Chicago Atlantic Enters into Joint Venture with Silver Spike
Chicago Atlantic BDC Holdings, LLC and its affiliates (Chicago Atlantic) today entered into a definitive agreement with Silver Spike Capital, LLC (SSC), the investment adviser of Silver Spike Investment Corp (NASDAQ:SSIC), pursuant to which a joint venture between Chicago Atlantic and SSC would be created to combine and jointly operate SSC's and a portion of Chicago Atlantic's investment management businesses, subject to certain SSIC stockholder approvals and customary closing conditions (the "Joint Venture").
Upon closing of the Joint Venture, SSIC would be renamed Chicago Atlantic BDC, Inc. and SSC would be renamed Chicago Atlantic BDC Advisers, LLC.
The transaction follows the initial public offering and listing of the shares of Chicago Atlantic Real Estate Finance, Inc. (NASDAQ:REFI) in 2021. REFI has been one of NASDAQ's leading commercial mortgage real estate investment trusts (REITs) based on total returns since its IPO.
"This transaction is an accretive opportunity that has the potential to benefit shareholders as well as the Chicago Atlantic and Silver Spike team members," said John Mazarakis, Chicago Atlantic Founding Partner and Executive Chairman of REFI.
"Chicago Atlantic's deal sourcing and disciplined approach to underwriting alternative industries has proven its value and serves as a stepping stone to this transaction," added Andreas Bodmeier, Chicago Atlantic Founding Partner. "We are excited about the potential to jointly elevate the performance of SSIC for the benefit of all shareholders."
Deal closing is expected for mid-2024.
About Chicago Atlantic
Chicago Atlantic is a private market investment manager combining deep expertise with an entrepreneurial approach to multi-asset class investing. Founding Partners John Mazarakis, Tony Cappell and Andreas Bodmeier established Chicago Atlantic in 2019 and have grown the firm's private investment strategies to include opportunistic credit, private equity and impact investing. Chicago Atlantic has made over $2 billion in credit and equity investments to date. Chicago Atlantic's team of over 70 professionals has offices in Miami, Florida and Chicago, Illinois. For more information on Chicago Atlantic's financing products, visit chicagoatlantic.com.
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