Cliffside Capital: A clear view from our preferred vantage point.
Disciplined approach. Steady returns. Diversified exposure to an emergent and significant asset class.
OUR COMPANY
Investing in strategic partnerships with experienced third parties, Cliffside Capital (TSXV: CEP) is a trusted source of capital, meeting the market need for diversified funding sources to support the rapidly changing, technology-led, alternative lending marketplace.
With a proven track record of capital formation and disciplined investment, Cliffside Capital sources and evaluates investments in the growing Canadian non-prime lending sector, offering our investors attractive risk-adjusted opportunities in this exciting and emerging asset class.
“Providing stable capital to our disciplined and proven loan originators, delivering steady and predictable returns to our investors.”
OUR INVESTMENTS
Specialized expertise. Proven track record.

We are investing in partners with specialized expertise and proven track records in originating and servicing non-prime loans. Our initial investments are in the consumer non-prime automotive lending sector.
Cliffside Capital has invested $3.9 Million in two limited partnerships which invest in fully serviced non-prime automobile loans acquired from CanCap Management Inc., a proven originator and servicer. The partnerships have access to $100 Million in long-term funding and $16 Million in short-term funding from institutional lenders.
For most Canadians, automobiles are the second largest asset they own, after their home, but for the self-employed, those with new credit, like newcomers to Canada, or those facing debt due to illness, job loss or divorce, traditional financial institutions do not meet their loan needs.
Today, one-quarter of Canada’s auto finance market is non-prime, serviced by alternative lenders and growing. As this alternative lending market grows, loan originators are challenged to source sufficient capital. Cliffside Capital provides the stable and continuous capitalization these lenders need to manage liquidity.
Interested in becoming a partner?
Are you a proven originator with a history of disciplined underwriting and servicing?
If you’re looking to diversify your funding, contact Cliffside Capital today.
OUR LEADERSHIP
Management
Mr. Malone has significant leadership experience in the Canadian financial services industry. Mr. Malone is currently President and COO of CanCap Management Inc., which is a technology based consumer finance business focused on the automobile, installment loan, and credit card segment of the industry. Prior to joining CanCap Management Inc., Mr. Malone spent 3 years with D+H Corporation, a global payments and lending technology provider, overseeing the Broker Services division. Mr. Malone began his career in the branch network with Trans Canada Credit (subsequently acquired by Wells Fargo Financial Corporation Canada) in Eastern Canada and rose through increasingly more senior positions to Vice President Credit Operations for all of Canada where he oversaw a diverse workforce of 300 employees. Mr. Malone was responsible for credit risk and quality of the Canadian portfolio and oversaw the centralization of all underwriting functions, adding controls, governance and improved service quality across all product lines. Mr. Malone also sits on the Board of Directors of Toronto Children’s Aid Society.
Mr. Gupta is a seasoned finance professional and has held progressively more senior leadership positions in the finance function within the financial services industry. Mr. Gupta is the Chief Financial Officer of CanCap Management Inc., which is a technology based consumer finance business focused on the automobile, installment loan, and credit card segment of the industry. He is responsible for leading and managing the finance, compliance and infrastructure IT functions. Prior to joining CanCap, he worked at Citibank in Canada (Citi) for nearly twelve years. Most recently, Praveen was the Chief Financial Officer of Citigroup Finance Canada, whose subsidiaries were engaged in consumer finance and fund/investor services businesses. In that role, he also oversaw the finance function for the insurance business, compliance with Citigroup policies and directives relating to governance and control, and Finance Information Technology. Prior to Citi, he worked at PricewaterhouseCoopers, Canada in their Financial Services assurance and advisory practice. Praveen is a chartered professional accountant (CPA, CA). He also holds CPA (US) and CA (India) designations as well as Bachelor of Commerce (Honours) degree.
