Mr. John Wimsatt reports

STRATEGIC EXECUTION AND CORPORATE SIMPLIFICATION CONTINUES – ECN CAPITAL ANNOUNCES COMPLETION OF THE SALE OF RED OAK INVENTORY FINANCE TO BHARCAP PARTNERS

ECN Capital Corp. has sold Red Oak Inventory Finance to BharCap Partners. The transaction closed on Feb. 21, 2024.

This transaction is another milestone in ECN Capital's corporate simplification plan and strategic review process for the company's RV and marine platform. The net proceeds from the transaction were initially used to pay down debt under the company's credit facility and are expected to be available to be redeployed into ECN's manufactured housing and RV and marine origination platforms.

RBC Capital Markets acted as sole financial adviser to the company, and Cravath, Swaine & Moore LLP acted as legal adviser to the company in connection with the transaction.

About ECN Capital Corp.

With managed assets of $4.9-billion (U.S.), ECN Capital is a leading provider of business services to North American-based banks, credit unions, life insurance companies, pension funds and institutional investors. ECN Capital originates, manages and advises on credit assets on behalf of its partners, specifically consumer (manufactured housing, and recreational vehicle and marine) loans, and commercial (inventory finance or floorplan) loans. ECN Capital's partners are seeking high-quality assets to match with their deposits, term insurance or other liabilities. These services are offered through two operating segments: (i) manufactured housing finance, and (ii) recreational vehicles and marine finance.

We seek Safe Harbor.