Chicago Atlantic Bdc, Inc. · NASDAQ:LIEN
Chicago Atlantic Bdc — Silver Spike Investment — Q2 2023 Earnings Presentation
13 slides from Chicago Atlantic Bdc's earnings presentation, Aug 11, 2023
Slide 1: Second Quarter 2023 Earnings Presentation
Second Quarter 2023 Earnings Presentation August 11, 2023
Slide 2: Disclaimers and Forward-Looking Statements
2 SILVER SPIKE INVESTMENT CORP. ©2023 All Rights Reserved DISCLAIMERS AND FORWARD - LOOKING STATEMENTS The information contained in this presentation should be viewed in conjunction with the earnings conference call of Silver Sp ike Investment Corp. (“SSIC” or the “Company”) (NASDAQ: SSIC) held on A
Slide 3: Financial Highlights
3 SILVER SPIKE INVESTMENT CORP. ©2023 All Rights Reserved Financial Highlights Q UARTER E NDED 6/30/23 Q UARTER E NDED 3/31/23 Q UARTER E NDED 12/31/22 G ROSS I NVESTMENT I NCOME $2.9 million $2.5 million $2.0 million E XPENSES $1.0 million $1.1 million $0.6 million N ET I NVESTMENT I NCOME $1.9 mil
Slide 4: Silver Spike Capital Overview
4 SILVER SPIKE CAPITAL ©2023 All Rights Reserved Silver Spike Capital, LLC Overview Silver Spike Investment Corp. (NASDAQ: SSIC) is externally managed by Silver Spike Capital, LLC (“SSC”) SSC is an SEC - registered investment adviser that works with its clients to originate, underwrite, and depl
Slide 5: Experienced Management Team
5 SILVER SPIKE INVESTMENT CORP. ©2023 All Rights Reserved Experienced Management Team 35 - year investment career in global special situations, distressed, and emerging markets Holds board positions at Papa & Barkley and WM Holding Company, LLC (“Weedmaps”) Early entrepreneur and investor in c
Slide 6: Competitive Advantages
6 SILVER SPIKE INVESTMENT CORP. ©2023 All Rights Reserved Competitive Advantages M ANAGEMENT T EAM FIRST mover in the cannabis BDC landscape — currently the only public BDC focused on direct - lending to the cannabis sector BDCs are direct lending vehicles that are more flexible than REITS: De
Slide 7: Why Now? Market Opportunity
7 SILVER SPIKE INVESTMENT CORP. ©2023 All Rights Reserved 1. MJBiz Marijuana Factbook 2023. 2. Statista; total 2022 revenue as of January 2023. 3. Morningstar LSTA US Leveraged Loan In dex, Yield to Maturity as of 6/30/23. 4. ICE BoA US High Yield Index Effective Yield as of 6/30/23. 5. Low and high
Slide 8: Loan Sourcing and Origination
8 SILVER SPIKE INVESTMENT CORP. ©2023 All Rights Reserved LOAN SOURCING AND ORIGINATION INITIAL CREDIT REVIEW INITIAL INVESTMENT COMMITTEE MEETING EXECUTE INDICATIVE TERM SHEET CONDUCT DETAILED DUE DILIGENCE FINAL INVESTMENT COMMITTEE MEETING BRING - DOWN DILIGENCE AND CLOSING CREDIT MONITORING & PO
Slide 9: Highlights of Silver Spike's Sourcing & Origination Funnel
9 SILVER SPIKE INVESTMENT CORP. ©2023 All Rights Reserved Highlights of Silver Spike’s Sourcing & Origination Funnel Our preference is to directly originate deals via our networks. Direct deal sourcing is enhanced by cannabis operating experience and visibility from Silver Spike management’s publicl
Slide 10: Portfolio Composition & Diversity
10 SILVER SPIKE INVESTMENT CORP. ©2023 All Rights Reserved Portfolio Composition & Diversity Number of States by Company (As of June 30, 2023) 44% 56% Brand Focus Multi-State Focus Company Strategy 1 7% 93% Non-Vertically Integrated Vertically Integrated Supply Chain Focus 1,2 0 2 4 6 8 10 12 14 16
Slide 11: SSIC Portfolio Summary
11 SILVER SPIKE INVESTMENT CORP. ©2023 All Rights Reserved SSIC Portfolio Summary P ORTFOLIO C OMPANY I NVESTMENT D ATE M ATURITY D ATE I NTEREST R ATE I NVESTMENT V ALUE 2 % OF N ET A SSETS I NVESTED 3 Company A 5/26/2022 5/26/2026 Prime Rate + 8.50% Cash, 1.00% PIK $20.72mm 23.0% Company B 6/30/20
Slide 12: Dividend Announcement
12 SILVER SPIKE INVESTMENT CORP. ©2023 All Rights Reserved Dividend Announcement Record Date Payment Date Regular Dividend of $0.23/share 9/15/2023 9/29/2023 Special Dividend of $0.40/share 9/15/2023 9/29/2023 The Company’s Board of Directors declared a cash dividend of $0.63 per share, consisting
Slide 13: Contact
CONTACT: B ILL H EALY – P ARTNER BILL @ SILVERSPIKECAP . COM SSIC . SILVERSPIKECAP . COM
Silver Spike Investment — Q2 2023 Earnings Presentation on 6ix