Board of Directors
Mr. Stein is the founder, Chairman and CEO of the MPI Group, a property development and investment group with a track record in incubating, investing in, and managing successful companies. Between 1978 and 1987, Mr. Stein held progressively senior positions with the Mortgage Insurance Company of Canada, ultimately holding the position of Executive Vice-President responsible for operations. Mr. Stein is a founder of CAPREIT, Canada’s first TSX listed apartment REIT, where he served as its first CEO and continues to serve as Chairman. He currently serves as a director of McEwen Mining Inc. (NYSE/TSX), a director of First Service Corporation (NASDAQ/TSX), and Chairman of ERES REIT (TSX). He previously served as a director of Goldcorp Inc. (2000-2006). Mr. Stein is a graduate engineer and has an MBA in finance and international business from Columbia University.
Mr. Malone has significant leadership experience in the Canadian financial services industry. Mr. Malone is currently President and COO of CanCap Management Inc., which is a technology based consumer finance business focused on the automobile, installment loan, and credit card segment of the industry. Prior to joining CanCap Management Inc., Mr. Malone spent 3 years with D+H Corporation, a global payments and lending technology provider, overseeing the Broker Services division. Mr. Malone began his career in the branch network with Trans Canada Credit (subsequently acquired by Wells Fargo Financial Corporation Canada) in Eastern Canada and rose through increasingly more senior positions to Vice President Credit Operations for all of Canada where he oversaw a diverse workforce of 300 employees. Mr. Malone was responsible for credit risk and quality of the Canadian portfolio and oversaw the centralization of all underwriting functions, adding controls, governance and improved service quality across all product lines. Mr. Malone also sits on the Board of Directors of Toronto Children’s Aid Society.
Mr. Skinner is a seasoned executive covering a broad spectrum of financial services and has a deep understanding of the entire lifecycle of consumer financial products. He has a proven track record as a solutions innovator, expert problem solver and risk based decision enabler. Todd has been with Trans Union for nearly 7 years and is currently the Regional President – Canada, Latin America and Caribbean. Prior to Trans Union he has worked across a variety of financial service verticals and held roles as Chief Credit and Operating Officer for HSBC Retail Bank and Wealth Management and Chief Executive Officer for HSBC Financial. He has been an active business advisor to other organizations in Canada and is currently a board member in Mexico for Buro de Credito. Mr. Skinner holds an undergraduate degree from Saint Mary’s University and an Executive MBA from Schulich/Kellogg, York University/Northwestern. He has had a long and varied involvement in the financial services industry and supporting community organizations, including Junior Achievement, Child Rescue Coalition, United Way, and many minor sports organizations.
Mark H. Newman: Mr. Newman is the founder and CEO of Harrison Equity Partners, a credit and private equity investment firm based in Toronto. Previously, he was President of Lone Star Funds, Asia responsible for directing all aspects of Lone Star’s activities in Asia. Mr. Newman was a member of Lone Star’s Senior Management and Global Risk Committees and Chairman of the Market Risk Committee. Prior to joining Lone Star, Mr. Newman was the Founder and Managing Partner of Broadcliff Capital Partners, a real estate private debt and equity investor based in London. Broadcliff served as the international investment advisor to the Lehman legacy real estate private equity funds (known as Silverpeak). Prior to founding Broadcliff, Mr. Newman was Global Co-Head and Chief Investment Officer of the Lehman Brothers’ real estate private equity business where he was instrumental in establishing the European and Asian real estate private equity investment operations. Mr. Newman also previously served as a Managing Director with Fortress Investment Group LLP in Europe. Mr. Newman holds a B.A. degree from Dartmouth College and a J.D. from Dalhousie University. and has over 30 years of experience as a principal investor and lender across a range of businesses and assets spanning North America, Europe and Asia.
