Industry Overview - The cannabis industry grew to $31.6 billion last year and is expected to reach $35 billion this year, with nearly 50% growth projected over the next six years [4] - Optimism surrounding potential amendments to Section 280E could benefit cannabis companies, especially with more states likely to legalize cannabis [4] - Federal legalization of cannabis could lead to tax credits and deductions for companies in the industry, positively impacting their cash flows [4] Company Positioning - Silver Spike Investment Corp (SSIC) is the only publicly-traded Business Development Company (BDC) that directly lends to the cannabis industry, positioning it well for growth [4] - SSIC currently lends to Curaleaf, one of the largest publicly-traded cannabis companies, which is expected to become more profitable as the industry expands [4] - SSIC has a market cap of less than $100 million and a small portfolio valued at approximately $55 million, making it a speculative investment [11] Financial Performance - SSIC reported a net investment income of -$0.01 for Q1, a significant drop from $0.28 in the prior quarter and $0.22 a year ago [19] - Total investment income for Q1 was $2.8 million, slightly down from $2.9 million in Q4 but up 16% year-over-year from $2.5 million [19] - The company incurred a $2.1 million charge related to a recent acquisition, impacting its net investment income [20] Dividend Safety - Despite the negative net investment income, SSIC's dividend yield remains well-covered, with a coverage ratio of 132% when excluding the transaction expense [20] - SSIC's dividend of $0.25 was not covered during the latest quarter, but the company has no debt and $33.2 million in cash, allowing it to continue funding dividends if necessary [20] Acquisition Impact - SSIC is expected to close an acquisition with Chicago Atlantic Real Estate Finance, which will add 27 companies worth approximately $187 million to its portfolio [19] - This acquisition is anticipated to enhance SSIC's scale and liquidity while diversifying its portfolio, although it will dilute existing shareholders [19] Market Valuation - SSIC is currently trading at $12 per share, which is 5% above Wall Street's price target of $11.40, indicating it may be overvalued [22] - Despite the potential for further upside due to the growth of the cannabis industry, the stock may see a pullback in price [22]

Company Overview - Silver Spike Investment Corp. (SSIC) shares increased by 5.8% to close at $12.38, with notable trading volume compared to typical sessions, and a 3.5% gain over the past four weeks [1] - The company is expected to report quarterly earnings of $0.07 per share, reflecting a year-over-year decline of 77.4%, with revenues projected at $2.23 million, down 22.7% from the previous year [2] - The consensus EPS estimate for SSIC has remained unchanged over the last 30 days, indicating that stock price movements may not sustain without earnings estimate revisions [3] Industry Context - SSIC operates within the Zacks Financial - SBIC & Commercial Industry, where another company, TriplePoint Venture Growth (TPVG), saw a 0.8% increase to $8.82, but has returned -8.4% over the past month [4] - Anticipation of a Federal Reserve rate cut later this year is expected to increase demand for loans from SSIC's portfolio companies, contributing to the recent stock price increase [5] - Trends in earnings estimate revisions are strongly correlated with near-term stock price movements, highlighting the importance of monitoring these changes for investment decisions [6] Comparative Analysis - SSIC currently holds a Zacks Rank of 2 (Buy), while TPVG has a Zacks Rank of 5 (Strong Sell), with TPVG's consensus EPS estimate unchanged at $0.43, representing an 18.9% decline from the previous year [7]

