Wilmington Capital Management Inc. Announces First Quarter 2025 Results

Core Viewpoint - Wilmington Capital Management Inc. reported a net loss of $0.2 million or ($0.01) per share for Q1 2025, a significant decline from a net income of $1.3 million or $0.10 per share in Q1 2024 [1][2]. Financial Performance - For the three months ended March 31, 2025, management fee revenue was $0, compared to $140,000 in the same period in 2024 [6]. - Interest, distributions, and other income decreased to $287,000 from $548,000 year-over-year [6]. - Total expenses were $522,000, down from $651,000 in Q1 2024, with general and administrative expenses at $514,000 compared to $625,000 [6]. - The corporation recorded no fair value adjustments to investments in Q1 2025, while it had a gain from the sale of investments of $1,010,000 in Q1 2024 [6]. Cash and Investments - As of March 31, 2025, Wilmington had approximately $34 million in cash and an 18% ownership interest in Bay Moorings Marina Holdings Limited Partnership, which is redeveloping land into 50 residential sites and a condo with approximately 90 units [3][4]. Strategic Outlook - The corporation is exploring various alternatives to provide liquidity to shareholders, including repatriating additional capital and maximizing the value of its public platform [4]. - The principal objective of Wilmington is to seek investment opportunities in alternative asset classes for long-term capital appreciation rather than current income returns [5].