Mr. Ray has been the Chief Executive Officer of Realvest Management, a privately-owned company with investments that include real estate, mortgages and other financing, since 2007. Previously, for 27 years until his retirement in 2007, Mr. Ray was a partner at KPMG and a predecessor firm where he carried the role of audit partner and relationship partner for various public and private real estate and finance companies. Since December 30, 2013, Mr. Ray has also been a Director of Firm Capital Apartment Real Estate Investment Trust (TSXV: FCA.U), a U.S focused real estate investment trust that pursues multi-residential income producing real estate and related debt investments. Since August 7, 2014, Mr. Ray has been a Director of Firm Capital Mortgage Investment Corporation (TSX: FC.), a real estate mortgage lender. Mr. Ray holds a Bachelor of Commerce degree from University of Toronto, and a CPA, CA designation. His community involvement includes sitting on the Board of the Jewish Foundation of Greater Toronto, where is currently Chair and sitting on the Board of UJA Federation of Greater Toronto.
INVESTOR RELATIONS
IR Overview
Cliffside Capital is focused on investing in strategic partnerships with third parties who have specialized expertise and a proven track record in originating and servicing loans and similar types of financial assets. Under our approved investment guidelines, Cliffside Capital’s strategy is to generate revenue as an investor, affording shareholders an opportunity to invest in the growing alternative lending sector with the potential for attractive dividend yields and minimal operational risk while earning a reliable total return.
Download Financial Reports
Q1 2023 MD&A and Financial Statements
For the three months ended March 31, 2023 and 2022
Q2 2023 MD&A and Financial Statements
For the three and six months ended June 30, 2023 and 2022
Q1 2022 MD&A and Financial Statements
For the three months ended March 31, 2022 and 2021
Q2 2022 MD&A and Financial Statements
For the three and six months ended June 30, 2022 and 2021
Q3 2022 MD&A and Financial Statements
For the three and nine months ended September 30, 2022 and 2021
Q1 2021 MD&A and Financial Statements
Three Months Ended March 31, 2021
Q4 2021 MD&A and Financial Statements
For the year ended December 31, 2021
Q1 2020 MD&A and Financial Statements
Three Months Ended March 31, 2020
Q4 2020 MD&A and Financial Statements
Year Ended December 31, 2020
Q1 2019 MD&A and Financial Statements
Three Months Ended March 31, 2019
Q3 2019 MD&A and Financial Statements
Three and Nine Months Ended September 30, 2019
Q1 2018 MD&A and Financial Statements
Three Months Ended March 31, 2018
Q3 2018 MD&A and Financial Statements
Three and Nine Months Ended September 30, 2018
Q1 2017 MD&A and Financial Statements
Three Months Ended March 31, 2017
Q3 2017 MD&A and Financial Statements
Three and Nine Months Ended September 30, 2017
Q1 2016 MD&A and Financial Statements
Three Months Ended March 31, 2016
Q3 2016 MD&A and Financial Statements
Three and Nine Months Ended September 30, 2016
2022 MD&A and Financial Statements
For the year ended December 31, 2022
Q2 2020 MD&A and Financial Statements
Three and Six Months Ended June 30, 2020
Q3 2020 MD&A and Financial Statements
Three and Nine Months Ended September 30, 2020
