Title: Slide 1 URL Source: https://is.gd/GtJdO0 Published Time: Thu, 13 Mar 2025 11:06:55 GMT Markdown Content: EJF Investments Limited # January 2025 ## MONTHLY FACTSHEET MONTHLY NAV PERFORMANCE JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC YTD 2025 Monthly Performance (inclusive of dividends) (%) 1.04 1.04 2024 Monthly Performance (inclusive of dividends) (%) 0.80 1.10 1.10 1.26 (0.26) 1.45 (0.19) (0.42) (1.75) 2.64 1.77 1.97 9.80 2023 Monthly Performance (inclusive of dividends) (%) (0.58) 1.48 (4.55) (0.17) 0.84 (6.72) 0.91 1.63 (0.36) 0.80 (0.69) 0.25 (7.27) 2022 Monthly Performance (inclusive of dividends) (%) 0.13 1.34 2.22 4.01 0.72 1.87 1.09 2.73 2.47 (0.40) (3.15) 0.20 13.85 2021 Monthly Performance (inclusive of dividends) (%) 1.99 0.15 2.12 0.44 (2.09) 2.80 (0.01) 0.55 3.06 (0.16) 3.25 (1.43) 11.02 2020 Monthly Performance (inclusive of dividends) (%) 0.47 0.18 (13.57) 0.58 3.33 0.15 1.25 0.34 0.40 (0.73) 1.16 0.25 (7.02) 2019 Monthly Performance (inclusive of dividends) (%) 0.35 0.41 1.77 5.61 0.83 0.26 0.56 0.62 0.21 0.04 0.13 0.63 11.88 2018 Monthly Performance (inclusive of dividends) (%) 8.28 0.70 0.12 2.70 2.10 1.62 0.50 2.39 0.08 0.32 0.22 (1.13) 19.08 2017 Monthly Performance (inclusive of dividends) (%) 0.51* 2.96 3.65 0.24 2.85 0.34 0.90 1.37 0.54 4.92 0.59 2.53 23.47 Your attention is drawn to the disclaimer (Important Disclosure) that begins on the third page of this document. Past performance is not indicative of future results, and there can be no assurance that EJFI will achieve comparable results, will meet its target returns, achieve its investment objectives or be able to implement its investment strategy. Ticker Symbol EJFI LN NAV/Share GBp166 ($2.06 equivalent) Share Price GBp118.0 Share Price Discount to NAV 28.9% EJFI NAV £101.8 million Market Cap £72.2 million Gross Asset Value £128.6 million Target Return 8%-10% total return p.a. Quarterly Dividend 1 GBp2.675 per share (GBp10.7 per share p.a.) Dividend Yield 9.1% p.a. (share price) Hedging ratio 2 30.5% Gearing ratio 3 25.7% Ongoing Charges 4 2.1% 2025 ZDP Shares Ticker: EJF0 LN Shares: 19.3m, Maturity: 6/2025 Capital Entitlement: GBp140.0 Current Share Price: GBp133.5 EJFI Key Facts (as of 31 January 2025) *This performance reflects the period 1 February through 9 February, the Exchange Offer Completion Date. EJF Capital LLC AUM¹ $5.4 Billion EJFI Annualised Performance since inception² (%) 9.10 > 1 The Company targets an annual dividend of 10.7 pence per share for the financial year to 31 December 2025, to be distributed evenly in four quarterly payments. > 2 The Company’s base currency is denominated in GBP, though most of the Company’s investments are currently in USD. As of 31 January 2025, USD 48.5m of approximately USD 158.8m exposure is hedged. > 3 Gearing ratio is computed as current accreted value of ZDP Shares over the NAV of the Company. > 4 For FY 24 and calculated in line with Association of Investment Companies (“AIC”) recommended methodology. Portfolio Activity: EJFI’s December 2024 NAV was £101.8 2 million or GBp166 2 per share, representing a gain (inclusive of dividends) of 1.04% 2 for the month which was driven by a 1.11% gain on the underlying portfolio. The underlying portfolio return of 1.11% was driven by a 0.85% return from Securitisations & Related Investments. CDO Equity Tranche prices were flat month on month and the remaining return was driven largely by regular interest accruals. Elsewhere, MSRs were up 0.21% on account of mortgage rate movements and the Credit Risk Transfer portfolio contributed 0.05%. US Treasuries and US Bank debt portfolio recorded modest gains and losses respectively. During the month, the Company reduced its hedge against US Dollar asset exposure which stands at 30.5% at month end (from c.53% at the end of prior month). FX returned a 0.25% gain for the month. Following the month end, the Company has committed to invest in EJF Capital LLC’s next securitisation. Further details can be accessed here . Market: Bank equities rallied in January due to strong fourth quarter earnings reports and stability in interest rate expectations. Additionally, oversold conditions from anearly 19% peak-to-trough correction in the KBW Regional Bank Index (“KRX”) created an attractive entry point. In the Manager’s review of earnings presentations and conference calls, most banks saw net interest margins expand materially in the fourth quarter of 2024. The 100 bps of cuts to the Fed Funds rate over the past few months has allowed management teams to reduce cost of funds accordingly. For some banks, loan pipelines appear to be building, and we expect to see healthy loan growth in 2025. The National Federation of Independent Business (“NFIB”) Small Business Optimism Index spiked in December to a reading of 105.1, the highest level in six years. Per NFIB Chief Economist, Bill Dunkelberg, “Expectations for economic growth, lower inflation, and positive business conditions have increased in anticipation of pro-business policies and legislation in the new year. During President Donald Trump’s first few days in office, he began the process of naming acting heads of the bank regulatory agencies. Importantly, Travis Hill was named acting Chairman of the Federal Deposit Insurance Corporation (“FDIC”). As part of his statement, Hill makes two important points, which the Manager believes will have an important impact on banking and financial technology over the next four years. First, he aims to improve the bank merger approval process and ensure that merger transactions are handled in a timely way. As the Manager has referenced in the December commentary, the number of bank mergers completed under