TORONTO, April 26, 2024 /CNW/ - Cliffside Capital Ltd. ("Cliffside" or the "Company") (TSXV: CEP) is pleased to announce financial results for the year ended December 31, 2023. The Company reported the following for 2023 compared with the prior year: Decline in gross finance receivables by 37.5% to 120.9 million, with a corresponding decline in securitization and subordinated debt by $40.6% to 107.5 million Net financial revenue before credit losses, excluding mark to market gain (loss) on derivative financial instrument declined by 14.2% to $8.4 million Provision for credit losses declined by 33.9% to $8.0 million Net loss before taxes of $1.3 million compared to a net loss before taxes of $2.0 million for the prior year The acquisition of finance receivables slowed in the fourth quarter of 2022 and subsequently paused in January 2023 as the Company continued to assess macroeconomic conditions and undergo a strategic review by a special committee (the "Independent Committee"). The pause in acquisitions resulted in a 37.5% decline in gross finance receivables to $120.9 million and a corresponding 40.6% decline in the securitization and subordinated debt to $107.5 million compared to the prior year. This decline in gross finance receivables together with the prevailing macroeconomic environment of high consumer ...