COMP <GO>

HKD vs LIEN // EV/EBITDA & P/E VALUATION

AMTD Digital Inc. (every five of which represent two ) (Class A) (NYSE) VS. Chicago Atlantic BDC Inc. (NASDAQ) • 15-METRIC TALLY: HKD 4 — LIEN 1

■ METRIC PARITY

HKD — AMTD Digital Inc. (every five of which represent two ) (Class A) ROARABLE C- • RQD 59/100

LAST: $1.73 (0.00%) • MKT CAP: $218.3M

DES <GO> FA <GO> 10-K RED <GO>

valuation

—

LIEN — Chicago Atlantic BDC Inc. ROARABLE D • RQD 46/100

LAST: $9.15 (+0.33%) • MKT CAP: $208.8M

DES <GO> FA <GO> 10-K RED <GO>

valuation

—

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (HKD VS. LIEN) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	HKD	LIEN	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	—	11.00%	—	TIE	/roic <GO>
EV/EBITDA & P/E Valuation ACTIVE	—	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	6.56%	-9.81%	+16.37	HKD	/fcf-yield <GO>
Operating Margin	0.80%	—	—	TIE	/operating-margins <GO>
Net Profit Margin	68.00%	—	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	180.00%	—	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	11.15%	-11.15	LIEN	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	5/9	2/9	+3.00	HKD	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	43.3	37.9	+5.45	HKD	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	—	5.9x	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$218.3M	$208.8M	$9.5M	HKD	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	HKD REV	LIEN REV	HKD GROSS %	LIEN GROSS %	HKD FCF	LIEN FCF
FY 2025	$136.1M	$0	—	—	$14.3M	-$20.5M
FY 2024	$20.4M	$0	—	—	$4.1M	-$5.0M
FY 2023	$12.0M	$0	—	—	—	$5.7M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

HKD // BETA —

LIEN // BETA —