the Biden administration was a fraction of those completed under prior administrations. In addition, Hill looks to adopt a more open-minded approach to innovation and technology adoption. He specifically mentions creating more transparency around digital assets and tokenization. The Manager believes that this approach is quite business friendly as the entire space has become underbanked due to the prior administration regulating banks out of the crypto industry. The Manager expects these are the first steps to radically improving the regulatory framework going forward. Acting Chairman Hill’ s statement can be found here . The Federal Reserve (the “Fed”) Open Market Committee (the “Committee”) also met on January 29th and kept the Fed Funds rate unchanged after cutting interest rates 100bps late last year. Chairman Powell acknowledged that he was confident that inflation would continue to decline, but the Committee felt comfortable with a wait-and-see approach. While the Fed does not set monetary policy based on fiscal policies including tariff implementation, the Manager believes that these issues certainly impact their calculus. Given the strong economy, labor market stability and inflationary gauges relatively in check, interest rates at the long end of the curve appear to have stabilized for now. As mentioned in last month’s commentary, the Manager is not convinced that a pause in rate cuts is necessarily a negative for bank earnings in the near-term. Investment Manager Monthly Commentary > ¹AUM includes $2.9 billion of CDO managed assets and $73.2 million of uncalled capital as at 31 December 2024. ²Based on the Company’s 31 January 2025 unaudited financials. Securitisations & Related Investments # January 2025 Existing Portfolio Breakdown 1 # EJF Investments Limited ## MONTHLY FACTSHEET  £76.3 million investment in 7 CDO Equity Tranches of securitisations sponsored by EJF Capital LLC  £4.8 million investment in EJF CDO Manager LLC (49% ownership interest)  £5.1 million investment in 7 Mezzanine debt securities of securitisations sponsored by EJF Capital LLC  £1.1 million investment in a TruPS CDO security Specialty Finance Investments  £8.7 million investment in a portfolio of mortgage servicing rights (“MSRs”) Cash and Cash Equivalents  £3.8 million unrestricted cash  £1.6 million restricted cash 2  £17.0 million in a money market fund Other Assets  £0.6 million of other assets > 1 Based on the Company’s 31 January 2025 unaudited financials. > 2 Including an unrealised loss on forward currency contracts of £1.1 million. EJF Investments Ltd (“EJFI” or the “Company”, together with its subsidiary the “Group”) is a Jersey incorporated, closed end investment company. EJFI's shares are traded on the Specialist Fund Segment of the London Stock Exchange. EJFI offers exposure to a portfolio of loans to US financial institutions and related assets, with an emphasis on floating rate debt. EJFI's objective is to provide shareholders with attractive risk adjusted returns via regular dividends and capital growth over the long term. COMPANY OVERVIEW EJF Investments Manager LLC (the “Manager”) U.K. Office 11 Berkeley Street, 5th Floor, London, W1J 8DS Info@ejfi.com Panmure Liberum U.K. Office 25 Ropemaker Street London EC2Y 9LY james.shields@panmureliberum.com Barclays Bank PLC U.K. Office 1 Churchill Place, London E14 5HP barclaysinvestmentcompanies@barclays.com Apex Financial Services (Alternative Funds) Limited Jersey Office IFC 5, St Helier, Jersey JE1 1ST ejficosec@apexgroup.com U.S. Bank debt  £1.6 million in one subordinated debt instrument issued by a US Bank U.S. Treasuries  £3.2 million in U.S. Treasury bills to partially hedge MSRs EJFI primarily invests in a diversified portfolio of debt issued by smaller US banks and insurance companies via CDO Equity Tranches, where the CDOs were structured by an affiliate of EJF Capital LLC. EJFI owns a 49% interest in EJF CDO Manager LLC (the “CDO Manager”) that manages CDOs and generates regular income. EJFI also invests in Specialty Finance Investments, including Mortgage Servicing Rights (“MSRs”) which provide regular income in exchange for servicing pools of US mortgages. EJFI also invests in Credit Risk Transfer (“CRT”) bond which enables a bank to reduce its regulatory capital on a pool of loans that are carried on its balance sheet. PORTFOLIO OVERVIEW Credit Risk Transfer  £4.7 million in two Credit Risk Transfer (“CRT”) transactions December 2024 # EJF Investments Limited ## MONTHLY FACTSHEET IMPORTANT DISCLOSURE PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS, WHICH MAY VARY . There is no guarantee that the Company will continue to invest in these allocations at all or do so in the same manner as set forth in this factsheet. Allocations may change at any time without notification to shareholders. Pie charts include all investments, cash and hedges. Returns are net of fees, accrued liabilities and expenses and include dividend reinvested. This material is not for distribution to retail clients and is directed exclusively to the Company’s professional clients and eligible counterparties, as defined in the Markets in Financial Instruments Directive (2004/39/EC) Article 4(1) (12). The information provided herein is intended solely for the use of the party to whom the Company or the Manager has provided it, is strictly confidential, and may not be reprinted or distributed in whole or in part nor may its contents be disclosed to any other recipient under any circumstances. By accepting this information, the recipient agrees that it will not divulge any such information to any other party. This document, and the information contained therein, is not for