Sygnus Credit Investments makes US$2 million investment in Puerto Rican subsidiary, AFL

Record March quarter results led by AFL’s stellar performance

Durrant Pate/Contributor

Sygnus Credit Investments (SCI) has made a further US$2-million  investment in its Puerto Rican subsidiary, Acrecent Financial LLC (AFL), increasing its ownership stake from 95.58% to 95.90%.

The investment was made prior to the end of the March 2026 third quarter. AFL delivered another set of records for total investment income, net investment income and net profits in respect of the third quarter and combined nine-month financial results. 

In its latest quarterly report, SCI points to AFL doubling quarterly net profits that exceeded US$3.00 million, while nine-month net profits exceeded the results recorded for the full 2025/26 financial year. These results were buoyed by continued expansion of AFL’s private credit portfolio with total assets surpassing the US$150.00 million mark. 

In keeping with the financial performance, AFL has declared a second semi-annual interim dividend to be paid in the fourth quarter of the financial year. Based on AFL’s record performance and the start of semi-annual dividend payments streamed up to SCI, which is homegrown in Jamaica and traded locally but is registered in St. Lucia.

Highest third-quarter net profit

In addition to the strong financial performance of the Puerto Rico business, SCI delivered its highest third-quarter net profit result since its inception of US$2.20 million, up 19.7% or US$362.7 thousand, from US$1.84 million for Q3 Mar 2025. The quarterly performance was achieved notwithstanding a one-off US$1.24 million downward adjustment in interest income recognised during the third quarter. 

However, the year-to-date results were impacted by the one-off adjustment and temporary dislocation of net interest income in the first six months of the financial year from the successful large exit of US$19.51 million from portfolio investments, which created a temporary cash drag.

The combined private credit platform has thus far deployed US$87.05 million across the English-speaking and Spanish-speaking Caribbean on its way to US$100 million. This included the reacceleration of capital deployment for the English-speaking Caribbean during Q3 March 2026, which had been impacted by the timing of the redeployment of the aforementioned large exits during first half of the financial year. 

Successful US$27.39 million capital raise 

During the third quarter, SCI successfully closed a US$27.39 million equivalent capital raise across JMD and USD tranches. The alternative investment company has advanced and continues to explore other fundraising within the calendar year, supported by the overall demand for private credit solutions. 

The Group continued its prudent monitoring and risk assessment of portfolio companies, particularly within the Jamaican geographic region, which were severely affected by Hurricane Melissa during the second quarter of the financial year.

Combined nine-month performance

SCI’s core revenues for the combined three-quarters continued to reflect the carryover effect of the timing differences in net interest income reported during the first half of the financial year and the US$1.24 million adjustment to interest income taken in the current quarter. The results were also affected by the partial offset of AFL’s dividend payment in Q2 of December 2025.

SCI recorded net interest income of US$5.07 million, down 24.5% or US$1.65 million over the US$6.72 million for the same period in 2025, and US$372.5 thousand for Q3 Mar 2026, down from US$2.60 million for Q3 Mar 2025. The variance compared to last year was affected by a one-off recalibration in interest income, which resulted in revisions to interest accruals recognised across multiple periods with the cumulative adjustment in the current quarter. 

Cumulatively, net interest income was lower by approximately US$2.24 to US$2.34 million, resulting from the income drag caused by the unusually high US$19.51 million exit and the one-off adjustment. 

These items were partially offset by the continued strong contribution from PRCF investment income, supported by the record profitability of AFL and accelerated capital deployment across the combined private credit platform.