Silver Spike Investment Corp
For the period ended Jun 30, 2024. Filed Aug 8, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 8, 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
Schedule of Investments
June 30, 2024
(in thousands)
| Portfolio Company (1)(10)(13) · 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 | |||||||||||||||
| Real Estate Services | |||||||||||||||
| Workbox Holdings, Inc. | Senior Secured First Lien Term Loan | 5/20/2024 | 5/31/2029 | Fixed interest rate 6.0% “6.0% PIK” | 3 | Midwest | No | $1,083 | $840 | $971 | 1.15% | ||||
| 1,083 | 840 | 971 | 1.15 | ||||||||||||
| Wholesale Trade | |||||||||||||||
| Curaleaf Holdings, Inc. | Senior Secured Note | 10/11/2022 | 12/15/2026 | Fixed interest rate 8.0% | 3 | Northeast | Yes | 4,500 | 4,063 | 4,208 | 4.99 | ||||
| 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 | 4,246 | 4,320 | 5.13 | ||||
| PharmaCann, Inc. | Senior Secured Note | 6/30/2022 | 6/30/2025 | Fixed interest rate 12.0% | 3 | Midwest | No | 4,250 | 4,153 | 4,059 | 4.82 | ||||
| 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 | 21,170 | 20,872 | 21,070 | 25.01 | ||||
| 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 | 17,811 | 17,466 | 17,989 | 21.35 | ||||
| 52,051 | 50,800 | 51,646 | 61.30 | ||||||||||||
| Total: Debt Securities - United States (62.45%): | 51,640 | 52,617 | 62.45 | ||||||||||||
| Total: Debt Securities (62.45%): | 51,640 | 52,617 | 62.45 | ||||||||||||
| Equity Securities - United States | Shares/ Units | ||||||||||||||
| Real Estate Services | |||||||||||||||
| Workbox Holdings, Inc. | Series A-1 Preferred Shares | 5/20/2024 | 3 | Midwest | 358,950 | $500 | $500 | 0.59% | |||||||
| Workbox Holdings, Inc. | Series A-4 Preferred Stock Warrant | 5/20/2024 | 3 | Midwest | 1,191,769 | 146 | 169 | 0.20 | |||||||
| Workbox Holdings, Inc. | Series A-3 Preferred Stock Warrant | 5/20/2024 | 3 | Midwest | 791,258 | 97 | 112 | 0.13 | |||||||
| 743 | 781 | 0.92 | |||||||||||||
| Total: Equity Securities - United States (0.92%): | 743 | 781 | 0.92 | ||||||||||||
| Total: Equity Securities (0.92%): | 743 | 781 | 0.92 | ||||||||||||
| Total Investment in Securities (63.37%): | $52,383 | $53,398 | 63.37% | ||||||||||||
| Cash Equivalents | |||||||||||||||
| State Street Institutional U.S. Government Money Market Fund (12) | 1 | $34,004 | $34,004 | 40.36% | |||||||||||
| Cash Equivalents (40.36%): | 34,004 | 34,004 | 40.36 | ||||||||||||
| Total Portfolio Investments and Cash Equivalents (103.73%): | $86,387 | $87,402 | 103.73% | ||||||||||||
| (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 June 30, 2024. All equity and warrant investments are non-income producing as of June 30, 2024 unless otherwise noted. |
| (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 June 30, 2024 the aggregate fair value of non-qualifying assets is $22,197 or 24.64% 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 June 30, 2024 PRIME is 8.50%. |
| (12) | The annualized seven-day yield as of June 30, 2024 is 5.25%. |
| (13) | As of June 30, 2024, the Company had the following commitment to fund a delayed draw senior secured loan. Such commitment is subject to the satisfaction of certain conditions set forth in the documents governing the loan and there can be no assurance that such conditions will be satisfied. |
| (in millions) Portfolio Company · Total delayed draw loan commitments · Less: funded commitments · Total unfunded commitments · Less: commitments substantially at discretion of the Company · Less: unavailable commitments due to borrowing base or other covenant restrictions · Total net delayed draw commitments | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Workbox Holdings, Inc. | $1.75 | $ | - | $1.75 | $ | - | $ | - | $1.75 |
Schedule of Investments
December 31, 2023
(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%. |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.