LIEN · Chicago Atlantic BDC, Inc.
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. 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.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $9.50 |
| SO | 22.8M |
| Options | 0.0M |
| Warrants | 0.0M |
| FD SO | 22.8M |
| MC | $216.8M |
| Cash | $0.9M |
| Total debt | $27.0M |
| EV | $242.9M |
| TTM Multiples | |
|---|---|
| EV / Revenue | — |
| EV / EBITDA | — |
| MC / Net Income | 6.8x |
| EV / FCF | — |
| MC / FCF | — |
| Ownership & coverage | |
|---|---|
| Institutional | 30.4% |
| Insiders | 0.5% |
| # Institutions | 53 |
| Analysts | 1 |
| Consensus | Buy |
| Avg target | $11.00 |
| Short % float | 0.8% |
| Days to cover | 1.68 |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-08-12. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-08-20 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-07-31; the float denominator can be unreliable on tiny floats.
Financial statements
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Total Revenue | — | — | 12.26 | 13.83 |
| Revenue YoY % | — | — | 4.7% | 414.6% |
| SG&A | 1.14 | 1.21 | 1.21 | 1.08 |
| Pretax Income | 6.06 | 8.54 | 8.25 | 8.83 |
| Net Income | 6.06 | 8.54 | 8.25 | 8.83 |
| Net Margin % | — | — | 67.3% | 63.9% |
| Diluted EPS | $0.27 | $0.37 | $0.36 | $0.39 |
| Basic EPS | $0.27 | $0.37 | $0.36 | $0.39 |
| Diluted Avg Shares | 22.8 | 22.8 | — | 22.8 |
| Basic Avg Shares | 22.8 | 22.8 | — | 22.8 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 3/31/22 | |
|---|---|---|---|---|---|
| Total Revenue | — | 49.27 | 19.91 | 11.74 | 0.01 |
| Revenue YoY % | — | 147.5% | 69.6% | 116415.9% | — |
| SG&A | 4.65 | 4.63 | 0.70 | 0.00 | 0.33 |
| Interest Expense | — | — | — | 10.93 | 0.01 |
| Pretax Income | 31.68 | 33.28 | 9.62 | 7.34 | 84.71 |
| Net Income | 31.68 | 33.28 | 9.62 | 7.34 | 84.71 |
| Net Margin % | — | 67.5% | 48.3% | 62.5% | 840978.9% |
| Diluted EPS | $1.39 | $1.46 | $0.93 | $1.18 | -$0.64 |
| Basic EPS | $1.39 | $1.46 | $0.93 | $1.18 | -$0.64 |
| Diluted Avg Shares | 22.8 | 22.8 | 10.3 | 6.2 | 0.9 |
| Basic Avg Shares | 22.8 | 22.8 | 10.3 | 6.2 | 0.9 |
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 0.93 | 3.35 | 2.93 | 10.46 |
| Other Assets | 343.04 | 369.78 | 339.06 | 316.79 |
| Total Assets | 343.96 | 373.13 | 342.00 | 327.25 |
| Other Liabilities | 41.47 | 68.95 | 38.59 | 24.33 |
| Total Liabilities | 41.47 | 68.95 | 38.59 | 24.33 |
| Retained Earnings | (0.82) | 0.88 | 0.03 | (0.46) |
| Total Equity | 302.49 | 304.18 | 303.41 | 302.92 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 3/31/22 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 0.93 | 2.93 | 23.93 | 32.61 | 84.77 |
| Other Assets | 343.04 | 339.06 | 285.63 | 55.96 | — |
| Total Assets | 343.96 | 342.00 | 309.56 | 88.58 | 85.03 |
| Other Liabilities | 41.47 | 38.59 | 8.40 | 3.02 | — |
| Total Liabilities | 41.47 | 38.59 | 8.40 | 3.02 | 0.48 |
| Retained Earnings | (0.82) | 0.03 | (2.34) | 0.45 | (0.43) |
| Total Equity | 302.49 | 303.41 | 301.16 | 85.55 | 84.55 |
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Net Income | 6.06 | 8.54 | 8.25 | 8.83 |
| Δ Working Cap & Other | 26.91 | (29.36) | (22.02) | (10.23) |
| Operating Cash Flow | 32.97 | (20.83) | (13.77) | (1.39) |
| Dividends Paid | (7.76) | (7.76) | (7.76) | (7.76) |
| Other Financing | (27.64) | 29.00 | 14.00 | 5.78 |
| Financing Cash Flow | (35.39) | 21.24 | 6.24 | (1.97) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 3/31/22 | |
|---|---|---|---|---|---|
| Net Income | 31.68 | 33.28 | 9.62 | 7.34 | 84.71 |
| Δ Working Cap & Other | (34.70) | (53.76) | (14.66) | (1.59) | (85.22) |
| Operating Cash Flow | (3.02) | (20.48) | (5.03) | 5.75 | (0.51) |
| Stock Issuance | — | 0.00 | 9.05 | 0.00 | 85.28 |
| Dividends Paid | (31.03) | (23.27) | (12.42) | (8.26) | 0.00 |
| Other Financing | 21.15 | 22.75 | — | — | — |
| Financing Cash Flow | (9.88) | (0.52) | (3.64) | (8.26) | 85.28 |
