Chicago Atlantic BDC, formerly Silver Spike Investment Corp. (NASDAQ: LIEN), reported an $8 million profit in the fourth quarter on investment income. This was its first financial result since it acquired its loan portfolio back in October.
Business Development Company reported total investment income $12.6 million, and the company maintained its dividend increase of $0.34 per shares. By year’s end, the total net asset value had increased from $82.5 to $301.2 million.
Peter Sack stated in a press release that “we have created a portfolio of diversified senior secured investments with a high yield, and we are leveraging our expertise and industry leadership in the cannabis market and in other unserved loan markets.”
Chicago Atlantic BDC bought a $219.6-million portfolio in October from Chicago Atlantic Loan Portfolio LLC, in exchange for 16,6 millions newly issued shares. CALP gained roughly 73% control of the shares in CALP.
At the end December, the total value of investments held by 28 subsidiaries reached $275.2 Million. At the end of last year, no loans had a non-accrual status.
The company attributes the slight decline in net asset value per share to transaction costs and dividends. It was $13.20 compared to $13.28 in the prior quarter.
Chicago Atlantic BDC continues to deploy capital rapidly, funding $24.8 million in new investments in the fourth quarter and another $20.8 million in early 2025 – about $45.6 million in new loans in total. In February, the company secured a $100 million revolving loan facility.
Sack stated, “We’re proud of what we have achieved to date. We declared two quarterly dividends at $0.34 each, which is a 36% rise from $0.25.
Chicago Atlantic BDC made a profit of $9.7 million in the entire year of 2024 on a total of $21.7million of investment income. After subtracting the $5.3 millions in acquisition expenses, adjusted net investment income was $14.8.