equity, the market likely paused for further clarity on the integration process and the prospective performance of the unified entity. This potential for future growth, coupled with inherent uncertainties of a merger, likely kept the stock trading largely sideways during the period.

3. Volatility in the Broader BDC Sector.

The broader Business Development Company sector experienced significant fluctuations, which likely impacted Chicago Atlantic BDC's stock movement. The sector saw a strong rally, averaging nearly 10% returns, in the first week of August 2026 following generally decent fiscal Q2 earnings. However, this upward trend reversed sharply by early October 2026, when the BDC sector experienced "one of its worst weeks in a long time," with the BDC ETF (BIZD) dropping 4.6% in a single week. This sector-wide instability, driven by macroeconomic factors and performance challenges observed in 23 out of 45 BDCs during fiscal Q2 2026, likely offset company-specific news, preventing Chicago Atlantic BDC's stock from establishing a clear directional trend.

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Stock Movement Drivers

Fundamental Drivers

The 1.7% change in LIEN stock from 7/31/2026 to 11/5/2026 was primarily driven by a 9.8% change in the company's P/E Multiple.
(LTM values as of)731202611052026Change
Stock Price ($)8.949.091.7%
Change Contribution By: 
Total Revenues ($ Mil)4240-5.5%
Net Income Margin (%)80.5%78.9%-2.0%
P/E Multiple6.06.59.8%
Shares Outstanding (Mil)23230.0%
Cumulative Contribution1.7%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/5/2026
ReturnCorrelation
LIEN1.7% 
Market (SPY)-1.9%14.7%
Sector (XLF)1.0%30.8%

Fundamental Drivers

The 5.3% change in LIEN stock from 4/30/2026 to 11/5/2026 was primarily driven by a 10.6% change in the company's P/E Multiple.
(LTM values as of)430202611052026Change
Stock Price ($)8.639.095.3%
Change Contribution By: 
Total Revenues ($ Mil)4140-1.0%
Net Income Margin (%)82.1%78.9%-3.9%
P/E Multiple5.96.510.6%
Shares Outstanding (Mil)23230.0%
Cumulative Contribution5.3%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/5/2026
ReturnCorrelation
LIEN5.3% 
Market (SPY)2.3%14.5%
Sector (XLF)10.7%31.6%

Fundamental Drivers

The 2.0% change in LIEN stock from 10/31/2025 to 11/5/2026 was primarily driven by a 25.9% change in the company's Total Revenues ($ Mil).
(LTM values as of)1031202511052026Change
Stock Price ($)8.919.092.0%
Change Contribution By: 
Total Revenues ($ Mil)324025.9%
Net Income Margin (%)75.3%78.9%4.8%
P/E Multiple8.56.5-22.7%
Shares Outstanding (Mil)23230.0%
Cumulative Contribution2.0%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/5/2026
ReturnCorrelation
LIEN2.0% 
Market (SPY)8.4%7.0%
Sector (XLF)11.1%16.3%

Fundamental Drivers

The 43.8% change in LIEN stock from 10/31/2023 to 11/5/2026 was primarily driven by a 534.3% change in the company's Total Revenues ($ Mil).
(LTM values as of)1031202311052026Change
Stock Price ($)6.329.0943.8%
Change Contribution By: 
Total Revenues ($ Mil)640534.3%
Net Income Margin (%)68.6%78.9%15.1%
P/E Multiple9.16.5-27.7%
Shares Outstanding (Mil)623-72.8%
Cumulative Contribution43.8%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/5/2026
ReturnCorrelation
LIEN43.8% 
Market (SPY)81.3%5.3%
Sector (XLF)85.5%10.6%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
LIEN Return--30%-1%59%-4%-2%3%
Peers Return14%-18%16%9%8%-15%9%
S&P 500 Return27%-19%24%23%16%12%105%

Monthly Win Rates [3]
LIEN Win Rate-27%50%50%33%36% 
Peers Win Rate50%33%58%56%52%40% 
S&P 500 Win Rate75%42%67%75%67%45% 

