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Silver Spike Investment Corp. has changed its ways after Portfolio of loans purchased Chicago Atlantic Loan Portfolio LLC. SSIC will become a BDC, or business development company. The entity has been renamed Chicago Atlantic BDC Inc. and its ticker on the Nasdaq is now LIEN. Effective at the opening of businesses on Oct. 2,

The company is the first Nasdaq BDC to focus on lending to cannabis businesses. It has a net worth of about $300 million, and invests in 28 portfolio companies.

The deal follows Chicago Atlantic’s successful management of Chicago Atlantic Real Estate Finance Inc.

John Mazarakis is a partner with Chicago Atlantic. He said, “This is a great opportunity for all shareholders and team players to benefit.”Silver Spike Chicago Atlantic and we share synergistic objectives, and we’re excited to collaborate, innovate, and drive collective results, for the benefit of all our shareholders.”

Due to the Loan Portfolio Acquisition CALP and legacy SSIC shareholders own approximately 72.8% of the outstanding shares and 27.2% of the Company’s Common Stock, respectively.

The first announcement of the deal was made in FebruaryWhen Chicago Atlantic BDC Holdings LLC, its affiliates and Silver Spike Capital LLC have entered into a joint venture agreement with Silver Spike Investment Corp. (NASDAQ: SSIC), the investment adviser.

C-suite moves

In a press release, Chicago Atlantic BDC announced Scott Gordon, SSIC CEO and CIO and Umesh Mahjan, a SSIC partner, would continue to serve on the management team of the new entity. Gordon will be the executive chairman of the Board of Directors and co-chief Investment Office, while Mahajan takes on the roles of CFO, secretary, and co-chief Investment Office.

Andreas Bodmeier is now the chief executive officer of Chicago Atlantic. Dino Colonna was previously a partner and co-head for credit at SSC.

Bodmeier stated that Chicago Atlantic seeks opportunities in the private markets by providing debt financing to lower middle market companies. These are typically non-sponsors and unique industries with structural reasons for a lack of capital. “The rapidly expanding cannabis sector is a compelling example.”