Q2 2019 MD&A and Financial Statements
Three and Six Months Ended June 30, 2019
Q4 2019 MD&A and Financial Statements
Year Ended December 31, 2019
Q2 2018 MD&A and Financial Statements
Three and Six Months Ended June 30, 2018
Q4 2018 MD&A and Financial Statements
Year Ended December 31, 2018
Q2 2017 MD&A and Financial Statements
Three and Six Months Ended June 30, 2017
Q4 2017 MD&A and Financial Statements
Year Ended December 31, 2017
Q2 2016 MD&A and Financial Statements
Three and Six Months Ended June 30, 2016
Q4 2016 MD&A and Financial Statements
Year Ended December 31, 2016
Select Year
PRESS RELEASES
2023
CLIFFSIDE CAPITAL LTD. REPORTS FIRST QUARTER 2023 FINANCIAL RESULTS
May 29, 2023
CLIFFSIDE CAPITAL LTD. ANNOUNCES FISCAL 2022 RESULTS
April 25, 2023
CLIFFSIDE CAPITAL LTD. PROVIDES UPDATE ON SPECIAL COMMITTEE FORMED TO CONDUCT STRATEGIC REVIEW AND ANNOUNCES TEMPORARY SUSPENSION OF QUARTERLY DIVIDEND
February 7, 2023
CLIFFSIDE CAPITAL LTD. REPORTS SECOND QUARTER 2023 FINANCIAL RESULTS AND UPDATE ON STRATEGIC REVIEWBEING CONDUCTED BY THE INDEPENDENT COMMITTEE
August 23, 2023
2022
CLIFFSIDE CAPITAL LTD. ANNOUNCES FORMATION OF SPECIAL COMMITTEE TO CONDUCT STRATEGIC REVIEW
December 6, 2022
CLIFFSIDE CAPITAL LTD. REPORTS THIRD QUARTER 2022 FINANCIAL RESULTS
November 23, 2022
CLIFFSIDE CAPITAL LTD. DECLARES QUARTERLY DIVIDEND
Octorber 13, 2022
CLIFFSIDE CAPITAL LTD. REPORTS SECOND QUARTER 2022 FINANCIAL RESULTS AND PROVIDES BUSINESS UPDATE
August 26, 2022
CLIFFSIDE CAPITAL LTD. ANNOUNCES RESULTS OF ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS
June 29, 2022
CLIFFSIDE CAPITAL LTD. REPORTS FIRST QUARTER 2022 FINANCIAL RESULTS
May 27, 2022
CLIFFSIDE CAPITAL LTD. ANNOUNCES WARRANT EXTENSION APPLICATION
March 22, 2022
CLIFFSIDE CAPITAL LTD. DECLARES QUARTERLY DIVIDEND
March 22, 2022
CLIFFSIDE CAPITAL LTD. PROVIDES UPDATE ON WARRANT EXTENSION APPLICATION
March 29, 2022
CLIFFSIDE CAPITAL LTD. ANNOUNCES FISCAL 2021 RESULTS
April 27, 2022
2021
Cliffside Capital Ltd. Announces Appointment of Board Member
January 8, 2021
CLIFFSIDE CAPITAL LTD. REPORTS INCREASED NET INCOME IN 2020
April 21, 2021
CLIFFSIDE CAPITAL LTD. REPORTS NET INCOME IN FIRST QUARTER
May 27, 2021
CLIFFSIDE CAPITAL LTD. ANNOUNCES PRIVATE PLACEMENT AND CONTEMPLATED FORMATION OF A NEW SPECIAL PURPOSE LIMITED PARTNERSHIP
June 14, 2021
CLIFFSIDE CAPITAL LTD. CLOSES ITS PREVIOUSLY ANNOUNCED PLACEMENT AND FORMATION OF A NEW SPECIAL PURPOSE LIMITED PARTNERSHIP
July 14, 2021
CLIFFSIDE CAPITAL LTD. ANNOUNCES GRANT OF STOCK OPTIONS
September 24, 2021
Cliffside Capital Ltd. Provides Corporate Update and Announces Engagement of Independent Trading Group as Market Maker
October 25, 2021
CLIFFSIDE CAPITAL LTD. REPORTS STRONG THIRD QIARTER, INCLUDING GROWTH IN ASSETS, RAISE $4.5 MILLION AND PAYMENT OF A QUARTERLY CASH DIVIDEND
November 23, 2021
CLIFFSIDE CAPITAL LTD. ANNOUNCES RESULTS OF ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS
November 25. 2021
CLIFFSIDE CAPITAL LTD. DECLARES QUARTERLY DIVIDEND
December 21, 2021
2020
Cliffside Capital Ltd. Announces Results of Annual and Special Meeting of Shareholders
December 22, 2020
Cliffside Capital Ltd. Reports Net Income in Third Quarter of 2020
November 17, 2020
Cliffside Capital Ltd. Announces Appointment and Resignation of Board Member
September 25, 2020
