Oops - BV declined.. Earnings were poor. Earnings don't support the current dividend rate. Notwithstanding BV around $20, the earnings power here is relative underwhelming. I wouldn't touch ZFC until we see around $14/share.
The PB is still around 83% which is the LOWEST one among all MRIETS. Indeed the earning is not supporting the dividend yet. But, do not forget the special dividend declared last year which is not from the core income either. See you at $18, not at $14!