COMP <GO>

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

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

■ METRIC PARITY

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

—

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

—

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

INSTITUTIONAL METRIC	LIEN	HKD	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	-9.81%	6.56%	-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	11.15%	0.00%	+11.15	LIEN	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	2/9	5/9	-3.00	HKD	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	37.9	43.3	-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	$208.8M	$218.3M	-$9.5M	HKD	/market-cap <GO>

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

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

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

LIEN // BETA —

HKD // BETA —