Duyuru • May 15
Chicago Atlantic BDC, Inc. Declares Cash Dividend for the Second Quarter Ending June 30, 2026, Payable on July 10, 2026 Chicago Atlantic BDC, Inc. declared a dividend of $0.34 per share for the quarter ending June 30, 2026, payable on July 10, 2026 to shareholders of record on June 26, 2026. Duyuru • May 04
Chicago Atlantic BDC, Inc., Annual General Meeting, Jun 24, 2026 Chicago Atlantic BDC, Inc., Annual General Meeting, Jun 24, 2026. Duyuru • Apr 29
Chicago Atlantic BDC, Inc. to Report Q1, 2026 Results on May 14, 2026 Chicago Atlantic BDC, Inc. announced that they will report Q1, 2026 results Pre-Market on May 14, 2026 Duyuru • Mar 19
Chicago Atlantic BDC, Inc. Declares Cash Dividend for the First Quarter Ending March 31, 2026, Payable on April 14, 2026 Chicago Atlantic BDC, Inc. announced that the company’s board of directors has declared a cash dividend of $0.34 per share for the first quarter ending March 31, 2026. The following are the key dates for the dividends: Record Date March 30, 2026; Payment Date April 14, 2026. Duyuru • Mar 04
Chicago Atlantic BDC, Inc. to Report Q4, 2025 Results on Mar 18, 2026 Chicago Atlantic BDC, Inc. announced that they will report Q4, 2025 results After-Market on Mar 18, 2026 Duyuru • Nov 13
Chicago Atlantic BDC, Inc. Declares Cash Dividend for the Quarter Ending December 31, 2025, Payable on January 15, 2026 The Board of Directors of Chicago Atlantic BDC, Inc. declared a cash dividend of $0.34 per share for the quarter ending December 31, 2025, payable on January 15, 2026 to shareholders of record of December 31, 2025. Duyuru • Oct 29
Chicago Atlantic BDC, Inc. to Report Q3, 2025 Results on Nov 13, 2025 Chicago Atlantic BDC, Inc. announced that they will report Q3, 2025 results Pre-Market on Nov 13, 2025 Duyuru • Aug 14
Chicago Atlantic Bdc, Inc. Declares Quarterly Dividend, Payable on October 10, 2025 Chicago Atlantic BDC, Inc. declared a cash dividend of $0.34 per share for the quarter ending September 30, 2025 payable on October 10, 2025 to shareholders of record of September 29, 2025. Duyuru • Jul 24
Chicago Atlantic BDC, Inc. to Report Q2, 2025 Results on Aug 14, 2025 Chicago Atlantic BDC, Inc. announced that they will report Q2, 2025 results Pre-Market on Aug 14, 2025 Duyuru • Jun 24
John Mazarakis Resigns as Interested Director of Chicago Atlantic BDC, Inc., Effective June 20, 2025 On June 19, 2025, Mr. John Mazarakis notified the Board of Directors (the “Board”) of Chicago Atlantic BDC, Inc. of his resignation, effective as of June 20, 2025, from his position as an interested Director on the Company's Board. Mr. Mazarakis' decision to resign from his position as an interested Director on the Company's Board is solely for the purpose of ensuring compliance with Section 15(f) of the Investment Company Act of 1940, as amended, and is not due to a disagreement on any matter as it relates to the Company's operations, policies, or practices. Duyuru • May 15
Chicago Atlantic Bdc, Inc. Declares Cash Dividend, Payable on July 11, 2025 Chicago Atlantic BDC, Inc. board declared cash dividend of $0.34 per share, payable on July 11, 2025; record date: June 27, 2025. Duyuru • May 01
Chicago Atlantic BDC, Inc., Annual General Meeting, Jun 25, 2025 Chicago Atlantic BDC, Inc., Annual General Meeting, Jun 25, 2025. Duyuru • Apr 30
Chicago Atlantic BDC, Inc. to Report Q1, 2025 Results on May 14, 2025 Chicago Atlantic BDC, Inc. announced that they will report Q1, 2025 results Pre-Market on May 14, 2025 Duyuru • Mar 15
Chicago Atlantic BDC, Inc. Declares Cash Dividend for First Quarter Ending March 31, 2025, Payable on April 11, 2025 Chicago Atlantic BDC, Inc. announced that the Company’s board of directors has declared a cash dividend of $0.34 per share for the quarter ending March 31, 2025. The following are the key dates for the dividend: Record Date March 28, 2025, Payment Date April 11, 2025. Duyuru • Mar 14
Chicago Atlantic BDC, Inc. to Report Q4, 2024 Results on Mar 31, 2025 Chicago Atlantic BDC, Inc. announced that they will report Q4, 2024 results Pre-Market on Mar 31, 2025 Duyuru • Dec 06
