Silver Spike Investment Corp. Reports Second Quarter 2024 Financial Results and Announces Cash Dividend of $0.25 Per Share

Financial Performance - Total investment income for the second quarter ended June 30, 2024, was $3.1 million, compared to $2.9 million for the same period in 2023 [2][21] - Net investment income was $1.5 million, or $0.25 per share, down from $1.9 million, or $0.31 per share, in the prior year [5][22] - The company recorded a net unrealized loss of $0.2 million during the quarter, primarily related to the fair valuation of debt investments [6] Asset and NAV Details - The investment portfolio had a fair value of approximately $53.4 million, consisting of $44.3 million in secured loans, $8.3 million in secured notes, and $0.8 million in equity [8] - 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 [7][19] - Total net assets as of June 30, 2024, were $84.3 million, down from $84.5 million as of March 31, 2024 [7] Dividend Declaration - The company declared a cash dividend of $0.25 per share, payable on September 27, 2024, to stockholders of record on September 19, 2024 [10][2] Loan Portfolio Acquisition - The company entered into an agreement to purchase a loan portfolio from Chicago Atlantic Loan Portfolio, LLC, in exchange for newly issued shares of common stock [4] - The acquisition is subject to customary closing conditions and has been filed with the SEC [4] Market and Industry Commentary - The CEO noted uncertainty around federal cannabis regulatory reform but highlighted positive momentum at the state level, with larger cannabis operators performing well [3] - The company is well-positioned to take advantage of increased activity in debt capital markets, which is expected to continue [3]