Silver Spike Investment completes loan portfolio acquisition

Silver Spike Investment completed its acquisition from Chicago Atlantic Loan Portfolio of a portfolio of loans in exchange for newly issued shares of the company’s common stock. As a result of the Loan Portfolio Acquisition, the company has net assets of approximately $300M and investments in 28 portfolio companies. In connection with the Loan Portfolio Acquisition, the company issued 16,605,372 shares of its common stock to CALP. Following the Loan Portfolio Acquisition, CALP and legacy SSIC stockholders own approximately 72.8% and 27.2%, respectively, of the outstanding shares of the company’s common stock. Separately, Silver Spike Capital closed its transaction with Chicago Atlantic BDC Holdings, the investment adviser of CALP, pursuant to which a joint venture between Chicago Atlantic and SSC has been created to combine and jointly operate SSC’s, and a portion of Chicago Atlantic’s, investment management businesses. The new investment advisory agreement has the same base management and incentive fee as, and otherwise does not materially differ from, the prior investment advisory agreement. In connection with the transactions, the Board and the officers of the company have changed as follows: Frederick Herbst – Independent Director -, John Mazarakis – Partner at Chicago Atlantic -, and Jason Papastavrou – Independent Director – have joined the Board, to serve until the 2025, 2026, and 2027 annual meetings of stockholders, respectively, and until their respective successors are duly elected and qualified; Andreas Bodmeier — Partner at Chicago Atlantic – has replaced Gordon as CEO of the company; Gordon has become Executive Chairman of the Board and Co-Chief Investment Officer of the company; Umesh Mahajan has become Co-Chief Investment Officer in addition to remaining CFO and Secretary; and Dino Colonna, previously Partner and Co-Head of Credit at SSC, has become the President. In addition, the company has been renamed “Chicago Atlantic BDC” and its ticker symbol will be changed to “LIEN,” and the Adviser has been renamed “Chicago Atlantic BDC Advisers, LLC.” The changes to the cname and ticker symbol will become effective in the market at the open of business on October 2.