LONDON (Alliance News) - EJF Investments Ltd on Tuesday said its net asset value per share rose in the first half of 2018, benefiting from a larger gain on non-derivative financial assets than a year before.
Net asset value per share grew to 178.95 pence in the six month to the end of June from the 158.23p reported at the end of 2017.
Share price at the end of the period stood at 182p, representing a 1.7% premium to NAV. The stock was untraded on Tuesday in London at 182.50p per share.
EJF said the result was driven by GBP9.7 million gain from REIT TruPS Collateralised Debt Obligations. The company said it reinvested this gain to increase the asset allocation towards EJF Investments LP.
In addition, the company said it secured a GBP1.9 million gain through the resulting collateral management contract with EJF CDO Manager LLC and GBP1.1 million distribution from an impaired loan in the legacy Armadillo portfolio.
As a result, net gain on non-derivative financial assets at fair value multiplied to GBP16.9 million from GBP5.3 million the year before, pushing revenue up to GBP16.9 million from GBP7.5 million.
During the first-half, EJF declared two quarterly dividends of 2.5 pence per share, for a total of 5.0p.
"The company continued to grow and perform strongly during the period, exceeding its stated target return," said Chairman Joanna Dentskevich.
Ejf Investments (EJFI)