Silver Spike Investment Corp. (SSIC) reported its financial results for the year ending December 31, 2023. The company's net investment income increased to $1.7 million, or $0.28 per share, compared to $1.6 million, or $0.26 per share, in the previous quarter. However, its investment portfolio decreased in fair value from $57.4 million to $54.1 million.
SSIC's net asset value (NAV) per share decreased from $14.06 on September 30, 2023, to $13.77 on December 31, 2023. This decrease was primarily driven by dividend payments. The company declared a cash dividend of $0.25 per share, payable on March 28, 2024, to stockholders of record on March 20, 2024.
Despite the NAV decrease, SSIC's liquidity remained strong with $32.6 million in cash equivalents at year-end. The company also implemented an optional dividend reinvestment plan (DRIP) for stockholders who prefer reinvestment over cash payouts.
SSIC's strategic pivot included the acquisition of the Chicago Atlantic Loan Portfolio on February 20, 2024. This acquisition is expected to enhance the company's investment breadth. Operationally, the closing quarter reflected a robust net increase in net assets from operations of $2.5 million, or $0.40 per share, partly buoyed by a net unrealized gain of $0.8 million from debt investment valuations.