Max Drawdowns [4]
LIEN Max Drawdown---23%-11%-20%-14% 
Peers Max Drawdown-24%-39%-23%-16%-25%-27% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: VRTS, SLRC, GEG, RVII, BLK.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/5/2026 (YTD)

How Low Can It Go

EventLIENS&P 500
2025 US Tariff Shock
  % Loss-18.4%-18.8%
  % Gain to Breakeven22.5%23.1%
  Time to Breakeven202 days79 days
2023 SVB Regional Banking Crisis
  % Loss-16.4%-6.7%
  % Gain to Breakeven19.6%7.1%
  Time to Breakeven128 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-44.3%-24.5%
  % Gain to Breakeven79.5%32.4%
  Time to Breakeven726 days427 days

Compare to VRTS, SLRC, GEG, RVII, BLK

In The Past

Chicago Atlantic BDC's stock fell -18.4% during the 2025 US Tariff Shock. Such a loss loss requires a 22.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventLIENS&P 500
2022 Inflation Shock & Fed Tightening
  % Loss-44.3%-24.5%
  % Gain to Breakeven79.5%32.4%
  Time to Breakeven726 days427 days

Compare to VRTS, SLRC, GEG, RVII, BLK

In The Past

Chicago Atlantic BDC's stock fell -18.4% during the 2025 US Tariff Shock. Such a loss loss requires a 22.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Chicago Atlantic BDC (LIEN)

Chicago Atlantic BDC (LIEN) operates as an investment company, specifically a Business Development Company. Its core business involves identifying and capitalizing on investment opportunities, particularly those that are time-sensitive, complex, or found in dislocated markets. The firm focuses on situations where it believes the market has fundamentally mispriced risk, allowing it to generate attractive returns through strategic capital deployment.

As an investing platform, Chicago Atlantic BDC provides various forms of capital, typically private debt and equity solutions, to companies that may find it challenging to access traditional financing channels. Its primary service is providing flexible and tailored financing to businesses operating in niche or underserved sectors. The company serves a diverse range of borrowers and companies within these specialized markets, seeking to fill funding gaps and support growth where conventional lenders might hesitate.

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  • Apollo Global Management for specialized loans to overlooked private companies.
  • A "special situations" lender for private companies, finding value in complex or time-sensitive opportunities, similar to what a credit fund at KKR might do.
  • A sophisticated alternative lender for companies that traditional banks can't or won't finance, akin to a specialized division of a major investment bank like Goldman Sachs focusing on unique credit opportunities.

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  • Investment Services: Chicago Atlantic BDC provides capital to companies through debt and equity investments, focusing on opportunities in time-sensitive, complex, or dislocated markets.

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Chicago Atlantic BDC (LIEN) is a Business Development Company (BDC) that provides debt and equity financing to privately held, middle-market companies. Therefore, its "customers" are the companies to which it provides capital.

LIEN does not sell goods or services to individuals. Instead, it invests in other companies, which are primarily private. Given the nature of a BDC, its portfolio typically consists of a diversified group of borrower companies, rather than a few "major customers" in the traditional sense. However, based on its investment strategy and portfolio composition, Chicago Atlantic BDC primarily serves the following categories of companies:

  • Companies in the Regulated Cannabis Industry: A significant portion of Chicago Atlantic BDC's investment portfolio is dedicated to providing senior secured loans to businesses operating in the regulated cannabis sector. These are typically private, middle-market companies seeking capital that is often unavailable from traditional financial institutions due to federal regulations.
  • Other Middle-Market Companies in Specialty Finance Markets: LIEN also provides financing to other private, middle-market companies across various industries that may operate in dislocated or underserved credit markets. These businesses often require flexible capital solutions that traditional lenders may not provide.

