Cannabis-Focused Finance Company Declares Special Dividend, Q3 Investment Income In Line With Previous Quarter

Cannabis-focused specialty finance company Silver Spike Investment Corp. SSIC reported its financial results for the quarter ended Sep. 30, 2023, revealing a total investment income of $2.9 million, in line with the previous quarter.

“We are excited to announce our second regular quarterly dividend of $0.25 and special dividend of $0.45,” Scott Gordon, chairman and chief executive officer of Silver Spike stated. “We remain in a challenging environment for cannabis operators and investors, but we are encouraged by initial signs of improved market dynamics for several state markets and an increase in debt financing interest from operators. We continue to see attractive investment opportunities with favorable risk/reward characteristics, and we will seek to add investments to the portfolio in a disciplined manner.”

Q3 2023 Financial Highlights

• Net investment income of $1.6 million, or $0.26 per share compared to $1.9 million, $0.31 per share in the previous quarter.
• Investment portfolio of $57.4 million at fair value, which compares to $57.7 million at fair value in the second quarter.
• Net asset value (“NAV”) per share decreased from $14.49 on June 30, 2023 to $14.06 on September 30, 2023
• A cash dividend of $0.70 per share was declared, consisting of a regular quarterly dividend of $0.25 per share and a special dividend of $0.45 per share. The dividend is payable on December 29, 2023, to stockholders of record on December 20, 2023

Price Action 

Silver Spike shares closed Thursday market session 0.34% lower at $9.23 per share. 

Photo: Kindel Media via Pexels

Related Links: 

Silver Spike Shares Trading Higher On Q2 Investment Income Growth Of 257% YoY 

Silver Spike Investment Q1 FY23 Total Investment Income Grows To $2.5M, Here Is What You Need To Know