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EarningsQ1 2026 Earnings Report
LIEN Q1 2026 EPS Results
Actual EPS$0.44
Consensus EPS$0.35
Beat/MissBeat by +$0.09
One Year Ago EPS$0.33
LIEN Q1 2026 Revenue Results
Actual Revenue$16.70M
Expected Revenue$14.31M
Beat/MissBeat by +$2.39M
YoY Revenue Growth+40.09%
Earnings Announcement Details
QuarterQ1 2026
Date05/14/2026
TimeBefore Open
Conference CallThursday, May 14, 2026
LIEN Upcoming Earnings
Chicago Atlantic BDC's next earnings date is estimated for November 5, 2026, based on past reporting schedules.
Q1 2026 Earnings Call Audio
LIEN Q1 2026 Earnings Call
0:00 / 0:00
Q1 2026 Earnings Slide Deck
Q1 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized record financial performance, strong portfolio yields, conservative leverage, and meaningful origination momentum—particularly notable given regulatory tailwinds for the cannabis market. Key positives include record NII and funding activity, high senior-secured yields, zero nonaccruals, and a large $810M pipeline. Offsetting items include a $1.4M net unrealized loss from spread widening, higher interest expense and operating costs, modest cash on hand, and some execution uncertainty around accessing additional capital under the shelf. On balance, the highlights are more numerous and material than the lowlights, indicating solid operational execution and a favorable positioning to benefit from improving industry dynamics.Company Guidance
Record Net Investment Income and EPS
Net investment income reached a record $10.0 million, or $0.44 per share, up from $8.3 million or $0.36 per share in Q4 2025 (NII increase ~20.5%; EPS increase ~22.2%).
Record Quarterly Originations and Portfolio Growth
Funded a record $93.9 million across 7 portfolio companies (including 3 new borrowers), growing the portfolio to the largest level in company history; net investment activity for the quarter was $32.0 million.
High Yielding, Senior-Secured Debt Portfolio
Gross weighted average yield on debt investments was ~15.8% (in line with prior quarter) versus 10.8% for the average public BDC (≈+5.0 percentage points). 100% of the debt portfolio is senior secured and only 1.3% of total investments have exposure to sub-debt/equity/JV structures (vs. public BDC average 25.5%).
Strong Interest Rate Protection and Low Credit Stress
Approximately 94% of the portfolio at par is fixed rate or floored, limiting downside from rate declines (a 100 bp drop in benchmark rates estimated to reduce annualized interest income by <15 bps). The company reported zero nonaccruals (industry average 3.4%).
Conservative Leverage Position
Company is underlevered with $54.5 million of debt outstanding and a 0.18x debt-to-equity ratio versus a BDC industry average of 1.3x, providing capacity to expand liquidity and deploy additional leverage opportunistically.
Dividend Stability
Declared a $0.34 dividend for the quarter, marking the seventh consecutive quarter at that rate, supported by the company's record NII and underwriting discipline.
Improved Size of Investable Pipeline and Liquidity Actions
Pipeline of potential debt transactions totaled approximately $810 million (≈$482M cannabis, $328M non-cannabis). As of May 13, 2026 the company reported ~$51.5 million of liquidity (≈$50M undrawn borrowing capacity subject to availability plus ~$1.5M cash) and has filed a shelf registration to issue up to $500 million in securities to expand optionality.
QoQ Revenue Growth
Gross investment income increased to $16.7 million from $14.2 million in Q4 2025, a rise of $2.5 million (~17.6%), driven primarily by higher interest income from new originations.
LIEN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed