TORONTO, May 29, 2024 /CNW/ - Cliffside Capital Ltd. ("Cliffside" or the "Company") (TSXV: CEP) is pleased to announce financial results for the first quarter of 2024. The Company reported the following: Decline in gross finance receivables by 37.4% to $107.5 million, with a corresponding decline in securitization and subordinated debt by $40.9% to $94.8 million compared to Q1 2023 Decline in net interest and other income by 35.2% to $3.3 million, consistent with the decline in gross finance receivables compared to Q1 2023 Provision for credit losses declined by 42.5% to $1.2 million compared to Q1 2023 Net loss before taxes of $0.3 million for the quarter ended March 31, 2024 The acquisition of finance receivables paused in 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 37.4% decline in gross finance receivables to $107.5 million and a corresponding 40.9% decline in the securitization and subordinated debt to $94.8 million compared to the same period in the prior year. This decline in gross finance receivables together with the macroeconomic environment continuing to be challenging have adversely impacted the ...