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  • Chicago Atlantic Advisers, LLC
  • PricewaterhouseCoopers LLP
  • UMB Financial Corporation (UMBF)

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Peter Sack Chief Executive Officer

Peter Sack has served as Chief Executive Officer of Chicago Atlantic BDC, Inc. since March 2025. He is also a Managing Partner at Chicago Atlantic and Chief Executive Officer of Chicago Atlantic Real Estate Finance, Inc. A seasoned credit investor and portfolio manager, Peter has experience investing across the capital structure. Before joining Chicago Atlantic, he was a Principal at BC Partners Credit, where he established the firm's cannabis vertical and oversaw a portfolio of over $100 million in middle-market private loans. Earlier in his career, he was an Associate at Atlas Holdings LLC, a private equity firm specializing in distressed manufacturing and distribution companies.

Thomas Geoffroy Interim Chief Financial Officer

Thomas Geoffroy was appointed Interim Chief Financial Officer of Chicago Atlantic BDC Inc. in July 2025, having served as Principal Financial and Accounting Officer since 2022. With over 20 years of experience in accounting and finance, he possesses expertise in financial reporting, operations, and internal controls within the financial services industry, including extensive investment fund experience. Prior to Chicago Atlantic, Thomas held CFO positions at a NASDAQ-listed mortgage REIT, a publicly traded credit-focused asset management firm, and a family office. He also served as Controller at Ares Management (NYSE: ARES) and spent nine years as a Senior Manager in the Financial Services Organization's hedge fund audit practice at Ernst & Young.

Scott Gordon Executive Chairman of the Board and Co-Chief Investment Officer

Scott Gordon has served as Executive Chairman of the Board and Co-Chief Investment Officer of Chicago Atlantic BDC, Inc. since 2024. He is the founder and former Chief Executive Officer of Silver Spike Capital. Scott also co-founded Egg Rock Holdings, the parent company of the Papa & Barkley family of cannabis and CBD products. With over 30 years of experience in investing and asset management in emerging markets, Scott was one of the founding members of the JP Morgan emerging market business. He led emerging market and distressed investing efforts at ING Capital and Bank of America's global special situations group. Furthermore, he led Emerging Market businesses at Marathon Asset Management, Caxton Associates, and Taconic Capital, and served as President of Fintech Advisory, a multi-billion-dollar Family Office fund, prior to launching Silver Spike Capital.

Dino Colonna President

Dino Colonna has been the President of Chicago Atlantic BDC, Inc. since 2024. He previously served as a Partner and Co-Head of Credit at Silver Spike Capital. Since 2001, Dino has managed traditional and alternative investment portfolios and provided advisory services to corporations and institutional investors across global capital markets. Before his time at Silver Spike Capital, he was a managing partner at Madison Capital Advisors, a middle-market asset-backed lending and advisory firm focused on emerging growth companies in sectors such as cannabis, life sciences, and technology.

Tony Cappell Partner & Co-founder

Tony Cappell is a Partner and Co-founder at Chicago Atlantic. He also holds the position of Co-Chief Executive Officer and Director at Chicago Atlantic Real Estate Finance, Inc. As a debt investor with over 15 years of experience in the specialty finance sector, Tony has completed more than 150 deals, totaling over $5 billion in credit. Prior to co-founding Chicago Atlantic, he was a Managing Director and Head of Underwriting at Stonegate Capital, a private credit investment firm focused on lower middle-market businesses and emerging brands. His earlier roles include Vice President, ABL Underwriter at First Midwest Bank and Vice President/Underwriting at Gibraltar Business Capital, LLC. He began his career at Wells Fargo Capital Finance as a collateral examiner.

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The key risks for Chicago Atlantic BDC (LIEN) are:

  1. Lingering Cannabis Exposure and Regulatory Risk: Chicago Atlantic BDC is known for its lending to the cannabis sector, which continues to face federal restrictions and regulatory uncertainties. Despite recent diversification efforts, with a significant portion of its portfolio now in non-cannabis loans, the market still applies a discount to LIEN due to this perceived regulatory and cannabis-related exposure. Changes in laws or regulations governing the company's operations could significantly impact its business.
  2. Risks Associated with Investments in Middle-Market Companies and Distressed Lending: As a Business Development Company (BDC), Chicago Atlantic BDC primarily invests in direct loans to privately held middle-market companies. These investments inherently carry significant risks, including the potential to lose all or part of the invested capital. Furthermore, the company may be exposed to risks associated with distressed lending, and defaults by portfolio companies could lead to substantial losses.
  3. Interest Rate Sensitivity and Economic Downturns: Chicago Atlantic BDC's financial performance can be impacted by fluctuations in interest rates. While its investments are often in floating-rate loans, a decline in short-term interest rates could lead to a reduction in net investment income. Moreover, economic slowdowns or recessions can adversely affect the financial health of its portfolio companies, potentially resulting in an increase in non-accruing loans and a decrease in net asset value (NAV).

