Silver Spike Investment Corp. ( (LIEN) ) has released its Q3 earnings. Here is a breakdown of the information Silver Spike Investment Corp. presented to its investors.
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Chicago Atlantic BDC, Inc., formerly known as Silver Spike Investment Corp., is a specialty finance company operating as a business development company, primarily focused on lending to cannabis and underserved sectors. The company recently reported its third-quarter 2024 financial results, highlighting a major acquisition and a change in its corporate identity.
In the third quarter of 2024, Chicago Atlantic BDC, Inc. reported total investment income of $3.2 million, with net investment income breaking even. Significant corporate developments included the acquisition of a loan portfolio from Chicago Atlantic Loan Portfolio, LLC, resulting in an increase in net assets to approximately $302 million and a diversification of its investment portfolio to 28 companies.
Key financial metrics revealed that the company’s net asset value per share decreased slightly to $13.28, mainly due to transaction expenses related to the loan acquisition. The fair value of the investment portfolio stood at $55.8 million, comprised largely of secured loans. The firm also maintained a solid liquidity position with $30.1 million in cash equivalents as of the end of the quarter.
Looking forward, Chicago Atlantic BDC, Inc. is positioned to capitalize on growing opportunities in the cannabis sector, supported by favorable regulatory trends and improved credit quality among borrowers. The company aims to leverage its expanded portfolio and expertise in niche markets to drive future growth and deliver attractive risk-adjusted returns for its shareholders.
