Market Newsdesk

May 4, 2023 10:08 am

Triumph Financial Announces Completion of Accelerated Share Repurchase Transaction and New $50 Million Share Repurchase Authorization

DALLAS , May 04, 2023 (GLOBE NEWSWIRE) — Triumph Financial, Inc. (Nasdaq: TFIN) (“Triumph Financial” or the “Company”) announced today that it has completed its accelerated share repurchase transaction on April 28, 2023. On February 1, 2023, the Company entered into an accelerated share repurchase agreement under which it repurchased 1,209,327 shares of its common stock for a total cost of $70 million.

In connection with the completion of the accelerated share repurchase transaction, on May 4, 2023, the Company’s board of directors authorized a new share repurchase program whereby the Company may repurchase up to an additional $50 million of its outstanding common stock. The Company may repurchase shares from time to time in open market transactions or through privately negotiated transactions at the Company’s discretion. The amount, timing, and nature of any share repurchases will be based on a variety of factors, including the trading price of the Company’s common stock, applicable securities laws restrictions, regulatory limitations, as well as market and economic factors. The repurchase program is authorized for a period of up to one year and does not require the Company to repurchase any specific number of shares. At the Company’s discretion, the repurchase program may be modified, suspended or discontinued at any time.

This press release is for informational purposes only and does not constitute an offer to sell or the solicitation to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About Triumph Financial

Triumph Financial, Inc. (Nasdaq: TFIN) is a financial holding company focused on payments, factoring and banking. Headquartered in Dallas, Texas, its diversified portfolio of brands includes TriumphPay, Triumph and TBK Bank.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. Investors are cautioned that such statements are predictions and that actual events or results may differ materially. Triumph Financial’s expected financial results or other plans are subject to a number of risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” and the forward-looking statement disclosure contained in the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 15, 2023. Forward-looking statements speak only as of the date made and Triumph Financial undertakes no duty to update the information.

Source: Triumph Financial, Inc.

Investor Relations:

Luke Wyse
Senior Vice President, Finance & Investor Relations
[email protected]
214-365-6936

Media Contact:

Amanda Tavackoli
Senior Vice President, Director of Corporate Communication
[email protected]
214-365-6930

May 4, 2023 10:08 am

MFA Financial, Inc. Announces First Quarter 2023 Financial Results

NEW YORK–(BUSINESS WIRE)–
MFA Financial, Inc. (NYSE:MFA) today provided its financial results for the first quarter ended March 31, 2023.

First Quarter 2023 financial results update:

MFA generated GAAP net income for the first quarter of $64.6 million, or $0.63 per basic common share ($0.62 per diluted common share). Distributable Earnings, a non-GAAP financial measure, was $30.8 million, or $0.30 per common share.

GAAP book value at March 31, 2023 was $15.15 per common share, a 1.9% increase from December 31, 2022. Economic book value, a non-GAAP financial measure, rose 3.0% during the quarter to $16.02 per common share.

MFA generated a total economic return (based on the change in Economic book value, plus common dividends) of 5.3% for the first quarter.

MFA closed the quarter with unrestricted cash of $362 million.

Commenting on the first quarter, Craig Knutson, MFA’s CEO and President said: “Despite another tumultuous quarter for financial markets, MFA produced strong results to begin 2023. Our emphasis on disciplined risk management once again paid off, enabling us to maintain a stable cost of funds despite a 100 basis point increase in the Fed Funds Rate since mid-December, while also protecting and growing book value in a continued environment of interest rate and credit spread volatility. We took advantage of favorable market conditions early in the quarter to price three securitizations, furthering our shift toward more durable, non-mark-to-market forms of financing. We weathered the banking crisis in March without any impact on our borrowing capacity, and continued to prioritize liquidity, ending the quarter with a substantial cash position. Finally, we added to our Agency RMBS position when spreads widened late in the quarter.”

Mr. Knutson added: “Our Lima One subsidiary originated $379 million of new business-purpose loans during the quarter. Importantly, we did this without lowering coupons or loosening underwriting standards. The average coupon in Lima’s origination pipeline continues to exceed 10%. We believe that these organically-produced assets have strong credit characteristics and provide attractive yields that we could not obtain through third party purchases.”

Q1 2023 Portfolio Activity

Loan acquisitions were $455.9 million, including $364.3 million of funded originations of business purpose loans (including draws on Transitional loans) and $91.7 million of Non-QM loan acquisitions, bringing MFA’s residential whole loan balance to $7.8 billion.

Lima One continued to perform well, funding $245.1 million of new business purpose loans with a maximum loan amount of approximately $379 million. Further, $119.1 million of draws were funded on previously originated Transitional loans. Lima One generated approximately $9.0 million of origination, servicing, and other fee income.

MFA completed three loan securitizations during the quarter, collateralized by $668.2 million of unpaid principal balance (UPB) of loans. This included $313.7 million of Non-QM loans, $203.9 million of Single-family rental loans, and $150.6 million of Transitional loans.

Loan delinquencies remained low, with 60+ day delinquencies (measured as a percentage of UPB) for Purchased Performing Loans unchanged from the prior quarter at 3.1%. Combined Purchased Credit Deteriorated and Purchased Non-Performing 60+ day delinquencies declined to 30.6%.

MFA added $173.8 million of Agency MBS during the quarter, bringing its total Securities portfolio to $504.6 million.

MFA continued to reduce its REO portfolio, selling 93 properties in the first quarter for aggregate proceeds of $33.8 million and generating $5.0 million of gains.

MFA maintained its position in interest rate swaps at a notional amount of approximately $3.0 billion. At March 31, 2023, these swaps had a weighted average fixed pay interest rate of 1.58% and a weighted average variable receive interest rate of 4.87%.

MFA estimates the net effective duration of its investment portfolio at March 31, 2023 was 1.04.

MFA’s Debt/Net Equity Ratio was 3.5x and recourse leverage was 1.6x at March 31, 2023.

Webcast

MFA Financial, Inc. plans to host a live audio webcast of its investor conference call on Thursday, May 4, 2023, at 10:00 a.m. (Eastern Time) to discuss its first quarter 2023 financial results. The live audio webcast will be accessible to the general public over the internet at http://www.mfafinancial.com through the “Webcasts & Presentations” link on MFA’s home page. Earnings presentation materials will be posted on the MFA website prior to the conference call and an audio replay will be available on the website following the call.

About MFA Financial, Inc.

MFA Financial, Inc. (NYSE: MFA) is a leading specialty finance company that invests in and finances residential mortgage assets. MFA invests, on a leveraged basis, in residential whole loans, residential mortgage-backed securities and other real estate assets. Through its subsidiaries, MFA also originates and services business purpose loans for real estate investors. MFA is an internally-managed, publicly-traded real estate investment trust.

The following table presents MFA’s asset allocation as of March 31, 2023, and the first quarter 2023 yield on average interest-earning assets, average cost of funds and net interest rate spread for the various asset types.

Table 1 – Asset Allocation

At March 31, 2023	Purchased Performing Loans (1)			Purchased Credit Deteriorated Loans (2)			Purchased Non-Performing Loans			Securities, at fair value			Real Estate Owned			Other, net (3)			Total
*(Dollars in Millions)*
Fair Value/Carrying Value	$	6,579		$	440		$	775		$	505		$	121		$	700		$	9,120
Financing Agreements with Non-mark-to-market Collateral Provisions		(812	)		(35	)		(91	)		—			(8	)		—			(946	)
Financing Agreements with Mark-to-market Collateral Provisions		(1,480	)		(85	)		(111	)		(405	)		(16	)		—			(2,097	)
Securitized Debt		(3,250	)		(245	)		(320	)		—			(15	)		—			(3,830	)
Convertible Senior Notes		—			—			—			—			—			(228	)		(228	)
Net Equity Allocated	$	1,037		$	75		$	253		$	100		$	82		$	472		$	2,019
Debt/Net Equity Ratio (4)	5.3 x			4.9 x			2.1 x			4.1 x			0.5 x						3.5 x

For the Quarter Ended March 31, 2023
Yield on Average Interest Earning Assets (5)		5.38	%		6.13	%		8.46	%		8.76	%		N/A						5.69	%
Less Average Cost of Funds (6)		(3.95	)		(2.23	)		(3.53	)		(4.52	)		(5.42	)					(3.95	)
Net Interest Rate Spread		1.43	%		3.90	%		4.93	%		4.24	%		(5.42	)%					1.74	%

(1)		Includes $3.5 billion of Non-QM loans, $1.5 billion of Transitional loans, $1.5 billion of Single-family rental loans, $79.4 million of Seasoned performing loans, and $60.9 million of Agency eligible investor loans. At March 31, 2023, the total fair value of these loans is estimated to be $6.5 billion.
(2)		At March 31, 2023, the total fair value of these loans is estimated to be $465.3 million.
(3)		Includes $362.5 million of cash and cash equivalents, $165.1 million of restricted cash, and $28.3 million of capital contributions made to loan origination partners, as well as other assets and other liabilities.
(4)		Total Debt/Net Equity ratio represents the sum of borrowings under our financing agreements as a multiple of net equity allocated.
(5)		Yields reported on our interest earning assets are calculated based on the interest income recorded and the average amortized cost for the quarter of the respective asset. At March 31, 2023, the amortized cost of our Securities, at fair value, was $482.9 million. In addition, the yield for residential whole loans was 5.66%, net of two basis points of servicing fee expense incurred during the quarter. For GAAP reporting purposes, such expenses are included in Loan servicing and other related operating expenses in our statement of operations.
(6)		Average cost of funds includes interest on financing agreements, Convertible Senior Notes and securitized debt. Cost of funding also includes the impact of the net carry (the difference between swap interest income received and swap interest expense paid) on our interest rate swap agreements (or Swaps). While we have not elected hedge accounting treatment for Swaps and accordingly net carry is not presented in interest expense in our consolidated statement of operations, we believe it is appropriate to allocate net carry to the cost of funding to reflect the economic impact of our Swaps on the funding costs shown in the table above. For the quarter ended March 31, 2023, this decreased the overall funding cost by 122 basis points for our overall portfolio, 127 basis points for our Residential whole loans, 129 basis points for our Purchased Performing Loans, 171 basis points for our Purchased Credit Deteriorated Loans, 77 basis points for our Purchased Non-Performing Loans and 104 basis points for our Securities, at fair value.

