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

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 organization)

(IRS Employer Identification No.)



600 Madison Avenue, Suite 1800

 
New York, NY

 
 
10022
(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:
 
Title of Each Class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock, par value $0.01 per share
 
SSIC
  The NASDAQ Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
 
Yes ☒ No ☐
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
 
Yes ☒ No
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer
 
Accelerated filer
Non-accelerated filer
 
Smaller reporting company

     
Emerging growth company

 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes           No ☒
 
As of November 9, 2023, the registrant had 6,214,705 shares of common stock ($0.01 par value per share) outstanding.



  SILVER SPIKE INVESTMENT CORP.
FORM 10-Q

 

TABLE OF CONTENTS
 
 
PAGE
 
NO.
PART I
FINANCIAL INFORMATION
 
Item 1
4
 
4
 
5
 
6
 
8
 
9
 
11
Item 2
24
Item 3
34
Item 4
35
PART II
OTHER INFORMATION
 
Item 1
36
Item 1A
36
Item 2
36
Item 3
36
Item 4
36
Item 5
36
Item 6
36
37

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
 
Except where the context suggests otherwise, the terms “we,” “us,” “our,” “the Company,” and “SSIC” refer to Silver Spike Investment Corp. In addition, the terms “SSC,” “Adviser,” “investment adviser” and “administrator” refer to Silver Spike Capital, LLC, our external investment adviser and administrator.

Some of the statements in this quarterly report on Form 10-Q constitute forward-looking statements because they relate to future events or our future performance or financial condition. The forward-looking statements contained in this quarterly report on Form 10-Q may include statements as to:
 
our future operating results and distribution projections;
 
the ability of Silver Spike Capital, LLC (“SSC”) to attract and retain highly talented professionals;
 
our business prospects and the prospects of our portfolio companies;
 
the impact of interest and inflation rates on our business prospects and the prospects of our portfolio companies;
 
the impact of the investments that we expect to make;
 
the ability of our portfolio companies to achieve their objectives;
 
our expected financings and investments and the timing of our investments in our initial portfolio;
 
changes in regulation impacting the cannabis industry;

the adequacy of our cash resources and working capital;

the current and future effects of the COVID-19 pandemic on us and our portfolio companies; and
 
the timing of cash flows, if any, from the operations of our portfolio companies.

In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this quarterly report on Form 10-Q involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth in “Item 1A. Risk Factors” in our transition report on Form 10-K for the transition period from April 1, 2022 to December 31, 2022 and elsewhere in this quarterly report on Form 10-Q. Other factors that could cause actual results to differ materially include:
 
our limited operating history;

changes or potential disruptions in our operations, the economy, financial markets or political environment;
 
risks associated with possible disruption in our operations or the economy generally due to terrorism, natural disasters or the COVID-19 pandemic;
 
future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities) and conditions in our operating areas, particularly with respect to business development companies (“BDCs”) or regulated investment companies (“RICs”); and

other considerations that may be disclosed from time to time in our publicly disseminated documents and filings.
 
We have based the forward-looking statements included in this quarterly report on Form 10-Q on information available to us on the date of this quarterly report on Form 10-Q, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. The forward-looking statements contained in this quarterly report on Form 10-Q are excluded from the safe harbor protection provided by Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).


PART I: FINANCIAL INFORMATION
 
Item 1.
Financial Statements

SILVER SPIKE INVESTMENT CORP.

Statements of Assets and Liabilities
 
 
  September 30, 2023    
December 31, 2022
 
 
 
(unaudited)
       
ASSETS
           
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
 
 
               
LIABILITIES
               
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
 
NET ASSET VALUE PER SHARE
 
$
14.06
   
$
13.91
 

 See notes to financial statements.

SILVER SPIKE INVESTMENT CORP.