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AI Analysis | Feedback

Chicago Atlantic BDC (NASDAQ: LIEN) focuses its investment activities primarily on providing direct loans and equity financing to privately held middle-market companies. The company has a significant focus on the U.S. cannabis industry, alongside other niche and underserved sectors within the broader middle-market direct lending space in the United States.

Addressable Market Sizes (United States)

  • U.S. Legal Cannabis Market: The total legal cannabis market in the United States is projected to reach approximately $46 billion to $47 billion in 2026. This market is experiencing rapid growth, with projections suggesting it could reach over $320 billion by 2034. For debt financing specifically, a substantial "debt wall" of roughly $6 billion for U.S. cannabis operators is scheduled to mature by the end of 2026, indicating a significant addressable market for refinancing and new lending.
  • U.S. Middle-Market Direct Lending: The U.S. private credit market, where direct lending is the dominant strategy, has expanded significantly and is poised for continued growth. The U.S. private credit market is estimated to be between $1.5 trillion and $2 trillion in 2026 and is forecast to reach $3 trillion by 2028. The broader potential addressable market for private credit across various asset classes exceeds $30 trillion. The middle market in the U.S., which Chicago Atlantic BDC targets, comprises nearly 200,000 companies, generates over $15 trillion in revenue, and employs approximately 50 million workers. Furthermore, nearly $1 trillion in middle-market loans are expected to mature by 2030, creating a significant refinancing opportunity for direct lenders.

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Here are 3-5 expected drivers of future revenue growth for Chicago Atlantic BDC (LIEN) over the next 2-3 years:

  1. Continued Expansion and Diversification of Loan Portfolio beyond Cannabis: While historically focused on the cannabis sector, Chicago Atlantic BDC is strategically expanding its investment portfolio into other niche or underserved sectors. As of late 2025, approximately 24% of its portfolio consisted of non-cannabis loans across various industries like finance, real estate, and retail. This diversification into a wider array of middle-market companies is expected to broaden its revenue-generating base and reduce reliance on a single sector.
  2. Robust Loan Origination and Deployment Activity: The company consistently deploys capital into new investments, indicating sustained growth in its loan portfolio. For instance, in Q3 2025, LIEN funded $66.7 million in new investments. Furthermore, as of late 2025, the pipeline for potential debt transactions, encompassing both cannabis and non-cannabis opportunities, was approximately $610 million. This continuous origination of new loans is a direct contributor to increased interest income, which is the primary source of revenue for the BDC.
  3. Strategic Utilization of Credit Facilities to Fund Portfolio Growth: Chicago Atlantic BDC has secured and is actively leveraging credit facilities, such as a $100 million senior secured revolving credit facility, to finance the growth of its investment portfolio. This financial resource enables the company to expand its lending operations and, consequently, its revenue, without necessarily diluting shareholder equity.
  4. Maintenance of High-Yield Investments within Niche Sectors: The company's investment strategy focuses on identifying and capitalizing on opportunities in time-sensitive, complex, or dislocated markets where it perceives risk to be fundamentally mispriced, leading to attractive risk-adjusted returns. Chicago Atlantic BDC's credit investment portfolio exhibits a high gross weighted average yield of approximately 15.8%, exceeding the average for traditional BDCs. This ability to consistently generate and maintain high-yield loans through disciplined underwriting and a focus on senior secured lending is a significant driver of future revenue growth.

