Keefe, Bruyette & Woods Updates Portfolio for CM Finance

In a report published Friday, Keefe, Bruyette & Woods analyst Greg Mason remained Not Rated on

. In the report, Keefe, Bruyette & Woods noted, “CMFN holds both debt and warrant positions in Virgin Atlantic which completed its IPO in November. As of 9/30/14, CMFN valued the warrants at $637,000, or $0.05/share. According to the Virgin Atlantic prospectus, following the IPO, CM Finance owns 608,686 shares of stock, or if the overallotment is exercised they will sell 53,417 shares at the IPO price and own 555,269 following the IPO. The IPO was completed at $23.00/share and VA is currently trading at $44.41/share (12/31/14). Based on public information CMFN's investment in VA is currently worth $27.0 million, or $25.9 million if the overallotment was exercised or $1.98 or $1.85/share, respectively.” CM Finance closed on Wednesday at $10.59.