Chicago Atlantic BDC, Inc. (LIEN) Stock Analysis and Metrics

Chicago Atlantic BDC

NASDAQ: LIEN

$9.39 ▼ -0.02 (-0.21%)

At close: Jul 24, 2026 · 3:59 PM UTC

Financial Ratios

Market Cap214.74 Mn

P/E6.78

P/S-14.32

Div. Yield0.11

Total Debt (Qtr)25.00 Mn

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About

Chicago Atlantic BDC Inc incorporated in Maryland on January 25 2021 is an externally managed closed end non diversified management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940 and as a regulated investment company under Subchapter M of the Internal Revenue Code The company operates as a specialty finance firm focusing on investments in highly complex and highly regulated industries that are underserved by traditional capital providers Its primary focus is the cannabis ecosystem where it makes direct loans to privately held cannabis companies In addition the firm allocates capital to growth and technology companies esoteric and asset based lending opportunities and liquidity solutions for established businesses The investment objective is to maximize risk adjusted returns on equity for shareholders by generating current income from debt investments and capital appreciation from equity and equity related holdings

The company generates revenue primarily from interest income on its loan portfolio dividend income from equity holdings and various fees such as origination structuring advisory and commitment fees received from portfolio companies Capital gains from the sale of equity or debt investments and any returns from derivative positions such as total return swaps also contribute to earnings As a BDC the firm is required to distribute a substantial portion of its investment company taxable income to shareholders which drives the cash flow that investors receive

The company operates through the following segments

• Cannabis segment This segment concentrates on direct loans to privately held cannabis companies that comply with applicable state and federal laws The firm seeks partners such as private equity firms entrepreneurs and management teams to provide credit and equity financing for buyouts recapitalizations growth initiatives refinancings and acquisitions across the cannabis sector including cannabis enabling technology health and wellness and hemp and cannabidiol distribution companies Investments are made in businesses where at least half of revenue or assets are tied to cannabis activities The target profile includes growth or EBITDA positive entities strong cash flow performance low leverage attractive pricing and favorable covenants with low debt to enterprise value.

• Growth and Technology segment This segment targets industry leaders and disruptive companies experiencing strong growth trajectories that need capital to support revenue expansion or business development The focus includes software hardware electronic commerce direct to consumer and other fast growing businesses The firm looks for companies that have raised significant equity capital validating market value have low loan to enterprise value maintain liquidity covenants to ensure cash runway and are either profitable or demonstrate a clear path to near term profitability.

• Esoteric and Asset Based Lending segment This segment serves established companies with strong cash flow profiles operating in industries that carry idiosyncratic or reputational risks which limit access to traditional sources of capital It also targets borrowers with attractive asset collateral such as accounts receivable equipment or real estate The firm seeks transactions that are attractively priced offer better than normal covenants and amortization due to the complexity of the industry or situation and maintain low debt to asset value or enterprise value ratios.

• Liquidity Solutions segment This segment concentrates on event driven financing needs including mergers acquisitions refinancings dividend recapitalizations and other strategically driven liquidity requirements for established businesses The borrowers are often in complex industries have time sensitive capital needs and require specialized structuring expertise The firm looks for companies with strong cash flow performance low leverage profiles multiple sources of value and liquidity beyond the core business and low debt to enterprise value ratios.

Within the specialty finance landscape Chicago Atlantic BDC occupies a niche as a provider of capital to sectors that traditional banks and large institutional funds often avoid such as the cannabis industry and certain lower middle market enterprises The firm competes with other business development companies private credit funds and alternative lenders but differentiates itself through deep industry expertise a direct origination network that leverages relationships with entrepreneurs business brokers and private equity firms and a dedicated team capable of structuring loans with protective covenants and favorable terms Its externally managed structure by Chicago Atlantic BDC Advisers LLC provides access to seasoned investment professionals and a proven track record in lending to underserved markets

The company's customers are the privately held businesses it finances These include cannabis operators technology firms asset rich middle market companies and enterprises seeking liquidity solutions for events such as acquisitions or refinancings While the filing does not disclose specific counterparty names the borrower base consists primarily of US based corporations partnerships and other business entities with a limited exposure to non US including emerging market issuers

