Since January 2018, CCUR Holdings, Inc. has been evaluating and investing in strategies to maximize returns for its shareholders.
During the first quarter of our fiscal year ending June 30, 2019, we created Recur Holdings LLC, a Delaware limited liability company wholly owned by the Company. Through Recur Holdings we conduct, hold and manage our existing and future real estate operations, which are primarily focused on carefully evaluated financings utilizing the experience and expertise of our management team and advisors.
In February 2019, through our newly formed subsidiary, LM Capital Solutions, LLC (LMCS), we closed on a purchase agreement to acquire the operating assets of LuxeMark Capital, LLC. LMCS operates through its syndication network to facilitate merchant cash advance (MCA) funding by connecting a network of MCA originators with established track records of MCA underwriting and servicing excellence with syndicate participants who provide those originators with additional capital by purchasing participation interests in MCAs funded by the originators. In addition, LMCS provides reporting and other administrative services to its syndication network.
The Company holds an 80% interest in LMCS, with the remaining 20% held by LuxeMark. LMCS does business as LuxeMark Capital with daily operations led by the three LuxeMark principals. Through LMCS, we continue to operate the LuxeMark syndication network by sourcing syndication funding for MCA originators and providing reporting and other administrative services in exchange for a syndication fee. We also directly purchase participation interests from MCA originators for LMCS’ own MCA portfolio and provide loans to MCA originators to fund the MCAs themselves, which generates interest income and syndication fee income from servicing those MCAs.
For the third quarter of fiscal 2019, the Company reported net income of $1,411,000, or $0.16 per share and for the first nine months of fiscal 2019, the Company reported a net loss of $122,000, or $0.01 per share. As of March 31, 2019, the Company had $49.6 million in working capital and total assets of $59.7 million.