viewing, release, distribution or publication in or into the United States, Canada, Japan, South Africa or any other jurisdiction where applicable laws prohibit its release, distribution or publication, and will not be made available to any national, resident or citizen of such jurisdiction. The distribution of this document in certain jurisdictions may be restricted by law; therefore, people into whose possession this document comes should inform themselves about and observe any such restrictions. It does not take into account the particular investment objectives, financial situation, risk adversity, tax status or needs of individual clients. The Company and the Manager disclaim any and all liability relating to a decision based on or for reliance on this document. This document is directed only at: (i) persons having professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005; or (ii) high net worth bodies corporate, unincorporated associations and partnerships and trustees of high value trusts as described in Article 49(2) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and persons who receive this document who do not fall within (i) or (ii) above should not rely on or act upon this document. This document has been prepared for general information purposes only and has not been delivered for registration in any jurisdiction nor has its content been reviewed by any regulatory authority in any jurisdiction. The information contained herein does not constitute: (i) a legal agreement (ii) legal, regulatory, tax, accounting or other advice, (iii) an offer, recommendation or solicitation to buy or sell shares in any fund or any security, commodity, financial instrument or derivative linked to, or otherwise included in the Company or a portfolio managed or advised by EJF Capital LLC (“EJF”), the Manager or their respective affiliates, (iv) an offer to enter into any other transaction whatsoever, (each a “Transaction”). This document does not constitute due diligence reporting and neither the Company nor the Manager bear any responsibility for your investment research and/or investment decisions, nor will the Company or the Manager be liable of any decision made or actions taken by you or others based on the contents of this document and neither the Company, the Manager, nor any of their respective directors, officers, employees or representatives accept any liability whatsoever for any loss or damage of any kind and howsoever arising. These materials may also contain historical market data; however, historical market trends are not reliable indicators of future market behavior. Any historical investment results of any person or entity described in this material are not indicative of the future investment results. Such results are intended only to give potential investors information concerning the general experience of the relevant person or entity, and is not intended as a representation or warranty by the Company, the Manager, EJF or any other person or entity as to the actual composition of or performance of any future investments. The information herein may include statements of future expectations, estimates, projections, models, forecasts, scenarios, and other forward-looking statements (collectively "Statements"). The Statements provided are based on the Manager’s beliefs, assumptions and information available at the time of issuance of such Statement. Such Statements may be speculative in nature, and can be expected that some or all of the assumptions underlying the forecasts and estimates will not materialize and/or that actual events and consequences thereof will vary significantly from the assumptions upon which forecasts and estimates contained herein have been based. The inclusion of such Statements herein should not be regarded as a representation or guarantee regarding the reliability, accuracy or completeness of the information contained herein, neither the Company nor the Manager are under any obligation to update or keep current such information. As a result, all the information contained in this document, including the Statements, is inherently speculative and actual results or events may differ materially from those expressed or implied in such Statements. Therefore, this information, as well as the Statements, cannot be relied upon for any purpose other than the current illustrative one. No liability whatsoever (whether in negligence or otherwise) arising directly or indirectly from the use of this document is accepted and no representation, warranty or undertaking, express of implied, is or will be made by the Company, the Manager, EJF or any of their respective directors, officers, employees, advisers, representatives or any other agents (“Agents”) for any information or any of the opinions contained herein or for any errors, omissions or misstatements. None of the Agents makes or has been authorised to make any representation or warranties (express or implied) in relation to the Company or as to the truth, accuracy or completeness of this document, or any other written or oral statement provided. In particular, no representation or warranty is given as to the achievement or reasonableness of, and no reliance should be placed on any projections, targets, estimates or forecasts contained in this document and nothing in this document is or should be relied on as a promise or representation as to the future. The information, estimates, forecasts or opinions supplied by the Company, the Manager and/or EJF in this document are supplied for your private use and information, and for discussion purposes only and do not constitute, and may not be used for the purposes of, an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, shares