Investment Thesis

▲ Bull case

Chicago Atlantic BDC (LIEN) is uniquely positioned to capitalize on the long-term structural shift in the U.S. cannabis industry driven by federal rescheduling, which remains underappreciated by the market. The recent DEA action moving medical cannabis from Schedule I to Schedule III eliminates the punitive 280E tax code for medical operators, directly improving their cash flow and debt service capacity. This is not a temporary policy fluctuation but a foundational change that will persist for years, enhancing the credit quality of LIEN’s core borrowers—many of whom have significant medical cannabis exposure. While management acknowledged this as favorable for credit quality, they understated the magnitude: the removal of 280E could increase pre-tax profitability for medical cannabis operators by 30–50%, substantially reducing default risk and enabling greater leverage capacity. This creates a tailwind for LIEN’s portfolio performance that is not yet reflected in current valuations, as the market focuses on near-term recreational rescheduling timelines rather than the immediate, tangible benefits already accruing to medical operators. The company’s conservative underwriting and senior secured position mean it stands to gain disproportionately as borrower fundamentals improve without needing to chase riskier yield.
LIEN’s non-cannabis pipeline, though less highlighted by management, represents a significant and growing source of diversified, high-quality origination that could drive sustainable book value growth beyond the cannabis niche. The company reported $328 million in non-cannabis pipeline opportunities as of Q1 2026, a figure that grew meaningfully during the quarter as macro uncertainty eased and middle-market companies reengaged in strategic financing. Unlike the crowded and commoditized broader BDC market, LIEN’s focus on the underserved lower middle market allows it to maintain pricing power and strict underwriting standards, with non-cannabis loans structured to be smaller in size but higher in credit quality. Management noted that non-cannabis lending is intentionally kept to 20–30% of the portfolio to preserve diversification, but the pipeline’s expansion suggests room for gradual, accretive scaling without compromising standards. This diversification reduces reliance on cannabis-specific regulatory outcomes and provides a buffer against sector-specific volatility, while still generating yields above the BDC average due to LIEN’s structural advantages in sourcing and underwriting.
The company’s balance sheet flexibility, amplified by the recently filed $500 million shelf registration, is a materially underleveraged advantage that could significantly enhance returns if deployed strategically. With only $54.5 million in debt outstanding against a $304.2 million NAV—equating to a mere 0.18x debt-to-equity ratio—LIEN has vast capacity to increase leverage toward the BDC average of 1.3x without compromising safety. This implies potential access to over $200 million in additional capital at attractive rates, which could be deployed into its high-yielding (15.8% weighted average) senior secured portfolio. Even at a conservative 6–7% cost of debt, the spread capture would be accretive to earnings per share, especially given LIEN’s current net investment income of $0.44 per share. Management acknowledged the shelf was filed for financial flexibility but downplayed the immediacy and scale of opportunity, focusing instead on long-term optionality. However, the combination of rising rate resilience (94% of debt portfolio insulated from rate declines) and widening credit spreads in private credit creates a compelling environment to lock in attractive term debt now, boosting ROE and supporting the stable $0.34 quarterly dividend with room for growth.
LIEN’s asset quality metrics, particularly the absence of nonaccruals and minimal sub-debt/equity exposure, signal a portfolio far more resilient than peers, yet this strength is not fully valued by the market. While LIEN reported zero nonaccruals versus a BDC industry average of 3.4% of cost, and only 1.3% of its portfolio in sub-debt/equity/JV versus peers’ 25.5% average, these metrics reflect a structural advantage in underwriting discipline and collateral coverage. The market often penalizes BDCs for lower yields, but LIEN’s 15.8% weighted average yield—500 basis points above the BDC average—is achieved with superior credit quality, suggesting its returns are not only higher but also more sustainable. This combination of high yield and low risk is rare in the BDC space and implies that LIEN’s valuation discount to peers may be unjustified, especially as credit cycles turn and weaker peers face rising nonaccruals and dividend cuts. The company’s ability to maintain both yield and quality through volatility underscores a moat built on niche expertise and rigorous origination, not leverage or market timing.
The timing of LIEN’s aggressive Q1 2026 origination—$93.9 million funded, a record—combined with a pipeline of $810 million ($482M cannabis, $328M non-cannabis), indicates that the company is not merely reacting to regulatory news but is actively building scale ahead of a potential inflection point in cannabis M&A and capital market activity. Management noted increased M&A interest in the pipeline but did not quantify the likelihood of conversion or the potential for larger deal sizes as confidence grows. However, the combination of federal rescheduling progress, state-level market maturation, and anticipated banking access improvements creates a scenario where LIEN’s existing relationships and deal-sourcing capabilities could translate into outsized origination growth in 2026–2027. The company’s statement that it expects the cannabis pipeline to “continue to grow off the back of recent news” suggests awareness of the opportunity, but the market may not be pricing in the probability that a meaningful portion of this pipeline converts to funded loans at favorable terms, especially as larger institutional lenders begin to enter the space—and LIEN, as an early mover, could capture spread compression benefits through early positioning and relationship depth.