Chicago Atlantic BDC, Inc. Declares Cash Dividend for Fourth Quarter 2024, Payable on December 27, 2024 Chicago Atlantic BDC, Inc. announced that the Company’s board of directors has declared a cash dividend of $0.34 per share for the quarter ending December 31, 2024, which represents a 36% increase from the $0.25 per share dividend for the quarter ended September 30, 2024. Record Date: December 19, 2024, Payment Date: December 27, 2024. Duyuru • Oct 22
Chicago Atlantic BDC, Inc. to Report Q3, 2024 Results on Nov 08, 2024 Chicago Atlantic BDC, Inc. announced that they will report Q3, 2024 results Pre-Market on Nov 08, 2024 Duyuru • Oct 02
Silver Spike Investment Corp.(NasdaqGM:SSIC) dropped from NASDAQ Composite Index Silver Spike Investment Corp. has been removed from NASDAQ Composite Index (^COMP) . Duyuru • Aug 09
Silver Spike Investment Corp. Announces Cash Dividend, Payable on September 27, 2024 Silver Spike Investment Corp. announced a cash dividend of $0.25 per share was declared. The dividend is payable on September 27, 2024 to stockholders of record on September 19, 2024. Duyuru • Jul 25
Silver Spike Investment Corp. to Report Q2, 2024 Results on Aug 09, 2024 Silver Spike Investment Corp. announced that they will report Q2, 2024 results Pre-Market on Aug 09, 2024 Duyuru • May 11
Silver Spike Investment Corp. Declares Dividend, Payable on June 28, 2024 Silver Spike Investment Corp.'s Board of Directors declared a cash dividend of $0.25 per share. Record Date is June 20, 2024 and Payment Date is June 28, 2024. Duyuru • Apr 28
Silver Spike Investment Corp., Annual General Meeting, Jun 26, 2024 Silver Spike Investment Corp., Annual General Meeting, Jun 26, 2024, at 10:00 US Eastern Standard Time. Agenda: To re-elect two members of the board of directors of the company (the “board”) to serve until the 2027 annual meeting of stockholders and until their respective successors are duly elected and qualified; and to transact such other business as may properly come before the annual meeting or any postponement or adjournment thereof. Duyuru • Apr 27
Silver Spike Investment Corp. to Report Q1, 2024 Results on May 10, 2024 Silver Spike Investment Corp. announced that they will report Q1, 2024 results Pre-Market on May 10, 2024 Duyuru • Mar 15
Silver Spike Investment Corp. to Report Fiscal Year 2023 Results on Mar 28, 2024 Silver Spike Investment Corp. announced that they will report fiscal year 2023 results Pre-Market on Mar 28, 2024 Duyuru • Mar 08
Silver Spike Investment Corp. Declares Cash Dividend for the Quarter Ending March 31, 2024, Payable on March 28, 2024 Silver Spike Investment Corp. announced that its board of directors has declared a cash dividend of $0.25 per share for the quarter ending March 31, 2024, payable on March 28, 2024. Record Date is March 20, 2024. Duyuru • Oct 26
Silver Spike Investment Corp. to Report Q3, 2023 Results on Nov 10, 2023 Silver Spike Investment Corp. announced that they will report Q3, 2023 results at 9:30 AM, US Eastern Standard Time on Nov 10, 2023 Duyuru • Aug 13
Silver Spike Investment Corp. Announces Special Dividend, Payable on September 29, 2023 Silver Spike Investment Corp. announced special dividend of $0.40 per share. The dividend is payable on September 29, 2023 to stockholders of record on September 15, 2023. Duyuru • Aug 12
Silver Spike Investment Corp. Announces Regular Quarterly Dividend, Payable on September 29, 2023 Silver Spike Investment Corp. announced regular quarterly dividend of $0.23 per share. The dividend is payable on September 29, 2023 to stockholders of record on September 15, 2023. Duyuru • Jul 26
Silver Spike Investment Corp. to Report Q2, 2023 Results on Aug 11, 2023 Silver Spike Investment Corp. announced that they will report Q2, 2023 results Pre-Market on Aug 11, 2023 Duyuru • May 04
Silver Spike Investment Corp. to Report Q1, 2023 Results on May 11, 2023 Silver Spike Investment Corp. announced that they will report Q1, 2023 results at 4:00 PM, US Eastern Standard Time on May 11, 2023 Duyuru • Oct 29
Silver Spike Investment Corp. to Report Q2, 2023 Results on Nov 10, 2022 Silver Spike Investment Corp. announced that they will report Q2, 2023 results After-Market on Nov 10, 2022 Seeking Alpha • Sep 19
Silver Spike Investment: 20% 2 Year Return With Net-Net Cannabis BDC Summary
Silver Spike Investment Corp. is a cannabis focused BDC which IPOd this year.
