Street Capital Announces 2019 First Quarter Results

TORONTO, May 8, 2019 /CNW/ - Street Capital Group Inc. ("Street Capital" or the "Company") (TSX: SCB), today announced its financial results for the three months ended March 31, 2019.

Q1-2019 Financial Highlights

All comparisons below are to Q1-2018, unless otherwise noted

• Total revenue (net of acquisition costs) was $13.3 million, up 15%, compared to $11.6 million.
• Reported shareholders' diluted earnings per share were even with the prior-year period, at ($0.01).
• Adjusted shareholders' diluted earnings per share⁽ⁱ⁾ improved to flat or $0.00 compared to ($0.01).
• Adjusted return on tangible equity⁽ⁱ⁾ improved to (0.2%), compared to (4.9%).
• Book value per share was $0.77, following an impairment charge taken in Q4-2018, compared to $1.12.
• Mortgages under administration were $27.76 billion, compared to $27.83 billion.
• New prime mortgage origination volumes grew by 6% to $876 million in a sluggish real estate market.
• Total Street Solutions originations were $120.3 million, up 22% compared to $98.3 million.

Duncan Hannay, President and CEO of Street Capital, commented, "Street Capital demonstrated solid progress in Q1, as new mortgage originations improved, supported by continued strength in prime mortgage renewals. Our strength in new mortgage origination led to meaningful market share growth in the quarter, where Street's share in the broker channel grew to 6.8% up from 4.7% at the end of 2018. These positive developments are directly related to our strengthened go-to-market strategy, which includes a competitive value proposition and improved client experience through refined loan origination processes. Street Solutions originations also grew strongly year-over-year, where demand remains very high. We continue to be keenly focused on deepening the Bank's sources of funding and strengthening its capital base, so that we can grow our Street Solutions book and return the Bank to sustainable profitability."

Business Update

Non-adjusted earnings per share (EPS) was ($0.01) for the quarter, consistent with Q1 2018 and up from ($0.37) last quarter. Both Q1 2019 and Q4 2018 included significant non-recurring restructuring costs, and Q4 2018 also included non-cash asset write-downs as discussed in the Q4 2018 report. Adjusted EPS was flat for the quarter, improving from ($0.01) both last quarter and Q1 2018. Adjusted EPS excludes non-recurring restructuring costs and non-cash asset write-downs. (Please see the section Non-GAAP Measures in the Company's Management's Discussion and Analysis for the three months ended March 31, 2019, for further detail and numerical reconciliations of these non-GAAP measures to the most directly comparable measure specified, defined or determined under the GAAP presented in the Company's financial statements.)

Revenue increased to $13.3 million in the quarter, up 15% over $11.6 million in same period last year and up 8% from $12.3 million last quarter. Increasing contribution from net interest income from Street Solutions mortgage balances and solid contributions from new prime mortgage sales were offset by a lower contribution from prime renewals in the quarter compared to last year. 

Prime insured originations (excluding variable to fixed conversions) were $767.3 million in the quarter, up 6% from $723.8 million in the same quarter last year despite general observations of relative softness in the broader housing markets in the quarter. Prime uninsured mortgage volumes also increased to $61.6 million in the quarter, compared to $56.6 million in all of 2018 and up from $24.5 million last quarter. Improved competitiveness of this product is supporting increased volumes. Management is encouraged by the early success of its new go-to-market strategy and notes that the Bank has experienced meaningful market share improvement in the mortgage broker channel, improving two places from #8 to #6 with overall share growing from 4.7% to 6.8% of funded volume compared to Q4 2018. In Q4 2018, after a detailed review of the Company's operations, management began executing on a strategic realignment with the intent of leveraging the Company's core strengths to return it to sustainable profitability. The strategic realignment called for immediate and decisive actions to reduce costs, drive profitability and efficiency, and strengthen the capital position of the Bank.

As part of the Company's actions to reduce costs, and as announced on January 16, 2019, the Company reduced its workforce by approximately 30 positions, incurring $2.1 million of restructuring charges in the quarter. As part of the restructuring, and to improve efficiency and accountability, the Company also reorganized its management team to align its operating model to its new strategic focus.

Additionally, the Company's ongoing strategic realignment includes growing a profitable balance sheet and is designed to improve financial performance in the medium to long term. This includes actions to improve the Bank's capital levels in 2019. As discussed in the Q4 2018 report, management and the Board of Directors are committed to choosing a path to strengthen the capital of the Company that best recognizes the needs of all stakeholders.