Chicago Atlantic BDC (LIEN) is uniquely positioned to capitalize on the long-term structural shift in the U.S. cannabis industry driven by federal rescheduling, which remains underappreciated by the market. The recent DEA action moving medical cannabis from Schedule I to Schedule III eliminates the punitive 280E tax code for medical operators, directly improving their cash flow and debt service capacity. This is not a temporary policy fluctuation but a foundational change that will persist for years, enhancing the credit quality of LIEN’s core borrowers—many of whom have significant medical cannabis exposure. While management acknowledged this as favorable for credit quality, they understated the magnitude: the removal of 280E could increase pre-tax profitability for medical cannabis operators by 30–50%, substantially reducing default risk and enabling greater leverage capacity. This creates a tailwind for LIEN’s portfolio performance that is not yet reflected in current valuations, as the market focuses on near-term recreational rescheduling timelines rather than the immediate, tangible benefits already accruing to medical operators. The company’s conservative underwriting and senior secured position mean it stands to gain disproportionately as borrower fundamentals improve without needing to chase riskier yield.
LIEN’s non-cannabis pipeline, though less highlighted by management, represents a significant and growing source of diversified, high-quality origination that could drive sustainable book value growth beyond the cannabis niche. The company reported $328 million in non-cannabis pipeline opportunities as of Q1 2026, a figure that grew meaningfully during the quarter as macro uncertainty eased and middle-market companies reengaged in strategic financing. Unlike the crowded and commoditized broader BDC market, LIEN’s focus on the underserved lower middle market allows it to maintain pricing power and strict underwriting standards, with non-cannabis loans structured to be smaller in size but higher in credit quality. Management noted that non-cannabis lending is intentionally kept to 20–30% of the portfolio to preserve diversification, but the pipeline’s expansion suggests room for gradual, accretive scaling without compromising standards. This diversification reduces reliance on cannabis-specific regulatory outcomes and provides a buffer against sector-specific volatility, while still generating yields above the BDC average due to LIEN’s structural advantages in sourcing and underwriting.
The company’s balance sheet flexibility, amplified by the recently filed $500 million shelf registration, is a materially underleveraged advantage that could significantly enhance returns if deployed strategically. With only $54.5 million in debt outstanding against a $304.2 million NAV—equating to a mere 0.18x debt-to-equity ratio—LIEN has vast capacity to increase leverage toward the BDC average of 1.3x without compromising safety. This implies potential access to over $200 million in additional capital at attractive rates, which could be deployed into its high-yielding (15.8% weighted average) senior secured portfolio. Even at a conservative 6–7% cost of debt, the spread capture would be accretive to earnings per share, especially given LIEN’s current net investment income of $0.44 per share. Management acknowledged the shelf was filed for financial flexibility but downplayed the immediacy and scale of opportunity, focusing instead on long-term optionality. However, the combination of rising rate resilience (94% of debt portfolio insulated from rate declines) and widening credit spreads in private credit creates a compelling environment to lock in attractive term debt now, boosting ROE and supporting the stable $0.34 quarterly dividend with room for growth.
LIEN’s asset quality metrics, particularly the absence of nonaccruals and minimal sub-debt/equity exposure, signal a portfolio far more resilient than peers, yet this strength is not fully valued by the market. While LIEN reported zero nonaccruals versus a BDC industry average of 3.4% of cost, and only 1.3% of its portfolio in sub-debt/equity/JV versus peers’ 25.5% average, these metrics reflect a structural advantage in underwriting discipline and collateral coverage. The market often penalizes BDCs for lower yields, but LIEN’s 15.8% weighted average yield—500 basis points above the BDC average—is achieved with superior credit quality, suggesting its returns are not only higher but also more sustainable. This combination of high yield and low risk is rare in the BDC space and implies that LIEN’s valuation discount to peers may be unjustified, especially as credit cycles turn and weaker peers face rising nonaccruals and dividend cuts. The company’s ability to maintain both yield and quality through volatility underscores a moat built on niche expertise and rigorous origination, not leverage or market timing.
The timing of LIEN’s aggressive Q1 2026 origination—$93.9 million funded, a record—combined with a pipeline of $810 million ($482M cannabis, $328M non-cannabis), indicates that the company is not merely reacting to regulatory news but is actively building scale ahead of a potential inflection point in cannabis M&A and capital market activity. Management noted increased M&A interest in the pipeline but did not quantify the likelihood of conversion or the potential for larger deal sizes as confidence grows. However, the combination of federal rescheduling progress, state-level market maturation, and anticipated banking access improvements creates a scenario where LIEN’s existing relationships and deal-sourcing capabilities could translate into outsized origination growth in 2026–2027. The company’s statement that it expects the cannabis pipeline to “continue to grow off the back of recent news” suggests awareness of the opportunity, but the market may not be pricing in the probability that a meaningful portion of this pipeline converts to funded loans at favorable terms, especially as larger institutional lenders begin to enter the space—and LIEN, as an early mover, could capture spread compression benefits through early positioning and relationship depth.