The following table presents the activity for our residential mortgage asset portfolio for the three months ended March 31, 2023:

Table 2 – Investment Portfolio Activity Q1 2023

(In Millions)	December 31, 2022		Runoff (1)			Acquisitions (2)		Other (3)		March 31, 2023		Change
Residential whole loans and REO	$	7,649	$	(318	)	$	456	$	128	$	7,915	$	266
Securities, at fair value		333		(5	)		174		3		505		172
Totals	$	7,982	$	(323	)	$	630	$	131	$	8,420	$	438

(1)		Primarily includes principal repayments and sales of REO.
(2)		Includes draws on previously originated Transitional loans.
(3)		Primarily includes changes in fair value and changes in the allowance for credit losses.

The following tables present information on our investments in residential whole loans.

Table 3 – Portfolio composition

	Held at Carrying Value						Held at Fair Value				Total
(Dollars in Thousands)	March 31, 2023			December 31, 2022			March 31, 2023		December 31, 2022		March 31, 2023			December 31, 2022
Purchased Performing Loans:
Non-QM loans	$	958,099		$	987,282		$	2,501,132	$	2,372,548	$	3,459,231		$	3,359,830
Transitional loans (1)		53,272			75,188			1,471,633		1,342,032		1,524,905			1,417,220
Single-family rental loans		201,563			210,833			1,265,246		1,165,741		1,466,809			1,376,574
Seasoned performing loans		79,465			82,932			—		—		79,465			82,932
Agency eligible investor loans		—			—			60,854		51,094		60,854			51,094
Total Purchased Performing Loans	$	1,292,399		$	1,356,235		$	5,298,865	$	4,931,415	$	6,591,264		$	6,287,650

Purchased Credit Deteriorated Loans	$	460,680		$	470,294		$	—	$	—	$	460,680		$	470,294

Allowance for Credit Losses	$	(33,061	)	$	(35,314	)	$	—	$	—	$	(33,061	)	$	(35,314	)

Purchased Non-Performing Loans	$	—		$	—		$	775,367	$	796,109	$	775,367		$	796,109

Total Residential Whole Loans	$	1,720,018		$	1,791,215		$	6,074,232	$	5,727,524	$	7,794,250		$	7,518,739

Number of loans		6,930			7,126			17,122		16,717		24,052			23,843

(1)

As of March 31, 2023 includes $825.9 million of loans collateralized by one-to-four family residential properties and $699.0 million of loans collateralized by multi-family properties. As of December 31, 2022 includes $784.9 million of loans collateralized by one-to-four family residential properties and $632.3 million of loans collateralized by multi-family properties.

Table 4 – Yields and average balances

	For the Three-Month Period Ended
(Dollars in Thousands)	March 31, 2023						December 31, 2022						March 31, 2022
	Interest		Average Balance		Average Yield		Interest		Average Balance		Average Yield		Interest		Average Balance		Average Yield
Purchased Performing Loans:
Non-QM loans	$	44,089	$	3,803,154	4.64	%	$	41,621	$	3,767,900	4.42	%	$	32,952	$	3,658,912	3.60	%
Transitional loans		28,227		1,473,420	7.66	%		26,134		1,335,471	7.83	%		14,861		814,055	7.30	%
Single-family rental loans		21,313		1,518,741	5.61	%		20,237		1,483,529	5.46	%		13,325		1,024,731	5.20	%
Seasoned performing loans		1,090		81,388	5.36	%		1,283		84,876	6.05	%		1,010		100,031	4.04	%
Agency eligible investor loans		2,857		380,763	3.00	%		7,631		1,021,007	2.99	%		7,583		1,075,013	2.82	%
Total Purchased Performing Loans		97,576		7,257,466	5.38	%		96,906		7,692,783	5.04	%		69,731		6,672,742	4.18	%

Purchased Credit Deteriorated Loans		7,138		466,123	6.13	%		7,830		474,971	6.59	%		9,009		530,828	6.79	%

Purchased Non-Performing Loans		14,796		699,730	8.46	%		20,252		726,303	11.15	%		20,726		844,206	9.82	%

Total Residential Whole Loans	$	119,510	$	8,423,319	5.68	%	$	124,988	$	8,894,057	5.62	%	$	99,466	$	8,047,776	4.94	%

Table 5 – Net Interest Spread

	For the Three-Month Period Ended
	March 31, 2023		December 31, 2022		March 31, 2022
Purchased Performing Loans
Net Yield (1)	5.38	%	5.04	%	4.18	%
Cost of Funding (2)	3.95	%	3.70	%	2.74	%
Net Interest Spread	1.43	%	1.34	%	1.44	%

Purchased Credit Deteriorated Loans
Net Yield (1)	6.13	%	6.59	%	6.79	%
Cost of Funding (2)	2.23	%	2.13	%	2.88	%
Net Interest Spread	3.90	%	4.46	%	3.91	%

Purchased Non-Performing Loans
Net Yield (1)	8.46	%	11.15	%	9.82	%
Cost of Funding (2)	3.53	%	3.01	%	3.09	%
Net Interest Spread	4.93	%	8.14	%	6.73	%

Total Residential Whole Loans
Net Yield (1)	5.68	%	5.62	%	4.94	%
Cost of Funding (2)	3.82	%	3.56	%	2.79	%
Net Interest Spread	1.86	%	2.06	%	2.15	%

(1)		Reflects annualized interest income on Residential whole loans divided by average amortized cost of Residential whole loans. Excludes servicing costs.
(2)		Reflects annualized interest expense divided by average balance of agreements with mark-to-market collateral provisions (repurchase agreements), agreements with non-mark-to-market collateral provisions, and securitized debt. Cost of funding shown in the table above includes the impact of the net carry (the difference between swap interest income received and swap interest expense paid) on our Swaps. While we have not elected hedge accounting treatment for Swaps, and, accordingly, net carry is not presented in interest expense in our consolidated statement of operations, we believe it is appropriate to allocate net carry to the cost of funding to reflect the economic impact of our Swaps on the funding costs shown in the table above. For the quarter ended March 31, 2023, this decreased the overall funding cost by 127 basis points for our Residential whole loans, 129 basis points for our Purchased Performing Loans, 171 basis points for our Purchased Credit Deteriorated Loans, and 77 basis points for our Purchased Non-Performing Loans. For the quarter ended December 31, 2022, this decreased the overall funding cost by 89 basis points for our Residential whole loans, 87 basis points for our Purchased Performing Loans, 141 basis points for our Purchased Credit Deteriorated Loans, and 76 basis points for our Purchased Non-Performing Loans. For the quarter ended March 31, 2022, this increased the overall funding cost by 35 basis points for our Residential whole loans, 33 basis points for our Purchased Performing Loans, 56 basis points for our Purchased Credit Deteriorated Loans, and 39 basis points for our Purchased Non-Performing Loans.

Table 6 – Credit related metrics/Residential Whole Loans

March 31, 2023

	Fair Value / Carrying Value		Unpaid Principal Balance (“UPB”)		Weighted Average Coupon (2)		Weighted Average Term to Maturity (Months)	Weighted Average LTV Ratio (3)		Weighted Average Original FICO (4)	Aging by UPB								60+ DQ %		60+ LTV (3)
													Past Due Days
(Dollars In Thousands)											Current		30-59		60-89		90+
Purchased Performing Loans:
Non-QM loans	$	3,452,086	$	3,683,664	5.22	%	349	65	%	735	$	3,508,600	$	74,897	$	38,599	$	61,568	2.7	%	65.9	%
Transitional loans (1)		1,521,279		1,537,094	8.07		11	65		746		1,449,593		14,063		7,522		65,916	4.8		66.4
Single-family rental loans		1,465,469		1,542,253	5.87		322	69		737		1,492,800		10,113		5,527		33,813	2.6		72.0
Seasoned performing loans		79,420		87,079	3.69		149	30		724		81,207		1,386		617		3,869	5.2		48.4
Agency eligible investor loans		60,854		71,890	3.46		341	67		757		70,739		661		—		490	0.7		64.6
Total Purchased Performing Loans	$	6,579,108	$	6,921,980	5.96	%	265												3.1	%

Purchased Credit Deteriorated Loans	$	439,775	$	543,594	4.71	%	275	63	%	N/A	$	394,389	$	44,939	$	18,057	$	86,209	19.2	%	72.4	%

Purchased Non-Performing Loans	$	775,367	$	857,388	5.07	%	275	67	%	N/A	$	443,433	$	89,259	$	35,820	$	288,876	37.9	%	76.3	%

Residential whole loans, total or weighted average	$	7,794,250	$	8,322,962	5.80	%	267												7.8	%

(1)		As of March 31, 2023 Transitional loans includes $699.0 million of loans collateralized by multi-family properties with a weighted average term to maturity of 16 months and a weighted average LTV ratio of 73%.
(2)		Weighted average is calculated based on the interest bearing principal balance of each loan within the related category. For loans acquired with servicing rights released by the seller, interest rates included in the calculation do not reflect loan servicing fees. For loans acquired with servicing rights retained by the seller, interest rates included in the calculation are net of servicing fees.
(3)		LTV represents the ratio of the total unpaid principal balance of the loan to the estimated value of the collateral securing the related loan as of the most recent date available, which may be the origination date. For Transitional loans, the LTV presented is the ratio of the maximum unpaid principal balance of the loan, including unfunded commitments, to the estimated “after repaired” value of the collateral securing the related loan, where available. For certain Transitional loans, totaling $223.0 million at March 31, 2023, an after repaired valuation was not obtained and the loan was underwritten based on an “as is” valuation. The weighted average LTV of these loans based on the current unpaid principal balance and the valuation obtained during underwriting, is 69% at March 31, 2023. Excluded from the calculation of weighted average LTV are certain low value loans secured by vacant lots, for which the LTV ratio is not meaningful. 60+ LTV has been calculated on a consistent basis.
(4)		Excludes loans for which no Fair Isaac Corporation (“FICO”) score is available.

Table 7 – Shock Table

The information presented in the following “Shock Table” projects the potential impact of sudden parallel changes in interest rates on the value of our portfolio, including the impact of Swaps and securitized debt, based on the assets in our investment portfolio at March 31, 2023. Changes in portfolio value are measured as the percentage change when comparing the projected portfolio value to the base interest rate scenario at March 31, 2023.