Progress against 2019 priorities

In its Q4 2018 Report the Bank set out three core priorities in support of its broader strategic realignment. During Q1 2019 the Bank achieved the following outcomes:

Description	Q1 2019 Progress
Prime New Mortgage Originations	• Originated and sold $875.5 million in prime mortgages, generating $5.9 million in revenue in the quarter compared to $826.5 million and $5.8 million last year, up 6% and 2.2% respectively
Prime Mortgage Renewals	• Renewed and sold $473.8 million in prime mortgages, generating $5.5 million in revenue in the quarter compared to $519.7 million and $6.7 million last year, reflecting the underlying maturity profile of mortgages under administration • Renewed 71% of mortgages eligible for renewal in the quarter compared to 73% last year
Loan Origination Systems and Processes	• Assembled an Agile delivery team that is focused on middle office transformation and digital delivery to improve throughput, customer experience and the overall efficiency of the Company's mortgage origination platform, with the objective of solidifying competitive advantage and growing overall market share.  • Advanced the vendor selection process for a new loan origination system (LOS) and enhanced workflow capability • Identified and implemented several minor improvements to the end-to-end operational process

Outlook

Note to readers: This section includes forward-looking information and is qualified in its entirety by the discussion about Forward-Looking Information, below.

Prime Mortgage Lending

Market competition for prime insurable mortgages remains high, particularly in the high ratio segment, and this is anticipated to continue. Management continues to execute on its renewed go-to-market strategies and improving service levels, and continues to target an improvement in prime originations and its broker market share in 2019. Improved performance was evident in Q1 2019 with higher year over year prime insured originations and improved market share, and positive momentum is being observed into Q2 2019.

Price competition for prime insurable mortgages is expected to increase into Q2 2019 and to potentially put some negative pressure on the gain on sale rates earned on prime mortgages compared to those realized in Q1 2019. As such, margins could compress from Q1 2019 levels. 

The Company's rates for prime uninsured mortgages have become more competitive, and to the extent the pricing remains as such, the Company anticipates originations for this product will continue to increase compared to 2018. As discussed previously the ultimate success and sustainability of the prime uninsurable mortgage product, given the Bank's current business model, will depend on the further development of a sufficiently liquid and active non-government sponsored residential mortgage backed securities ("RMBS") market. Although management is optimistic that originations will continue to increase for prime uninsured mortgages, the ultimate profitability levels for the product remain uncertain. In any case, the broadening of the Company's mortgage shelf with this product has positively contributed to overall origination levels, and this is expected to continue. 

Prime Mortgage Renewals

Management continues to expect prime renewals in the range of $2.40 - $2.60 billion in 2019 and $2.60 - $2.80 billion in 2020.

Renewals will continue to be sold at relatively lower net gain on sale rates compared to 2018 due to two main factors. First, from the period January 2011 – July 2015, the Bank offered brokers a Loyalty Program that pays a trailer commission upon mortgage renewal. The bulk of mortgages originated under this program have maturity dates between 2018 and 2020, which began noticeably increasing acquisition costs for renewals in 2018 and the relative proportion renewing will be higher in 2019. Additionally, renewals are subject to the same margin pressure as new prime originations. Even with these pressures, the gain on sale rates for renewals remain materially more profitable than new originations and will continue to significantly contribute to the Company's financial results.  

It should be noted, as discussed above, that optimizing contribution from mortgage renewals is a core priority for management. In that regard the Bank will continue to focus on its service and retention activities. The Bank's almost $27 billion of prime MUA provides both a sustainable portfolio of quality revenue generating assets and a customer base to potentially drive significant value over the coming years as the Bank expands into additional product areas.

Street Solutions Uninsured Residential Mortgage Lending

The Bank continues to experience strong demand for the Street Solutions product, at high levels of credit quality and ongoing solid credit performance, and could generate volumes significantly above current levels. The Bank is managing Street Solutions renewal volumes and new originations based on its current levels of available regulatory capital and funding, and in particular off-balance sheet funding. Given these dependencies, management is currently unable to provide target origination levels for Street Solutions, but will continue to maximize the profit contribution  within its current constraints.