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Share Repurchases

  • Chicago Atlantic BDC has shown a 3-Year Average Share Buyback Ratio of -28.7%, indicating dilution rather than repurchases over the period.

Share Issuance

  • The company's "Additional Paid-In Capital" increased significantly from approximately $84.92 million in December 2022 to $303.15 million by September 2025, reflecting capital raised through share issuances.
  • Chicago Atlantic BDC had 23 million shares outstanding in Q3 2025.
  • The company was founded in 2021 and had its IPO in 2022, contributing to initial share issuances.

Outbound Investments

  • As of September 30, 2025, Chicago Atlantic BDC’s investment portfolio had an aggregate fair value of approximately $311.4 million across 37 portfolio companies.
  • During the third quarter of 2025, the company funded eleven portfolio companies with an aggregate par value of $66.3 million, with seven of these being new borrowers.
  • Chicago Atlantic BDC's investment objective is to maximize risk-adjusted returns by investing primarily in direct loans to privately held middle-market companies, predominantly in the cannabis industry.

Peer Outperformance in Asset Management & Custody Banks

null
Share of Asset Management & Custody Banks constituents that LIEN has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
61%
of 100 industry peers · 1.6% return
3Y
63%
of 90 industry peers · 45.0% return
5Y
—
insufficient peer history
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Median price return by industry across the Financials sector, ranked by 5Y. Asset Management & Custody Banks is LIEN's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Reinsurance 6 33.1%75.7%125.1% SPNT 168% · RGA 162% · RNR 141%
Investment Banking & Brokerage 13 -3.9%89.1%93.1% IBKR 305% · SNEX 152% · GS 141%
Diversified Banks 12 30.0%140.4%90.3% CM 144% · RY 129% · JPM 127%
Life & Health Insurance 20 14.3%52.3%75.4% JXN 514% · UNM 224% · FG 188%
Property & Casualty Insurance 42 18.9%76.8%66.8% TRV 178% · PGR 172% · ACGL 168%
Multi-Sector Holdings 3 10.1%53.8%59.4% BRK-B 99% · VOYA 59% · JEF 37%
Multi-line Insurance 9 9.5%71.4%59.4% AIZ 105% · GNW 104% · L 98%
Regional Banks 263 30.0%87.5%46.7% CBC 268% · FCNCA 176% · NIC 136%
Insurance Brokers 15 5.5%13.4%33.4% LIFE 287% · ARX 89% · WTW 56%
Financial Exchanges & Data 15 20.6%37.2%27.9% CBOE 183% · VIRT 131% · CME 71%
Asset Management & Custody Banks ← 83 -5.9%22.8%12.3% VCTR 210% · AAMI 207% · WT 205%
Consumer Finance 30 2.9%81.0%8.1% ENVA 330% · FCFS 130% · ECPG 111%
Commercial & Residential Mortgage Finance 14 -46.5%36.8%2.5% FNMA 327% · FMCC 293% · ACT 158%
Diversified Financial Services 4 -1.6%20.1%-1.1% FRHC 153% · EQH 71%
Specialized Finance 3 15.8%31.5%-19.7% HASI -20% · CACC -24%
Transaction & Payment Processing Services 17 19.3%9.1%-29.4% V 103% · MA 94% · CPAY 83%
Mortgage REITs 35 -18.0%-6.1%-37.2% RITM 36% · DX 17% · AGNC 10%
Diversified Capital Markets 20 -47.1%-8.5%-70.1% LPLA 83% · TW 38% · RIOT -53%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

LIENVRTSSLRCGEGRVIIBLKMedian
NameChicago .Virtus I.SLR Inve.Great ElmRobinhoo.BlackRock 
Mkt Price9.09125.9911.972.1515.191,165.0013.58
Mkt Cap0.20.80.70.1-180.30.7
Rev LTM408206920-28,54269
Op Inc LTM-131--14-9,853131
FCF LTM-3-522181-4,7841
FCF 3Y Avg-247169-4-4,25547
CFO LTM-3-462181-5,2301
CFO 3Y Avg-254169-4-4,61154

