Silver Spike Investment (US:SSIC)2024-08-09 01:11Investment Income and Assets - Total investment income for Q2 2024 was $3.1 million, with net investment income of $1.5 million, or $0.25 per share[2]. - Total investment income for the three months ended June 30, 2024, was $3,081,333, an increase of 6.5% compared to $2,893,699 for the same period in 2023[14]. - Net investment income for the three months ended June 30, 2024, was $1,525,633, compared to $1,899,412 for the same period in 2023, reflecting a decrease of 19.7%[14]. - Total assets increased to $90,076,727 as of June 30, 2024, up from $88,576,271 at the end of 2023, representing a growth of 1.7%[13]. - As of June 30, 2024, total net assets were $84.3 million, down from $84.5 million as of March 31, 2024[5]. - Cash and cash equivalents increased to $34,003,851 as of June 30, 2024, compared to $32,611,635 at the end of 2023, a rise of 4.2%[13]. Dividends and Shareholder Returns - The company declared a cash dividend of $0.25 per share, payable on September 27, 2024, to stockholders of record on September 19, 2024[2][10]. - Net asset value (NAV) per share decreased from $13.60 on March 31, 2024, to $13.56 on June 30, 2024, primarily due to dividend payments[5]. - The net asset value per share decreased to $13.56 as of June 30, 2024, down from $13.77 at the end of 2023, a decline of 1.5%[13]. Expenses and Financial Performance - Total expenses for the three months ended June 30, 2024, were $1,555,700, an increase of 56.5% from $994,287 in the same period last year[14]. - The company reported a transaction expense of $533,019 related to the Loan Portfolio Acquisition for the three months ended June 30, 2024[14]. - The company incurred income-based incentive fees of $328,503 for the three months ended June 30, 2024, down from $442,673 in the same period last year, a decrease of 25.8%[14]. - The net increase in net assets resulting from operations for the three months ended June 30, 2024, was $1,292,861, compared to $1,211,404 for the same period in 2023, indicating a growth of 6.7%[14]. Portfolio and Strategic Initiatives - The investment portfolio had a fair value of $53.4 million, consisting of $44.3 million in secured loans, $8.3 million in secured notes, and $0.8 million in equity[6]. - The company added one portfolio company during Q2 2024 and made an additional investment on July 16, 2024[6]. - The company is well-positioned to take advantage of increased debt capital markets activity in the cannabis sector[3]. - The company has filed a registration statement for the Loan Portfolio Acquisition with the SEC, indicating ongoing strategic expansion efforts[3][11]. - The company recorded a net unrealized loss of $0.2 million during Q2 2024, mainly related to the fair valuation of debt investments[4].