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Side-by-side financial comparison of Investcorp Credit Management BDC, Inc. (ICMB) and Chicago Atlantic BDC, Inc. (LIEN). Click either name above to swap in a different company.
Investcorp Credit Management BDC, Inc. is the larger business by last-quarter revenue ($3.5M vs $2.5M, roughly 1.4× Chicago Atlantic BDC, Inc.). Chicago Atlantic BDC, Inc. runs the higher net margin — -6.5% vs -271.1%, a 264.6% gap on every dollar of revenue.
Investcorp Credit Management BDC, Inc. is a publicly traded business development company that primarily provides customized credit solutions, including senior secured loans and debt financing, to middle-market enterprises across the United States. It targets underserved segments of the private credit market to deliver consistent risk-adjusted returns to its investors.
Chicago Atlantic BDC, Inc. is a publicly traded business development company that provides structured debt financing and select minority equity investments to small and mid-sized private companies across core U.S. sectors including healthcare, business services and industrial goods. It targets firms with stable operational track records to generate consistent risk-adjusted returns for its shareholders.
ICMB vs LIEN — Head-to-Head
Income Statement — Q4 2025 vs Q3 2024
| Metric | | |
|---|---|---|
| Revenue | $3.5M | $2.5M |
| Net Profit | $-9.4M | $-165.0K |
| Gross Margin | — | — |
| Operating Margin | — | — |
| Net Margin | -271.1% | -6.5% |
| Revenue YoY | — | -8.0% |
| Net Profit YoY | — | 93.8% |
| EPS (diluted) | $-0.64 | $-0.03 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $3.5M | — | ||
| Q3 25 | $3.9M | — | ||
| Q2 25 | $3.8M | — | ||
| Q1 25 | $3.5M | — | ||
| Q3 24 | $4.7M | $2.5M | ||
| Q2 24 | $4.1M | $2.6M | ||
| Q1 24 | $5.6M | $2.6M | ||
| Q4 23 | $5.2M | $3.3M |
| Q4 25 | $-9.4M | — | ||
| Q3 25 | $-1.3M | — | ||
| Q2 25 | $-434.3K | — | ||
| Q1 25 | $2.2M | — | ||
| Q3 24 | $6.6M | $-165.0K | ||
| Q2 24 | $-2.0M | $1.3M | ||
| Q1 24 | $2.4M | $-1.0M | ||
| Q4 23 | $-2.9M | $6.4M |
| Q4 25 | -271.1% | — | ||
| Q3 25 | -32.4% | — | ||
| Q2 25 | -11.5% | — | ||
| Q1 25 | 63.0% | — | ||
| Q3 24 | 141.3% | -6.5% | ||
| Q2 24 | -47.9% | 50.1% | ||
| Q1 24 | 43.1% | -40.0% | ||
| Q4 23 | -55.6% | 197.3% |
| Q4 25 | $-0.64 | — | ||
| Q3 25 | $-0.09 | — | ||
| Q2 25 | $-0.03 | — | ||
| Q1 25 | $0.15 | — | ||
| Q3 24 | $0.46 | $-0.03 | ||
| Q2 24 | $-0.13 | $0.21 | ||
| Q1 24 | $0.17 | $0.08 | ||
| Q4 23 | $-0.20 | $0.41 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $4.6M | $30.1M |
| Total DebtLower is stronger | $123.9M | — |
| Stockholders' EquityBook value | $61.3M | $82.5M |
| Total Assets | $188.8M | $89.3M |
| Debt / EquityLower = less leverage | 2.02× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.6M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | $30.1M | ||
| Q2 24 | $158.8K | $34.0M | ||
| Q1 24 | — | $33.2M | ||
| Q4 23 | — | $32.6M |
| Q4 25 | $123.9M | — | ||
| Q3 25 | $128.5M | — | ||
| Q2 25 | $135.5M | — | ||
| Q1 25 | $121.0M | — | ||
| Q3 24 | $112.5M | — | ||
| Q2 24 | $108.0M | — | ||
| Q1 24 | $122.5M | — | ||
| Q4 23 | $135.0M | — |
| Q4 25 | $61.3M | — | ||
| Q3 25 | $72.7M | — | ||
| Q2 25 | $76.0M | — | ||
| Q1 25 | $78.1M | — | ||
| Q3 24 | $79.9M | $82.5M | ||
| Q2 24 | $75.0M | $84.3M | ||
| Q1 24 | $79.1M | $84.5M | ||
| Q4 23 | $78.8M | $85.6M |
| Q4 25 | $188.8M | — | ||
| Q3 25 | $210.6M | — | ||
| Q2 25 | $224.1M | — | ||
| Q1 25 | $207.6M | — | ||
| Q3 24 | $203.0M | $89.3M | ||
| Q2 24 | $192.2M | $90.1M | ||
| Q1 24 | $210.0M | $90.4M | ||
| Q4 23 | $224.3M | $88.6M |
| Q4 25 | 2.02× | — | ||
| Q3 25 | 1.77× | — | ||
| Q2 25 | 1.78× | — | ||
| Q1 25 | 1.55× | — | ||
| Q3 24 | 1.41× | — | ||
| Q2 24 | 1.44× | — | ||
| Q1 24 | 1.55× | — | ||
| Q4 23 | 1.71× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $12.0M | $-2.3M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $12.0M | — | ||
| Q3 25 | $1.3M | — | ||
| Q2 25 | $-6.7M | — | ||
| Q1 25 | $5.1M | — | ||
| Q3 24 | $481.7K | $-2.3M | ||
| Q2 24 | $11.0M | $2.5M | ||
| Q1 24 | $13.9M | $2.1M | ||
| Q4 23 | $1.5M | $7.1M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 2.31× | — | ||
| Q3 24 | 0.07× | — | ||
| Q2 24 | — | 1.92× | ||
| Q1 24 | 5.76× | — | ||
| Q4 23 | — | 1.11× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
