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Silver Spike Investment (SSIC) - 2024 Q2 - Quarterly Results
SSICSilver Spike Investment (SSIC)2024-08-09 01:11

Investment Income and Assets - Total investment income for Q2 2024 was 3.1million,withnetinvestmentincomeof3.1 million, with net investment income of 1.5 million, or 0.25pershare[2].−TotalinvestmentincomeforthethreemonthsendedJune30,2024,was0.25 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 2,893,699forthesameperiodin2023[14].−NetinvestmentincomeforthethreemonthsendedJune30,2024,was2,893,699 for the same period in 2023[14]. - Net investment income for the three months ended June 30, 2024, was 1,525,633, compared to 1,899,412forthesameperiodin2023,reflectingadecreaseof19.71,899,412 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 88,576,271attheendof2023,representingagrowthof1.788,576,271 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 84.5millionasofMarch31,2024[5].−Cashandcashequivalentsincreasedto84.5 million as of March 31, 2024[5]. - Cash and cash equivalents increased to 34,003,851 as of June 30, 2024, compared to 32,611,635attheendof2023,ariseof4.232,611,635 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 13.60onMarch31,2024,to13.60 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 13.56asofJune30,2024,downfrom13.56 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,anincreaseof56.51,555,700, an increase of 56.5% from 994,287 in the same period last year[14]. - The company reported a transaction expense of 533,019relatedtotheLoanPortfolioAcquisitionforthethreemonthsendedJune30,2024[14].−Thecompanyincurredincome−basedincentivefeesof533,019 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 442,673inthesameperiodlastyear,adecreaseof25.8442,673 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 1,211,404forthesameperiodin2023,indicatingagrowthof6.71,211,404 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 44.3millioninsecuredloans,44.3 million in secured loans, 8.3 million in secured notes, and 0.8millioninequity[6].−ThecompanyaddedoneportfoliocompanyduringQ22024andmadeanadditionalinvestmentonJuly16,2024[6].−Thecompanyiswell−positionedtotakeadvantageofincreaseddebtcapitalmarketsactivityinthecannabissector[3].−ThecompanyhasfiledaregistrationstatementfortheLoanPortfolioAcquisitionwiththeSEC,indicatingongoingstrategicexpansionefforts[3][11].−Thecompanyrecordedanetunrealizedlossof0.8 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].