For the Bank to grow its portfolio of Street Solutions mortgages on-balance sheet it needs a commensurate increase in its level of regulatory capital, given its current internal capital targets. Ultimately, originations for Street Solutions will depend on deepening funding sources both on-and off-balance sheet, expected renewal volumes, and regulatory capital levels. The Bank continued to make good progress in gaining access to third-party broker deposit platforms in the quarter, and as previously disclosed, has developed off-balance sheet funding relationships with institutional investors. The ultimate sustainability and profitability of off-balance sheet funding for uninsured mortgages is dependent upon several factors outside the control of the Company including, but not limited to, funding availability and funding costs relative to the yield on the underlying mortgages. The Company hopes to continue accessing this funding capability through future loan sales. However, given the nascent nature of the off-balance sales program for this product, there is no certainty that future funding will be available from this funding source, or that such sales will be sufficiently profitable to the Company to justify participation in the program. During the quarter returns for this program were not sufficiently profitable and the Company did not sell any Street Solutions mortgages. The Company continues to actively evaluate future loan sales and expects to be able to participate in future loan sales given acceptable profitability.

Funding and Liquidity

As noted above, when investors purchase prime insurable mortgages at commitment, the Bank transfers substantially all the risks associated with the mortgage. The Bank's access to this funding is currently adequate, and the Bank remains competitive in this mortgage segment. Also, as mentioned above, the Bank has been successful in obtaining funding for a prime uninsurable mortgage product.

The primary funding strategy for the Street Solutions product continues to be to originate deposits, sourced through the investment broker network, across tenors, and to focus on deposits with fixed terms to manage liquidity risk. The Bank continues to onboard new brokers to increase diversification and volume in the channel and remains very active in this regard. Additionally, the Bank is continuing the development of off-balance sheet funding strategies for Street Solutions. 

The Company uses robust liquidity models which help analyze the Company's anticipated net cash flows, and always maintains an adequate stock of unencumbered high-quality liquid assets ("HQLA") as insurance against a range of liquidity and funding stress scenarios. These include cash and cash equivalents, government guaranteed marketable securities and stamped mortgages. As a result, the level of HQLA the Company holds varies over time depending upon the Company's view of its expected net cash flows, which include such variables as expectations for on-balance sheet mortgage originations and renewal volumes, anticipated loan sales, and deposit inflows and maturities. As discussed above, for the Bank to grow its portfolio of Street Solutions on-balance sheet it needs a commensurate increase in its level of regulatory capital, given its current internal capital targets and/or the ability to actively sell Street Solutions loans to third-party investors. The reduction in expected funding is reflected in the Company's reduction in its HQLA during the quarter from $112 million to $89 million.

Operating Expenses

The Bank will continue to target positive operating leverage as a key performance indicator in 2019. Management has managed expenses prudently, including a restructuring  that resulted in a net reduction of just over 10% of the workforce in early 2019. Balancing all factors, including additional servicing costs, and the need to balance improvements in efficiency against the appropriate investments in people and technology to enable its core priorities and the strengthening of the Bank's risk and compliance management programs, the Company anticipates expenses to run marginally above 2018 but expects to achieve positive operating leverage in 2019.  