issued by the Company (or units, notes, products or shares issued by a fund managed or promoted by the Manager, EJF or their respective affiliates) in any jurisdiction in which such offer, solicitation or sale would be unlawful. The information supplied by the Company, the Manager, EJF or their respective affiliates and contained herein shall not be deemed to constitute investment advice and should not be relied upon as the basis for a decision to enter into a transaction or as the basis for an investment in shares issued by the Company (or units, notes, products or shares issued by a fund managed or promoted by the Manager, EJF or their respective affiliates) as an investment in such shares notes, or products or units may not be suitable or lawful for all investors. Prospective investors should (i) consult their financial, accounting, tax and legal advisors prior to any investment in units or shares issued by a fund managed or promoted by the Manager, EJF or its affiliates; and (ii) inform themselves as to (a) the appropriateness of said investment in units or shares (b) the legal requirements within their own jurisdictions for the purchase or holding of said investment, (c) any foreign exchange restrictions which may affect them, and (d) the income and other tax consequences which may apply in their own jurisdictions relevant to the purchase, holding or disposal of units or shares of the relevant fund or investment vehicle. This document contains information about EJF, certain of its respective personnel and affiliates and the historical performance information of investment vehicles whose portfolios are managed by EJF or its affiliates. Such information has been included to provide information as to general portfolio management experience. You should not view the past performance of the Company or its investments, or EJF, as indicative of future results. Neither the Company, the Manager, nor EJF makes any representation or warranty, express or implied, as to the fairness, accuracy or completeness of the information contained herein and nothing contained herein shall be relied upon as a promise or representation as to past or future performance of any structure, managed by EJF or the Manager from time to time. The shares issued and to be issued by the Company (the “Shares”) have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or with any securities regulatory authority of any state or other jurisdiction of the United States. The Shares may not be offered, sold, resold, pledged, delivered, distributed or otherwise transferred, directly or indirectly, into or within the United States, or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the Securities Act), except to persons who are both a “qualified purchaser” as defined in Section 2(a)(51) and related rules of the U.S. Investment Company Act of 1940, as amended, (the “Investment Company Act”) and an “accredited investor” as defined in Rule 501(a) of Regulation D under the Securities Act. No public offering of the Shares is being made in the United States. The Company has not been and will not be registered under the Investment Company Act and, as such, holders of the Shares will not be entitled to the benefits of the Investment Company Act. No offer, sale, resale, pledge, delivery, distribution or transfer of the Shares may be made except under circumstances that will not result in the Company being required to register as an investment company under the Investment Company Act. Neither the U.S. Securities and Exchange Commission (the “SEC”) nor any state securities commission has approved or disapproved of the Shares or passed upon or endorsed the merits of the offering of the Shares or the adequacy or accuracy of this document. Any representation to the contrary is a criminal offence in the United States. In addition, the Shares are subject to restrictions on transferability and resale in certain jurisdictions and may not be transferred or resold except as permitted under applicable securities laws and regulations. Investors may be required to bear the financial risks of their investment in the Shares for an indefinite period of time. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdictions. All investments are subject to risk, including the loss of the principal amount invested. Past performance is not necessarily indicative of future results, and there can be no assurance that the Company will achieve comparable results, will meet its target returns, achieve its investment objectives or be able to implement its investment strategy. All investments to be held by the Company involve a substantial degree of risk, including the risk of total loss. The value of Shares and the income from them is not guaranteed and can fall as well as rise due to stock market and currency movements. When you sell your investment you may get back less than you originally invested. You should always seek expert legal, financial, tax and other professional advice before making any investment decision. The Company has appointed ACOLIN Fund Services SA, 6 Cours de Rive, 1204 Geneva, Switzerland, as its Swiss Representative. Banque Cantonale de Genève, 17 Quai de l’Ile, CH-1208 Geneva, Switzerland is the Swiss Paying Agent. In Switzerland shares shall be distributed exclusively to qualified investors. The fund offering documents, articles of association and audited financial statements can be obtained free of charge from the Representative. The place of performance with respect to shares distributed in or from Switzerland is the registered office of the Representative. EJF Investments Limited is regulated by the Jersey Financial Services Commission.