Chicago Atlantic Bdc, Inc. · NASDAQ:LIEN
Chicago Atlantic Bdc — Silver Spike Investment — FY2023 Earnings Presentation
14 slides from Chicago Atlantic Bdc's earnings presentation, Mar 28, 2024
Slide 1: Fiscal Year End 2023 Earnings Presentation
Fiscal Year End 2023 Earnings Presentation March 28, 2024
Slide 2: Disclaimers and Forward-Looking Statements
2 SILVER SPIKE INVESTMENT CORP. ©2024 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 Spike Investment Corp . (“SSIC” or the “Company”) (NASDAQ : SSIC) held on
Slide 3: Financial Highlights for Quarter Ended 12/31/23
3 SILVER SPIKE INVESTMENT CORP. ©2024 All Rights Reserved Financial Highlights for Quarter Ended 12/31/23 Q UARTER E NDED 3/31/23 Q UARTER E NDED 6/30/23 Q UARTER E NDED 9/30/23 Q UARTER E NDED 12/31/23 $2.5 million $2.9 million $2.9 million $3.6 million G ROSS I NVESTMENT I NCOME $1.1 million $1.0
Slide 4: Financial Highlights for Fiscal Year Ended 12/31/23
4 SILVER SPIKE INVESTMENT CORP. ©2024 All Rights Reserved Financial Highlights for Fiscal Year Ended 12/31/23 F OR T HE P ERIOD F ROM 4/1/22 TO 12/31/22 1 F OR T HE P ERIOD F ROM 1/1/23 TO 12/31/23 $4.0 million $11.9 million G ROSS I NVESTMENT I NCOME $1.8 million $4.6 million E XPENSES E XCLUDING L
Slide 5: Silver Spike Capital Overview
5 SILVER SPIKE CAPITAL ©2024 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 6: Experienced Management Team
6 SILVER SPIKE INVESTMENT CORP. ©2024 All Rights Reserved Experienced Management Team 36 - 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 7: Competitive Advantages
7 SILVER SPIKE INVESTMENT CORP. ©2024 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 8: Why Now? Market Opportunity
8 SILVER SPIKE INVESTMENT CORP. ©2024 All Rights Reserved 1. Equio® data as of March 4, 2024. https://newfrontierdata.com/equio - features/ 2. TD Cowen “Ahead of the Curve Series: Cannabis Beats Booze” December 15, 2023 3. Morningstar LSTA US Leveraged Loan Index, Yield to Maturity as of 12/31/23. 4
Slide 9: Investment process: sourcing through credit monitoring
9 SILVER SPIKE INVESTMENT CORP. ©2024 All Rights Reserved CREDIT MONITORING & PORTFOLIO MANAGEMENT BRING - DOWN DILIGENCE AND CLOSING FINAL INVESTMENT COMMITTEE MEETING CONDUCT DETAILED DUE DILIGENCE EXECUTE INDICATIVE TERM SHEET INITIAL INVESTMENT COMMITTEE MEETING INITIAL CREDIT REVIEW LOAN SOURCI
Slide 10: Highlights of Silver Spike's Sourcing & Origination Funnel
10 SILVER SPIKE INVESTMENT CORP. ©2024 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 public
Slide 11: Portfolio Composition & Diversity
11 SILVER SPIKE INVESTMENT CORP. ©2024 All Rights Reserved Portfolio Composition & Diversity Number of States by Company (As of December 31, 2023) 46% 54% Brand Focus Multi-State Focus Company Strategy 1 8% 92% Non-Vertically Integrated Vertically Integrated Supply Chain Focus 1,2 0 2 4 6 8 10 12 14
Slide 12: SSIC Portfolio Summary
12 SILVER SPIKE INVESTMENT CORP. ©2024 All Rights Reserved SSIC Portfolio Summary % OF N ET A SSETS I NVESTED 3 I NVESTMENT V ALUE 2 I NTEREST R ATE M ATURITY D ATE I NVESTMENT D ATE P ORTFOLIO C OMPANY 24.25% $20.75mm Prime Rate + 8.50% Cash, 1.00% PIK 5/26/2026 5/26/2022 Company A 4.65% $3.97mm 12
Slide 13: Proposed Loan Portfolio Acquisition
13 SILVER SPIKE INVESTMENT CORP. ©2024 All Rights Reserved Proposed Loan Portfolio Acquisition . 1. Net of estimated expenses related to the Loan Portfolio Acquisition. 2. Estimated Yield to Maturity (“YTM”) includes a variety of fees and features that affect the total yield, which may include, b ut
Slide 14: Contact: Bill Healy
CONTACT: B ILL H EALY – P ARTNER BILL @ SILVERSPIKECAP . COM SSIC . SILVERSPIKECAP . COM
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