CLIFFSIDE CAPITAL LTD. ANNOUNCES FIRST QUARTER 2022 FINANCIAL RESULTS

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TORONTO, May 27, 2022 /CNW/ – Cliffside Capital Ltd. (“Cliff” or the “Company“) (TSXV: CEP) is pleased to announce its financial results for the first quarter ended March, 31st. 2022.

The Company recorded an increase of $74.3 millioni.e. 71.4%, of gross financial receivables on $104.1MM to March 31, 2021 to a record of $178.4 million like a March 31, 2022 which generated:

  • $0.8 million net income before tax for the first quarter ended March 31, 2022;

  • $1.2 million or 39.4% increase in net interest income over the first quarter of the prior year;

  • $0.5 million an increase of 31.2% in net investment income before credit losses, excluding mark-to-market gains on derivatives, compared to the first quarter of the previous year.

During the quarter, the Company also declared a quarterly cash dividend on the outstanding common shares of $0.0025 per ordinary share ($0.01 on an annualized basis). Each of these dividends is considered an “eligible” dividend within the meaning of the Income Tax Act (Canada). Dividends were subject to customary Canadian withholding tax for shareholders not resident in Canada. Canada.”

“I am very pleased with the first quarter results. Financial receivables performance remains stable, with defaults and loan losses at the low end of the target range. As markets continue to normalize post-pandemic and with continued inflationary pressures, we remain focused on balancing growth with acquiring quality debt that will generate appropriate risk-adjusted returns,” said the CEO. Steve Malone.

Further information on Cliffside’s financial results is available at www.cliffsidecapital.ca.

About Cliffside

Cliffside is focused on investing in strategic partnerships with parties that have specialized expertise and proven experience in originating and servicing loans and similar types of financial assets. Cliffside’s strategy is to generate income as an investor, providing its shareholders with the opportunity to invest in the growing alternative lending industry with the potential for attractive returns and minimal operational risk while achieving a reliable total return. For more information, see Cliffside’s filings on SEDAR at www.sedar.com.

CAUTION REGARDING FORWARD-LOOKING INFORMATION: This press release contains certain “forward-looking statements” under applicable Canadian securities laws. Forward-looking statements include, but are not limited to, statements regarding Cliffside’s business and operations. Forward-looking statements are necessarily based on a number of estimates and assumptions which, while believed to be reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results to differ. and future events differ materially from those expressed or implied. by such forward-looking statements. These factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; the results of operations; potential for conflicts of interest; the availability of suitable financial claims that can be purchased by the Company’s limited partnerships under existing financing facilities; and the volatility of the price and volume of the Common Shares. There can be no assurance that such statements will prove to be accurate or complete, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Cliffside disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Cliffside Capital Ltd.

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