Statements of Operations
(Unaudited)
 
 
 
Three Months Ended
    Nine Months Ended
 
 
 
September 30, 2023
   
September 30, 2022
    September 30, 2023     September 30, 2022  
INVESTMENT INCOME
                       
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  
 
                               
EXPENSES
                               
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  
 
                               
NET REALIZED GAIN (LOSS) FROM INVESTMENTS
                               
Non-controlled/non-affiliate investments
    -       -       (210,767 )     -  
Net realized gain (loss) from investments
   
-
     
-
      (210,767 )     -  

                               
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) FROM INVESTMENTS
                               
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  
 
                               
NET INVESTMENT INCOME (LOSS) PER SHARE — BASIC AND DILUTED
 
$
0.26
   
$
0.09
    $ 0.79     $ 0.10  
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE — BASIC AND DILUTED
 
$
0.20
   
$
0.09
    $ 0.78     $ 0.10  
WEIGHTED AVERAGE SHARES OUTSTANDING — BASIC AND DILUTED
   
6,214,673
     
6,214,672
      6,214,672       5,338,691  

See notes to financial statements.

SILVER SPIKE INVESTMENT CORP.

Statements of Changes in Net Assets
(Unaudited)

 
 
Common Stock
             
Three Months Ended
September 30, 2023
 
Shares
   
Par Value
   
Additional
paid-in-capital
   
Distributable Earnings/
(Accumulated Loss)
   
Total
net assets
 
Balance, June 30, 2023
   
6,214,672
   
$
62,147
   
$
85,038,887
   
$
4,943,179
   
$
90,044,213
 
Net increase (decrease) in net assets resulting from operations
                                       
Net investment income (loss)
   
-
     
-
     
-
     
1,616,986
     
1,616,986
 
Net realized gain (loss) from investments
   
-
     
-
     
-
     
-
     
-
 
Net change in unrealized appreciation (depreciation) from investments
   
-
     
-
     
-
     
(343,104
)
   
(343,104
)
Total net increase (decrease) in net assets resulting from operations
   
-
     
-
     
-
     
1,273,882
     
1,273,882
 
Distributions to stockholders from:
                                       
Investment income-net
    -       -       -       (3,915,564 )     (3,915,564 )
Capital transactions
                                       
Issuance of common stock
   
-
     
-
     
-
     
-
     
-
 
Reinvestment of stockholder distributions
    33       -       321       -       321  
Total net increase (decrease) in net assets from capital transactions
    33       -       321       -       321  
Total increase (decrease) in net assets     33       -       321       (2,641,682 )     (2,641,361 )
Effect of permanent adjustments
    -       -       -       -       -  
Balance, September 30, 2023
   
6,214,705
   
$
62,147
   
$
85,039,208
   
$
2,301,497
   
$
87,402,852
 
 
   
Common Stock
             
Three Months Ended
September 30, 2022
 
Shares
   
Par value
   
Additional
paid-in-capital
   
Distributable Earnings/
(Accumulated Loss)
   
Total
net assets
 
Balance, June 30, 2022
   
6,214,672
   
$
62,147
   
$
84,917,788
   
$
(216,108
)
 
$
84,763,827
Net increase (decrease) in net assets resulting from operations
                                       
Net investment income (loss)
   
-
     
-
     
-
     
550,415
   
550,415
Net realized gain (loss) from investments
   
-
     
-
     
-
     
-
     
-
 
Net change in unrealized appreciation (depreciation) from investments
   
-
     
-
     
-
     
9,508
     
9,508
 
Total net increase (decrease) in net assets resulting from operations
   
-
     
-
     
-
     
559,923
   
559,923
Capital transactions
                                       
Issuance of common stock, net of offering cost
   
-
     
-
     
-
     
-
     
-
 
Total increase (decrease) in net assets
   
-
     
-
     
-
     
559,923
   
559,923
 
Effect of permanent adjustments
   
-
     
-
     
-
   
-
     
-
 
Balance, September 30, 2022
   
6,214,672
   
$
62,147
   
$
84,917,788
   
$
343,815
 
$
85,323,750
 

See notes to financial statements.
SILVER SPIKE INVESTMENT CORP.

