Chicago Atlantic BDC, Inc. · NASDAQ:LIEN
Chicago Atlantic BDC — Silver Spike Investment — Q2 2024 Earnings Presentation
13 slides from Chicago Atlantic BDC's earnings presentation, Aug 9, 2024
Slide 1: Second Quarter 2024 Earnings Presentation
Second Quarter 2024 Earnings Presentation August 9, 2024
Slide 2: Disclaimers and Forward-Looking Statements
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 August 9, 2024 and the Company’s Quarterly Report on Form 10-Q
Slide 3: Financial Highlights for Quarter Ended 6/30/24
Financial Highlights for Quarter Ended 6/30/24 QUARTER ENDED QUARTER ENDED 6/30/24 6/30/23 GROSS INVESTMENT INCOME $3.1 million $2.9 million EXPENSES EXCLUDING LOAN PORTFOLIO ACQUISITION $1.0 million $1.0 million EXPENSES INVESTMENT INCOME EXCLUDING LOAN PORTFOLIO $2.1 million $1.9 million ACQUISITI
Slide 4: Silver Spike Capital, LLC Overview
Silver Spike Capital, LLC Overview Silver Spike Investment Corp. (NASDAQ: SSIC) is externally managed by $600m+ ~31yrs Silver Spike Capital, LLC (“SSC”) Public and Private Capital Average Partner’s SSC is an SEC-registered investment adviser that works with its clients to originate, underwrite,
Slide 5: Experienced Management Team
Experienced Management Team Scott Gordon Bill Healy Founding Partner, CEO & CIO Partner, Head of Capital Formation 36-year investment career in global special 36-year career in asset management, corporate situations, distressed, and emerging markets banking, and sales & trading Holds board pos
Slide 6: Competitive Advantages
Competitive Advantages BDC STRUCTURE VS REIT MANAGEMENT TEAM First mover in the cannabis BDC landscape— Deep background, experience, and skills across currently the only public BDC focused on direct- credit and special situations, in both developed lending to the cannabis sector and emerging mar
Slide 7: Market Opportunity
Market Opportunity Why Now? U.S. Legal Cannabis Legal Cannabis Sales as a % of Retail Sales ($BN)1 Alcohol Sales2 Cannabis is an emerging market secular growth story with an attractive lending opportunity. The U.S. industry is sizeable, growing $68 13.6% rapidly, and estimated to reach ~$68bn by 203
Slide 8: SSIC's Investment and Underwriting Process
SSIC’s Investment and Underwriting Process I II III IV V VI VII VIII LOAN INITIAL FINAL CREDIT EXECUTE CONDUCT BRING-DOWN SOURCING INITIAL CREDIT INVESTMENT INVESTMENT MONITORING INDICATIVE DETAILED DUE DILIGENCE AND REVIEW COMMITTEE COMMITTEE & PORTFOLIO TERM SHEET DILIGENCE AND CLOSING ORIGINATION
Slide 9: Pipeline of Investment Opportunities
Sourcing and Origination SILVER SPIKE HAS A SIGNIFICANT PIPELINE OF POTENTIAL DEBT INVESTMENTS Highlights of Silver Spike’s Sourcing & Origination Funnel Deals Reviewed1 Active Debt Pipeline1 Our preference is to directly originate investment opportunities via our networks Pipeline of Investment Opp
Slide 10: Cannabis Portfolio Composition & Diversity
Cannabis Portfolio Composition & Diversity Number of States by Company Company Strategy1 Supply Chain Focus1,2 (As of June 30, 2024) 16 14 8% 12 10 45% 55% 8 6 4 92% 2 0 Company Company Company Company Company Company 1 2 3 4 5 6 Brand Focus Multi-State Focus Non-Vertically Integrated Vertically Int
Slide 11: SSIC Portfolio Summary (as of 8/8/24)
SSIC Portfolio Summary (as of 8/8/24) WEIGHTED AVERAGE YIELD TOTAL INVESTMENT VALUE: % OF NET ASSETS INVESTED: TO MATURITY OF LOANS $56.71MM 67.31% (GROSS): 17.97%1 PORTFOLIO INVESTMENT INVESTMENT % OF NET ASSETS SECURITY TYPE MATURITY DATE INTEREST RATE COMPANY DATE VALUE2 INVESTED3 Sr. Sec. 1st Li
Slide 12: Proposed Loan Portfolio Acquisition
Proposed Loan Portfolio Acquisition SSIC announced on February 20, 2024, 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 SSIC’s common stock (the “Loan
Slide 13: Contact
CONTACT: BILL HEALY – PARTNER BILL@SILVERSPIKECAP.COM SSIC.SILVERSPIKECAP.COM
Silver Spike Investment — Q2 2024 Earnings Presentation on 6ix