Silver Spike Investment (SSIC) - 2024 Q1 - Quarterly Results

Financial Performance - Total investment income for Q1 2024 was $2.8 million, with total expenses of $2.9 million, resulting in a net investment loss of $(0.1) million or $(0.01) per share[5] - Total investment income for the three months ended March 31, 2024, was $2,760,247, a 12.3% increase from $2,457,839 in the same period of 2023[23] - Net investment loss for the three months ended March 31, 2024, was $(79,809), compared to a net investment income of $1,370,723 for the same period in 2023, indicating a significant decline[23] - Total expenses rose to $2,840,056 for the three months ended March 31, 2024, compared to $1,087,116 in the prior year, marking an increase of approximately 161.5%[23] - The net increase in net assets resulting from operations was $519,811 for the three months ended March 31, 2024, down from $2,357,080 in the same period of 2023[23] - The company reported a net change in unrealized appreciation from investments of $599,620 for the three months ended March 31, 2024, compared to $986,357 in the same period of 2023[23] Asset and Liability Overview - Total assets increased to $90,351,075 as of March 31, 2024, up from $88,576,271 on December 31, 2023, representing a growth of approximately 2.0%[21] - Total liabilities increased to $5,832,308 as of March 31, 2024, compared to $3,023,653 on December 31, 2023, indicating a rise of approximately 92.9%[21] - Cash and cash equivalents increased to $33,160,294 as of March 31, 2024, compared to $32,611,635 on December 31, 2023, reflecting a growth of approximately 1.7%[21] - As of March 31, 2024, the net asset value (NAV) per share decreased to $13.60 from $13.77 as of December 31, 2023, primarily due to dividend payments[7] Investment Activity - The investment portfolio had an aggregate fair value of $54.8 million, consisting of $46.6 million in secured loans and $8.2 million in secured notes[15] - There were no investments made during the quarter ended March 31, 2024, and no loans were on non-accrual status[15] - The Company entered into a definitive agreement to purchase a loan portfolio from Chicago Atlantic Loan Portfolio, LLC, in exchange for newly issued shares[4] - The Company expects to deploy capital to new portfolio companies with favorable risk/reward characteristics in the foreseeable future[3] Dividends and Future Outlook - The Company declared a cash dividend of $0.25 per share, payable on June 28, 2024, to stockholders of record on June 20, 2024[11] - The Company anticipates increased cannabis capital markets activity in the second half of 2024 due to potential regulatory changes[3]