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Silver Spike Investment Corp. Reports First Quarter 2023 Financial Results

NEW YORK, May 11, 2023 (GLOBE NEWSWIRE) -- Silver Spike Investment Corp. (“Silver Spike” or the “Company”), a specialty finance company that was formed to invest across the cannabis ecosystem through investments primarily in the form of direct loans to privately held cannabis companies, today announced its financial results for the quarter ended March 31, 2023.

Quarter Ended 3/31/23 Highlights

  • Total investment income of $2.5 million
  • Net investment income of $1.4 million, or $0.22 per share
  • Investment portfolio of $55.6 million at fair value
  • Net asset value (“NAV”) per share increased to $14.29 on March 31, 2023 from $13.91 on December 31, 2022

Scott Gordon, Chairman and Chief Executive Officer of Silver Spike, commented “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.

Conference Call
Silver Spike will host a conference call and webcast to discuss the Company's first quarter 2023 financial results at 8:00 a.m. Eastern Time on Friday, May 12, 2023. Participants may register for the call here. A live webcast of the call will also be available on the Company’s website at ssic.silverspikecap.com.

The presentation to be used in connection with the conference call and webcast will be available at ssic.silverspikecap.com.

A replay of the call will be available at ssic.silverspikecap.com by end of day May 12, 2023.

Background

Silver Spike Investment Corp. 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.

Results of Operations

For the three months ended March 31, 2023, total investment income was $2.5 million. This compares to total expenses of $1.1 million, resulting in net investment income of approximately $1.4 million, or $0.22 per share.

Silver Spike recorded a net unrealized gain of $1.0 million during the quarter ended March 31, 2023, primarily related to the fair valuation of our debt investments.

The Company generated a net increase in net assets from operations of $2.4 million, or $0.38 per share.

Net Asset Value

As of March 31, 2023, NAV per share increased to $14.29, compared to $13.91 as of December 31, 2022. The increase in NAV per share was primarily driven by the results from operations. Total net assets as of March 31, 2023 were $88.8 million, compared to $86.5 million as of December 31, 2022.

Portfolio and Investment Activity

As of March 31, 2023, Silver Spike’s investment portfolio had an aggregate fair value of approximately $55.6 million, comprising $45.7 million in secured loans in three portfolio companies and $9.9 million in secured notes in three portfolio companies.

During the quarter ended March 31, 2023, the Company made one investment. Subsequent to the quarter end, the Company made one additional investment on May 3, 2023.

At quarter end March 31, 2023, there were no loans on non-accrual status.

Liquidity and Capital Resources

At March 31, 2023, the Company had $32.5 million in available liquidity, comprising $32.5 million in cash equivalents.

About Silver Spike Investment Corp.

Silver Spike, a specialty finance company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended, was formed to invest across the cannabis ecosystem through investments primarily in the form of direct loans to privately held cannabis companies. Silver Spike’s investment objective is to maximize risk-adjusted returns on equity for its shareholders by investing primarily in secured and unsecured debt in cannabis companies and other companies in the health and wellness sector. Silver Spike is managed by Silver Spike Capital, LLC, an investment manager focused on the cannabis and alternative health and wellness industries. For more information, please visit https://ssic.silverspikecap.com/.

Forward-Looking Statements

Certain information contained herein may constitute “forward-looking statements” that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about the Company, its current and prospective portfolio investments, its industry, its beliefs and opinions, and its assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the Company’s control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements including, without limitation, the risks, uncertainties and other factors identified in the Company’s filings with the SEC. Investors should not place undue reliance on these forward-looking statements, which apply only as of the date on which the Company makes them. The Company does not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law.

Contacts

Investors:
Bill Healy
bill@silverspikecap.com
212-905-4933

Media:
Alan Oshiki and Sydney Gever
H/Advisors Abernathy
Silverspikecapital@h-advisors.global
212-371-5999


SILVER SPIKE INVESTMENT CORP.

Statements of Assets and Liabilities
 
       
  March 31, 2023  December 31, 2022 
  (unaudited)    
ASSETS      
Investments at fair value:      
Non-control/non-affiliate investments at fair value (amortized cost of $54,910,290 and $50,527,898, respectively) $55,623,299  $50,254,550 
Cash and cash equivalents  32,544,027   35,125,320 
Interest receivable  1,568,026   1,559,081 
Prepaid expenses  254,651   32,323 
Total assets $89,990,003  $86,971,274 
         
LIABILITIES        
         
Management fee payable $409,384  $170,965 
Income-based incentive fee payable  203,821   - 
Capital gains incentive fee payable  142,602   - 
Legal fees payable  99,988   42,215 
Administrator fees payable  82,936   57,306 
Valuation fees payables  72,185   - 
Audit fees payable  47,883   50,000 
Professional fees payable  46,936   28,744 
Director’s fee payable  35,944   32,049 
Excise tax payable  -   80,566 
Due to affiliate  -   37 
Other payables  15,515   33,663 
Total liabilities $1,157,194  $495,545 
         
Commitments and contingencies (Note 6)  -   - 
         
 NET ASSETS        
Common Stock, $0.01 par value, 100,000,000 shares authorized, 6,214,672 and  6,214,672 shares issued and outstanding, respectively $62,147  $62,147 
Additional paid-in-capital  85,038,887   84,917,788 
Distributable earnings/(Accumulated losses)  3,731,775   1,495,794 
Total net assets $88,832,809  $86,475,729 
NET ASSET VALUE PER SHARE $14.29  $13.91 


SILVER SPIKE INVESTMENT CORP.

Statements of Operations

(Unaudited)
       
  For the three
months ended
  For the three
months ended
 
  March 31, 2023  March 31, 2022 
INVESTMENT INCOME      
Non-control/non-affiliate investment income      
Interest income $2,457,839  $10,073 
Fee income  -   - 
Total investment income  2,457,839   10,073 
         
EXPENSES        
Management fee  238,419   - 
Income-based incentive fee  203,821   - 
Capital gains incentive fee  142,602   - 
Legal expenses  98,760   34,069 
Audit expense  97,883   10,000 
Administrator fees  77,844   47,151 
Valuation fees  73,065   - 
Insurance expense  69,082   46,488 
Director expenses  35,944   - 
Professional fees  18,192   34,920 
Custodian fees  12,000   12,000 
Organizational expenses  -   34,168 
Other expenses  19,504   6,808 
Total expenses  1,087,116   225,604 
         
NET INVESTMENT INCOME (LOSS)  1,370,723   (215,531)
         
NET REALIZED GAIN (LOSS) FROM INVESTMENTS        
Net realized gain (loss) from investments  -   - 
         
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS        
Non-controlled/non-affiliate investments  986,357   - 
Net change in unrealized appreciation/(depreciation) on investments  986,357   - 
         
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $2,357,080  $(215,531)
         
NET INVESTMENT INCOME (LOSS) PER SHARE — BASIC AND DILUTED $0.22  $(0.06)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE — BASIC AND DILUTED $0.38  $(0.06)
WEIGHTED AVERAGE SHARES OUTSTANDING — BASIC AND DILUTED  6,214,672   3,557,529 

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