iCrowdNewswire Dec 9, 2020 2:00 PM ET
Portland, OR. December 9, 2020 – Sortis Holdings, Inc. (OTC: SOHI), a diversified alternative investment firm, announced results for the third quarter of 2020. For the quarter ending June 30, 2020, Sortis Holdings reported total revenue of $1,968,836 and a net income of $1,161,520, or around $0.08 earnings per share.
Jef Baker, President and Chief Executive Officer, stated: “With the continued growth of our Funds and assets under management, we’re producing repeatable increasing quarterly revenue. This, coupled with our activities in regards to distressed acquisitions in the COVID-19 environment, is pushing our returns to record highs. As our Fund yields continue to exceed market averages along with our historically strong performance, we continue to attract investors and grow our Fund management business. The outlook for Sortis remains strong.”
In October 2020, Sortis announced third quarter returns for the Sortis Income Fund, a real-estate debt fund, which produced a net annualized yield to investors of 10.0%*. The Sortis Income Fund is an unleveraged mortgage fund that focuses on short-term notes collateralized by real estate.
During the third quarter, the Sortis Rescue Fund also completed the acquisition of Sustainable Restaurant Group (Owner of Bamboo Sushi) out of bankruptcy. This marked the second high-profile acquisition based on a significantly discounted valuation compared to the pre-COVID valuation for Sortis, following the rescue of Rudy’s Barbershop in May. The acquisition resulted in an ownership stake for Sortis Holdings.
“We are thrilled to bring our team’s experience, ideas, and energy to the Bamboo Sushi brand,” said Sortis Executive Chairman and Founder, Paul Brenneke. “Bamboo Sushi was built on a thoughtful approach to dining, food sourcing, and growth. It had poor timing for its rapid growth opening four restaurants in the months prior to the pandemic’s initial impact, but it’s the kind of company that we believe will survive and thrive in a post-pandemic world.”
About Sortis Holdings, Inc.
Sortis is a leader in diversified alternative investment strategies focused on real estate, lending, distress situations and rescue opportunities. Top priorities include capital preservation and long-term economic growth primarily focused in the Western U.S. The Sortis Family of Funds includes the Sortis Income Fund, the Sortis Opportunity Zone Fund, the Sortis Rescue Fund, and the Sortis Growth Fund.
This release contains statements that constitute 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. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of Sortis Holdings, its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words “may,” “would,” “will,” “expect,” “estimate,” “can,” “believe,” “potential” and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Sortis Holdings’ ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in Sortis Holdings’ and Sortis Income Fund’s disclosure documents and filings. This announcement does not constitute an offer, or any solicitation of any offer, to buy or subscribe for any securities. Any offer will be made only by means of an offer memorandum. This announcement is not for release, publication or distribution, in whole or in part, in or into, directly or indirectly, any jurisdiction other than the United States.
Keywords: Diversified Alternative Investing, Distressed and Opportunistic Investing, Commercial Real Estate, Investment Strategies, Investor Returns, Real Estate Investing