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Silver Spike Investment Corp. Reports First Quarter Fiscal 2023 Financial Results
NEW YORK, Aug. 12, 2022 (GLOBE NEWSWIRE) -- Silver Spike Investment Corp. (“Silver Spike” or the “Company”), a specialty finance company that was formed to
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[{"type":"text","content":"NEW YORK, Aug. 12, 2022 (GLOBE NEWSWIRE) -- Silver Spike Investment Corp. (“Silver Spike” or the “Company”), a specialty finance company that was formed to invest across the cannabis ecosystem through investments in the form of direct loans to, and equity ownership of, privately held cannabis companies, today announced its financial results for the quarter ended June 30, 2022. First Quarter 2023 Highlights1 Total investment income of $0.8 millionNet investment income of $0.2 million, or $0.04 per shareFunded $24.4 million of loans to 2 new portfolio companiesInvestment portfolio of $24.4 million at fair valueNet asset value (“NAV”) per share increased to $13.64 on June 30, 2022 from $13.61 on March 31, 2022 Scott Gordon, Chairman and Chief Executive Officer of Silver Spike Investment Corp., commented, “During the quarter, we deployed $24.4 million across two new portfolio companies. As we announced on June 2, 2022, during the quarter we co-led a term loan of up to $170 million to Shryne Group Inc., one of the largest private cannabis companies globally and the owner of Stiiizy, a leading cannabis brand. Subsequent to the Shryne transaction, we participated in a loan to one of the industry's largest US-based privately-owned multi-state cannabis companies. During the quarter, our NAV per share increased from $13.61 on March 31, 2022, to $13.64 on June 30, 2022. We continue leveraging our platform’s direct origination engine to build a robust pipeline of attractive lending opportunities. Our rigorous underwriting standards and time-tested specialized structuring skills position Silver Spike as one of the leading providers of credit to a regulatorily complex and rapidly-growing industry with little access to traditional sources of capital.\" Conference CallSilver Spike will hold a conference call to discuss its first quarter 2023 financial results at 3:00 p.m. Eastern Time on Thursday, August 18, 2022. To listen to the call, please dial (800) 267-6316, or (203) 518-9783 internationally, and reference the Conference ID: SSICQ123, approximately 5 minutes prior to the start of the call. A taped replay will be made available approximately two hours after the conclusion of the call and will remain available for 60 days. To access the replay, please dial (800) 654-1563, or (862) 902-0129 internationally, and enter the access code 12450811...