Growth & Margins

LIENVRTSSLRCGEGRVIIBLKMedian
NameChicago .Virtus I.SLR Inve.Great ElmRobinhoo.BlackRock 
Rev Chg LTM25.9%-7.4%-30.9%-12.1%-24.7%-7.4%
Rev Chg 3Y Avg97.1%0.3%-3.0%32.0%-17.7%17.7%
Rev Chg Q-22.4%-4.6%-61.6%-69.1%-19.1%-22.4%
QoQ Delta Rev Chg LTM-5.5%-1.2%-19.2%-26.8%-4.6%-5.5%
Op Inc Chg LTM--28.3%--41.5%-27.6%-28.3%
Op Inc Chg 3Y Avg--1.4%--12.0%-17.0%-1.4%
Op Mgn LTM-16.0%--67.8%-34.5%16.0%
Op Mgn 3Y Avg-18.3%--51.7%-35.1%18.3%
QoQ Delta Op Mgn LTM--2.0%--17.3%-1.5%-2.0%
CFO/Rev LTM-7.5%-5.6%315.7%6.2%-18.3%6.2%
CFO/Rev 3Y Avg20.5%6.1%198.1%-24.5%-19.8%19.8%
FCF/Rev LTM-7.5%-6.3%315.7%6.2%-16.8%6.2%
FCF/Rev 3Y Avg20.5%5.2%198.1%-24.5%-18.3%18.3%

Valuation

LIENVRTSSLRCGEGRVIIBLKMedian
NameChicago .Virtus I.SLR Inve.Great ElmRobinhoo.BlackRock 
Mkt Cap0.20.80.70.1-180.30.7
P/S5.21.09.53.1-6.35.2
P/Op Inc-6.4--4.6-18.36.4
P/EBIT-2.6--2.2-17.42.6
P/E6.57.011.2-2.0-26.17.0
P/CFO-68.7-18.33.051.1-34.53.0
Total Yield30.2%22.3%20.9%-50.9%-5.8%20.9%
Dividend Yield15.0%7.9%12.0%0.0%-2.0%7.9%
FCF Yield 3Y Avg3.1%2.4%23.2%-8.2%-2.7%2.7%
D/E0.13.41.71.1-0.11.1
Net D/E0.13.00.9-0.2--0.00.1

Returns

LIENVRTSSLRCGEGRVIIBLKMedian
NameChicago .Virtus I.SLR Inve.Great ElmRobinhoo.BlackRock 
1M Rtn-4.2%-2.7%4.7%-0.5%-33.5%7.9%-1.6%
3M Rtn0.2%-21.4%-5.0%-3.6%-33.8%3.7%-4.3%
6M Rtn4.0%-8.1%-7.9%4.9%-33.8%10.3%-1.9%
12M Rtn1.6%-17.1%-14.3%-12.2%-33.8%10.8%-13.3%
3Y Rtn45.0%-26.4%10.0%19.4%-33.8%90.7%14.7%
1M Excs Rtn1.3%-0.4%6.2%1.0%-29.5%10.4%1.2%
3M Excs Rtn-0.2%-21.3%-5.4%-1.8%-32.9%3.9%-3.6%
6M Excs Rtn-0.7%-12.9%-12.7%0.1%-38.6%5.5%-6.7%
12M Excs Rtn-11.7%-29.5%-27.0%-26.5%-47.3%-1.2%-26.8%
3Y Excs Rtn-39.5%-104.5%-68.5%-63.3%-117.0%20.5%-65.9%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil2025202420232022
Single Segment5522130
Total5522130


Price Behavior

Price Behavior
Market Price$9.09 
Market Cap ($ Bil)0.2 
First Trading Date02/04/2022 
Distance from 52W High-9.5% 
   50 Days200 Days
DMA Price$9.51$9.23
DMA Trendindeterminateindeterminate
Distance from DMA-4.5%-1.6%
 3M1YR
Volatility20.4%22.2%
Downside Capture-3.689.49
Upside Capture-2.9711.56
Correlation (S&P 500)5.4%5.6%
LIEN Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta0.090.360.120.210.090.08
Up Beta0.370.690.520.240.230.08
Down Beta-0.370.030.210.40-0.070.22
Up Capture-12%10%5%16%6%2%
Bmk +ve Days12182862130427
Stock +ve Days8153058115356
Down Capture56%81%-7%8%12%-16%
Bmk -ve Days10253664121325
Stock -ve Days12232961120352