Q1 2019 SUMMARY AND FINANCIAL HIGHLIGHTS

(in thousands of $, except where defined)		For the three months ended or as at
		March 31,		December 31,		March 31,
		2019		2018		2018
Financial performance
Shareholders' net income (loss)		$	(1,656)	$	(45,369)	$	(1,365)
Shareholders' diluted earnings (loss) per share		$	(0.01)	$	(0.37)	$	(0.01)
Adjusted shareholders' net income (loss) (i)		$	(56)	$	(1,665)	$	(1,481)
Adjusted shareholders' diluted earnings (loss)		$	(0.00)	$	(0.01)	$	(0.01)
per share (i)
Total revenue (net of acquisition costs)		$	13,336	$	12,307	$	11,593
Net gain on sale - new - excluding portfolio		$	5,948	$	4,682	$	5,818
insurance (ii)
Net gain on sale - new - % excluding portfolio
insurance (ii)		0.68%		0.52%		0.70%
Net gain on sale of mortgages - renewals		$	5,509	$	5,249	$	6,709
Net gain on sale - renewals  - % of renewals		1.16%		1.15%		1.29%
Net interest income - non-securitized  assets		$	3,719	$	3,207	$	1,402
Net interest margin - non-securitized assets		2.11%		2.09%		1.66%
Return on tangible equity (i)		(7.0%)		(174.0%)		(4.5%)
Adjusted return on tangible equity (i)		(0.2%)		(5.9%)		(4.9%)
Mortgages originated and under
administration
Mortgages under administration		$	27.76	$	27.59	$	27.83
(in billions of $)
Prime mortgages originated and sold		$	875,529	$	904,442	$	826,528
Prime mortgage renewals sold		473,806		457,161		519,686
Total prime mortgages sold		$	1,349,335	$	1,361,603	$	1,346,214
Total Street Solutions originations		$	120,303	$	121,611	$	98,285
Credit quality - mortgages
Provision for Street Solutions credit losses		$	(226)	$	(58)	$	(61)
Provision for Street Solutions credit losses		0.16%		0.06%		0.10%
- rate
Allowance for Street Solutions credit losses		$	821	$	595	$	330
Allowance for Street Solutions credit losses		0.13%		0.11%		0.11%
- % of Street Solutions assets
Regulatory Capital Ratios
- Street Capital Bank
Risk-weighted assets		$	513,297	$	479,866	$	409,705
Common equity Tier 1 (CET1) ratio		18.20%		19.84%		23.81%
Total capital ratio		18.35%		19.96%		23.81%
Leverage ratio		9.18%		10.07%		12.67%
Equity and share information
Shareholders' equity		$	93,742	$	94,960	$	137,056
Shares outstanding end of period (000s)		122,184		122,184		122,184
Book value per share		$	0.77	$	0.78	$	1.12
Market capitalization		$	63,536	$	73,310	$	91,638
Share price at close of market		$	0.52	$	0.60	$	0.75

(please see definitions below)

Note: The table above includes non-GAAP measures that highlight the Company's core operating business (the Bank) by removing non-recurring items, including non-recurring restructuring costs or recoveries, non-cash asset write-downs, and material items associated with the Company's legacy businesses. Please see the section Non-GAAP Measures in the Company's Management's Discussion and Analysis for the Three Months Ended March 31, 2019 for further detail and numerical reconciliations of these non-GAAP measures to the most directly comparable measure specified, defined or determined under the GAAP presented in the Company's financial statements.

(i)

Non-GAAP measure the Company uses to measure its performance from continuing and recurring income from its core business.

(ii)

Portfolio insurance refers to the amortization of the prepaid portfolio insurance asset which is included as an expense in the calculation of total revenue. This amortization of the asset is not variable based on the current period's volume, and, as such, can distort gain on sale trends. Please see Table 2 in the Company's Management's Discussion and Analysis for the Three Months Ended March 31, 2019, for additional information.

Reconciliation of Shareholders' Net Income (Loss) to Adjusted Shareholders' Net Income (Loss)

(in thousands of $,		For the three months ended
except per share data)		March 31,		December 31,		March 31,
		2019		2018		2018
Net income (loss)		$	(1,656)	$	(45,369)	$	(1,365)
Write off of goodwill and intangible assets		-		25,763		-
(net of tax)
Deferred tax adjustment (reassessment		-		12,458		-
of loss carryforwards)
Net interest accrual on legacy payable (net		29		32		-
of tax)
Restructuring expense (net of tax)		1,571		5,612		-
Fair value adjustments		-		-		(153)
(net of non-controlling interest)
Private equity management		-		-		37
expense (net of tax)
Discontinued operations		-		(161)		-
(net of tax)
Adjusted net income (loss)		$	(56)	$	(1,665)	$	(1,481)
Shareholders' diluted earnings		$	(0.01)	$	(0.37)	$	(0.01)
(loss) per share
Adjusted shareholders' diluted		$	(0.00)	$	(0.01)	$	(0.01)
earnings (loss) per share

Further Information

Please also refer to the Company's Q1 2019 Unaudited Condensed Consolidated Interim Financial Statements and Management's Discussion and Analysis for the Three Months ended March 31, 2019, which are available on the Company's website (www.streetcapital.ca) and on SEDAR (www.sedar.com).

Conference Call

Street will host a conference call today, Wednesday, May 8, 2019 at 7:00 a.m. ET to discuss its financial results. Duncan Hannay, Chief Executive Officer of Street, will chair the call with Marissa Lauder, Chief Financial Officer of Street.