The company is trading at a 23% discount to net asset value of $13.64.
As a BDC it’s likely that as SSIC establishes their book that they will also initiate a dividend.
I estimate a total 20% return over two years, assuming a reversion to a P/B of 1x and a dividend initiation.
Subscribers to the Microcap Review received early access to this article on August 27th, 2022. Anyone looking for additional microcap value and event driven opportunities should take a look at the offering and author Safety in Value's work.
The price last closed at $9.10 before we shared this idea with the Microcap Review community. Since then it has jumped 15% to current levels of $10.50 with value still likely.
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Silver Spike Investment Corp (SSIC) is a recently IPOd business development company ((BDC)) currently trading below cash value and at a 23% discount to net asset value of $13.64. If the company were liquidated today and their two loans written off completely they'd have $60.073m cash to distribute to shareholders or $9.69. Despite how low the stock is trading, Q1 earnings revealed two new loans, profitability, and growing book value and a comparison to REIT peers that also do cannabis lending suggest a reversion of P/B to 1x or 29% return.
As a BDC it's likely that as SSIC establishes their book that they will also initiate a dividend. I estimate that in a two year time frame with P/B reversion and one year of dividends that annualized returns would be 20%. Given the high amount of cash on hand relative to stock price and clean balance sheet I think there's strong support for this to not trade much farther below current prices.
Silver Spike Investment Corp Company History and Business Overview
Silver Spike Investment Corp announced their IPO in February 2022 offering 6.071m shares for $14.00 per share. They are a closed end management company which is operating as a business development company with a focus on debt in the nascent cannabis space. In filings they've stated, "We intend to achieve our investment objective by investing primarily in secured debt, unsecured debt, equity warrants and direct equity investments in privately held businesses."
Through the IPO the company raised gross proceeds of around $87m which the company since February has been looking to invest. First quarter results have been announced and we can see some of the capital being deployed with $24.418m invested in loans and $60.618m left in cash. Total liabilities for the company are $0.545m which translates to net asset value per share of $13.64 as of June 30th, 2022. At current prices around $10.50 the company is trading at a 23% discount to NAV despite 71% of it being in cash.
We can see that two loans comprise the $24.418m invested so far. They offer a window into the kind of book the company may look to build.
SSIC Q1'23 10-Q
The first loan is to Shryne Group which had been previously announced as SSIC co-led the total $170m loan. Details for SSIC were not defined though so we can observe now that they participated by lending $21m or 12% of the total. It's a floating rate loan with a 12.5% floor so the yield on it should be quite attractive moving forward. Shryne is a fully integrated cannabis operation in California owning brands STIIIZY and Honeyleaf among others. Their assets include cultivation, manufacturing, distribution, and retail properties throughout California.
Shryne Group's Website
The second loan is to PharmaCann. It's a fixed rate three year loan for $4.250m at 12%. PharmaCann is another vertically integrated cannabis operation and claims to be one of the largest in the country on their website. They own two branded dispensary lines, Verilife and LivWell, operating in a combined seven states where they can sell their own products as well as others.
Both PharmaCann and Shryne Group are well positioned as vertically integrated operations to benefit most in a recessionary environment as their scale enables them to reduce cost. The loan base across the two companies offers national exposure yet are non-competing. With the upcoming possibility of SAFE banking provision creating huge catalysts for well-positioned cannabis players going into next year, senior loans in these two companies seem well secured at this point.
As a cannabis focused company with two loans at this point there is a lack of diversification in their book. For those that are bearish on cannabis overall then SSIC is likely a pass for you. If one believes that there are profitable companies to be found within the cannabis sector that will continue to be so in the coming years than offering loans to these companies may be a good way to have some exposure. SSIC will be continuing to build out their book and likely will have further loans to announce next quarter, though again focused in the cannabis sector.
Investment income will fully start to come through in their next quarterly earnings though net interest income for this quarter was $0.810m with interest income at $0.390m. We can estimate based on the floor for Shryne Group that the company will receive $0.784m in interest income per quarter on these loans.
Loans ($m) Principal Amount ($m)
Base Rate
($m)
Annual Interest
($m)
Quarterly Interest
($m)
Quarterly Interest Per Share
Shryne Group $21.00 12.50% $2.63 $0.656 $0.11
PharmaCann $4.25 12% $0.51 $0.128 $0.02
TOTAL $0.784 $0.13
Operating expenses for this quarter came in at $0.6m and likely included one off items related costs in establishing the loans. What I take this to mean is given implied costs and interest income on just these two loans the company is already profitable with optionality in terms of how profitable given the $60m they can still invest. Meanwhile the stock price of SSIC is trading at a P/B of 0.77x. With the company already generating profit and further loan book to build out I expect a reversion to at least a P/B of 1x over the next year or a 29% return.