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with LIEN
LIEN1.8%22.2%-0.01-
Sector ETF (XLF)11.1%15.2%0.4716.3%
Equity (SPY)9.5%13.6%0.417.2%
Gold (GLD)3.6%28.7%0.1112.2%
Commodities (DBC)37.7%21.2%1.40-6.9%
Real Estate (VNQ)12.0%14.2%0.5511.1%
Bitcoin (BTCUSD)-20.8%43.3%-0.425.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with LIEN
LIEN-1.9%36.2%0.01-
Sector ETF (XLF)9.1%18.4%0.367.0%
Equity (SPY)11.3%17.3%0.485.5%
Gold (GLD)17.5%19.1%0.744.4%
Commodities (DBC)8.0%19.6%0.29-0.5%
Real Estate (VNQ)1.2%18.9%-0.053.2%
Bitcoin (BTCUSD)5.9%51.5%0.297.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with LIEN
LIEN-0.9%36.2%0.01-
Sector ETF (XLF)13.3%22.1%0.547.0%
Equity (SPY)14.9%18.0%0.705.5%
Gold (GLD)12.0%16.5%0.594.4%
Commodities (DBC)7.6%18.1%0.33-0.5%
Real Estate (VNQ)5.7%20.7%0.233.2%
Bitcoin (BTCUSD)61.3%66.2%1.017.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity0.1 Mil
Short Interest: % Change Since 9302026-22.9%
Average Daily Volume0.1 Mil
Days-to-Cover Short Interest1
Basic Shares Quantity22.8 Mil
Short % of Basic Shares0.4%

Earnings Returns History

Updated 9/16/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/13/2026-2.7%-2.1%4.5%
5/14/20268.4%8.2%10.3%
3/19/20262.0%-2.1%0.0%
11/13/20253.1%5.0%9.0%
8/14/20250.3%4.4%1.5%
5/14/2025-1.5%6.5%2.5%
3/18/2025-1.2%-2.1%-7.2%
11/8/2024-0.5%-1.6%0.1%
...
SUMMARY STATS   
# Positive7712
# Negative10105
Median Positive2.0%5.0%4.0%
Median Negative-0.9%-1.9%-4.5%
Max Positive8.4%9.2%16.8%
Max Negative-2.7%-3.1%-13.9%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/13/2026-2.7%-2.1%4.5%
5/14/20268.4%8.2%10.3%
3/19/20262.0%-2.1%0.0%
11/13/20253.1%5.0%9.0%
8/14/20250.3%4.4%1.5%
5/14/2025-1.5%6.5%2.5%
3/18/2025-1.2%-2.1%-7.2%
11/8/2024-0.5%-1.6%0.1%
8/9/2024-2.5%-3.1%-3.8%
5/10/20240.3%-0.7%3.0%
3/15/2024-0.1%2.0%6.0%
11/9/2023-0.4%0.2%3.4%
8/11/20237.2%9.2%16.8%
5/12/20230.1%-2.1%-4.5%
3/9/2023-0.2%-0.7%-13.9%
11/10/2022-0.6%-0.6%-0.6%
8/17/2022-1.7%-1.7%13.4%
SUMMARY STATS   
# Positive7712
# Negative10105
Median Positive2.0%5.0%4.0%
Median Negative-0.9%-1.9%-4.5%
Max Positive8.4%9.2%16.8%
Max Negative-2.7%-3.1%-13.9%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/13/202610-Q
03/31/202605/14/202610-Q
12/31/202503/19/202610-K
09/30/202511/13/202510-Q
06/30/202508/14/202510-Q
03/31/202505/14/202510-Q
12/31/202403/31/202510-K
09/30/202411/08/202410-Q
06/30/202408/08/202410-Q
03/31/202405/09/202410-Q
12/31/202303/28/202410-K
09/30/202311/09/202310-Q
06/30/202308/11/202310-Q
03/31/202305/12/202310-Q
12/31/202203/31/202310-KT
09/30/202211/10/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/13/202610-Q
03/31/202605/14/202610-Q
12/31/202503/19/202610-K
09/30/202511/13/202510-Q
06/30/202508/14/202510-Q
03/31/202505/14/202510-Q
12/31/202403/31/202510-K
09/30/202411/08/202410-Q
06/30/202408/08/202410-Q
03/31/202405/09/202410-Q
12/31/202303/28/202410-K
09/30/202311/09/202310-Q
06/30/202308/11/202310-Q
03/31/202305/12/202310-Q
12/31/202203/31/202310-KT
09/30/202211/10/202210-Q
06/30/202208/12/202210-Q
03/31/202206/29/202210-K