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Current Ratio | — | — | — | — |
| Quick Ratio | — | — | — | — |
| Debt / Equity | — | — | — | — |
| EBITDA Margin % | — | — | — | — |
| Working Capital | — | — | — | — |
| Net Debt | — | — | — | — |
| ROE % | 2.0% | 2.8% | 2.7% | 2.9% |
| ROA % | 1.8% | 2.3% | 2.4% | 2.7% |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 3/31/22 | |
|---|---|---|---|---|---|
| Current Ratio | — | — | — | — | — |
| Quick Ratio | — | — | — | — | — |
| Debt / Equity | — | — | — | — | — |
| EBITDA Margin % | — | — | — | — | — |
| Working Capital | — | — | — | — | — |
| Net Debt | — | — | — | — | — |
| ROE % | 10.5% | 11.0% | 3.2% | 8.6% | 100.2% |
| ROA % | 9.2% | 9.7% | 3.1% | 8.3% | 99.6% |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-08-19 | Gordon Scott | Director, Officer (Co-Chief Investment Officer) | 2026-08-19 | P | 8,200 | $9.57 | $78,474 |
| 2026-08-19 | Gordon Scott | Director, Officer (Co-Chief Investment Officer) | 2026-08-18 | P | 17,584 | $9.54 | $167,751 |
| 2026-08-19 | Mazarakis John | 10% Owner | 2026-08-17 | P | 60,000 | $9.44 | $566,400 |
| 2026-08-19 | Gordon Scott | Director, Officer (Co-Chief Investment Officer) | 2026-08-17 | P | 18,300 | $9.54 | $174,582 |
| 2026-08-19 | Fazio Gianni James Lezziere | Officer (Chief Accounting Officer) | 2026-08-17 | P | 200 | $9.55 | $1,910 |
| 2026-08-19 | Mahajan Umesh | Officer (Secretary; Co-CIO) | 2026-08-17 | P | 4,000 | $9.60 | $38,400 |
| 2025-09-22 | Sack Peter | Director, Officer (Chief Executive Officer) | 2025-09-19 | P | 450 | $11.23 | $5,054 |
| 2025-07-17 | Sack Peter | Director, Officer (Chief Executive Officer) | 2025-07-17 | P | 1,000 | $10.47 | $10,470 |
| 2025-06-09 | Mahajan Umesh | Officer (Secretary; Co-CIO) | 2025-06-06 | P | 1,000 | $10.30 | $10,300 |
| 2025-06-09 | Mahajan Umesh | Officer (Secretary; Co-CIO) | 2025-06-05 | P | 900 | $10.25 | $9,225 |
| 2025-06-09 | Mahajan Umesh | Officer (Secretary; Co-CIO) | 2025-06-05 | P | 212 | $10.17 | $2,156 |
| 2025-06-02 | Sack Peter | Officer (Chief Executive Officer) | 2025-05-28 | P | 500 | $10.29 | $5,145 |
| 2025-05-30 | Colonna Bernardino | Officer (President) | 2025-05-29 | P | 1,000 | $10.21 | $10,213 |
| 2025-05-22 | Sack Peter | Officer (Chief Executive Officer) | 2025-05-19 | P | 500 | $10.42 | $5,210 |
| 2025-05-21 | Gordon Scott | Director, Officer (Co-Chief Investment Officer), 10% Owner | 2025-05-19 | J | (214,286) | — | $-0 |
| 2025-05-21 | Gordon Scott | Director, Officer (Co-Chief Investment Officer), 10% Owner | 2025-05-19 | J | (714,286) | — | $-0 |
| 2025-05-21 | Chicago Atlantic BDC Advisers, LLC | 10% Owner | 2025-05-19 | J | (214,286) | — | $-0 |
| 2025-05-21 | Chicago Atlantic BDC Advisers, LLC | 10% Owner | 2025-05-19 | J | (714,286) | — | $-0 |
| 2025-04-18 | Sack Peter | Officer (Chief Executive Officer) | 2025-04-17 | P | 50 | $10.50 | $525 |
| 2025-04-14 | Mahajan Umesh | Officer (Secretary; Co-CIO) | 2025-04-10 | P | 500 | $10.73 | $5,365 |
| 2025-04-14 | Mahajan Umesh | Officer (Secretary; Co-CIO) | 2025-04-10 | P | 100 | $10.78 | $1,078 |
| 2025-04-10 | Sack Peter | Officer (Chief Executive Officer) | 2025-04-10 | P | 100 | $10.82 | $1,082 |
| 2025-04-10 | Sack Peter | Officer (Chief Executive Officer) | 2025-04-09 | J | 3,118 | — | $0 |
| 2025-04-10 | Sack Peter | Officer (Chief Executive Officer) | 2025-04-08 | P | 100 | $10.98 | $1,098 |
| 2025-04-08 | Sack Peter | Officer (Chief Executive Officer) | 2025-04-04 | P | 100 | $10.70 | $1,070 |
| 2024-12-20 | Gordon Scott | Director, Officer (Co-Chief Investment Officer), 10% Owner | 2024-12-19 | J | (684,611) | — | $-0 |
| 2024-12-20 | Silver Spike Capital, LLC | 10% Owner | 2024-12-19 | J | (684,611) | — | $-0 |
| 2024-12-20 | Gordon Scott | Director, Officer (Chief Executive Officer), 10% Owner | 2022-02-08 | P | 35,024 | $14.00 | $490,336 |
| 2024-10-15 | Chicago Atlantic Loan Portfolio, LLC | 10% Owner | 2024-10-09 | J | (1,510,593) | — | $-0 |