Silver Spike Investment (SSIC) - 2023 Q4 - Annual Results

Investment Income - Total investment income for the quarter ended December 31, 2023, was $3.6 million, with net investment income of approximately $1.7 million, or $0.28 per share[5] - Total investment income for the year ended December 31, 2023, was $11,932,900, a significant increase from $4,036,792 for the year ended December 31, 2022[27] - Net investment income for the year ended December 31, 2023, was $6,628,844, compared to $2,196,987 for the previous year, reflecting a growth of approximately 201%[27] - Basic and diluted net investment income per share for the year ended December 31, 2023, was $1.07, up from $0.35 in the previous year[27] Net Assets - The Company recorded a net unrealized gain of $0.8 million during the quarter, leading to a net increase in net assets from operations of $2.5 million, or $0.40 per share[6] - Total net assets as of December 31, 2023, were $85.6 million, compared to $87.4 million as of September 30, 2023[7] - The net increase in net assets resulting from operations for the year ended December 31, 2023, was $7,340,108, compared to $1,923,639 for the previous year[27] - Basic and diluted net increase in net assets resulting from operations per share was $1.18 for the year ended December 31, 2023, compared to $0.31 for the previous year[27] Investment Portfolio - The Company's investment portfolio had an aggregate fair value of approximately $54.1 million, consisting of $46.0 million in secured loans and $8.1 million in secured notes[11] - The Company made no new investments during the quarter ended December 31, 2023, but received full repayment on one of its secured loan investments[11] - The Company anticipates more attractive debt-related investment opportunities throughout the remainder of 2024[3] Dividends - A cash dividend of $0.25 per share was declared, payable on March 28, 2024, to stockholders of record on March 20, 2024[10] Liquidity - As of December 31, 2023, the Company had $32.6 million in available liquidity, all in cash equivalents[9] Expenses - Total expenses for the year ended December 31, 2023, amounted to $5,304,056, up from $1,839,805 in the previous year, indicating a rise of about 188%[27] - Management fees increased to $1,013,764 for the year ended December 31, 2023, from $336,432 in the previous year, representing a growth of approximately 201%[27] - Legal expenses decreased to $343,824 for the year ended December 31, 2023, from $484,412 in the previous year, showing a reduction of about 29%[27] Share Information - Weighted average shares outstanding for basic and diluted calculations were 6,214,682 for the year ended December 31, 2023, slightly up from 6,214,672 in the previous year[27] Realized and Unrealized Gains - The net realized loss from investments was $(210,767) for the year ended December 31, 2023, with a net change in unrealized appreciation of $922,031[27] NAV - As of December 31, 2023, the net asset value (NAV) per share decreased to $13.77 from $14.06 as of September 30, 2023, primarily due to dividend payments[7]