Silver Spike Investment Corp
For the period ended Dec 31, 2023. Filed Mar 28, 2024.
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FY2023 · Filed Mar 28, 2024
LIEN$9.10+0.3%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Statements of Cash Flows
| Year Ended December 31, 2023 · For the period from April 1, 2022 through December 31, 2022* · Year Ended March 31, 2022 | |||||
|---|---|---|---|---|---|
| Cash flows from operating activities | |||||
| Net increase (decrease) in net assets resulting from operations | $7,340,108 | $1,923,639 | $(563,365) | ||
| 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 | (922,031) | 273,348 | - | ||
| Net (accretion of discounts) and amortization of premiums | (810,554) | (165,398) | - | ||
| Purchase of investments | (8,442,000) | (50,362,500) | - | ||
| PIK interest capitalized | (115,725) | - | - | ||
| Proceeds from sales of investments and principal repayments | 6,214,093 | - | - | ||
| (Increase)/Decrease in operating assets: | |||||
| Interest receivable | (196,279) | (1,549,867) | (9,215) | ||
| Other assets | (50,000) | - | - | ||
| Prepaid expenses | (6,953) | 224,189 | (256,512) | ||
| Deferred offering costs | - | - | 276,256 | ||
| Increase/(Decrease) in operating liabilities: | |||||
| Income-based incentive fees payable | 1,511,253 | - | - | ||
| Management fee payable | 86,156 | 170,965 | - | ||
| Capital gains incentive fees payable | 87,583 | - | - | ||
| Legal fees payable | 42,609 | 8,232 | 33,983 | ||
| Transaction fees payable related to the Loan Portfolio Acquisition | 711,264 | - | - | ||
| Valuation fees payables | 24,675 | - | - | ||
| Administrator fees payable | 29,157 | 10,155 | 47,151 | ||
| Audit fees payable | 73,998 | - | 40,000 | ||
| Director fees payable | 62,711 | 7,679 | 24,370 | ||
| Professional fees payable | (11,511) | 28,744 | - | ||
| Other payables | (19,841) | 8,305 | 25,359 | ||
| Due to affiliate | (37) | (48) | 85 | ||
| Excise tax payable | (69,911) | 80,566 | - | ||
| Offering cost payable | - | (264,581) | (11,675) | ||
| Organizational costs payable | - | (34,168) | (115,547) | ||
| Net cash provided by (used in) operating activities | 5,749,532 | (49,640,740) | (509,110) | ||
| Cash flows from financing activities | |||||
| Issuance of common stock, net of offering cost | - | - | 85,275,170 | ||
| Distributions paid | (8,263,217) | - | - | ||
| Net cash provided by (used in) financing activities | (8,263,217) | - | 85,275,170 | ||
| Net increase (decrease) in cash and cash equivalents | (2,513,685) | (49,640,740) | 84,766,060 | ||
| Cash and cash equivalents, beginning of period | 35,125,320 | 84,766,060 | - | ||
| Cash and cash equivalents, end of period | $32,611,635 | $35,125,320 | $84,766,060 | ||
| Supplemental and non-cash financing activities | |||||
| Reinvestment of dividend distributions | $2,318 | $ | - | $ | - |
| * | On November 8, 2022, our Board of Directors approved a change in our fiscal year end from March 31 to December 31. |
|---|
December 31, 2023
Schedule of Investments
(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 | $3,989 | $4,140 | 4.84% | |||
| 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 | 4,229 | 4,320 | 5.05 | |||
| PharmaCann, Inc. | Senior Secured Note | 6/30/2022 | 6/30/2025 | Fixed interest rate 12.0% | 3 | Midwest | No | 4,250 | 4,109 | 3,974 | 4.65 | |||
| 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 | 21,065 | 20,682 | 20,749 | 24.25 | |||
| 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 | 20,937 | 20,462 | 20,937 | 24.47 | |||
| $55,072 | 53,471 | 54,120 | 63.26 | |||||||||||
| Total: Debt Securities -United States (63.26%): | 53,471 | 54,120 | 63.26 | |||||||||||
| Total: Debt Securities (63.26%): | 53,471 | 54,120 | 63.26 | |||||||||||
| Total Investment in Securities (63.26%): | $53,471 | $54,120 | 63.26% | |||||||||||
| Cash equivalents | ||||||||||||||
| State Street Institutional U.S. Government Money Market Fund (12) | 1 | $32,612 | $32,612 | 38.12% | ||||||||||
| Cash equivalents (38.12%): | 32,612 | 32,612 | 38.12 | |||||||||||
| Total Portfolio Investments and Cash equivalents (101.38%): | $86,083 | $86,732 | 101.38% | |||||||||||
| (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 December 31, 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 December 31, 2023 the aggregate fair value of non-qualifying assets is $25,077 or 29.3% 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 December 31, 2023 PRIME is 8.50%. |
| (12) | The annualized seven-day yield as of December 31, 2023 is 5.32%. |
December 31, 2022
Schedule of Investments
(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 | |||||||||||
| Total Investment in Securities (58.12%): | $50,528 | $50,255 | 58.12% | |||||||||||
| Cash equivalents | ||||||||||||||
| State Street Institutional U.S. Government Money Market Fund (12) | 1 | $35,125 | $35,125 | 40.62% | ||||||||||
| Cash equivalents (40.62%): | 35,125 | 35,125 | 40.62 | |||||||||||
| Total Portfolio Investments and Cash equivalents (98.74%): | $85,653 | $85,380 | 98.74% | |||||||||||
| (1) | All portfolio companies are located in the United States. |
| (2) | No debt investment is non-income producing as of December 31, 2022. |
| (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. |
| (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 December 31, 2022 PRIME is 7.50%. |
| (12) | The annualized seven-day yield as of December 31, 2022 is 4.12%. |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.