Statements of Changes in Net Assets
(Unaudited)

 
 
Common Stock
             
Nine Months Ended
September 30, 2023
 
Shares
   
Par Value
   
Additional
paid-in-capital
   
Distributable Earnings/
(Accumulated Loss)
   
Total
net assets
 
Balance, December 31, 2022
   
6,214,672
   
$
62,147
   
$
84,917,788
   
$
1,495,794
   
$
86,475,729
 
Net increase (decrease) in net assets resulting from operations
                                       
Net investment income (loss)
   
-
     
-
     
-
     
4,887,121
     
4,887,121
 
Net realized gain (loss) from investments
   
-
     
-
     
-
     
(210,767
)
   
(210,767
)
Net change in unrealized appreciation (depreciation) from investments
   
-
     
-
     
-
     
166,012
     
166,012
 
Total net increase (decrease) in net assets resulting from operations
   
-
     
-
     
-
     
4,842,366
     
4,842,366
 
Distributions to stockholders from:
                                       
Investment income-net
    -       -       -       (3,915,564 )     (3,915,564 )
Capital transactions
                                       
Issuance of common stock
   
-
     
-
     
-
     
-
     
-
 
Reinvestment of stockholder distributions
    33       -       321       -       321  
Total net increase (decrease) in net assets from capital transactions
    33       -       321       -       321  
Total increase (decrease) in net assets     33       -       321       926,802       927,123  
Effect of permanent adjustments
    -       -       121,099       (121,099 )     -  
Balance, September 30, 2023
   
6,214,705
   
$
62,147
   
$
85,039,208
   
$
2,301,497
   
$
87,402,852
 

   
Common Stock
             
Nine Months Ended
September 30, 2022
 
Shares
   
Par value
   
Additional
paid-in-capital
   
 Distributable Earnings/
(Accumulated Loss)
   
Total
net assets
 
Balance, December 31, 2021
   
386
   
$
4
   
$
5,396
   
$
(507,549
)
 
$
(502,149
)
Net increase (decrease) in net assets resulting from operations
                                       
Net investment income (loss)
   
-
     
-
     
-
     
556,129
     
556,129
 
Net realized gain (loss) from investments
   
-
     
-
     
-
     
-
     
-
 
Net change in unrealized appreciation (depreciation) from investments
   
-
     
-
     
-
     
-
   
-
Total net increase (decrease) in net assets resulting from operations
   
-
     
-
     
-
     
556,129
   
556,129
Capital transactions
                                       
Issuance of common stock, net of offering costs of $1,609,184
   
6,214,286
     
62,143
     
85,207,627
     
-
     
85,269,770
 
Total increase (decrease) in net assets
   
6,214,286
     
62,143
     
85,207,627
     
556,129
   
85,825,899
 
Effect of permanent adjustments
   
-
     
-
     
(295,235
)
   
295,235
     
-
 
Balance, September 30, 2022
   
6,214,672
   
$
62,147
   
$
84,917,788
   
$
343,815
 
$
85,323,750
 

See notes to financial statements.
SILVER SPIKE INVESTMENT CORP.

Statements of Cash Flows
(Unaudited)
 
 
 
For the nine months ended
 
 
 
September 30, 2023
   
September 30, 2022
 
Cash flows from operating activities
           
Net increase (decrease) in net assets resulting from operations
 
$
4,842,366
   
$
556,129
 
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
               
Net realized (gain) loss from investments
    210,767       -  
Net change in unrealized (appreciation) depreciation from investments
   
(166,012
)
   
-
 
Net (accretion of discounts) and amortization of premiums
   
(431,052
)
   
(49,966
)
Purchase of investments
   
(8,442,000
)
   
(24,417,500
)
PIK interest capitalized
    (78,153 )     -  
Proceeds from sales of investments and principal repayments
    1,780,000       -  
(Increase)/Decrease in operating assets:
               
Interest receivable
   
(270,594
)
   
(252,547
)
Other assets
    (50,000 )     -  
Prepaid expenses
   
(71,515
)
   
(119,787
)
Deferred offering costs
    -
     
1,395,059
 
Increase/(Decrease) in operating liabilities:
               
Income-based incentive fees payable
   
1,051,741
     
-
 
Management fee payable
    93,600
      110,426  
Legal fees payable
    108,452       155,139  
Valuation fees payable
   