▼ Bear case

Chicago Atlantic BDC (LIEN) faces meaningful headwinds from the delayed and uncertain timeline for federal rescheduling of recreational cannabis, which the market may be overestimating as a near-term catalyst despite management’s cautious framing. While the company welcomed the medical rescheduling as a positive step, it explicitly noted that the recreational rescheduling hearing—scheduled for June 29 with a expected conclusion by July 15—remains uncertain and could take longer than anticipated, with no guarantee of favorable outcome. The market appears to be pricing in a swift and broad liberalization that would unlock banking access, reduce 280E burdens for all operators, and trigger a wave of M&A and capital markets activity. However, LIEN’s own commentary suggests that meaningful change is not imminent: they emphasized they will “maintain rigorous underwriting standards based on today's regulatory framework, not potential future reform,” signaling that they do not expect near-term shifts to alter credit underwriting. This disconnect between market optimism and management’s prudence suggests the stock may be vulnerable to a “sell the news” reaction if the June–July hearing yields delays, compromises, or a negative outcome, especially given that recreational operators—who represent a larger share of the cannabis market—would remain under 280E until federal change occurs.
LIEN’s heavy concentration in the cannabis sector, despite diversification efforts, creates material idiosyncratic risk that is not adequately reflected in its valuation, particularly as federal illegality persists and state-level regulatory fragmentation continues to create operational and compliance risks. Although LIEN reports that only 2.6% of its portfolio at fair value has exposure to the software industry and 24% is in non-cannabis sectors, the remaining ~73% is tied to cannabis—a sector still operating under federal prohibition, which limits access to traditional banking, complicates tax structuring, and creates vulnerability to federal enforcement shifts. While the company emphasizes senior secured collateral and first-lien positions, the enforceability of liens and the ability to realize collateral value in a federal illicit market remain untested at scale and could be challenged in bankruptcy or enforcement scenarios. Management did not address these legal tail risks during the Q&A, focusing instead on operational performance, which leaves investors exposed to a potential “black swan” event where federal policy reverses or enforcement intensifies—something that cannot be fully mitigated by underwriting or collateral alone in a federally illegal industry.
The company’s reliance on a variable-rate credit facility for funding, despite its interest rate floor protections, introduces refinancing and margin risk that could worsen if market conditions shift, yet this vulnerability is underdiscussed in favor of highlighting current insulation. While LIEN notes that 94% of its debt portfolio is at par either fixed rate or floating rate at their respective floor—limiting downside from a 100 bps rate drop to less than 15 bps annualized impact—it does not disclose the proportion of its portfolio that is floating rate *above* the floor, which remains exposed to rising rates. In a persistently high or increasing rate environment, the cost of funding via the revolver could rise faster than the yield on existing fixed-rate assets, compressing net interest margins over time. Furthermore, the company’s plan to issue debt via the shelf registration to increase leverage assumes it can access term debt at favorable rates, but if credit spreads widen or investor appetite for niche BDC debt diminishes—especially in a volatile rate or recessionary environment—LIEN may be forced to either accept higher-cost funding or forego leverage altogether, undermining the bull case for accretive leverage deployment. The absence of discussion around these refinancing risks in the Q&A suggests management may be overconfident in the stability of its funding structure.
LIEN’s dividend sustainability, while currently supported by strong NII, may face pressure from rising operating costs and the need to reinvest in growth, yet this risk is minimized in communications that emphasize consistency over flexibility. The company announced a $0.34 dividend for the seventh consecutive quarter, a level that represents approximately 77% of its Q1 2026 EPS of $0.44—a payout ratio that is high for a BDC, especially one with growth ambitions and limited retained earnings coverage. While net investment income grew quarter-over-quarter, the increase was driven by higher deployment and fee income, which may not be sustainable if origination slows or if credit costs rise. Management did not address whether the dividend level is targeted for long-term maintenance or if it represents a near-term peak, nor did they discuss potential trade-offs between dividend payout and reinvestment in the portfolio or balance sheet strength. In an environment where BDCs are increasingly scrutinized for dividend coverage, LIEN’s high payout ratio leaves little room for error if NII fluctuates due to mark-to-market changes, credit losses, or increased operating expenses—especially as the company scales its platform and incurs higher overhead from managing a growing pipeline and potential shelf-driven capital activities.
The competitive landscape for LIEN’s niche strategy may be evolving more rapidly than acknowledged, with both traditional BDCs and specialized credit funds beginning to encroach on the cannabis and lower middle market space, potentially eroding the company’s pricing power and deal flow advantages. Management repeatedly emphasized that LIEN operates in a market with “limited competition” due to its focus on underserved segments, but this assertion overlooks the growing number of alternative lenders, private credit funds, and even some broader BDCs that are developing cannabis expertise or setting up dedicated vehicles to lend to the space. As federal rescheduling progresses and state markets mature, the barrier to entry for new lenders may lower, particularly if banking access improves and regulatory clarity increases. While LIEN cites its disciplined underwriting and senior secured structure as defensive moats, these are not proprietary and can be replicated. The company did not address whether it is seeing increased competition for deals, pressure on advance rates, or yield compression in its origination efforts—despite the pipeline being large ($810M), the conversion rate and terms of new loans remain opaque. If competition intensifies, LIEN may be forced to lower underwriting standards to maintain volume, thereby increasing credit risk, or accept lower yields, undermining its core value proposition of high-quality, high-yield lending in a less competitive space.

