November 9, 2023

NEW YORK, Nov. 09, 2023 (GLOBE NEWSWIRE) -- Silver Spike Investment Corp. (“Silver Spike” or the “Company”), a specialty finance company that was formed to invest across the cannabis ecosystem through investments primarily in the form of direct loans to privately held cannabis companies, today announced its financial results for the quarter ended September 30, 2023.

Quarter Ended 9/30/23 Highlights

  • Total investment income of $2.9 million
  • Net investment income of $1.6 million, or $0.26 per share
  • Investment portfolio of $57.4 million at fair value
  • Net asset value (“NAV”) per share decreased from $14.49 on June 30, 2023 to $14.06 on September 30, 2023
  • A cash dividend of $0.70 per share was declared, consisting of a regular quarterly dividend of $0.25 per share and a special dividend of $0.45 per share. The dividend is payable on December 29, 2023 to stockholders of record on December 20, 2023

Scott Gordon, Chairman and Chief Executive Officer of Silver Spike, commented “We are excited to announce our second regular quarterly dividend of $0.25 and special dividend of $0.45. We remain in a challenging environment for cannabis operators and investors, but we are encouraged by initial signs of improved market dynamics for several state markets and an increase in debt financing interest from operators. We continue to see attractive investment opportunities with favorable risk/reward characteristics, and we will seek to add investments to the portfolio in a disciplined manner.”

Conference Call
Silver Spike will host a conference call and webcast to discuss the Company's third quarter 2023 financial results at 8:00 a.m. Eastern Time on Friday, November 10, 2023. Participants may register for the call here. A live webcast of the call will also be available on the Company’s website at

The presentation to be used in connection with the conference call and webcast will be available at

A replay of the call will be available at by end of day November 10, 2023.

Silver Spike Investment Corp. is a closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended, and has elected to be treated as a regulated investment company for U.S. federal income tax purposes. On February 8, 2022, Silver Spike completed its initial public offering. Silver Spike is managed by Silver Spike Capital, LLC, an investment manager focused on the cannabis and alternative health and wellness industries.

Results of Operations
For the three months ended September 30, 2023, total investment income was $2.9 million. This compares to total expenses of $1.3 million, resulting in net investment income of approximately $1.6 million, or $0.26 per share.

Silver Spike recorded a net unrealized loss of $0.3 million during the quarter ended September 30, 2023, primarily related to the fair valuation of our debt investments. The Company generated a net increase in net assets from operations of $1.3 million, or $0.20 per share.

Net Asset Value
As of September 30, 2023, NAV per share decreased to $14.06, compared to $14.49 as of June 30, 2023. The decrease in NAV per share was primarily driven by dividend payments. Total net assets as of September 30, 2023 were $87.4 million, compared to $90.0 million as of June 30, 2023.

Portfolio and Investment Activity
As of September 30, 2023, Silver Spike’s investment portfolio had an aggregate fair value of approximately $57.4 million, comprising $49.4 million in secured loans in four portfolio companies and $8.0 million in secured notes in two portfolio companies.

During the quarter ended September 30, 2023, the Company made no investments.

As of September 30, 2023, there were no loans on non-accrual status.

Liquidity and Capital Resources
As of September 30, 2023, the Company had $29.8 million in available liquidity, comprising $29.8 million in cash equivalents.

Regular and Special Dividend
The Company’s Board of Directors declared a cash dividend of $0.70 per share, consisting of a regular quarterly dividend of $0.25 per share and a special dividend of $0.45 per share.

The following are the key dates for the regular and special dividend:

Record DateDecember 20, 2023
Payment DateDecember 29, 2023

The Company has adopted a dividend reinvestment plan (“DRIP”) that provides for reinvestment of dividends on behalf of its stockholders, unless a stockholder elects to receive cash. As a result, when the Company declares a cash dividend, stockholders who have not “opted out” of the DRIP in accordance with the terms of the DRIP and the procedures of their broker or other financial intermediary will have their cash dividends automatically reinvested in additional shares of the Company’s common stock. A stockholder whose shares are held by a broker or other financial intermediary should contact their broker or other financial intermediary as soon as possible in order to determine the time by which the stockholder must take action in order to receive dividends in cash.

