Form 4: Silver Spike Capital Distributes Chicago Atlantic BDC Shares to Limited Partner

Silver Spike Capital, LLC distributed 684,611 shares of Chicago Atlantic BDC, Inc. common stock to a limited partner, resulting in a change in beneficial ownership.

Summary

• Silver Spike Capital, LLC, along with related entities Silver Spike Holdings, LP and Silver Spike Holdings GP, LLC, filed a Form 4 detailing a transaction involving Chicago Atlantic BDC, Inc. shares.
• The transaction involved an in-kind distribution of 684,611 shares of common stock to a limited partner of Silver Spike Holdings, LP.
• This distribution was made for no consideration, meaning no money was exchanged for the shares.
• Following the transaction, Silver Spike Capital, LLC indirectly beneficially owns 3,815,776 shares of Chicago Atlantic BDC, Inc.
• The filing clarifies that the reporting persons disclaim beneficial ownership of the shares except to the extent of their pecuniary interest.

Sentiment

Score: 7

Explanation: The document is a routine regulatory filing detailing a share distribution. It is neutral in sentiment, reflecting standard business operations and compliance.

Management Comments

• Scott Gordon, as Manager, signed the Form 4 on behalf of Chicago Atlantic BDC Advisers, LLC, Silver Spike Holdings, LP, and Silver Spike Holdings GP, LLC.

Industry Context

This filing is a routine disclosure of changes in beneficial ownership, which is common for investment firms and their holdings in publicly traded companies. It reflects the ongoing management of investments within the Silver Spike Capital structure.

Comparison to Industry Standards

• Form 4 filings are standard practice for reporting changes in beneficial ownership by insiders and major shareholders of publicly traded companies.
• The in-kind distribution of shares is a common method for managing investments within private equity and investment partnerships.
• The disclaimer of beneficial ownership, except for pecuniary interest, is a standard legal practice to avoid unintended implications of ownership.

Related Party Transactions

• The distribution of shares to a limited partner of Silver Spike Holdings, LP is a related party transaction.

Stakeholder Impact

• The transaction may have a minor impact on the share price of Chicago Atlantic BDC, Inc., but is unlikely to be significant.
• The limited partner receiving the shares benefits from the distribution.

Key Dates

Keywords

Form 4, Beneficial Ownership, Share Distribution, Chicago Atlantic BDC, Silver Spike Capital, In-Kind Distribution, Limited Partner