Change in Interest Rates	Percentage Change in Portfolio Value		Percentage Change in Equity

+100 Basis Point Increase	(1.34	)%	(6.03	)%
+ 50 Basis Point Increase	(0.60	)%	(2.70	)%
Actual at March 31, 2023	—	%	—	%
– 50 Basis Point Decrease	0.46	%	2.06	%
-100 Basis Point Decrease	0.78	%	3.49	%


MFA FINANCIAL, INC. CONSOLIDATED BALANCE SHEETS

(In Thousands, Except Per Share Amounts)	March 31, 2023			December 31, 2022
	(unaudited)
Assets:
Residential whole loans, net ($6,074,232 and $5,727,524 held at fair value, respectively) (1)	$	7,794,250		$	7,518,739
Securities, at fair value		504,639			333,364
Cash and cash equivalents		362,452			334,183
Restricted cash		165,137			159,898
Other assets		485,129			766,221
Total Assets	$	9,311,607		$	9,112,405

Liabilities:
Financing agreements ($4,147,712 and $3,898,744 held at fair value, respectively)	$	7,101,318		$	6,812,086
Other liabilities		191,683			311,470
Total Liabilities	$	7,293,001		$	7,123,556

Stockholders’ Equity:
Preferred stock, $0.01 par value; 7.5% Series B cumulative redeemable; 8,050 shares authorized; 8,000 shares issued and outstanding ($200,000 aggregate liquidation preference)	$	80		$	80
Preferred stock, $0.01 par value; 6.5% Series C fixed-to-floating rate cumulative redeemable; 12,650 shares authorized; 11,000 shares issued and outstanding ($275,000 aggregate liquidation preference)		110			110
Common stock, $0.01 par value; 874,300 and 874,300 shares authorized; 101,912 and 101,802 shares issued and outstanding, respectively		1,019			1,018
Additional paid-in capital, in excess of par		3,687,285			3,684,291
Accumulated deficit		(1,690,113	)		(1,717,991	)
Accumulated other comprehensive income		20,225			21,341
Total Stockholders’ Equity	$	2,018,606		$	1,988,849
Total Liabilities and Stockholders’ Equity	$	9,311,607		$	9,112,405

(1)

Includes approximately $4.6 billion and $4.0 billion of Residential whole loans transferred to consolidated variable interest entities (“VIEs”) at March 31, 2023 and December 31, 2022, respectively. Such assets can be used only to settle the obligations of each respective VIE.


MFA FINANCIAL, INC. CONSOLIDATED STATEMENTS OF OPERATIONS

	Three Months Ended March 31,
(In Thousands, Except Per Share Amounts)		2023			2022
	(Unaudited)			(Unaudited)
Interest Income:
Residential whole loans	$	119,510		$	99,466
Securities, at fair value		7,308			5,275
Other interest-earning assets		2,351			1,506
Cash and cash equivalent investments		3,036			102
Interest Income	$	132,205		$	106,349

Interest Expense:
Asset-backed and other collateralized financing arrangements	$	88,880		$	39,365
Other interest expense		3,956			3,931
Interest Expense	$	92,836		$	43,296

Net Interest Income	$	39,369		$	63,053

Reversal of Provision for Credit Losses on Residential Whole Loans	$	13		$	3,511
Net Interest Income after Reversal of Provision for Credit Losses	$	39,382		$	66,564

Other Income/(Loss), net:
Net gain/(loss) on residential whole loans measured at fair value through earnings		129,174			(287,935	)
Impairment and other net gain/(loss) on securities and other portfolio investments		2,931			(3,701	)
Net gain on real estate owned		3,942			8,732
Net (loss)/gain on derivatives used for risk management purposes		(21,208	)		94,101
Net (loss)/gain on securitized debt measured at fair value through earnings		(51,725	)		64,117
Lima One – origination, servicing and other fee income		8,976			14,494
Other, net		3,172			2,676
Other Income/(Loss), net	$	75,262		$	(107,516	)

Operating and Other Expense:
Compensation and benefits	$	20,630		$	19,556
Other general and administrative expense		10,391			8,697
Loan servicing, financing and other related costs		9,539			10,401
Amortization of intangible assets		1,300			3,300
Operating and Other Expense	$	41,860		$	41,954

Net Income/(Loss)	$	72,784		$	(82,906	)
Less Preferred Stock Dividend Requirement	$	8,219		$	8,219
Net Income/(Loss) Available to Common Stock and Participating Securities	$	64,565		$	(91,125	)

Basic Earnings/(Loss) per Common Share	$	0.63		$	(0.86	)
Diluted Earnings/(Loss) per Common Share	$	0.62		$	(0.86	)

Segment Reporting

At March 31, 2023, the Company’s reportable segments include (i) mortgage-related assets and (ii) Lima One. The Corporate column in the table below primarily consists of corporate cash and related interest income, investments in loan originators and related economics, general and administrative expenses not directly attributable to Lima One, interest expense on unsecured convertible senior notes, securitization issuance costs, and preferred stock dividends.

The following tables summarize segment financial information, which in total reconciles to the same data for the Company as a whole:

(Dollars in Thousands)	Mortgage-Related Assets			Lima One			Corporate			Total
Three months ended March 31, 2023
Interest Income	$	84,819		$	44,521		$	2,865		$	132,205
Interest Expense		57,077			31,804			3,955			92,836
Net Interest Income/(Expense)	$	27,742		$	12,717		$	(1,090	)	$	39,369
Reversal of Provision/(Provision) for Credit Losses on Residential Whole Loans		(300	)		313			—			13
Net Interest Income/(Expense) after Reversal of Provision/(Provision) for Credit Losses	$	27,442		$	13,030		$	(1,090	)	$	39,382

Net gain on residential whole loans measured at fair value through earnings	$	95,509		$	33,665		$	—		$	129,174
Impairment and other net gain on securities and other portfolio investments		2,931			—			—			2,931
Net gain on real estate owned		3,925			17			—			3,942
Net loss on derivatives used for risk management purposes		(16,322	)		(4,886	)		—			(21,208	)
Net loss on securitized debt measured at fair value through earnings		(34,820	)		(16,905	)		—			(51,725	)
Lima One – origination, servicing and other fee income		—			8,976			—			8,976
Other, net		2,207			371			594			3,172
Total Other Income, net	$	53,430		$	21,238		$	594		$	75,262

General and administrative expenses (including compensation)	$	—		$	12,535		$	18,486		$	31,021
Loan servicing, financing, and other related costs		4,719			218			4,602			9,539
Amortization of intangible assets		—			1,300			—			1,300
Net Income/(Loss)	$	76,153		$	20,215		$	(23,584	)	$	72,784

Less Preferred Stock Dividend Requirement	$	—		$	—		$	8,219		$	8,219
Net Income/(Loss) Available to Common Stock and Participating Securities	$	76,153		$	20,215		$	(31,803	)	$	64,565

(Dollars in Thousands)	Mortgage-Related Assets			Lima One			Corporate			Total
Three Months Ended December 31, 2022
Interest Income	$	100,800		$	39,398		$	2,679		$	142,877
Interest Expense		56,046			27,231			3,949			87,226
Net Interest Income/(Expense)	$	44,754		$	12,167		$	(1,270	)	$	55,651
Reversal of Provision/(Provision) for Credit Losses on Residential Whole Loans	$	1,631		$	(91	)	$	—		$	1,540
Net Interest Income/(Expense) after Provision for Credit Losses	$	46,385		$	12,076		$	(1,270	)	$	57,191

Net (loss)/gain on residential whole loans measured at fair value through earnings	$	(72,805	)	$	3,977		$	—		$	(68,828	)
Impairment and other net loss on securities and other portfolio investments		(383	)		—			(8,526	)		(8,909	)
Net gain on real estate owned		5,602			—			—			5,602
Net gain on derivatives used for risk management purposes		621			837			—			1,458
Net gain on securitized debt measured at fair value through earnings		29,159			13,932			—			43,091
Lima One – origination, servicing and other fee income		—			9,206			—			9,206
Other, net		86			472			1,387			1,945
Total Other (Loss)/Income, net	$	(37,720	)	$	28,424		$	(7,139	)	$	(16,435	)

General and administrative expenses (including compensation)	$	—		$	13,026		$	11,819		$	24,845
Loan servicing, financing, and other related costs		5,876			281			1,744			7,901
Amortization of intangible assets		—			1,300			—			1,300
Net Gain/(Loss)	$	2,789		$	25,893		$	(21,972	)	$	6,710

Less Preferred Stock Dividend Requirement	$	—		$	—		$	8,219		$	8,219
Net Gain/(Loss) Available to Common Stock and Participating Securities	$	2,789		$	25,893		$	(30,191	)	$	(1,509	)

(Dollars in Thousands)	Mortgage-Related Assets		Lima One		Corporate		Total
March 31, 2023
Total Assets	$	6,061,481	$	2,873,951	$	376,175	$	9,311,607

December 31, 2022
Total Assets	$	6,065,557	$	2,618,695	$	428,153	$	9,112,405

Reconciliation of GAAP Net Income to non-GAAP Distributable Earnings

“Distributable earnings” is a non-GAAP financial measure of our operating performance, within the meaning of Regulation G and Item 10(e) of Regulation S-K, as promulgated by the Securities and Exchange Commission. Distributable earnings is determined by adjusting GAAP net income/(loss) by removing certain unrealized gains and losses, primarily on residential mortgage investments, associated debt, and hedges that are, in each case, accounted for at fair value through earnings, certain realized gains and losses, as well as certain non-cash expenses and securitization-related transaction costs. Management believes that the adjustments made to GAAP earnings result in the removal of (i) income or expenses that are not reflective of the longer term performance of our investment portfolio, (ii) certain non-cash expenses, and (iii) expense items required to be recognized solely due to the election of the fair value option on certain related residential mortgage assets and associated liabilities. Distributable earnings is one of the factors that our Board of Directors considers when evaluating distributions to our shareholders. Accordingly, we believe that the adjustments to compute Distributable earnings specified below provide investors and analysts with additional information to evaluate our financial results.

Distributable earnings should be used in conjunction with results presented in accordance with GAAP. Distributable earnings does not represent and should not be considered as a substitute for net income or cash flows from operating activities, each as determined in accordance with GAAP, and our calculation of this measure may not be comparable to similarly titled measures reported by other companies.

