Mr. Praveen Gupta reports

CLIFFSIDE CAPITAL LTD. REPORTS FIRST QUARTER 2022 FINANCIAL RESULTS

Cliffside Capital Ltd. has released its financial results for the first quarter ended March 31. 2022.

The company reported an increase of $74.3-million, or 71.4 per cent, in gross finance receivables from $104.1-million as at March 31, 2021, to a record high of $178.4-million as at March 31, 2022, which generated:

• $800,000 of net income before taxes for the first quarter ended March 31, 2022;
• $1.2-million or 39.4-per-cent increase in net interest income compared with the first quarter in the prior year;
• $500,000 or 31.2-per-cent increase in net financial revenue before credit losses, excluding mark-to-market gains on derivatives, compared with the first quarter in the prior year.

During the quarter, the company also declared a quarterly cash dividend on the outstanding common shares of 0.25 cent per common share (one cent on an annualized basis). Each such dividend qualified as an eligible dividend as defined in the Income Tax Act (Canada). The dividends were subject to customary Canadian withholding tax for shareholders that are non-resident in Canada.

"I am very pleased with the results for the first quarter. Performance of the finance receivables continue to be stable with delinquencies and credit losses being at the low end of the targeted range. As markets continue to normalize postpandemic and with continued inflationary pressures, we remain focused on ensuring we balance growth with acquiring quality receivables that will deliver appropriate risk-adjusted returns," said chief executive officer Steve Malone.

About Cliffside Capital Ltd.

Cliffside is focused on investing in strategic partnerships with parties who have specialized expertise and a proven record in originating and servicing loans and similar types of financial assets. Cliffside's strategy is to generate revenue as an investor, affording its shareholders an opportunity to invest in the growing alternative lending sector with the potential for attractive yields and minimal operational risk while earning a reliable total return.

We seek Safe Harbor.