Chicago Atlantic BDC (LIEN) faces meaningful headwinds from the delayed and uncertain timeline for federal rescheduling of recreational cannabis, which the market may be overestimating as a near-term catalyst despite management’s cautious framing. While the company welcomed the medical rescheduling as a positive step, it explicitly noted that the recreational rescheduling hearing—scheduled for June 29 with a expected conclusion by July 15—remains uncertain and could take longer than anticipated, with no guarantee of favorable outcome. The market appears to be pricing in a swift and broad liberalization that would unlock banking access, reduce 280E burdens for all operators, and trigger a wave of M&A and capital markets activity. However, LIEN’s own commentary suggests that meaningful change is not imminent: they emphasized they will “maintain rigorous underwriting standards based on today's regulatory framework, not potential future reform,” signaling that they do not expect near-term shifts to alter credit underwriting. This disconnect between market optimism and management’s prudence suggests the stock may be vulnerable to a “sell the news” reaction if the June–July hearing yields delays, compromises, or a negative outcome, especially given that recreational operators—who represent a larger share of the cannabis market—would remain under 280E until federal change occurs.
LIEN’s heavy concentration in the cannabis sector, despite diversification efforts, creates material idiosyncratic risk that is not adequately reflected in its valuation, particularly as federal illegality persists and state-level regulatory fragmentation continues to create operational and compliance risks. Although LIEN reports that only 2.6% of its portfolio at fair value has exposure to the software industry and 24% is in non-cannabis sectors, the remaining ~73% is tied to cannabis—a sector still operating under federal prohibition, which limits access to traditional banking, complicates tax structuring, and creates vulnerability to federal enforcement shifts. While the company emphasizes senior secured collateral and first-lien positions, the enforceability of liens and the ability to realize collateral value in a federal illicit market remain untested at scale and could be challenged in bankruptcy or enforcement scenarios. Management did not address these legal tail risks during the Q&A, focusing instead on operational performance, which leaves investors exposed to a potential “black swan” event where federal policy reverses or enforcement intensifies—something that cannot be fully mitigated by underwriting or collateral alone in a federally illegal industry.
The company’s reliance on a variable-rate credit facility for funding, despite its interest rate floor protections, introduces refinancing and margin risk that could worsen if market conditions shift, yet this vulnerability is underdiscussed in favor of highlighting current insulation. While LIEN notes that 94% of its debt portfolio is at par either fixed rate or floating rate at their respective floor—limiting downside from a 100 bps rate drop to less than 15 bps annualized impact—it does not disclose the proportion of its portfolio that is floating rate *above* the floor, which remains exposed to rising rates. In a persistently high or increasing rate environment, the cost of funding via the revolver could rise faster than the yield on existing fixed-rate assets, compressing net interest margins over time. Furthermore, the company’s plan to issue debt via the shelf registration to increase leverage assumes it can access term debt at favorable rates, but if credit spreads widen or investor appetite for niche BDC debt diminishes—especially in a volatile rate or recessionary environment—LIEN may be forced to either accept higher-cost funding or forego leverage altogether, undermining the bull case for accretive leverage deployment. The absence of discussion around these refinancing risks in the Q&A suggests management may be overconfident in the stability of its funding structure.