The following table provides a reconciliation of our GAAP net income/(loss) used in the calculation of basic EPS to our non-GAAP Distributable earnings for the quarterly periods below:

	Quarter Ended
(In Thousands, Except Per Share Amounts)	March 31, 2023			December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022
GAAP Net income/(loss) used in the calculation of basic EPS	$	64,407		$	(1,647	)	$	(63,410	)	$	(108,760	)	$	(91,266	)

Adjustments:
Unrealized and realized gains and losses on:
Residential whole loans held at fair value		(129,174	)		68,828			291,818			218,181			287,935
Securities held at fair value		(2,931	)		383			(1,549	)		1,459			2,934
Interest rate swaps		40,747			12,725			(108,917	)		(31,767	)		(80,753	)
Securitized debt held at fair value		48,846			(44,988	)		(100,767	)		(84,348	)		(62,855	)
Investments in loan origination partners		—			8,526			2,031			39,162			780
Expense items:
Amortization of intangible assets		1,300			1,300			1,300			3,300			3,300
Equity based compensation		3,020			2,480			2,673			3,540			2,645
Securitization-related transaction costs		4,602			1,744			5,014			6,399			3,233
Total adjustments		(33,590	)		50,998			91,603			155,926			157,219
Distributable earnings	$	30,817		$	49,351		$	28,193		$	47,166		$	65,953

GAAP earnings/(loss) per basic common share	$	0.63		$	(0.02	)	$	(0.62	)	$	(1.06	)	$	(0.86	)
Distributable earnings per basic common share	$	0.30		$	0.48		$	0.28		$	0.46		$	0.62
Weighted average common shares for basic earnings per share		101,900			101,800			101,795			102,515			106,568

The following table presents our non-GAAP Distributable earnings by segment for the quarterly periods below:

(Dollars in Thousands)	Mortgage-Related Assets			Lima One			Corporate			Total
Three months ended March 31, 2023
GAAP Net income/(loss) used in the calculation of basic EPS	$	76,153		$	20,215		$	(31,961	)	$	64,407

Adjustments:
Unrealized and realized gains and losses on:
Residential whole loans held at fair value		(95,509	)		(33,665	)		—			(129,174	)
Securities held at fair value		(2,931	)		—			—			(2,931	)
Interest rate swaps		30,870			9,877			—			40,747
Securitized debt held at fair value		32,580			16,266			—			48,846
Investments in loan origination partners		—			—			—			—
Expense items:
Amortization of intangible assets		—			1,300			—			1,300
Equity based compensation		—			127			2,893			3,020
Securitization-related transaction costs		—			—			4,602			4,602
Total adjustments	$	(34,990	)	$	(6,095	)	$	7,495		$	(33,590	)
Distributable earnings	$	41,163		$	14,120		$	(24,466	)	$	30,817

(Dollars in Thousands)	Mortgage-Related Assets			Lima One			Corporate			Total
Three months ended December 31, 2022
GAAP Net income/(loss) used in the calculation of basic EPS	$	2,789		$	25,893		$	(30,329	)	$	(1,647	)

Adjustments:
Unrealized and realized gains and losses on:
Residential whole loans held at fair value		72,805			(3,977	)		—			68,828
Securities held at fair value		383			—			—			383
Interest rate swaps		10,202			2,523			—			12,725
Securitized debt held at fair value		(30,453	)		(14,535	)		—			(44,988	)
Investments in loan origination partners		—			—			8,526			8,526
Expense items:
Amortization of intangible assets		—			1,300			—			1,300
Equity based compensation		—			53			2,427			2,480
Securitization-related transaction costs		—			—			1,744			1,744
Total adjustments	$	52,937		$	(14,636	)	$	12,697		$	50,998
Distributable earnings	$	55,726		$	11,257		$	(17,632	)	$	49,351

Reconciliation of GAAP Book Value per Common Share to non-GAAP Economic Book Value per Common Share

“Economic book value” is a non-GAAP financial measure of our financial position. To calculate our Economic book value, our portfolios of Residential whole loans and securitized debt held at carrying value are adjusted to their fair value, rather than the carrying value that is required to be reported under the GAAP accounting model applied to these financial instruments. These adjustments are also reflected in the table below in our end of period stockholders’ equity. Management considers that Economic book value provides investors with a useful supplemental measure to evaluate our financial position as it reflects the impact of fair value changes for all of our investment activities, irrespective of the accounting model applied for GAAP reporting purposes. Economic book value does not represent and should not be considered as a substitute for Stockholders’ Equity, as determined in accordance with GAAP, and our calculation of this measure may not be comparable to similarly titled measures reported by other companies.

The following table provides a reconciliation of our GAAP book value per common share to our non-GAAP Economic book value per common share as of the quarterly periods below:

	Quarter Ended:
(In Millions, Except Per Share Amounts)	March 31, 2023			December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022
GAAP Total Stockholders’ Equity	$	2,018.6		$	1,988.8		$	2,033.9		$	2,146.4		$	2,349.0
Preferred Stock, liquidation preference		(475.0	)		(475.0	)		(475.0	)		(475.0	)		(475.0	)
GAAP Stockholders’ Equity for book value per common share		1,543.6			1,513.8			1,558.9			1,671.4			1,874.0
Adjustments:
Fair value adjustment to Residential whole loans, at carrying value		(33.9	)		(70.2	)		(58.2	)		9.5			54.0
Fair value adjustment to Securitized debt, at carrying value		122.4			139.7			109.6			75.4			47.7

Stockholders’ Equity including fair value adjustments to Residential whole loans and Securitized debt held at carrying value (Economic book value)	$	1,632.1		$	1,583.3		$	1,610.3		$	1,756.3		$	1,975.7

GAAP book value per common share	$	15.15		$	14.87		$	15.31		$	16.42		$	17.84
Economic book value per common share	$	16.02		$	15.55		$	15.82		$	17.25		$	18.81
Number of shares of common stock outstanding		101.9			101.8			101.8			101.8			105.0

Cautionary Note Regarding Forward-Looking Statements

When used in this press release or other written or oral communications, statements that are not historical in nature, including those containing words such as “will,” “believe,” “expect,” “anticipate,” “estimate,” “plan,” “continue,” “intend,” “should,” “could,” “would,” “may,” the negative of these words or similar expressions, are intended to identify “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and, as such, may involve known and unknown risks, uncertainties and assumptions. These forward-looking statements include information about possible or assumed future results with respect to MFA’s business, financial condition, liquidity, results of operations, plans and objectives. Among the important factors that could cause our actual results to differ materially from those projected in any forward-looking statements that we make are: general economic developments and trends and the performance of the housing, real estate, mortgage finance, broader financial markets; inflation, increases in interest rates and changes in the market (i.e., fair) value of MFA’s residential whole loans, MBS, securitized debt and other assets, as well as changes in the value of MFA’s liabilities accounted for at fair value through earnings; the effectiveness of hedging transactions; changes in the prepayment rates on residential mortgage assets, an increase of which could result in a reduction of the yield on certain investments in its portfolio and could require MFA to reinvest the proceeds received by it as a result of such prepayments in investments with lower coupons, while a decrease in which could result in an increase in the interest rate duration of certain investments in MFA’s portfolio making their valuation more sensitive to changes in interest rates and could result in lower forecasted cash flows; credit risks underlying MFA’s assets, including changes in the default rates and management’s assumptions regarding default rates on the mortgage loans in MFA’s residential whole loan portfolio; MFA’s ability to borrow to finance its assets and the terms, including the cost, maturity and other terms, of any such borrowings; implementation of or changes in government regulations or programs affecting MFA’s business; MFA’s estimates regarding taxable income, the actual amount of which is dependent on a number of factors, including, but not limited to, changes in the amount of interest income and financing costs, the method elected by MFA to accrete the market discount on residential whole loans and the extent of prepayments, realized losses and changes in the composition of MFA’s residential whole loan portfolios that may occur during the applicable tax period, including gain or loss on any MBS disposals or whole loan modifications, foreclosures and liquidations; the timing and amount of distributions to stockholders, which are declared and paid at the discretion of MFA’s Board of Directors and will depend on, among other things, MFA’s taxable income, its financial results and overall financial condition and liquidity, maintenance of its REIT qualification and such other factors as MFA’s Board of Directors deems relevant; MFA’s ability to maintain its qualification as a REIT for federal income tax purposes; MFA’s ability to maintain its exemption from registration under the Investment Company Act of 1940, as amended (or the “Investment Company Act”), including statements regarding the concept release issued by the Securities and Exchange Commission (“SEC”) relating to interpretive issues under the Investment Company Act with respect to the status under the Investment Company Act of certain companies that are engaged in the business of acquiring mortgages and mortgage-related interests; MFA’s ability to continue growing its residential whole loan portfolio, which is dependent on, among other things, the supply of loans offered for sale in the market; targeted or expected returns on our investments in recently-originated mortgage loans, the performance of which is, similar to our other mortgage loan investments, subject to, among other things, differences in prepayment risk, credit risk and financing costs associated with such investments; risks associated with the ongoing operation of Lima One Holdings, LLC (including, without limitation, unanticipated expenditures relating to or liabilities arising from its operation) (including, among other things, a failure to realize management’s assumptions regarding expected growth in business purpose loan (BPL) origination volumes and credit risks underlying BPLs, including changes in the default rates and management’s assumptions regarding default rates on the BPLs originated by Lima One); expected returns on MFA’s investments in nonperforming residential whole loans (“NPLs”), which are affected by, among other things, the length of time required to foreclose upon, sell, liquidate or otherwise reach a resolution of the property underlying the NPL, home price values, amounts advanced to carry the asset (e.g., taxes, insurance, maintenance expenses, etc. on the underlying property) and the amount ultimately realized upon resolution of the asset; risks associated with our investments in MSR-related assets, including servicing, regulatory and economic risks; risks associated with our investments in loan originators; risks associated with investing in real estate assets generally, including changes in business conditions and the general economy; and other risks, uncertainties and factors, including those described in the annual, quarterly and current reports that we file with the SEC. These forward-looking statements are based on beliefs, assumptions and expectations of MFA’s future performance, taking into account information currently available. Readers and listeners are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. New risks and uncertainties arise over time and it is not possible to predict those events or how they may affect MFA. Except as required by law, MFA is not obligated to, and does not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Category: Earnings

View source version on businesswire.com: https://www.businesswire.com/news/home/20230502006264/en/

INVESTOR CONTACT:

[email protected]

212-207-6488

www.mfafinancial.com

MEDIA CONTACT:

Abernathy MacGregor

Tom Johnson

212-371-5999

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Professional Services Finance

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May 4, 2023 10:08 am

Safe & Green Holdings Corp. Schedules First Quarter 2023 Business Update Conference Call

Safe & Green Holdings Corp. Schedules First Quarter 2023 Business Update Conference Call

MIAMI–(BUSINESS WIRE)–Safe & Green Holdings Corp. (NASDAQ: SGBX) (“Safe & Green” or the “Company”), a leading developer, designer, and fabricator of modular structures, announcedtoday that the Company will report first quarter 2023 financial results and provide a business update on Thursday, May 11, 2023, after the market closes.

