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Silver Spike Investment Corp. (NASDAQ:SSIC) released its financial results for the quarter ended June 30, 2023., revealing total investment income of $2.9 million, an increase of 257% compared to $809,591 in Q2 2022.
Q2 2023 Financial Highlights
Net investment income of $1.9 million, or $0.31 per share, compared to $221,245 or $0.04 per share in Q2 2022.
Investment portfolio of $57.7 million at fair value
Net asset value per share increased to $14.49 on June 30, 2023 from $14.29 on March 31, 2023
As of June 30, 2023, the company had $32 million in available liquidity, comprising $32 million in cash equivalents.
Scott Gordon, chairman and CEO of Silver Spike, stated “We have built a robust portfolio of loans over the past year and are excited to announce our inaugural regular quarterly dividend and special dividend. Our ability to announce our first dividends, after commencing operations as a “blind pool” with no investments, is a testament to Silver Spike's rigorous underwriting standards, specialized structuring skills and cannabis expertise. The cannabis market remains challenging for operators and investors, but we continue to see attractive investment opportunities and will seek to add investments to the portfolio in a disciplined manner.”
Regular and Special Dividend
The company’s board of directors declared a cash dividend of $0.63 per share, consisting of a regular quarterly dividend of $0.23 per share and a special dividend of $0.40 per share. The dividend is payable on September 29, 2023 to stockholders of record on September 15, 2023.
The special dividend will be paid out of the company's undistributed taxable income (taxable income in excess of dividends paid) as of March 31, 2023. The company expects to also pay a special dividend during the quarter ending December 31, 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 at least three days prior to the dividend payment date will have their cash dividends automatically reinvested in additional shares of the company’s common stock. Those stockholders whose shares are held by a broker or other financial intermediary may receive dividends in cash by notifying their broker or other financial intermediary of their election.
Price Action
Silver Spike Investment shares were trading 8.15% higher at $9.49 during Friday's pre-market session.
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Posted In: SSIC