LIEN’s dividend sustainability, while currently supported by strong NII, may face pressure from rising operating costs and the need to reinvest in growth, yet this risk is minimized in communications that emphasize consistency over flexibility. The company announced a $0.34 dividend for the seventh consecutive quarter, a level that represents approximately 77% of its Q1 2026 EPS of $0.44—a payout ratio that is high for a BDC, especially one with growth ambitions and limited retained earnings coverage. While net investment income grew quarter-over-quarter, the increase was driven by higher deployment and fee income, which may not be sustainable if origination slows or if credit costs rise. Management did not address whether the dividend level is targeted for long-term maintenance or if it represents a near-term peak, nor did they discuss potential trade-offs between dividend payout and reinvestment in the portfolio or balance sheet strength. In an environment where BDCs are increasingly scrutinized for dividend coverage, LIEN’s high payout ratio leaves little room for error if NII fluctuates due to mark-to-market changes, credit losses, or increased operating expenses—especially as the company scales its platform and incurs higher overhead from managing a growing pipeline and potential shelf-driven capital activities.
The competitive landscape for LIEN’s niche strategy may be evolving more rapidly than acknowledged, with both traditional BDCs and specialized credit funds beginning to encroach on the cannabis and lower middle market space, potentially eroding the company’s pricing power and deal flow advantages. Management repeatedly emphasized that LIEN operates in a market with “limited competition” due to its focus on underserved segments, but this assertion overlooks the growing number of alternative lenders, private credit funds, and even some broader BDCs that are developing cannabis expertise or setting up dedicated vehicles to lend to the space. As federal rescheduling progresses and state markets mature, the barrier to entry for new lenders may lower, particularly if banking access improves and regulatory clarity increases. While LIEN cites its disciplined underwriting and senior secured structure as defensive moats, these are not proprietary and can be replicated. The company did not address whether it is seeing increased competition for deals, pressure on advance rates, or yield compression in its origination efforts—despite the pipeline being large ($810M), the conversion rate and terms of new loans remain opaque. If competition intensifies, LIEN may be forced to lower underwriting standards to maintain volume, thereby increasing credit risk, or accept lower yields, undermining its core value proposition of high-quality, high-yield lending in a less competitive space.

Peer Comparison

Companies in the Asset Management

S.No.	Ticker	Company	Market Cap	P/E	P/S	Total Debt (Qtr)
1	BN	BROOKFIELD Corp /ON/	1,236.60 Bn	1,022.83	16.33	15.06 Bn
2	BLK	BlackRock, Inc.	161.01 Bn	25.75	6.28	20.18 Bn
3	BX	Blackstone Inc.	97.77 Bn	16.04	6.62	13.28 Bn
4	APO	Apollo Global Management, Inc.	70.80 Bn	67.62	2.65	14.22 Bn
5	STT	State Street Corp	51.30 Bn	18.16	3.55	-
6	AMP	Ameriprise Financial Inc	48.54 Bn	12.46	1.74	0.20 Bn
7	NTRS	Northern Trust Corp	32.93 Bn	18.05	6.40	7.84 Bn
8	RJF	Raymond James Financial Inc	32.59 Bn	15.21	2.37	4.66 Bn

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Investment Thesis

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