94,130
     
83,083
 
Administrator fees payable
   
24,648
     
73,908
 
Audit fees payable
   
25,165
      -
 
Director’s fee payable
   
2,719
     
32,049
 
Professional fees payable
   
(10,679
)
   
50,185
 
Other payable
   
(22,740
)
   
2,238
 
Due to affiliate
   
261
      (383,207 )
Excise tax payable
    (80,566 )    
-
 
Offering cost payable
    -
     
(1,024,256
)
Organization costs payable
   
-
     
(430,276
)
Net cash provided by (used in) operating activities
   
(1,389,462
)
   
(24,219,323
)
 
               
Cash flows from financing activities
               
Issuance of common stock, net of offering cost
   
-
     
85,269,770
 
Distributions paid
    (3,914,922 )     -  
Net cash provided by (used in) financing activities
   
(3,914,922
)
   
85,269,770
 
 
               
Net increase (decrease) in cash & cash equivalents
   
(5,304,384
)
   
61,050,447
 
Cash & cash equivalents, beginning of period
   
35,125,320
     
5,400
 
Cash & cash equivalents, end of period
 
$
29,820,936
   
$
61,055,847
 

               
Supplemental and non-cash financing activities
               
Reinvestment of dividend distributions
  $ 321     $ -  

See notes to financial statements.

SILVER SPIKE INVESTMENT CORP.

Schedule of Investments
September 30, 2023
(Unaudited)
(in thousands)

Portfolio Company (1)
Type of
Investment (2)
Investment
Date (3)
Maturity Date
Interest Rate (4)
 
Fair Value
Hierarchy (5)
 
Geographic
Region (6)
Non-Qualifying
Asset (7)
 
Principal
Amount (8)
   
Amortized Cost
   
Fair
Value (9)
   
% of Net
Assets
 
Debt Securities - United States
                                         
Wholesale Trade (10)
                                         
Curaleaf Holdings, Inc.
Senior Secured Note
10/11/2022
12/15/2026
Fixed interest rate 8.0%
   
3
 
Northeast
Yes
   $
4,500
    $
3,954
    $
4,017
     
4.60
%
Dreamfields Brands, Inc. (d/b/a Jeeter)
Senior Secured First Lien Term Loan
5/3/2023
 5/3/2026
Variable interest rate PRIME(11) + 8.75% (7.5% PRIME Floor)
    3
  West
No    
4,320
      4,223       4,191       4.80  
MariMed Inc.
Senior Secured First Lien Term Loan
1/24/2023
1/24/2026
Variable interest rate PRIME(11) + 5.75% Cash
(6.25% PRIME Floor)
1.40% PIK
   
3
 
Northeast
No
   
4,363
     
4,121
     
4,113
     
4.71
PharmaCann, Inc.
Senior Secured Note
6/30/2022
6/30/2025
Fixed interest rate 12.0%
   
3
 
Midwest
No
   
4,250
     
4,089
     
3,868
     
4.43
STIIIZY, Inc. (f/k/a Shryne Group Inc.)
Senior Secured First Lien Term Loan
5/26/2022
5/26/2026
Variable interest rate PRIME(11) + 8.5%
(4.0% PRIME Floor) 1.0% PIK
   
3
 
West
No
   
21,035
     
20,612
     
20,613
     
23.58
Verano Holdings Corp.
Senior Secured First Lien Term Loan
10/27/2022
10/30/2026
Variable interest rate PRIME(11) + 6.5%
(6.25% PRIME Floor)
   
3
 
Midwest
Yes
   
21,000
     
20,489
     
20,579
     
23.54
 
                     
$
59,468
     
57,488
     
57,381
     
65.66
 
                                                   
Total: Debt Securities -United States (65.66%):
                         
57,488
     
57,381
     
65.66
 
                                                   
Total: Debt Securities (65.66%):
                         
57,488
     
57,381
     
65.66
 
                                                   
Total Investment in Securities (65.66%):
                       
$
57,488
   
$
57,381
     
65.66
%
 
                                                   
Cash equivalents
                                             
State Street Institutional U.S. Government Money Market Fund (12)
      1
               
$
29,821
   
$
29,821
     
34.12
%
Cash equivalents (34.12%):
                         
29,821
     
29,821
     
34.12
 
                                                   
Total Portfolio Investments and Cash equivalents (99.78%):
                       
$
87,309
   
$
87,202
     
99.78
%


(1)
All portfolio companies are located in the United States, as determined by the location of the portfolio company’s headquarters.

