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. (NASDAQ: SSIC) is a closed-end, non-diversified management investment company. The company’s primary focus is on investing in secured debt, unsecured debt, equity warrants, and direct equity investments. It targets private leveraged middle-market cannabis companies and other firms within the health and wellness sector.
Silver Spike aims to maximize risk-adjusted returns on equity for its shareholders. It achieves this by leveraging its expertise in direct loans to privately held middle-market companies. The company is managed by Silver Spike Capital, LLC, an investment manager devoted to the cannabis and alternative health and wellness industries.
The company's recent financial developments are notable. On March 8, 2024, Silver Spike announced a cash dividend of $0.25 per share for the quarter ending March 31, 2024. A dividend reinvestment plan (DRIP) is in place, allowing shareholders to automatically reinvest their dividends into additional shares, unless they opt to receive cash.
Additionally, Silver Spike has scheduled to report its financial results for various periods in 2024. The fiscal year-end results for December 31, 2023, will be disclosed before market open on March 28, 2024. The first quarter results for March 31, 2024, will be announced on May 10, 2024. Both of these events will include a conference call and webcast to discuss the financial outcomes, accessible through the company’s website.
Investors and media can reach out to Bill Healy at bill@silverspikecap.com or 212-905-4933 for further information. Media inquiries can also be directed to Alan Oshiki and Sydney Gever at silverspikecapital@h-advisors.global or 212-371-5999.
For more information, please visit ssic.silverspikecap.com.
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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