	Participant Dial-in	Webcast	Reference Number
Conference Call	416-764-8609; or 1-888-390-0605	https://event.on24.com	33475520
Replay (available for 2 weeks)	416-764-8677; or 1-888-390-0541		475520#

About Street Capital Group Inc. (streetcapitalgroup.ca)

Street Capital Group Inc. (TSX: SCB) is a public company operating through its wholly-owned subsidiary, Street Capital Bank of Canada, a federally regulated Schedule I Bank offering residential mortgage loans with the strategic goal of introducing additional retail banking products in the coming years. Street Capital Bank of Canada sources its mortgage products primarily through a network of independent mortgage brokers across Canada with whom it has built relationships. Street Capital Bank of Canada offers a broad line-up of high ratio and conventional mortgages to borrowers and either sells the mortgages it underwrites to top tier financial institutions or holds them on balance sheet. Street Capital Bank of Canada lends throughout all of the Provinces of Canada (other than Quebec) and has offices in Ontario, Alberta and British Columbia. For more information please visit streetcapital.ca.

Forward-Looking Statements
This release contains certain forward-looking statements that are based on management's exercise of business judgment, as well as assumptions made by, and information currently available to, management. When used in this document, the words "may", "plan", "will", "anticipate", "believe", "estimate", "expect", "intend", and words of similar import, are intended to identify any forward-looking statements. You should not place undue reliance on these forward-looking statements. These statements reflect our current view of future events and are subject to certain risks and uncertainties as outlined in the Company's Annual Information Form and other filings made with securities regulators, which are available on SEDAR (sedar.com). Relevant risks and uncertainties include, without limitation, possible unanticipated changes in:  the Company's capital requirements, regulatory requirements, mortgage insurance rules, and the business and economic environment generally, including, but not limited to, Canadian housing market conditions and activity, interest rates, mortgage backed securities markets, timing and execution of anticipated transactions, technology, employment conditions, taxation, and competitive factors. Any of these factors, amongst others, could cause actual results to vary materially from current results or from the Company's currently anticipated future results and financial condition. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, our actual results could differ materially from those anticipated in these forward-looking statements. We undertake no obligation, and do not intend, to update, revise or otherwise publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of any unanticipated events, except as required by applicable securities laws. Although we believe that our expectations are based on reasonable assumptions, we can give no assurance that our expectations will materialize. 

The following table sets out financial highlights of the Company's consolidated quarterly results of operations for the eight quarters ended March 31, 2019. Please see the section Non-GAAP Measures in the Company's Management's Discussion and Analysis for the Three Months Ended March 31, 2019, which is available on the Company's website (www.streetcapital.ca) and on SEDAR (www.sedar.com), for the definitions of adjusted net income, other related non-GAAP measures, and credit quality indicators.