About Silver Spike Investment Corp.
Silver Spike, a specialty finance company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended, was formed to invest across the cannabis ecosystem through investments primarily in the form of direct loans to privately held cannabis companies. Silver Spike’s investment objective is to maximize risk-adjusted returns on equity for its shareholders by investing primarily in secured and unsecured debt in cannabis companies and other companies in the health and wellness sector. Silver Spike is managed by Silver Spike Capital, LLC, an investment manager focused on the cannabis and alternative health and wellness industries. For more information, please visit

Forward-Looking Statements

Certain information contained herein may constitute “forward-looking statements” that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about the Company, its current and prospective portfolio investments, its industry, its beliefs and opinions, and its assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the Company’s control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements including, without limitation, the risks, uncertainties and other factors identified in the Company’s filings with the SEC. Investors should not place undue reliance on these forward-looking statements, which apply only as of the date on which the Company makes them. The Company does not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law.


Bill Healy

Alan Oshiki and Sydney Gever
H/Advisors Abernathy

Statements of Assets and Liabilities

  September 30, 2023  December 31, 2022 
Investments at fair value:      
Non-control/non-affiliate investments at fair value (amortized cost of $57,488,336 and $50,527,898, respectively) $57,381,000  $50,254,550 
Cash and cash equivalents  29,820,936   35,125,320 
Interest receivable  1,829,675   1,559,081 
Prepaid expenses  103,838   32,323 
Other assets  50,000   - 
Total assets $89,185,449  $86,971,274 
Income-based incentive fees payable $1,051,741  $- 
Management fee payable  264,565   170,965 
Legal fees payable  150,667   42,215 
Valuation fees payables  94,130   - 
Administrator fees payable  81,954   57,306 
Audit fees payable  75,165   50,000 
Director’s fee payable  34,768   32,049 
Professional fees payable  18,065   28,744 
Other payables  10,923   33,663 
Distributions payable  321   - 
Due to affiliate  298   37 
Excise tax payable  -   80,566 
Total liabilities $1,782,597  $495,545 
Commitments and contingencies (Note 6)  -   - 
NET ASSETS        
Common Stock, $0.01 par value, 100,000,000 shares authorized, 6,214,705 and 6,214,672 shares issued and outstanding, respectively $62,147  $62,147 
Additional paid-in-capital  85,039,208   84,917,788 
Distributable earnings/(Accumulated losses)  2,301,497   1,495,794 
Total net assets $87,402,852  $86,475,729 

Statements of Operations

  Three Months Ended  Nine Months Ended 
  September 30, 2023  September 30, 2022  September 30, 2023  September 30, 2022 
Non-control/non-affiliate investment income            
Interest income $2,885,725  $1,180,517  $8,106,013  $1,590,181 
Fee income  31,250   -   162,500   410,000 
Total investment income  2,916,975   1,180,517   8,268,513   2,000,181 
Income-based incentive fees  405,247   -   1,051,741   - 
Management fee  264,565   110,426   760,473   165,467 
Audit expenses  223,982   81,917   409,365   175,667 
Legal expense  148,292   167,497   334,308   424,548 
Administrator fees  84,617   65,035   250,314   174,732 
Insurance expense  67,122   76,373   202,597   198,403 
Director expenses  38,223   32,049   105,913   67,796 
Valuation fees  22,890   -   116,955   - 
Professional fees  15,841   39,903   51,808   80,788 
Custodian fees  12,000   12,000   36,000   36,000 
Organizational expenses  -   -   -   34,168 
Capital gains incentive fees  (5,000)  -   -   - 
Other expenses  22,210   44,902   61,918   86,483 
Total expenses  1,299,989   630,102   3,381,392   1,444,052 
NET INVESTMENT INCOME (LOSS)  1,616,986   550,415   4,887,121   556,129 
Non-controlled/non-affiliate investments  -   -   (210,767)  - 
Net realized gain (loss) from investments  -   -   (210,767)  - 
Non-controlled/non-affiliate investments  (343,104)  9,508   166,012   - 
Net change in unrealized appreciation (depreciation) from investments  (343,104)  9,508   166,012   - 
Net realized and unrealized gains (losses)  (343,104)  9,508   (44,755)  - 
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $1,273,882  $559,923  $4,842,366  $556,129 
WEIGHTED AVERAGE SHARES OUTSTANDING — BASIC AND DILUTED  6,214,673   6,214,672   6,214,672   5,338,691