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Silver Spike Investment Corp. (NASDAQ:SSIC), a cannabis-focused specialty finance company, announced Wednesday its financial results for the year ending December 31, 2023.
A strategic pivot was marked by the acquisition of the Chicago Atlantic Loan Portfolio on February 20, 2024, promising to enrich SSIC’s investment breadth. Operationally, the closing quarter reflected a robust net increase in net assets from operations, pegged at $2.5 million, or $0.40 per share, partly buoyed by a net unrealized gain of $0.8 million from debt investment valuations.
Top executives leading some of the largest cannabis operators are slated to share valuable advice and insights at the upcoming Benzinga Cannabis Capital Conference in Florida on April 16-17. The two-day event that returns to The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow.
Despite the NAV’s marginal decrease, influenced by dividend disbursements, SSIC’s liquidity stood strong at $32.6 million in cash equivalents by year-end. The dividend declaration underscores the company’s commitment to shareholder value, complemented by an optional dividend reinvestment plan (DRIP) for stockholders favoring reinvestment over cash payouts.
"We are pleased to have announced a dividend of $0.25 per share. Despite the continued challenging environment for cannabis operators and investors, we are pleased with the continued strong performance of our portfolio companies and remain encouraged by signs of improved market dynamics for several state markets. We anticipate more attractive debt-related investment opportunities with favorable risk/reward characteristics throughout the remainder of 2024, and we will seek to add investments to the portfolio in a disciplined manner," Chairman and CEO Scott Gordon expressed.
SSIC Price Action
SSIC's shares were trading 1.63% lower at $0.1606 per share at the time of this writing around 1 PM ET Thursday.
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Image: Benzinga edit with photo from Pixabay
Posted In: SSIC