Safe & Green Holdings will hold its conference call at 4:30 PM Eastern Time.

Dial-in information:

Toll-free dial-in number (U.S.): +1 877-545-0523

International dial-in number: +1 973-528-0016

Access code: 793310

Live and replay webcast links:

Direct link: https://www.webcaster4.com/Webcast/Page/2935/48346

IR website: https://ir.safeandgreenholdings.com/news-events/ir-calendar

Telephone replay (available through May 25, 2023):

Toll-free dial-in number (U.S.): +1 877-481-4010

International dial-in number: +1 919-882-2331

Access code 48346

About Safe & Green Holdings Corp.

Safe & Green Holdings Corp., a leading modular solutions company, operates under core capabilities which include the development, design, and fabrication of modular structures, meeting the demand for safe and green solutions across various industries. The firm supports third party and in-house developers, architects, builders and owners in achieving faster execution, greener construction, and buildings of higher value. The Company’s subsidiary, Safe and Green Development Corporation, is a leading real estate development company. Formed in 2021, it focuses on the development of sites using purpose built, prefabricated modules built from both wood and steel, sourced from one of Safe & Green Holdings’ factories and operated by the SG Echo subsidiary. For more information, visit www.safeandgreenholdings.com and follow us at @SGHcorp on Twitter.

Safe Harbor Statement

Certain statements in this press release constitute “forward-looking statements” within the meaning of the federal securities laws. Words such as “may,” “might,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend” or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. These forward-looking statements are based upon current estimates and assumptions and include statements regarding the Company’s plans to report first-quarter 2023 financial results on May 11, 2023, after the market closes. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are subject to various risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company’s ability to report first-quarter 2023 financial results as planned, the Company’s ability to expand within various verticals, the Company’s ability to position itself for future profitability, the Company’s ability to maintain compliance with the NASDAQ listing requirements, and the other factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, and its subsequent filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and we undertake no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230504005178/en/

Investor Relations:

Crescendo Communications, LLC

(212) 671-1020

[email protected]

KEYWORDS: Florida United States North America

INDUSTRY KEYWORDS: Architecture Other Construction & Property Residential Building & Real Estate Commercial Building & Real Estate Construction & Property Building Systems

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Posted on May 4, 2023 10:07 am
Faraday Future Appoints Rich Schmidt as New Vice President of Manufacturing

Faraday Future Appoints Rich Schmidt as New Vice President of Manufacturing

Rich Schmidt brings 35 years of automotive industry manufacturing experience to the growing Company as it moves forward with production of its FF 91 luxury EV.

LOS ANGELES–(BUSINESS WIRE)–
Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE) (“Faraday Future,” “FF,” or “Company”), a California-based global shared intelligent electric mobility ecosystem company, announced today its new Vice President of Manufacturing, Rich Schmidt. Rich will be responsible for leading all facets of FF’s production and manufacturing, focusing on the Hanford, CA manufacturing plant, FF ieFactory California. He will oversee the continued development, component tooling, and hiring related to the production of the FF 91.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230504005653/en/

Faraday Future Appoints Rich Schmidt as New Vice President of Manufacturing (Photo: Business Wire)

Rich succeeds Mathias Hofmann, FF’s Senior Vice President of Global Supply Chain, who has been in the interim role for the past 8 months. FF would like to thank and recognize Mathias for his hard work and many contributions during his interim role as head of manufacturing during this time. Mathias continues in his role as SVP of Global Supply Chain at FF.

FF announced on April 14th the completion of the first production build FF 91 vehicle, coming off the production line at the FF ieFactory California, located in Hanford, California. This closely followed the recently announced official start of production of the FF 91 vehicle.

“I am thrilled to join the FF team and contribute my expertise of automotive manufacturing organizations to this distinctive and growing brand,” said Rich Schmidt, Vice President of Manufacturing. “I’m looking forward to getting to know the team and helping to lead them through our future growth opportunities and the production of this great new product, the FF 91.”

Rich started his career with Toyota in Georgetown Kentucky, where he spent 16 years working in Manufacturing and engineering. After Toyota, Rich led several major OEM plant startups and stabilization functions in North America including Nissan, Hyundai, Volkswagen and Tesla, working within both manufacturing and engineering divisions within these organizations. After Tesla, Rich started his own consulting company where he consulted for many years for JD Powers, Kia Motors, Honda, Plastic Omnium, Gibson Guitar and many other valued partners. Rich also spent time at both Lordstown Motors and Canoo in various manufacturing and leadership roles.

“We are very excited to welcome Rich to our growing team as we continue our ramp up of production vehicles at our Hanford manufacturing facility,” said Xuefeng Chen, Global CEO of Faraday Future. “Rich brings a wealth of experience to help oversee the manufacturing and launch of our flagship FF 91 and will help ensure we deliver the best product to our valued customers.”

Users can preorder an FF 91 vehicle via the FF Intelligent App or through our website (English): https://www.ff.com/us/preorder/ or (Chinese): https://www.ff.com/cn/preorder/

Download the new FF Intelligent App (English): https://www.ff.com/us/mobile-app/ (Chinese): http://appdownload.ff.com

ABOUT FARADAY FUTURE

FF is the pioneer of the Ultimate Intelligent TechLuxury ultra spire market in the intelligent EV era, and a disruptor of the traditional ultra-luxury car industry. FF is not just an EV company, but also a software-driven company of intelligent internet AI product.

FOLLOW FARADAY FUTURE:

https://www.ff.com/

https://www.ff.com/us/mobile-app/

https://twitter.com/FaradayFuture

https://www.facebook.com/faradayfuture/

https://www.instagram.com/faradayfuture/

www.linkedin.com/company/faradayfuture/

NO OFFER OR SOLICITATION

This communication shall neither constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

FORWARD LOOKING STATEMENTS

This press release includes “forward looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements, which include, among other things, statements regarding the anticipated start of delivery (SOD) plan and timing for our FF 91 Futurist vehicle (including required parts and completion of crash tests), additional funding and timing for receipt thereof, are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include whether the Amended Shareholder Agreement between the Company and FF Top, dated as of January 13, 2023, complies with the listing requirements of The Nasdaq Stock Market LLC, the market performance of the shares of the Company’s common stock; the Company’s ability to regain compliance with, and thereafter continue to comply with, the Nasdaq listing requirements; the Company’s ability to timely satisfy the conditions precedent and close on the various financings previously disclosed by the Company and any future financings and timely receive required parts, the failure of any of which could result in the Company seeking protection under the Bankruptcy Code; the Company’s ability to amend its certificate of incorporation to permit sufficient authorized shares to be issued in connection with the Company’s existing and contemplated financings; whether the Company and the City of Huanggang could agree on definitive documents to effectuate the non-binding Cooperation Framework Agreement; the Company’s ability to remain in compliance with its public filing requirements under the Securities Exchange Act of 1934, as amended; the outcome of the SEC investigation relating to the matters that were the subject of the Special Committee investigation and other litigation involving the Company; the Company’s ability to execute on its plans to develop and market its vehicles and the timing of these development programs; the Company’s estimates of the size of the markets for its vehicles and cost to bring those vehicles to market; the rate and degree of market acceptance of the Company’s vehicles; the success of other competing manufacturers; the performance and security of the Company’s vehicles; potential litigation involving the Company; the result of future financing efforts and general economic and market conditions impacting demand for the Company’s products; recent cost, headcount and salary reduction actions may not be sufficient or may not achieve their expected results; and the ability of the Company to attract and retain directors and employees. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Company’s prospectus supplement filed on April 20, 2023, and other documents filed by the Company from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230504005653/en/

Investors (English):[email protected]

Investors (Chinese):[email protected]

Media:[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Vehicle Technology Automotive Automotive Manufacturing EV/Electric Vehicles Manufacturing Alternative Vehicles/Fuels

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Faraday Future Appoints Rich Schmidt as New Vice President of Manufacturing (Photo: Business Wire)

Posted on May 4, 2023 10:06 am
Greystone Housing Impact Investors Reports First Quarter 2023 Financial Results

OMAHA, Neb., May 04, 2023 (GLOBE NEWSWIRE) — On May 4, 2023, Greystone Housing Impact Investors LP (NYSE: GHI) (the “Partnership”) announced financial results for the three months ended March 31, 2023.

Financial Highlights

The Partnership reported the following results as of and for the three months ended March 31, 2023:

Net income of $0.60 per Beneficial Unit Certificate (“BUC”), basic and diluted

Cash Available for Distribution (“CAD”) of $0.81 per BUC

Total assets of $1.63 billion

Total Mortgage Revenue Bond (“MRB”) and Governmental Issuer Loan (“GIL”) investments of $1.2 billion

In March 2023, the Partnership announced that the Board of Managers of Greystone AF Manager LLC declared a regular quarterly cash distribution to the Partnership’s BUC holders of $0.37 per BUC. The distribution was paid on April 28, 2023, to BUC holders of record as of the close of trading on March 31, 2023.

Management Remarks

“Our first quarter results continue to demonstrate strong returns from the execution of our strategies,” said Kenneth C. Rogozinski, the Partnership’s Chief Executive Officer. “We continue to execute on new mortgage revenue bond investment opportunities at accretive returns and realized significant gains on the sale of our two Vantage equity investments in Omaha, NE during the quarter. In addition, the increased uncertainty in the commercial banking and financial sectors over the recent months has created new lending opportunities for us to pursue beyond our normal pipeline.”

Recent Investment and Financing Activity

The Partnership reported the following notable transactions during the first quarter of 2023:

Advanced funds on MRB and taxable MRB investments totaling $62.4 million.

Advanced funds on GIL, taxable GIL and property loan investments totaling $28.3 million.

