Business Services Industry
Capital Alliance Income Trust Ltd. Announces Completion of Initial Public Offering, Listing On the American Exchange, and Strong Second Quarter Results
Business Wire, Oct 1, 1998
SAN FRANCISCO--(BUSINESS WIRE)--Oct. 1, 1998--Capital Alliance Income Trust Ltd., a home mortgage real estate investment trust (AMEX:CAA), announced that it has completed its initial public offering of common shares, bringing its total capital to $17.6 million.
The common shares, which were offered at $8.00 per share, will commence trading on the American Stock Exchange today.
Capital Alliance had earnings of $239,078 for the second quarter of 1998, compared with $134,379 for the quarter ending June 30, 1997 and $418,212 for the first six months of 1998, compared with $247,580 for the six months ending June 30, 1997.
"While the reporting periods are not strictly comparable, due to the increases in Capital Alliance's capital base and the size of its serviced mortgage loan portfolio resulting from our public offering, we are pleased with our increasing level of originations and the performance of our loan portfolio," said Thomas B. Swartz, Chairman and CEO.
Capital Alliance has initiated dividends on its common shares at $.17 per share for the first and second quarters of 1998.
The company, founded in 1991, invests in and services non-conforming home loans for its own portfolio, originates loans for sale to investors, and offers warehouse lines of credit to its correspondents. The company's primary niche is lending to borrowers with lower documentation but with significant equity in their homes and solid repayment histories.
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