This is a conservative estimate though as it ascribes no value to their growing book value. From March to June NAV increased from $13.61 to $13.64 and with the base of these two loans generating profitability this value should grow from here. Expenses will remain low as the company is externally managed by an affiliate Silver Spike Capital. What this means is that the investment team isn't paid out SSIC expenses and there is no staff. Rather their main expense comes in the form of a base management fee of 1.75% of gross assets (excluding cash) and an incentive fee based on performance with an annualized hurdle of 7%. We can expect moving forward the company to target returns in excess of this 7% and the two loans around 12% suggest that's achievable. Management fee expenses in Q1 were $0.055m.
Silver Spike Capital interests are strongly aligned with SSIC stockholder's interests as they are 72% owners. They believe that their "investment platform has positioned the firm to be the leading, institutional quality provider of equity and debt capital to the burgeoning plant based and alternative health & wellness industry". Previously to SSIC the company successfully launched another SPAC at $250m, SSPK, which brought Weedmaps (MAPS) public. SSC maintains 7.3% ownership in Weedmaps according to their latest proxy. The value of the relationships that SSC has in the space is clear given SSIC already maintains a pipeline of $1.25b in potential investments.
Business Development Corporations: Mispriced Compared to Averages
Business development corporations are similar to closed end funds in that they invest in other companies and have shares that trade publicly. They are often characterized by high dividend yields between 5-14% or more and give investors access to investments they likely would not otherwise. In the case of SSIC, investors are offered exposure to private cannabis companies.
We can look at data from Closed-End Fund Advisors to see some averages for BDCs to get a sense of the landscape. They break out averages for debt focused and equity focused BDCs. Average discount to premium for debt focused BDCs is just -3.05% compared to SSIC's -23% discount. Part of this discount may be due to the lack of dividend currently as most BDCs offer one. I suspect that in the coming year as the book is fully built out and cash invested that a dividend will be established which will likely help to remove the discount while also offering additional return potential. The average debt BDC yield is 8.99% according to the data.
Comparison to Similar REITs
While SSIC has no BDC peers, there are two REITs which are similar: AFC Gamma (AFCG) and Chicago Atlantic Real Estate Finance (REFI). AFC Gamma is an institutional lender to the cannabis industry focused on senior secured loans. A look at their book shows that an average rate of 13.99% which suggests that a rate above 10% for future loans for SSIC is supported. AFCG trades for a P/B of 1.06x and offers a 12.04% dividend yield.
AFCG Q2'22 10-Q
Chicago Atlantic Real Estate Finance is focused on senior loans in the cannabis industry as well. They trade for a P/B of 1x and offer a 11.72% dividend yield currently. The average interest rate implied at the floor here is 12.53%.
REFI Q2'22 10-Q
Given these details I think it's likely that SSIC will be able to continue to fill out their book at rates of at least 10%. They are also benefiting from the inflationary environment so current rates are a bit higher than when some of these loans above were written.
Silver Spike Investment Corporation Valuation
At current prices of $10.50 and 6.2m shares outstanding market capitalization is $65.1m. Net investment income in Q1 was $0.03 with that value likely to climb as they invest their cash on hand. Total net assets came in at $84.674m in Q1 with 71% represented by cash on hand.
SSIC Q1'23 10-Q
With the company already profitable with just two loans and a lot of potential to grow interest income moving forward I think it's reasonable for the company to trade for at least a P/B of 1x which I believe suggests a 29% margin of safety. The margin of safety is derived from the reality that book value is likely to grow moving forward so our estimate is likely low and 71% of the book is cash with the potential to generate interest income above 10%. Comparison to more mature peers AFCG and REFI both trading at around a P/B of 1x seems to support the idea that this is reasonable. And this is with AFCG and REFI just coming off their 52 week lows. Duyuru • Jul 30
Silver Spike Investment Corp., Annual General Meeting, Sep 21, 2022 Silver Spike Investment Corp., Annual General Meeting, Sep 21, 2022, at 10:00 US Eastern Standard Time. Agenda: To re-elect one member of the board of directors of the Company to serve until the 2025 annual meeting of stockholders and until his successor is duly elected and qualified; and to transact such other business as may properly come before the Annual Meeting or any postponement or adjournment thereof. Recent Insider Transactions • Feb 12
Chairperson & CEO recently bought US$200k worth of stock On the 8th of February, Scott Gordon bought around 14k shares on-market at roughly US$14.00 per share. This was the largest purchase by an insider in the last 3 months. This was Scott's only on-market trade for the last 12 months. Duyuru • Feb 05
Silver Spike Investment Corp. has completed an IPO in the amount of $85.000006 million. Silver Spike Investment Corp. has completed an IPO in the amount of $85.000006 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 6,071,429
Price\Range: $14
Discount Per Security: $0.84
Transaction Features: Reserved Share Offering 
