Welcome to our dedicated page for Silver Spike Investment news (Ticker: SSIC), a resource for investors and traders seeking the latest updates and insights on Silver Spike Investment stock.
Silver Spike Investment Corp. (SSIC), which has been renamed Chicago Atlantic BDC, Inc. with the Nasdaq ticker LIEN, generates a steady stream of company-specific news tied to its role as a specialty finance business development company. Its disclosures emphasize a strategy of investing primarily in direct loans to privately held middle-market companies, with a focus on cannabis companies and, in earlier descriptions, other companies in the health and wellness sector. News items often explain how this lending activity and sector focus translate into investment income and portfolio developments.
Visitors to this news page can review earnings announcements where the company reports total investment income, net investment income, net asset value per share, and details of its secured loan and secured note portfolios. These releases also describe the composition of the investment portfolio, including the number of portfolio companies and the presence or absence of loans on non-accrual status. In addition, the company regularly announces cash dividends per share, along with record dates, payment dates, and information about its dividend reinvestment plan (DRIP).
Another key category of news relates to corporate transactions and strategic developments. The company has issued detailed communications about its Loan Portfolio Acquisition from Chicago Atlantic Loan Portfolio, LLC, including stockholder approval, closing of the transaction, and the resulting increase in net assets and number of portfolio companies. These items also describe the related joint venture between its adviser and Chicago Atlantic, changes to the investment advisory agreement, and adjustments to the company’s board and executive leadership.
Investors can also find conference call and webcast announcements for quarterly and annual financial results, including registration details and references to accompanying presentations. Together, these news items provide a record of the company’s financial performance, portfolio evolution, dividend activity, and governance changes over time.
Silver Spike Investment Corp. (SSIC) has completed its acquisition of a loan portfolio from Chicago Atlantic Loan Portfolio, (CALP) in exchange for newly issued shares. This acquisition increases SSIC's net assets to approximately $300 million with investments in 28 portfolio companies. SSIC issued 16,605,372 shares of common stock to CALP, resulting in CALP owning 72.8% of SSIC's outstanding shares.
In conjunction with this acquisition, Silver Spike Capital, (SSC) has formed a joint venture with Chicago Atlantic BDC Holdings, to combine and jointly operate their investment management businesses. This led to changes in SSIC's board and management, including new board members and a new CEO. The company will be renamed Chicago Atlantic BDC, Inc. with the ticker symbol changing to LIEN, effective October 2, 2024.
Silver Spike Investment Corp. (NASDAQ: SSIC) announced that its stockholders have approved the acquisition of a loan portfolio from Chicago Atlantic Loan Portfolio, in exchange for newly-issued SSIC common stock. Stockholders also approved the election of three new board members and a new investment advisory agreement with Silver Spike Capital, The company expects to close the acquisition soon, subject to conditions. Post-acquisition, SSIC will be renamed 'Chicago Atlantic BDC, Inc.' with the new ticker symbol 'LIEN'. CEO Scott Gordon expressed excitement about leveraging the increased scale to further their strategy of investing in cannabis and other middle market companies to drive growth and value for stockholders.
Silver Spike Investment Corp. (NASDAQ: SSIC) reported its Q2 2024 financial results, highlighting total investment income of $3.1 million and net investment income of $1.5 million ($0.25 per share). The company's investment portfolio stood at $53.4 million at fair value, with a slight decrease in NAV per share from $13.60 to $13.56. SSIC declared a cash dividend of $0.25 per share, payable on September 27, 2024.
The company also announced a Loan Portfolio Acquisition agreement with Chicago Atlantic Loan Portfolio, , exchanging newly issued SSIC common stock for a loan portfolio. Despite challenges in the cannabis market, SSIC's existing portfolio has performed well, and the company expects increased debt capital markets activity in the near future.
Silver Spike Investment Corp. (NASDAQ: SSIC), a specialty finance company regulated as a business development company, has announced its upcoming second quarter 2024 financial results conference call. The company will report its financial results for the quarter ended June 30, 2024, before the market opens on Friday, August 9, 2024. SSIC will host a conference call and webcast to discuss these results at 8:00 a.m. Eastern Time on the same day.
Interested participants can register for the call online, and a live webcast will be available on the SSIC website. A replay of the call will be accessible on the company's website by the end of the day on August 9, 2024. This announcement provides investors and analysts with the opportunity to gain insights into SSIC's financial performance and future outlook.
Silver Spike Investment Corp. (SSIC) reported total investment income of $2.8 million for the first quarter of 2024, with net investment income at $(0.1) million. The investment portfolio was valued at $54.8 million, and the net asset value per share decreased to $13.60. A cash dividend of $0.25 per share was declared, payable on June 28, 2024. The company entered into an agreement to acquire a loan portfolio in exchange for shares. The company anticipates increased activity in the cannabis capital markets and plans to deploy capital to new portfolio companies.
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