Silver Spike Investment Corp. SSIC released its financial results for the quarter ended March 31, 2023, revealing total investment income of $2.5 million compared to $10,073 in Q1 2022.
Quarter Ended 3/31/23 Highlights
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Net investment income of $1.4 million, or $0.22 per share
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Investment portfolio of $55.6 million at fair value
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Net asset value (“NAV”) per share increased to $14.29 on March 31, 2023 from $13.91 on December 31, 2022
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Net increase in net assets from operations of $2.4 million, or $0.38 per share.
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Total net assets as of March 31, 2023 were $88.8 million, compared to $86.5 million as of December 31, 2022.
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At March 31, 2023, the company had $32.5 million in available liquidity, comprising $32.5 million in cash equivalents.
Scott Gordon, chairman and CEO of Silver Spike, stated “As the cannabis industry continues to move through a challenging phase, we remain focused on methodically underwriting new loans to premier operators and brands in the industry. Lending to cannabis companies is as limited as we have seen in recent years, which puts us in a unique position to continue capturing attractive risk adjusted returns for our investors. Earlier this month, we led and participated in the $35 million initial close of a senior secured credit facility for DreamFields Brands Inc., a leading multi-state cannabis operator, and one of the fastest growing companies in the cannabis industry, through its Jeeter brand.”
Background
Silver Spike Investment is a closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended, and has elected to be treated as a regulated investment company for U.S. federal income tax purposes. On February 8, 2022, Silver Spike completed its initial public offering. Silver Spike is managed by Silver Spike Capital, LLC, an investment manager focused on the cannabis and alternative health and wellness industries.
Photo by Giorgio Trovato on Unsplash
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