Financial Data and Key Metrics Changes - Gross investment income for Q1 2024 was $2.8 million, an increase from $2.5 million in Q1 2023 [9] - Net investment income was negative $0.01 per share, with net asset value at $13.60 as of March 31, 2024 [11] - The company declared a quarterly cash dividend of $0.25 per share, payable on June 28, 2024 [11] Business Line Data and Key Metrics Changes - The company incurred transaction-related expenses of $2.1 million in the quarter due to the loan portfolio acquisition [14] - The investment income, excluding transaction expenses, was $2 million compared to $1.4 million last year [14] - The portfolio summary indicated over $54 million invested with an average yield to maturity of about 18% [15] Market Data and Key Metrics Changes - The company has an active pipeline of over $425 million, indicating strong origination efforts despite a cautious borrowing environment [13] - The competitive dynamic for the lending industry remains unchanged, with no expected significant change in yields or overall dynamics in the near term [25] Company Strategy and Development Direction - The company is focused on supporting good operators in the cannabis industry as they revisit their growth and expansion plans [26] - The anticipated rescheduling of cannabis is viewed positively, but the company does not expect immediate changes in capital supply dynamics [18][25] Management's Comments on Operating Environment and Future Outlook - Management expressed a mildly optimistic view regarding the rescheduling of cannabis, noting potential positive impacts on cash flows for portfolio companies [17][19] - The current dynamic of capital constraints in the industry is expected to remain largely unchanged despite the legislative developments [18][25] Other Important Information - The company filed a registration statement on Form N-14 with the SEC for the loan portfolio acquisition, expecting the transaction to close in mid-2024 [9][23] Q&A Session Summary Question: Progress on the transaction and regulatory review updates - Management indicated that the approval process is proceeding as anticipated, with comments from the SEC expected soon [23] Question: Implications of cannabis rescheduling - Management noted that the rescheduling would positively impact cash flows and credit metrics for portfolio companies, but does not expect a significant change in capital supply dynamics [24][25] Question: Demand side dynamics in light of 280E news - Management acknowledged that some operators may take a wait-and-see approach, but many will still seek capital for growth plans [32][34] Question: Clarification on transaction structure with Chicago Atlantic - Management confirmed that the transaction is completely separate from the REIT and involves a different holding company [36]

Exhibit 99.1 Silver Spike Investment Corp. Reports First Quarter 2024 Financial Results and Announces Cash Dividend of $0.25 Per Share NEW YORK, May 9, 2024 (GLOBE NEWSWIRE) --- Silver Spike Investment Corp. ("SSIC" or the "Company") (NASDAQ: SSIC), a specialty finance company that has elected to be regulated as a business development company, today announced its financial results for the first quarter ended March 31, 2024. Quarter Ended 3/31/24 Highlights Scott Gordon, Chairman and Chief Executive Officer ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-40564 SILVER SPIKE INVESTMENT CORP. (Exact name of registrant as specified in its charter) Maryland 86-2872887 (State or other jurisdiction of incorporation or o ...

Silver Spike Investment Corp. (NASDAQ:SSIC) Q4 2023 Earnings Conference Call March 28, 2024 8:00 AM ET Company Participants Umesh Mahajan - Chief Financial Officer Scott Gordon - Chief Executive Officer Conference Call Participants William Carter - Stifel Operator Good day and thank you for standing by. Welcome to Silver Spike Investment Corp. Fiscal Year End 2023 Earnings Conference Call. At this time, all participants are in listen-only mode. After the speaker's presentation there'll be a question-and-ans ...

Exhibit 99.1 Silver Spike Investment Corp. Reports Fiscal Year End 2023 Financial Results NEW YORK, March 27, 2024 (GLOBE NEWSWIRE) --- Silver Spike Investment Corp. ("SSIC" or the "Company") (NASDAQ: SSIC), a specialty finance company that has elected to be regulated as a business development company, today announced its financial results for the fiscal year ended December 31, 2023. Quarter Ended 12/31/23 Highlights Scott Gordon, Chairman and Chief Executive Officer of the Company, commented "We are please ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from______ to______ Commission file number: 001-40564 SILVER SPIKE INVESTMENT CORP. (Exact name of registrant as specified in its charter) (State or other jurisdiction ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2023 OR Maryland 86-2872887 (State or other jurisdiction of 600 Madison Avenue, Suite 1800 New York, NY (Address of principal executive offices) (Zip Code) (212) 905-4923 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-40564 SILVER SPIKE INVESTMENT CORP. (Exact name of registrant as specified in its charter) (State or other jurisdiction of 600 Madison Avenue, Suite 1800 New York ...