(2)
No debt investment is non-income producing as of September 30, 2023.

(3)
Investment date represents the date of initial investment, at which date interest began accruing.

(4)
Interest rate is the fixed or variable rate of the debt investments.

(5)
See Note 2 – Significant Accounting Policies and Note 4 — Fair Value of Financial Instruments in the accompanying notes to the financial statements.

(6)
Geographic regions are determined by the respective portfolio company’s headquarters’ location.

(7)
Under the Investment Company Act of 1940, as amended (the “1940 Act”), a business development company (“BDC”) may not acquire any “non-qualifying asset” (i.e., an asset other than assets of the type listed in Section 55(a) of the 1940 Act, which are referred to as “qualifying assets”), unless, at the time the acquisition is made, qualifying assets represent at least 70% of the BDC’s total assets. As of September 30, 2023 the aggregate fair value of non-qualifying assets is $24,596 or 27.6% of the Company’s total assets.

(8)
Principal is net of repayments, if any, as per the terms of the debt instrument’s contract.

(9)
All investments were valued at fair value. See Note 4 — Fair Value of Financial Instruments in the accompanying notes to the financial statements.

(10)
The Company uses the North American Industry Classification System (“NAICS”) code for classifying the industry grouping of its portfolio companies.

(11)
As of September 30, 2023 PRIME is 8.50%.

(12)
The annualized seven-day yield as of September 30, 2023 is 5.29%.

See notes to financial statements.

SILVER SPIKE INVESTMENT CORP.

Schedule of Investments
December 31, 2022
 (in thousands)

Portfolio Company (1)
Type of
Investment (2)
Investment
Date (3)
Maturity Date
Interest Rate (4)
 
Fair Value
Hierarchy (5)
 
Geographic
Region (6)
Non-Qualifying
Asset (7)
 
Principal
Amount (8)
   
Amortized
Cost
   
Fair
Value (9)
   
% of
Net Assets
 
Debt Securities - United States
 
 
 
 
       
 
                       
Wholesale Trade (10)
 
             
 
                       
AYR Wellness, Inc.
Senior Secured Note
10/11/2022
12/10/2024
Fixed interest rate 12.5%
   
3
 
Southeast
No
 
$
2,000
   
$
1,773
   
$
1,773
     
2.05
%
Curaleaf Holdings, Inc.
Senior Secured Note
10/11/2022
12/15/2026
Fixed interest rate 8.0%
   
3
 
Northeast
No
   
4,500
     
3,854
     
3,854
     
4.46
PharmaCann, Inc.
Senior Secured Note
6/30/2022
6/30/2025
Fixed interest rate 12.0%
   
3
 
Midwest
No
   
4,250
     
4,029
     
3,967
     
4.59
Shryne Group, Inc.
Senior Secured First Lien Term Loan
5/26/2022
5/26/2026
Variable interest rate PRIME(11) + 8.5%
(4.0% PRIME Floor)
   
3
 
West
No
   
21,000
     
20,480
     
20,269
     
23.44
Verano Holdings Corp.
Senior Secured First Lien Term Loan
10/27/2022
10/30/2026
Variable interest rate PRIME(11) + 6.5%
(6.25% PRIME Floor)
   
3
 
Midwest
No
   
21,000
     
20,392
     
20,392
     
23.58
 
 
 
 
 
         
 
 
$
52,750
     
50,528
     
50,255
     
58.12
 
 
 
 
 
         
 
                               
Total: Debt Securities - United States (58.12%):
 
         
 
           
50,528
     
50,255
     
58.12
 
 
 
 
 
         
 
                               
Total: Debt Securities (58.12%):
 
         
 
           
50,528
     
50,255
     
58.12