Advanced funds to a new joint venture equity investment totaling $4.2 million for a to-be-constructed 102-bed seniors housing property in Minden, Nevada. The property will consist of independent living, assisted living, and memory care beds. The joint venture equity investment is with a new developer partner that is an experienced seniors housing developer and operator.

Received total proceeds of $27.9 million from the sale of Vantage at Stone Creek and Vantage at Coventry equity investments in Omaha, NE, inclusive of the return of the Partnership’s initial investment commitments made in March and September 2019, respectively. The Partnership recognized gains on sale totaling $15.4 million.

Obtained TOB trust financing proceeds totaling $110.1 million as leverage on our overall various investment funding.

Issued 1,500,000 Series A-1 Preferred Units to a financial institution with an aggregate stated value of $15.0 million, of which 700,000 Series A-1 Preferred Units were issued in exchange for 700,000 outstanding Series A Preferred Units held by the financial institution and 800,000 Series A-1 Preferred Units were issued pursuant to an additional investment by the same financial institution. The Partnership received aggregate proceeds of $8.0 million pursuant to the additional investment. The Partnership received no proceeds upon the exchange of the Series A-1 Preferred Units for the existing Series A Preferred Units.

The Partnership did not hold its cash with, and were not borrowing customers of, Silicon Valley Bank, Signature Bank, or First Republic Bank. Based on publicly available information, the banks the Partnership uses in connection with its business activities are well capitalized.

Investment Portfolio Updates

The Partnership announced the following updates regarding its investment portfolio:

All affordable multifamily MRB and GIL investments are current on contractual principal and interest payments and the Partnership has received no requests for forbearance of contractual principal and interest payments from borrowers as of March 31, 2023.

The Partnership continues to execute on its hedging strategy, primarily through the use of interest rate swaps, to reduce the impact of recently volatile market interest rates.

Two joint venture equity investment properties were over 80% occupied as of March 31, 2023, including the Vantage at Conroe property which was listed for sale in March 2023. Two other Vantage property investments have commenced leasing activities to date. Seven additional joint venture investment properties are currently under construction or in development, with none having experienced material supply chain disruptions for either construction materials or labor to date.

The Partnership owns the Suites on Paseo MF Property near San Diego State University. The property continues to meet all direct obligations with cash flows from operations and is 91% occupied as of March 31, 2023.

Earnings Webcast & Conference Call

The Partnership will host a conference call for investors on Thursday, May 4, 2023 at 4:30 p.m. Eastern Time to discuss the Partnership’s First Quarter 2023 results.

Individuals located in the U.S. who are interested in participating in the question-and-answer session by telephone may dial in toll free at (877) 407-8813. International participants may dial in at +1 (201) 689-8521. No pin or code number is needed.

The call is also being webcast live in listen-only mode. The webcast can be accessed via the Partnership’s website under “Events & Presentations” or via the following link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=JqZI6k1B

It is recommended that you join 15 minutes before the conference call begins (although you may register, dial-in or access the webcast at any time during the call).

A recorded replay of the webcast will be made available on the Partnership’s Investor Relations website at http://www.ghiinvestors.com.

About Greystone Housing Impact Investors LP
Greystone Housing Impact Investors LP was formed in 1998 under the Delaware Revised Uniform Limited Partnership Act for the primary purpose of acquiring, holding, selling and otherwise dealing with a portfolio of mortgage revenue bonds which have been issued to provide construction and/or permanent financing for affordable multifamily, seniors and student housing properties. The Partnership is pursuing a business strategy of acquiring additional mortgage revenue bonds and other investments on a leveraged basis. The Partnership expects and believes the interest earned on these mortgage revenue bonds is excludable from gross income for federal income tax purposes. The Partnership seeks to achieve its investment growth strategy by investing in additional mortgage revenue bonds and other investments as permitted by its Second Amended and Restated Limited Partnership Agreement, dated December 5, 2022 (the “Partnership Agreement”), taking advantage of attractive financing structures available in the securities market, and entering into interest rate risk management instruments. Greystone Housing Impact Investors LP press releases are available at www.ghiinvestors.com.

Safe Harbor Statement

Certain statements in this press release are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by use of statements that include, but are not limited to, phrases such as “believe,” “expect,” “future,” “anticipate,” “intend,” “plan,” “foresee,” “may,” “should,” “will,” “estimates,” “potential,” “continue,” or other similar words or phrases. Similarly, statements that describe objectives, plans, or goals also are forward-looking statements. Such forward-looking statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Partnership. The Partnership cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, implied, or projected by such forward-looking statements. Risks and uncertainties include, but are not limited to: defaults on the mortgage loans securing our mortgage revenue bonds and governmental issuer loans; the competitive environment in which the Partnership operates; risks associated with investing in multifamily, student, senior citizen residential properties and commercial properties; general economic, geopolitical, and financial conditions, including the current and future impact of changing interest rates, inflation, and international conflicts on business operations, employment, and financial conditions; current financial conditions within the banking industry, including the effects of recent failures of financial institutions, liquidity levels, and responses by the Federal Reserve, Department of the Treasury, and the Federal Deposit Insurance Corporation to address these issues; uncertain conditions within the domestic and international macroeconomic environment, including monetary and fiscal policy and conditions in the investment, credit, interest rate, and derivatives markets; adverse reactions in U.S. financial markets related to actions of foreign central banks or the economic performance of foreign economies, including in particular China, Japan, the European Union, and the United Kingdom; the general condition of the real estate markets in the regions in which we operate, which may be unfavorably impacted by increases in mortgage interest rates, slowing economic growth, persistent elevated inflation levels, and other factors; changes in interest rates and credit spreads, as well as the success of any hedging strategies the Partnership may undertake in relation to such changes, and the effect such changes may have on the relative spreads between the yield on investments and cost of financing; persistent inflationary trends, spurred by multiple factors including expansionary monetary and fiscal policy, higher commodity prices, a tight labor market, and low residential vacancy rates, which may result in further interest rate increases and lead to increased market volatility; the Partnership’s ability to access debt and equity capital to finance its assets; current maturities of the Partnership’s financing arrangements and the Partnership’s ability to renew or refinance such financing arrangements; exercising of redemption rights by the holders of the Series A Preferred Units; local, regional, national and international economic and credit market conditions; recapture of previously issued Low Income Housing Tax Credits in accordance with Section 42 of the Internal Revenue Code; geographic concentration of properties related to investments held by the Partnership; changes in the U.S. corporate tax code and other government regulations affecting the Partnership’s business; and the other risks detailed in the Partnership’s SEC filings (including but not limited to, the Partnership’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K). Readers are urged to consider these factors carefully in evaluating the forward-looking statements.

If any of these risks or uncertainties materializes or if any of the assumptions underlying such forward-looking statements proves to be incorrect, the developments and future events concerning the Partnership set forth in this press release may differ materially from those expressed or implied by these forward-looking statements. You are cautioned not to place undue reliance on these statements, which speak only as of the date of this document. We anticipate that subsequent events and developments will cause our expectations and beliefs to change. The Partnership assumes no obligation to update such forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, unless obligated to do so under the federal securities laws.

GREYSTONE HOUSING IMPACT INVESTORS LP

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

For the Three Months Ended March 31,

2023 2022

Revenues:

Investment income $ 19,302,685 $ 14,403,403

Property revenues 1,225,620 1,927,001

Other interest income 4,409,665 2,875,967

Total revenues 24,937,970 19,206,371

Expenses:

Real estate operating (exclusive of items shown below) 602,253 1,064,562

Provision for credit losses (545,000 ) –

Depreciation and amortization 404,981 683,662

Interest expense 17,971,498 3,937,131

General and administrative 5,072,587 3,681,838

Total expenses 23,506,319 9,367,193

Other Income:

Gain on sale of investments in unconsolidated entities 15,366,929 16,439,750

Income before income taxes 16,798,580 26,278,928

Income tax expense 7,358 14,910

Net income 16,791,222 26,264,018

Redeemable Preferred Unit distributions and accretion (746,650 ) (717,744 )

Net income available to Partners $ 16,044,572 $ 25,546,274

Net income available to Partners allocated to:

General Partner $ 2,479,058 $ 2,737,044

Limited Partners – BUCs 13,490,834 22,729,198

Limited Partners – Restricted units 74,680 80,032

$ 16,044,572 $ 25,546,274

BUC holders’ interest in net income per BUC, basic and diluted $ 0.60 $ 1.01 *

Weighted average number of BUCs outstanding, basic 22,538,928 22,480,077 *

Weighted average number of BUCs outstanding, diluted 22,538,928 22,480,077 *

* On April 1, 2022, the Partnership effected a one-for-three reverse unit split of its outstanding BUCs (the “Reverse Unit Split”). On October 31, 2022, the Partnership completed a distribution in the form of additional BUCs at a ratio of 0.01044 BUCs for each BUC outstanding as of September 30, 2022 (the “Third Quarter BUCs Distribution”). On January 31, 2023, the Partnership completed a distribution in the form of additional BUCs at a ratio of 0.0105 BUCs for each BUC outstanding as of December 30, 2022 (the “Fourth Quarter BUCs Distribution”, collectively with the Third Quarter BUCs Distribution, the “BUCs Distributions”). The amounts indicated in the Condensed Consolidated Statements of Operations have been adjusted to reflect both the Reverse Unit Split and the BUCs Distributions on a retroactive basis.

Disclosure Regarding Non-GAAP Measures – Cash Available for Distribution

This document refers to Cash Available for Distribution (“CAD”), which is identified as a non-GAAP financial measure. The Partnership believes CAD provides relevant information about the Partnership’s operations and is necessary, along with net income, for understanding its operating results. To calculate CAD, the Partnership begins with net income as computed in accordance with GAAP and adjusts for non-cash expenses or income consisting of depreciation expense, amortization expense related to deferred financing costs, amortization of premiums and discounts, fair value adjustments to derivative instruments, provisions for credit and loan losses, impairments on MRBs, GILs, real estate assets and property loans, deferred income tax expense (benefit) and restricted unit compensation expense. The Partnership also deducts Tier 2 income distributable to the General Partner as defined in the Partnership Agreement and distributions and accretion for the Preferred Units. Net income is the GAAP measure most comparable to CAD. There is no generally accepted methodology for computing CAD, and the Partnership’s computation of CAD may not be comparable to CAD reported by other companies. Although the Partnership considers CAD to be a useful measure of the Partnership’s operating performance, CAD is a non-GAAP measure that should not be considered as an alternative to net income calculated in accordance with GAAP, or any other measures of financial performance presented in accordance with GAAP.

