Chicago Atlantic BDC (NASDAQ: LIEN), formerly known as Silver Spike Investment Corp., reported $8 million in fourth-quarter profit on its investment income, the cannabis lender’s first financial results since its October loan portfolio deal.
The business development company recorded total investment income of $12.6 million and maintained its recently increased dividend of $0.34 per share. Total net assets reached $301.2 million by year-end, up from $82.5 million before the acquisition.
“We have continued to create a scaled, diversified portfolio of senior secured investments, generate highly attractive yields, and leverage our industry leading expertise in cannabis and other underserved lending markets,” CEO Peter Sack said in a statement.
Chicago Atlantic BDC acquired a $219.6 million portfolio from affiliate Chicago Atlantic Loan Portfolio LLC in October in exchange for 16.6 million newly issued shares. The deal gave CALP roughly 73% ownership of the company’s outstanding shares.
The company’s total investment portfolio reached $275.2 million across 28 companies by the end of December. No loans were on nonaccrual status at year-end.
Net asset value per share dipped slightly to $13.20 from $13.28 the previous quarter and $13.77 a year earlier, which the company attributed to dividend payments and transaction expenses.
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. The company in February nabbed a new $100 million revolving credit facility.
“We are quite proud of our achievements to date, including declaring two quarterly dividends of $0.34 per share, a 36% increase from the $0.25 per share dividend for the quarter,” Sack noted.
In the full year 2024, Chicago Atlantic BDC reported profit of $9.5 million on total investment income of $21.7 million. When excluding the $5.3 million in expenses related to the portfolio acquisition, the adjusted net investment income for the year was $14.8 million.
[[{“value”:”Chicago Atlantics BDC’s total investment portfolio hit $275 million after an October loan acquisition from its affiliated entity.
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