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Chicago Atlantic BDC, Inc. (NASDAQ:LIEN), a profitable business development company with a market capitalization of $233 million and impressive revenue growth of ~152% over the last twelve months, announced changes to its executive team this week, according to a press release statement based on a filing with the Securities and Exchange Commission. According to InvestingPro data, the company maintains strong profitability metrics and offers shareholders a substantial 13.3% dividend yield.
On Tuesday, Martin Rodgers resigned from his role as Chief Financial Officer, effective the same day. The company stated that Mr. Rodgers’ departure was not due to any disagreement related to the company’s operations, policies, or practices.
The board of directors appointed Thomas Geoffroy as Interim Chief Financial Officer, also effective Tuesday. According to the filing, Mr. Geoffroy, age 50, has more than 20 years of accounting and finance experience, including roles in financial reporting, operations, and internal controls within the financial services sector. Before joining Chicago Atlantic in 2022, he served as Chief Financial Officer at a NASDAQ-listed mortgage real estate investment trust, a credit-focused asset management firm, and a family office. Mr. Geoffroy has also worked as Finance and Operations Principal, General Securities Principal, and Chief Compliance Officer for United Capital Markets, and as Controller at Ares Management (NYSE:ARES). Earlier in his career, he spent nine years as a CPA with Ernst & Young, where he was a Senior Manager in the Financial Services Organization’s hedge fund audit practice.
The board also appointed Gianni Fazio as Chief Accounting Officer, effective Tuesday. Mr. Fazio, age 29, is a licensed Certified Public Accountant with over five years of experience in finance and accounting, focusing on financial reporting and operations for investment managers. Prior to joining the company in 2023, he was a Venture Associate at Adit Ventures, managing operations and financial reporting for venture funds. Mr. Fazio began his career as an auditor at Forvis Mazars and holds both Bachelor and Master of Science degrees in Accountancy from Long Island University.
Both Mr. Geoffroy and Mr. Fazio will serve in their respective roles until successors are elected and qualified, or until earlier resignation or removal. The company’s common stock is listed on The Nasdaq Stock Market under the symbol LIEN.
In other recent news, Chicago Atlantic BDC reported its financial results for the first quarter of 2025, with earnings per share at $0.34 and net investment income totaling $7.6 million. The company also experienced a slight decrease in gross investment income, which fell to $11.9 million from $12.7 million in the previous quarter. In a notable development, Zuanic and Associates initiated coverage of Chicago Atlantic BDC with an Overweight rating, citing its strong position in the U.S. cannabis industry and potential for high yields. The firm highlighted a $600 million deal pipeline and a recent $100 million credit facility as key growth drivers. Additionally, John Mazarakis resigned from the board of directors to ensure compliance with regulatory requirements, as disclosed in an SEC filing. Chicago Atlantic BDC continues to focus on its niche in cannabis lending, supported by a diverse investment strategy. The company maintains a 17% share of marijuana lending, with plans to expand its credit facility as its pipeline grows.
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