Recent Forward Guidance

Updated 11/2/2026

Latest: Q2 2026 Earnings Reported 8/13/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Merger ClosingReported      


Prior: Q1 2026 Earnings Reported 5/14/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q2 2026 DividendsReported 0.34 0.0% Same NewActual: 0.34 for Q1 2026

Q4 2025 Earnings Reported 3/19/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q1 2026 DividendsReported 0.34 0 Same NewActual: 0.34 for Q4 2025

Q3 2025 Earnings Reported 11/13/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q4 2025 DividendsReported 0.34 0.0% Same NewActual: 0.34 for Q3 2025

Insider Activity

Updated 9/1/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Gordon, ScottCo-Chief Investment OfficerDirectBuy901202610.221341,369983,062Form
2Colonna, BernardinoPresidentDirectBuy901202610.257507,68551,541Form
3Colonna, BernardinoPresidentDirectBuy901202610.182502,54543,570Form
4Colonna, BernardinoPresidentDirectBuy827202610.186006,10641,012Form
5Gordon, ScottCo-Chief Investment OfficerDirectBuy827202610.195,00050,940978,619Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Gordon, ScottCo-Chief Investment OfficerDirectBuy901202610.221341,369983,062Form
2Colonna, BernardinoPresidentDirectBuy901202610.257507,68551,541Form
3Colonna, BernardinoPresidentDirectBuy901202610.182502,54543,570Form
4Colonna, BernardinoPresidentDirectBuy827202610.186006,10641,012Form
5Gordon, ScottCo-Chief Investment OfficerDirectBuy827202610.195,00050,940978,619Form
6Colonna, BernardinoPresidentDirectBuy827202610.166006,09434,835Form
7Gordon, ScottCo-Chief Investment OfficerDirectBuy827202610.152,48325,202924,218Form
8Colonna, BernardinoPresidentDirectBuy827202610.184004,07028,795Form
9Gordon, ScottCo-Chief Investment OfficerDirectBuy827202610.122502,530896,359Form
10Gordon, ScottCo-Chief Investment OfficerDirectBuy824202610.111,52015,366892,893Form
11Gordon, ScottCo-Chief Investment OfficerDirectBuy82420269.951951,940863,690Form
12Gordon, ScottCo-Chief Investment OfficerDirectBuy82420269.707,50072,784840,487Form
13Gordon, ScottCo-Chief Investment OfficerDirectBuy81920269.578,20078,474757,064Form
14Gordon, ScottCo-Chief Investment OfficerDirectBuy81920269.5417,584167,751676,462Form
15Mazarakis, John DirectBuy81920269.4460,000566,400566,400Form
16Gordon, ScottCo-Chief Investment OfficerDirectBuy81920269.5418,300174,582508,711Form
17Fazio, Gianni James LezziereChief Accounting OfficerDirectBuy81920269.552001,9101,910Form
18Mahajan, UmeshSecretary; Co-CIODirectBuy81920269.604,00038,40067,171Form
19Sack, PeterChief Executive OfficerDirectBuy922202511.234505,05466,459Form
Core Cache Last Updated: 11/5/2026