Business
Silver Spike Investment Corp. Reports Second Quarter 2024 Financial Results and Announces Cash Dividend of $0.25 Per Share
NEW YORK, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Silver Spike Investment Corp. (“SSIC” or the “Company”) (NASDAQ: SSIC), a specialty finance company that has
About this update from Chicago Atlantic Bdc, Inc.
[{"type":"text","content":"NEW YORK, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Silver Spike Investment Corp. (“SSIC” or the “Company”) (NASDAQ: SSIC), a specialty finance company that has elected to be regulated as a business development company, today announced its financial results for the second quarter ended June 30, 2024. Quarter Ended 6/30/24 Highlights Total investment income of $3.1 millionNet investment income of $1.5 million, or $0.25 per shareInvestment portfolio of $53.4 million at fair valueNet asset value (“NAV”) per share decreased from $13.60 on March 31, 2024 to $13.56 on June 30, 2024A cash dividend of $0.25 per share was declared. The dividend is payable on September 27, 2024 to stockholders of record on September 19, 2024. Scott Gordon, Chairman and Chief Executive Officer of the Company, commented “While there remains some uncertainty around federal cannabis regulatory reform in the near-term, we have seen positive momentum at the state level, with several meaningful catalysts expected over the coming months. Larger scaled cannabis operators and certain cannabis brands have performed well in what remains a generally difficult operating environment for cannabis companies. As expected, we have recently seen an increase in debt capital markets activity, a trend that we expect to continue and one that we believe that we are well-positioned to take advantage of. The Company’s existing portfolio has performed well against the challenging cannabis market backdrop, and we are pleased to announce another quarterly dividend of $0.25.” Loan Portfolio Acquisition AgreementOn February 20, 2024, the Company announced that it entered into a definitive agreement to purchase from Chicago Atlantic Loan Portfolio, LLC (“CALP”) a portfolio of loans (the “CALP Loan Portfolio”) in exchange for newly issued shares of the Company’s common stock, subject to certain customary closing conditions (the “Loan Portfolio Acquisition”). The Company filed a registration statement on Form N-14 in connection with the Loan Portfolio Acquisition with the Securities and Exchange Commission (the “SEC”) on April 15, 2024, and filed pre-effective amendments thereto on June 20, 2024 and July 31, 2024. Results of OperationsFor the three months ended June 30, 2024, total investment income was $3.1 million. This compares to total expenses of $1.6 million, which includes $0.5 million of e...