Chicago Atlantic BDC, Inc. Renamed and NASDAQ Ticker Changed to LIEN

Strategic Insights -

Chicago Atlantic BDC, Inc. (formerly known as Silver Spike Investment Corp.) has undergone significant changes after acquiring a portfolio of loans from Chicago Atlantic Loan Portfolio, LLC. As a result, Chicago Atlantic BDC, Inc. has net assets of approximately $300 million and investments in 28 portfolio companies. The company has also created a joint venture with Silver Spike Capital, LLC, combining their investment management businesses. The joint venture will operate as Chicago Atlantic BDC Advisers, LLC. Chicago Atlantic BDC, Inc. aims to capitalize on opportunities in private markets by providing debt capital to lower middle market companies, particularly in the cannabis industry.

Key Takeaways:

  • Chicago Atlantic BDC, Inc. acquired a portfolio of loans from Chicago Atlantic Loan Portfolio, LLC, resulting in approximately 72.8% ownership by CALP and 27.2% ownership by SSIC stockholders.
  • The company has a joint venture with Silver Spike Capital, LLC, combining their investment management businesses as Chicago Atlantic BDC Advisers, LLC.
  • The joint venture combines two leading investment platforms in the cannabis industry.
  • The company aims to capitalize on opportunities in private markets by providing debt capital to lower middle market companies, particularly in the cannabis industry.
  • Andreas Bodmeier, Partner at Chicago Atlantic, has assumed the role of Chief Executive Officer of the company.
  • Dino Colonna, previously Partner and Co-Head of Credit of Silver Spike Capital, has assumed the role of President of the company.
  • The company has net assets of approximately $300 million and investments in 28 portfolio companies.
  • Scott Gordon and Umesh Mahajan, former officers of the company, will continue to be part of the management team.
  • The company's ticker symbol will be changed to "LIEN" and will be effective at the open of business on October 2, 2024.
  • The Company has based the forward-looking statements included in this communication on information available to it on the date of this communication, and it assumes no obligation to update any such forward-looking statements.

Statistics:

  • Chicago Atlantic BDC, Inc. has a joint venture with Silver Spike Capital, LLC, combining their investment management businesses.
  • The joint venture will operate as Chicago Atlantic BDC Advisers, LLC.
  • The company aims to capitalize on opportunities in private markets by providing debt capital to lower middle market companies.
  • The company has net assets of approximately $300 million.
  • Investments in 28 portfolio companies.
  • The company's officers prior to the Loan Portfolio Acquisition, including Scott Gordon and Umesh Mahajan, will continue to be part of the company's management team.

Sources:

  • Chicago Atlantic BDC, Inc. press release, October 18, 2024
  • Business Wire article, October 18, 2024
  • SEC filings of Chicago Atlantic BDC, Inc.