Cliffside Capital (TSE:CEP) has released an update.
Cliffside Capital Ltd. has reported a significant decrease in financial performance for the first quarter of 2024, with gross finance receivables and securitization debt falling by over 37% and 40% respectively, leading to a net loss before taxes of $0.3 million. The downturn is attributed to a strategic pause in acquiring new finance receivables due to challenging macroeconomic conditions and an ongoing strategic review by the Independent Committee. Despite the current setbacks, Cliffside remains focused on revenue generation through investments in the alternative lending sector.
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