Chicago Atlantic BDC Inc
NASDAQ:LIEN
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Chicago Atlantic BDC Inc
Silver Spike Investment Corp. operates as a closed-end, non-diversified management investment company. The company is headquartered in New York City, New York and currently employs 0 full-time employees. The company went IPO on 2022-01-31. The Company’s investment objective is to maximize risk-adjusted returns on equity for its stockholders by investing primarily in direct loans to privately held middle-market companies, with a focus on cannabis companies in the health and wellness sector. The company seeks to capitalize on opportunities in private markets by providing debt capital to lower middle market companies, typically non-sponsor, and unique industries facing structural reasons for an insufficient supply of capital. The firm is managed by Chicago Atlantic BDC Advisers, LLC, an investment manager focused on the cannabis and other niche or underfollowed sectors.
Silver Spike Investment Corp. operates as a closed-end, non-diversified management investment company. The company is headquartered in New York City, New York and currently employs 0 full-time employees. The company went IPO on 2022-01-31. The Company’s investment objective is to maximize risk-adjusted returns on equity for its stockholders by investing primarily in direct loans to privately held middle-market companies, with a focus on cannabis companies in the health and wellness sector. The company seeks to capitalize on opportunities in private markets by providing debt capital to lower middle market companies, typically non-sponsor, and unique industries facing structural reasons for an insufficient supply of capital. The firm is managed by Chicago Atlantic BDC Advisers, LLC, an investment manager focused on the cannabis and other niche or underfollowed sectors.
Record Originations: Chicago Atlantic BDC funded a record $66.7 million in new investments during the quarter, significantly improving portfolio diversification.
Strong Earnings: Net investment income per share was $0.42, up from $0.34 last quarter, and the dividend was maintained at $0.34 per share for the fifth consecutive quarter.
Above-Market Returns: The weighted average yield on debt investments reached 15.8%, notably higher than the average BDC yield of 11.4%.
Low Credit Risk: 99.5% of the portfolio is senior secured and there are no non-accruals, compared to a 3.5% industry average.
Ample Liquidity: The company ended the quarter with $97.8 million in liquidity and remains well underleveraged versus industry peers.
Positive Industry Outlook: Management remains constructive on cannabis lending, citing strong demand and unique market positioning despite broader sector headwinds.