Cliffside Capital Ltd. Reports Significant Increase in Net Income and Solid Growth in Net Financial Income in Second Quarter of 2020
August 11, 2020
Cliffside Capital Ltd. Reports Growth in Assets and Net Loss in First Quarter of 2020
July 13, 2020
Cliffside Capital Ltd. Reports 13% Growth in Assets in 2019
May 29, 2020
Cliffside Announces Reliance on Temporary Regulatory Filing Relief
April 28, 2020
Cliffside Capital Ltd. Reports Increased Net Income in 2020
April 21, 2021
2019
Cliffside Capital Ltd. Reports Growth in Assets and Net Financial Revenue in Second Quarter of 2019
August 15, 2019
Cliffside Capital Ltd. Reports Growth in Assets and Net Financial Revenue in Third Quarter of 2019
November 25, 2019
- Cliffside Capital Ltd. Announces Results of Annual and Special Meeting of Shareholders
June 20, 2019 - Cliffside Capital Ltd. Reports 83% Growth in Assets in 2018
April 11, 2019 - Cliffside Announces Successful Completion of $3.1 Million Rights Offering
March 27th, 2019 - Cliffside Capital Ltd. Announces Rights Offering
February 7th, 2019
2018
- Cliffside Capital Ltd. Reports Growth in Assets and Net Financial Revenue in Third Quarter of 2018
November 20, 2018 - Cliffside Capital Ltd. Reports Growth in Assets in Second Quarter of 2018
August 22, 2018 - Cliffside Capital Ltd. Announces Stock Option Grant
June 21, 2018 - Cliffside Capital Ltd. Announces Results of Annual and Special Meeting of Shareholders
May 22nd, 2018 - Cliffside Capital Ltd. Reports Strong Net Income in First Quarter of 2018
May 18, 2018 - Cliffside Capital Ltd. Announces Renegotiation of Loan Acquisition Agreements With its Originator
May 11, 2018 - Cliffside Capital Ltd. Announces Financial Results for the Year Ended December 31, 2017 and CEO Transition
April 18, 2018 - Cliffside Capital Ltd. Announces $50 Million Funding Facility Renewal
February 9, 2018
2017
- Cliffside Capital Ltd. Reports Continued Growth in Assets and Income in Third Quarter of 2017
Nov. 17, 2017 - Cliffside Capital Ltd. Reports Growth In Revenue and Assets Under Management In Second Quarter 2017 Results
Aug. 16, 2017 - Cliffside Capital Ltd. Announces Results of Annual and Special Meeting of Shareholders
May 26, 2017 - Cliffside Capital Ltd. Reports First Quarter 2017 Results
May 24, 2017 - Cliffside Capital Ltd. Announces Financial Results for the Year Ended December 31, 2016 Completing First Partial Year of Operations
April 25, 2017 - Cliffside Capital Ltd. Announces a Second Limited Partnership Funding Facility
April 21, 2017 - Cliffside Capital Ltd. Announces Limited Partnership Funding Facility
Jan. 31, 2017
2016
- Cliffside Capital Ltd. Announces Closing of Second Investment
Dec. 15, 2016 - Cliffside Capital Ltd. Announces Second Investment
Dec. 5, 2016 - Cliffside Capital Ltd. Announces CEO Stock Option Grant
Nov. 28, 2016 - Cliffside Capital Names Fern Glowinsky as CEO
Aug. 3, 2016 - Cliffside Capital Ltd. Announces Shareholder Approval for Proposed Qualifying Transaction
July 4, 2016 - Cliffside Capital Ltd. Announces Shareholder Approval for Proposed Qualifying Transaction
June 23, 2016 - Cliffside Capital Ltd. Announces Proposed Qualifying Transaction
Feb. 23, 2016
2015
- Cliffside Capital Ltd. Announces Management Change
Sept. 30, 2015 - Cliffside Capital Ltd. appoints Yadzi Bharucha as CFO
Feb. 3, 2015
2014