RFA Financial (RFA) ran 11% after announcing $340M of coming asset sales, as it continues to wind down Artis’ real estate portfolio…

… in order to fund its mortgage lending activity, the core reason the two entities merged last year. Using the math from RFA’s merger deck…

… that $340M could generate ~$65M of earnings once redeployed - ramping up to ~$280M if it can hit its five-year, $1.5B asset sale target.