Crossroads Impact Corp. - CRSS STOCK NEWS

Crossroads Systems reported exceptional financial results for the fiscal third quarter 2021, highlighting a 4,638% increase in total revenues to $486.6 million fueled by $465.6 million in origination fees from PPP loans. Operating income also surged 11,366% to $165.6 million, and cash EPS rose significantly to $21.26 compared to $0.19 in 2020. The mortgage portfolio expanded to $132.7 million with a serious delinquency rate of 0.79%, lower than the previous year. CEO Eric A. Donnelly emphasized the company's commitment to assisting underbanked communities.

Crossroads Systems, Inc. (OTCQX: CRSS) announced a significant advisory agreement with Enhanced Capital Group (ECG) to enhance lending capabilities through Capital Plus Financial (CPF). The collaboration aims to channel over $250 million into underserved communities within 12 to 18 months. ECG's expertise is expected to yield over 20% return on equity for Crossroads. Additionally, CPF appointed Thiruvendran "Thiru" Vignarajah as its new CEO, succeeding Eric Donnelly, who remains CEO of Crossroads Systems.

Crossroads Systems, Inc. (OTCQX: CRSS) announced that it will pay a special cash dividend of $40 per share on July 26, 2021, to shareholders on record as of July 19, 2021. The total special dividend payment amounts to approximately $238.9 million. This dividend reflects the company's focus on enhancing shareholder value and promoting economic vitality.

Crossroads Systems, Inc. (OTCQX: CRSS) released a shareholder letter highlighting operational and financial performance for the fiscal second quarter of 2021, which ended on April 30, 2021. The company focuses on investments that drive economic growth and community development. The release emphasizes the challenges of aligning with market expectations in lending, potential impacts of economic changes on homeownership, and the importance of reviewing annual and quarterly reports for financial insights.

Crossroads Systems (CRSS) reported strong fiscal Q2 2021 results ending April 30, 2021, highlighting $464.1 million in gross origination fees from PPP loans, leading to an operating income of $150.2 million. The company approved 472,036 loans, with 80% allocated to minority-owned businesses. Total interest income surged 76% to $5.6 million, driven by the mortgage loan portfolio growth. Cash EPS reached $25.16, significantly up from $0.16 in Q2 2020. The company holds a robust cash balance of $213.1 million, positioning it well for future growth initiatives.

Blueacorn, partnering with Prestamos and Capital Plus Financial, has facilitated approximately $14 billion in small business loans through the SBA Payment Protection Program (PPP). Over 860,000 small businesses, predominantly minority-owned (80%), received support, utilizing advanced technologies for fraud detection. Blueacorn aims to provide equitable access to funding for underrepresented communities, with plans to introduce a loan forgiveness portal for borrowers soon. Crossroads Systems, Inc. (OTCQX: CRSS) is a key stakeholder, emphasizing its commitment to economic development.

Crossroads Systems (CRSS) reported its fiscal Q1 2021 results, highlighting a mortgage portfolio growth to $130.9 million. The serious delinquency rate remained stable at 1.4%, lower than Freddie Mac's rate of 2.6%. Despite a slight decline in property sales income to $4.0 million, interest income rose to $3.3 million. Operating income decreased to $1.1 million, with cash EPS at $0.13. The company has extended $65.6 million in PPP loans to 1,200 small businesses. Management remains optimistic about the housing market and ongoing acquisition efforts.

Crossroads Systems (OTCQB: CRSS) announced that the application for the Bond Guaranty Program by its subsidiary, Capital Plus Financial (CPF), will continue into 2021. This delay, caused by COVID-19 assessments in the residential market, does not overshadow CPF's strong portfolio growth over the past decade. CEO Eric Donnelly expressed disappointment over the delay but remains optimistic about CPF’s performance, citing successful management of forbearance agreements during the pandemic, marking resilience among borrowers, especially in the Texas housing market.

Crossroads Systems (CRSS) reported its fiscal Q3 2020 results, highlighting a resilient performance despite COVID-19 challenges. Total property sales income reached $7.1 million, slightly up from $7.0 million in Q3 2019. Interest income increased to $3.1 million, with a mortgage portfolio growing to $126.0 million. A decline in forbearance requests indicates a return to stability, with 73 agreements impacting approximately $202,000 of interest income. The company acquired a portfolio of 32 properties and expects strong demand for affordable housing.