The following table shows the calculation of CAD (and a reconciliation of the Partnership’s net income, as determined in accordance with GAAP, to CAD) for the three months ended March 31, 2023 and 2022 (all per BUC amounts are presented giving effect to the one-for-three Reverse Unit Split and the BUCs Distributions on a retroactive basis for all periods presented):

For the Three Months Ended March 31,

2023 2022

Net income $ 16,791,222 $ 26,264,018

Change in fair value of derivative instruments 3,435,967 (2,475,131 )

Depreciation and amortization expense 404,981 683,662

Provision for credit losses ⁽¹⁾ (545,000 ) –

Amortization of deferred financing costs 1,005,767 451,472

Restricted unit compensation expense 349,959 173,898

Deferred income taxes (982 ) 7,266

Redeemable Preferred Unit distributions and accretion (746,650 ) (717,744 )

Tier 2 Income allocable to the General Partner ⁽²⁾ (2,415,221 ) (2,645,979 )

Recovery of prior credit loss ⁽³⁾ (16,967 ) (5,279 )

Bond premium, discount and origination fee amortization, net of cash received (47,181 ) (78,375 )

Total CAD $ 18,215,895 $ 21,657,808

Weighted average number of BUCs outstanding, basic 22,538,928 22,480,077

Net income per BUC, basic $ 0.60 $ 1.01

Total CAD per BUC, basic $ 0.81 $ 0.96

Cash Distributions declared, per BUC $ 0.370 $ 0.323

⁽¹⁾The adjustment for the three months ended March 31, 2023 reflects the change in our allowances for credit losses under the Current Expected Credit Loss (or “CECL”) standard under Accounting Standards Codification 326 that became effective for the Partnership effective January 1, 2023 which requires us to update estimates of expected credit losses for our investments portfolio at each reporting date. The accounting for credit losses for the three months ended March 31, 2022 was subject to previous accounting guidance that applied an incurred loss model rather than expected credit losses. There were no credit losses incurred using the prior accounting guidance for the three months ended March 31, 2022.

⁽²⁾As described in Note 3 to the Partnership’s condensed consolidated financial statements, Net Interest Income representing contingent interest and Net Residual Proceeds representing contingent interest (Tier 2 income) will be distributed 75% to the limited partners and BUC holders, as a class, and 25% to the General Partner. This adjustment represents the 25% of Tier 2 income due to the General Partner.

For the three months ended March 31, 2023, Tier 2 income allocable to the General Partner consisted of approximately $3.8 million related to the gain on sale of Vantage at Stone Creek and Vantage at Coventry in January 2023, offset by a $1.4 million Tier 2 loss allocable to the General Partner related to the Provision Center 2014-1 MRB realized in January 2023 upon receipt of the majority of expected bankruptcy liquidation proceeds. For the three months ended March 31, 2022, Tier 2 income allocable to the General Partner related to the gain on sale of Vantage at Murfreesboro in March 2022.

⁽³⁾The Partnership determined there was a recovery of previously recognized impairment recorded for the Live 929 Apartments Series 2022A MRB prior to the adoption of the CECL standard effective January 1, 2023. The Partnership is accreting the recovery of prior credit loss for this MRB into investment income over the term of the MRB consistent with applicable guidance. The accretion of recovery of value is presented as a reduction to current CAD as the original provision for credit loss was an addback for CAD calculation purposes in the period recognized.

MEDIA CONTACT:

Karen Marotta

Greystone

212-896-9149

[email protected]

INVESTOR CONTACT:

Andy Grier

Investors Relations

402-952-1235

Posted on May 4, 2023 10:04 am
TeraWulf Announces April 2023 Production and Operations Updates

TeraWulf Announces April 2023 Production and Operations Updates

Increased hash rate capacity by over 21% month-over-month to 4 EH/s as of April 30, 2023.

Self-mined 239 BTC in April and 771 BTC year to date in 2023.

Fully deployed 50 MW of self-mining capacity at the Nautilus facility ahead of schedule.

EASTON, Md.–(BUSINESS WIRE)–
TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), owners and operators of vertically integrated, domestic bitcoin mining facilities powered by more than 91% zero-carbon energy, today provided an unaudited monthly production and operations update for April 2023.

April 2023 Highlights

Fully energized its 50 MW stake at the Nautilus facility, the first Bitcoin mining facility powered by 100% nuclear power in the U.S.

Self-mined 239 bitcoin in April with an average production rate of 8 bitcoin per day.

Power cost averaged $7.6k per bitcoin produced, or approximately $0.030/kWh in April.

Deployed fleet of 34,500 miners, comprised of 18,500 miners at its wholly owned Lake Mariner facility in New York and 16,000 self-miners at the nuclear-powered Nautilus facility in Pennsylvania.

Completing construction on Building 2 at the Lake Mariner facility, where an additional 50 MW of self-mining capacity remains on target to come online in Q2 2023.

Key Metrics ¹

April 2023

Bitcoin Self-Mined ²

239

Self-Mining Revenue Equivalent ($M) ³

$6.9

Hosting Revenue ($M) ⁴

$0.4

Power Cost ($M) ⁵

$2.0

Avg. Operating Hash Rate (EH/s)⁶

3.3

Revenue per Bitcoin

$28,808

Power Cost per Bitcoin

$7,602

________________________________

¹Unaudited monthly results are based on estimates, which remain subject to standard month end adjustments. The Company’s share of the earnings or losses of the Nautilus facility is reflected in the caption “Equity in net loss of investee, net of tax” in the consolidated statements of operations. Operations at Nautilus do not impact the revenue or cost of goods sold lines in TeraWulf’s consolidated statements of operations.

² Includes BTC earned from profit sharing associated with short-term hosting agreement at the Lake Mariner facility and TeraWulf’s net share of BTC produced at the Nautilus facility.

³ Includes TeraWulf’s net share of BTC revenue generated at the Nautilus facility and profit sharing from hosting agreement.

⁴ Excludes BTC earned from profit sharing associated with short-term hosting agreement at the Lake Mariner facility.

⁵ Includes TeraWulf’s net share of power cost incurred at the Nautilus facility.

⁶Includes gross total hash rate of miners hosted on short-term agreement at the lake Mariner facility.

Management Commentary

“The increase in our hash rate this month more than offsets April’s significant increase in network difficulty, enabling the Company to deliver a month-over-month increase in bitcoin produced,” stated Kerri Langlais, Chief Strategy Officer of TeraWulf. “Additionally, with a realized average cost of power of only three cents per kilowatt hour coupled with an average availability during the month in excess of 98%, we steadily increased profit margins month over month despite challenging market conditions.” added Langlais.

“From an operational perspective, we are eager and diligently preparing for the energization of Building 2 at Lake Mariner in the coming weeks, which will nearly double the size of our existing operations in New York from 60 MW to more than 110 MW, and bring the Company’s total operational mining capacity to 160 MW and 5.5 EH/s.”

Production and Operations Update

As of April 30, 2023, the Company had an operational miner fleet of approximately 34,500 of the latest generation miners, comprised of 18,500 miners at its wholly owned Lake Mariner facility in New York (5,000 of which are hosted) and 16,000 self-miners at the nuclear-powered Nautilus facility in Pennsylvania.

TeraWulf is in the final stages of construction on Building 2, which will increase Lake Mariner’s operational capacity to over 110 MW in the coming weeks. Combined, the Company expects to have a total operational capacity of 50,000 miners (5.5 EH/s) in Q2 2023, representing approximately 160 MW of power demand.

About TeraWulf

TeraWulf (Nasdaq: WULF) owns and operates vertically integrated, environmentally clean Bitcoin mining facilities in the United States. Led by an experienced group of energy entrepreneurs, the Company currently has two Bitcoin mining facilities: the wholly owned Lake Mariner facility in New York, and Nautilus Cryptomine facility in Pennsylvania, a joint venture with Cumulus Coin, LLC. TeraWulf generates domestically produced Bitcoin powered by nuclear, hydro, and solar energy with a goal of utilizing 100% zero-carbon energy. With a core focus on ESG that ties directly to its business success, TeraWulf expects to offer attractive mining economics at an industrial scale.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “should,” “would” and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) conditions in the cryptocurrency mining industry, including fluctuation in the market pricing of bitcoin and other cryptocurrencies, and the economics of cryptocurrency mining, including as to variables or factors affecting the cost, efficiency and profitability of cryptocurrency mining; (2) competition among the various providers of cryptocurrency mining services; (3) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates, including regulation regarding power generation, cryptocurrency usage and/or cryptocurrency mining; (4) the ability to implement certain business objectives and to timely and cost-effectively execute integrated projects; (5) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to growth strategies or operations; (6) loss of public confidence in bitcoin or other cryptocurrencies and the potential for cryptocurrency market manipulation; (7) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (8) the availability, delivery schedule and cost of equipment necessary to maintain and grow the business and operations of TeraWulf, including mining equipment and infrastructure equipment meeting the technical or other specifications required to achieve its growth strategy; (9) employment workforce factors, including the loss of key employees; (10) litigation relating to TeraWulf, RM 101 f/k/a IKONICS Corporation and/or the business combination; and (11) other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s filings with the SEC, which are available at www.sec.gov.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230504005472/en/

[email protected]

(410) 770-9500

KEYWORDS: Maryland United States North America

INDUSTRY KEYWORDS: Software Networks Professional Services Internet Utilities Blockchain Fintech Energy Technology Semiconductor Cryptocurrency Other Professional Services Finance

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Posted on May 4, 2023 10:03 am
USANA Health Sciences Announces Plans to Expand into India

USANA Health Sciences Announces Plans to Expand into India

SALT LAKE CITY–(BUSINESS WIRE)–
USANA Health Sciences, Inc. (NYSE: USNA) today announced its plans to expand into India in the second half of 2023. Expansion into India increases the Company’s global footprint to 25 markets.

“USANA’s expansion into India is our first new market in five years and provides an exciting and gratifying opportunity to introduce USANA’s world class health and wellness products to a new country, culture and demographic,” said Jim Brown, President. “We have spent several years of extensive research and meticulous work to prepare for this expansion into India. We are confident that our products and business model are ideally suited for India, and we believe in our team’s ability to develop and grow this important market as we work toward our vision of creating the healthiest family on earth.