(in thousands of $, except	2017		2017		2017		2018		2018		2018		2018		2019
where defined)	Q2		Q3		Q4		Q1		Q2		Q3		Q4		Q1
Financial performance
Shareholders' net income (loss)	$	(104)	$	3,731	$	1,239	$	(1,365)	$	3,306	$	(1,361)	$	(45,369)	$	(1,656)
Adjusted shareholders' net	$	1,845	$	4,297	$	1,544	$	(1,481)	$	2,337	$	713	$	(1,665)	$	(56)
income (loss)
Shareholders' diluted earnings
(loss) per share	$	0.00	$	0.03	$	0.01	$	(0.01)	$	0.03	$	(0.01)	$	(0.37)	$	(0.01)
Adjusted shareholders' diluted
earnings (loss) per share	$	0.02	$	0.04	$	0.01	$	(0.01)	$	0.02	$	0.01	$	(0.01)	$	(0.00)
Return on equity	(0.3%)		11.1%		3.6%		(4.0%)		9.5%		(3.9%)		(154.6%)		(7.0%)
Adjusted return on equity	5.6%		12.8%		4.5%		(4.3%)		6.7%		2.0%		(5.7%)		(0.2%)
Return on tangible equity	0.1%		14.4%		4.9%		(4.5%)		12.2%		(4.4%)		(174.0%)		(7.0%)
Adjusted return on tangible equity	7.5%		16.5%		6.1%		(4.9%)		8.8%		2.9%		(5.9%)		(0.2%)
Mortgages sold and under  administration
Prime mortgages sold - new	$	1,499,930	$	1,521,342	$	1,138,274	$	826,528	$	1,061,892	$	1,005,705	$	904,442	$	875,529
Prime mortgages sold - renewal	463,167		560,423		531,080		519,686		767,830		695,609		457,161		473,806
Prime mortgages sold - total	$	1,963,097	$	2,081,765	$	1,669,354	$	1,346,214	$	1,829,722	$	1,701,314	$	1,361,603	$	1,349,335
Total Street Solutions originations	$	10,225	$	131,376	$	62,116	$	98,285	$	107,805	$	93,685	$	121,611	$	120,303
Mortgages under administration
(in billions of $)	$	27.81	$	27.98	$	28.02	$	27.83	$	27.90	$	27.64	$	27.59	$	27.76
Total revenue	$	16,881	$	19,916	$	14,788	$	11,593	$	17,041	$	14,020	$	12,307	$	13,336
Gain on sale of mortgages	$	37,278	$	39,531	$	30,077	$	22,274	$	29,728	$	26,075	$	21,459	$	22,483
As a % of mortgages sold	1.90%		1.90%		1.80%		1.65%		1.62%		1.53%		1.58%		1.67%
Acquisition expenses	$	20,902	$	20,819	$	16,750	$	12,360	$	15,890	$	15,118	$	13,998	$	14,359
As a % of mortgages sold	1.06%		1.00%		1.00%		0.92%		0.87%		0.89%		1.03%		1.06%
Net gain on sale of mortgages	$	16,376	$	18,712	$	13,327	$	9,914	$	13,838	$	10,957	$	7,461	$	8,124
As a % of mortgages sold	0.83%		0.90%		0.80%		0.74%		0.76%		0.64%		0.55%		0.60%
Adjusted operating expenses	$	14,510	$	13,821	$	12,223	$	13,357	$	13,827	$	13,350	$	14,400	$	13,306
As a % of mortgages sold	0.74%		0.66%		0.73%		0.99%		0.76%		0.78%		1.06%		0.99%
Equity and share performance
Shareholders' equity	$	132,252	$	136,590	$	138,162	$	137,056	$	140,763	$	139,743	$	94,960	$	93,742
Shares outstanding end of period
(in 000s)	121,974		122,184		122,184		122,184		122,184		122,184		122,184		122,184
Book value per share	$	1.08	$	1.12	$	1.13	$	1.12	$	1.15	$	1.14	$	0.78	$	0.77
Market capitalization	$	164,665	$	171,058	$	125,850	$	91,638	$	103,856	$	109,966	$	73,310	$	63,536
Share price at close of market	$	1.35	$	1.40	$	1.03	$	0.75	$	0.85	$	0.90	$	0.60	$	0.52

The following table sets out the Company's consolidated financial position as at March 31, 2019, December 31, 2018 and March 31, 2018.

						As at
		March 31,		December 31,		March 31,
(in thousands of $)		2019		2018		2018
Assets
Cash and cash equivalents		$	33,277	$	65,018	$	80,883
Restricted cash		18,112		9,656		12,561
Securities		23,112		22,692		-
Street Solutions uninsured mortgages		622,012		526,782		294,453
Other non-securitized mortgages and loans		53,624		37,996		15,460
Securitized mortgage loans		104,799		123,362		210,844
Deferred placement fees receivable		46,985		48,670		51,167
Prepaid portfolio insurance		72,533		75,285		81,157
Deferred income tax assets		-		-		14,644
Other assets		42,570		34,704		28,582
Goodwill		-		-		23,465
Total assets		$	1,017,024	$	944,165	$	813,216
Liabilities
Deposits		$	720,757	$	638,710	$	382,489
Loans payable		4,207		4,274		4,095
Securitization liabilities		107,180		125,472		211,505
Accounts payable and accrued liabilities		55,064		44,334		38,176
Deferred income tax liabilities		43,166		43,507		45,720
Total liabilities		930,374		856,297		681,985
Total shareholders' equity		93,742		94,960		137,056
Non-controlling interest		(7,092)		(7,092)		(5,825)
Total liabilities and equity		$	1,017,024	$	944,165	$	813,216
Total MUA (in billions of $)		$	27.76	$	27.59	$	27.83

SOURCE Street Capital Group Inc.

Duncan Hannay, CEO, Street Capital Group Inc., [email protected]; Jonathan Ross, LodeRock Advisors Inc., Inv. Relations, [email protected], [phone]