“While we are optimistic about the long-term growth opportunity that India presents, we also recognize that there will be learning opportunities as we serve an entirely new culture. As such, we will take a deliberate and diligent approach to launching this market and executing our long-term growth strategy.”

The Company expects to officially launch operations in India near the end of the third quarter of 2023 and anticipates that this new market will contribute modestly to sales during fiscal 2023. The financial impact from India is reflected in the Company’s fiscal 2023 net sales and diluted EPS guidance provided on April 25, 2023.

About USANA

USANA develops and manufactures high-quality nutritional supplements, health foods and personal care products that are sold directly to Associates and Preferred Customers throughout the United States, Canada, Australia, New Zealand, Hong Kong, China, Japan, Taiwan, South Korea, Singapore, Mexico, Malaysia, the Philippines, the Netherlands, the United Kingdom, Thailand, France, Belgium, Colombia, Indonesia, Germany, Spain, Romania, and Italy. More information on USANA can be found at www.usana.com.

Safe Harbor

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. Our actual results could differ materially from those projected in these forward-looking statements, which involve a number of risks and uncertainties, including: uncertainty related to the COVID-19 pandemic (“COVID-19”) to our business, operations and financial results; the potential for a resurgence of COVID-19 spread in any of our markets in the future; the impact of COVID-19 on the domestic and world economies, including any negative impact on discretionary spending, consumer demand, and consumer behavior in general; regulatory risk in China in connection with the health products and direct selling business models; regulatory risk in the United States in connection with the direct selling business model; potential negative effects of deteriorating foreign and/or trade relations between the United States and China; compliance with data privacy and security laws and regulations in our markets around the world; potential negative effects from geopolitical relations and conflicts, including the Russia-Ukraine conflict; potential negative effects of material breaches of our information technology systems to the extent we experience a material breach; material failures of our information technology systems; global economic conditions generally, including increasing inflationary pressure around the world and any negative impact on our operating costs, consumer demand and consumer behavior in general; reliance upon our network of independent Associates; risk associated with governmental regulation of our products, manufacturing and direct selling business model; adverse publicity risks globally; risks associated with our international expansion and operations; and uncertainty relating to the fluctuation in U.S. and other international currencies. The contents of this release should be considered in conjunction with the risk factors, warnings, and cautionary statements that are contained in our most recent filings with the Securities and Exchange Commission. The forward-looking statements in this press release set forth our beliefs as of the date hereof. We do not undertake any obligation to update any forward-looking statement after the date hereof or to conform such statements to actual results or changes in the Company’s expectations, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230504005348/en/

Investor contact:

Andrew Masuda

Investor Relations

(801) 954-7210

[email protected]

Media contact:

Dan Macuga

Public Relations

(801) 954-7280

KEYWORDS: Utah United States India North America Asia Pacific

INDUSTRY KEYWORDS: Pharmaceutical Health Fitness & Nutrition

MEDIA:

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Posted on May 4, 2023 10:01 am
Intellicheck To Present at the Sidoti Micro-Cap Virtual May Conference

Intellicheck To Present at the Sidoti Micro-Cap Virtual May Conference

MELVILLE, N.Y.–(BUSINESS WIRE)–Intellicheck, Inc. (Nasdaq: IDN), a trusted industry leader in identity verification and authentication solutions, today announced that CEO Bryan Lewis will present at the Sidoti Micro-Cap Virtual May Conference taking place on May 11, 2023. Joining him at the conference will be CFO Jeff Ishmael.

The presentation will begin at 10:00 a.m. ET on Thursday, May 11. A webcast of the presentation will be available on the Company’s Investor Relations page at Investors – Intellicheck.

CEO Lewis and CFO Ishmael will also host virtual one-on-one meetings with investors on Thursday, May 11, 2023. To register for the presentation or to schedule one-on-one meetings, visit Sidoti Investor Conferences — SIDOTI & Company. Registration is free and participants do not need to be a Sidoti client.

For more information on Intellicheck and our industry-leading technology solutions, visit us on the web.

About Intellicheck

Intellicheck (Nasdaq: IDN) is an identity company that delivers on-demand digital identity validation solutions for KYC, fraud, and age verification needs. Intellicheck validates both digital and physical identities for financial services, fintech companies, BNPL providers, e-commerce, and retail commerce businesses, law enforcement and government agencies across North America. Intellicheck can be used through a mobile device, a browser, or a retail point-of-sale scanner. For more information on Intellicheck, visit us on the web and follow us on LinkedIn, Twitter, Facebook, and YouTube.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230504005177/en/

Investor Relations: Gar Jackson (949) 873-2789

Media and Public Relations:Sharon Schultz (302) 539-3747

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Finance Security Banking Professional Services Technology

MEDIA:

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Posted on May 4, 2023 9:59 am
LogicMark to Present at the Sidoti & Co. Micro Cap Virtual Conference

LOUISVILLE, Ky., May 04, 2023 (GLOBE NEWSWIRE) — LogicMark, Inc. (Nasdaq: LGMK) (the “Company” or “LogicMark”), a provider of personal emergency response systems (PERS), health communications devices, and technology for the growing care economy, today announced that Chia-Lin Simmons, Chief Executive Officer and Mark Archer, Chief Financial Officer will present a corporate overview at the the Sidoti & Co. Micro Cap Virtual Conference being held on May 10 – 11, 2023.

Presentation Date: May 11, 2023

Time: 1:45pm ET

Webcast link below:

https://sidoti.zoom.us/webinar/register/WN_xjYtJDv7SXyRgwoM8HKPZw

Ms. Simmons and Mr. Archer will be available for one-on-one meetings throughout the conference. Investors can attend the conference and request a meeting by registering for the conference using the link below:

Registration: www.sidoti.com/events

About LogicMark, Inc.

LogicMark, Inc. (Nasdaq: LGMK) provides personal emergency response systems (PERS), health communications devices and technologies to create a Connected Care Platform. The Company’s devices give people the ability to receive care at home and confidence to age in place. LogicMark revolutionized the PERS industry by incorporating two-way voice communication technology directly into its medical alert pendant and providing this life-saving technology at a price point everyday consumers can afford. The Company’s PERS technologies are sold through the United States Veterans Health Administration and dealers/distributors. LogicMark has been awarded a contract by the U.S. General Services Administration that enables the Company to distribute its products to federal, state, and local governments.

Investor Relations Contact: 

CORE IR
[email protected]
516 222 2560

Media:
Jules Abraham
[email protected]

Posted on May 4, 2023 9:58 am
MaxCyte Signs Strategic Platform License with Walking Fish Therapeutics to Support the Development of its Innovative B Cell Platform

Walking Fish to use MaxCyte’s Flow Electroporation® technology and ExPERT™ platform to engineer novel B-cell based medicines for the treatment of serious diseases

ROCKVILLE, Md., May 04, 2023 (GLOBE NEWSWIRE) — MaxCyte, Inc., (Nasdaq: MXCT; LSE: MXCT), a leading, cell-engineering focused company providing enabling platform technologies to advance the discovery, development and commercialization of next-generation cell-based therapeutics and to support innovative, cell-based research, today announced the signing of a strategic platform license (SPL) with Walking Fish Therapeutics, Inc. a biotechnology company that is rapidly advancing B cell-based therapeutics.

Under the terms of the agreement, Walking Fish obtains non-exclusive clinical and commercial rights to use MaxCyte’s Flow Electroporation® technology and ExPERT™ platform. In return, MaxCyte is entitled to receive platform licensing fees, clinical milestone payments and sales-based payments.

“We are delighted to partner with Walking Fish to help advance their B cell platform and support their innovative approach to develop novel therapies for the treatment of serious diseases,” said Doug Doerfler, President and CEO of MaxCyte.

Walking Fish is a privately held biotechnology company discovering and developing innovative therapeutics that harness the power of B cells as protein factories and immune modulators. Walking Fish has created a broad technology platform addressing enzyme replacement therapies, oncology, autoimmune disease, and recombinant antibody production. Walking Fish’s first program, WFX-001 employs B cells as protein factories to generate a deficient enzyme in Fabry disease.

MaxCyte’s ExPERT™ instrument portfolio is the next generation of leading, clinically-validated electroporation technology for complex and scalable cell engineering. By delivering high transfection efficiency, seamless scalability and enhanced functionality, the ExPERT™ platform delivers the high-end performance essential to enabling the next wave of biological and cellular therapeutics. Walking Fish is MaxCyte’s 20th strategic partnership overall, each of which generates pre-commercial milestone revenue and the vast majority of which include sales-based payments.

About MaxCyte

At MaxCyte, we pursue cell engineering excellence to maximize the potential of cells to improve patients’ lives. We have spent more than 20 years honing our expertise by building best-in-class platforms, perfecting the art of the transfection workflow, and venturing beyond today’s processes to innovate tomorrow’s solutions. Our ExPERT™ platform, which is based on our Flow Electroporation technology, has been designed to support the rapidly expanding cell therapy market and can be utilized across the continuum of the high-growth cell therapy sector, from discovery and development through commercialization of next-generation, cell-based medicines. The ExPERT family of products includes: four instruments, the ATx™, STx™, GTx™ and VLx™; a portfolio of proprietary related processing assemblies or disposables; and software protocols, all supported by a robust worldwide intellectual property portfolio. By providing our partners with the right technology, as well as technical and regulatory support, we aim to guide them on their journey to transform human health. Learn more at maxcyte.com and follow us on Twitter and LinkedIn.

About Walking Fish Therapeutics

A leader in B cell medicines, Walking Fish Therapeutics discovers and develops innovative therapeutics that harness the power of B cells as protein factories and immune modulators to treat has made critical advances in engineering technologies to rapidly advance cell-based therapeutics to treat serious diseases, concentrating on oncology, rare diseases, oncology, autoimmune disease, and other life-threatening conditions. For more information and important updates, please visit walkingfishtx.com.

MaxCyte Contacts:

US IR Adviser

Gilmartin Group

David Deuchler, CFA
+1 415-937-5400
[email protected]

US Media Relations

Spectrum Seismic Collaborative

Valerie Enes
+1 408-497-8568
[email protected]

Nominated Adviser and Joint Corporate Broker

Panmure Gordon
Emma Earl / Freddy Crossley
Corporate Broking
Rupert Dearden
+44 (0)20 7886 2500

UK IR Adviser

Consilium Strategic Communications

Mary-Jane Elliott
Chris Welsh
+44 (0)203 709 5700
[email protected]

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