EJF Investments Ltd GBP · LSE:EJFI
EJF Investments Ltd GBP — EJF Investments — H1 2025 Earnings Presentation
31 slides from EJF Investments Ltd GBP's earnings presentation, Oct 1, 2025
Slide 1: EJF Investments Limited 2025 Half Year Results Presentation
EJF Investments Limited 2025 Half Year Results Presentation 1 October 2025 www.ejfi.com Ordinary ShareTicker: EJFI LN
Slide 2: Returns Profile
Returns Profile 5.57% 89.30% Total Return for the Period1 Total Return since Inception1 (2.44%) 92.09% 8.17% 9.1% Total Return for Total Return Annualised Total Annualised the Period1 since Inception1 Return since Dividend Yield1 Inception1 9.12% Annualised Total Return since Inception1 Total Return
Slide 3: Summary of Unaudited Financials
Summary of Unaudited Financials Income Statement 1 January 2025 to 30 June 2025 1 January 2024 to 30 June 2024 £ million £ million Dividend Income from Subsidiary 4.5 4.0 Net gain/(loss) from Investment in Subsidiary (4.9) 3.3 Total Income (0.4) 7.3 Investment Management fee (0.4) (0.4) Other Operat
Slide 4: Summary of Unaudited Financials
Summary of Unaudited Financials Balance Sheet 30 June 2025 31 December 2024 £ million £ million Investment in Subsidiary 110.5 126.4 Cash at EJFI Level 1.0 0.5 Other Assets 0.3 0.4 Total Assets 111.8 127.3 ZDP Shares (16.2) (26.0) Other Liabilities (0.5) (0.6) Total Liabilities (16.7) (26.6) Net Ass
Slide 5: EJFI Has An Experienced External Manager
EJFI Has An Experienced External Manager Founded in 2005 EJF Capital LLC (“EJF”) is a global institutional by Emanuel Friedman and Neal Wilson alternative asset management firm with a $5.5 billion compelling strategic approach and independent Approximate total firm AUM which includes global perspect
Slide 6: Portfolio Summary
Portfolio Summary ~ 65% of EJFI’s Assets are In Regulated Debt ~ 5% of EJFI’s Assets are in the of Small Banks and Insurance Companies Management Fee Streams of EJF Affiliates ✓ Must be approved by regulators ✓ EJF manages pools of securitised debt that are senior in the waterfall to AAA/AA rated de
Slide 7: Significant Investment Exposures (as of period end)
Significant Investment Exposures (as of period end) CDO Equity Tranches and The investments into the equity and mezzanine tranches of 7 CDOs provide the Company exposure to Mezzanine Debt Securities underlying collateral comprising 346 debt instruments issued by 152 US bank and 31 US insurance compa
Slide 8: EJFI's Assets Have Attractive Risk/Reward Characteristics
EJFI’s Assets Have Attractive Risk/Reward Characteristics EJFI Portfolio as of 30 June 2025 Amount (£'million) % of Gross assets Risk profile of underlying exposure 92.09% Total Return since inception1 Floating & Fixed Rate Regulatory Debt issued by small 73.0 65% Baa3-Ba3 US banks and insurance com
Slide 9: NAV Bridge - Gross and Net
NAV Bridge - Gross and Net1 Gross £110 Millions £7.6 £0.0 £0.1 £0.3 £108 -£0.5 £106 £104 £102 £100.7 £100 -£8.0 £98 -£2.0 £96 £95.1 £94 -£3.3 £92 £90 31-Dec-24 Securitisations & US Bank debt US Treasuries Credit risk transfer Specialty Finance Foreign exchange Expenses Dividend paid 30-Jun-25 Relate
Slide 10: Valuation, Share Price and Dividends
Valuation, Share Price and Dividends 31 December 2024 30 June 2025 31 August 2025 29 September 2025 Net Asset Value £100.7m £95.1m £95.8m £95.8m2 Valuation NAV per ordinary share¹ 165.0p 155.0p 157.0p 157.0p2 Share price discount to NAV per ordinary share¹ 27.3% 23.9% 23.2% 21.0% Ordinary Share pric
Slide 11: Tender Offer
Tender Offer • Tender Offer introduced in recognition of the ongoing discount to NAV at which the Company’s Ordinary Shares have traded. The Company’s long-term objective is to increase its scale. • The Tender Offer in this instance is being made at a Tender Price equal to a 5% discount to the preva
Slide 12: Regulated Debt – Why Invest in U.S. Small Banks?
Regulated Debt – Why Invest in U.S. Small Banks? The U.S. Has Three Banking Regimes. EJF’S PRIMARY INVESTMENT FOCUS1 Small Regional GSIB/Money Center Bank Assets ($ B) $0-50 $50-250 $250 + Number of banks / 4,272 27 14 Assets2 $5.5 Trillion $3.4 Trillion $17.9 Trillion Banks $100-$250 B subject to S
Slide 13: Why Invest in U.S. Small Banks?
Why Invest in U.S. Small Banks? EJF views small bank M&A and consolidation as if it were a coiled spring … ready to unleash its considerable stored-up energy. Trump 2.0 • New financial regulators are less hostile to small bank M&A - Incoming FDIC Chair Travis Hill’s intentions are as per the below q
Slide 14: Opportunity | Bank Subordinated Debt
Opportunity | Bank Subordinated Debt EJF believes that attractive opportunities exist in both rated and unrated securities in financial services companies, with particularly acute opportunities in community banks. Characteristics of Bank Subordinated Debt ▪ 8-10% for rated institutions and 9.5+% for
Slide 15: Why now?
Why now? ▪ As of 30 June 2025, EJF and its affiliates have issued a total of 14 post-GFC securitisations totalling ~ $4.5B. ▪ Supply Driven by Refinancing Wave: EJF expects issuance volumes to dramatically increase as banks refinance low interest rate 2020-2022 subordinated debt ▪ Attractive Current
Slide 16: U.S. Bank M&A Activity
U.S. Bank M&A Activity Overview of U.S. bank M&A activity across administrations1 2021-2024 saw the fewest bank M&A deals since the 1990s. We have seen a rebound in deal activity (117 announced since January 2025, with recent deals closing in 110-120 days), as small and regional bank share prices –
Slide 17: The Fundamentals of U.S. Small Banks Are Strong.
The Fundamentals of U.S. Small Banks Are Strong. Please see Legal Disclosures on pages 27 to 30. 16
Slide 18: Bank Fundamentals
Bank Fundamentals 1. Source: J.P. Morgan Asset Management, “Time Flies: 20th Anniversary Eye on the Market,” p. 65 (2025), https://am.jpmorgan.com/content/dam/jpm-am- aem/global/eotm/time_flies_eye_on_the_market_20th_anniversary.pdf. 17 Please see Legal Disclosures on pages 27 to 30.
Slide 19: Bank Fundamentals
Bank Fundamentals The banking industry has limited historical losses on completed commercial real estate exposure compared to construction and development lending. CRE AND CONSTRUCTION NET CHARGE-OFF RATIO1 6.00% 5.50% 5.00% 4.50% 4.00% 3.50% 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% 0.00% -0.50% Complete
Slide 20: Bank Fundamentals
Bank Fundamentals So far this cycle, CRE losses have been concentrated in the largest, institutional office properties, which are primarily financed by the largest banks with the ability to do a loan large enough for an urban, multi- tenant office building. CRE NET CHARGE-OFF RATIO BY BANK ASSET SIZ
Slide 21: Shadow Banking System
Shadow Banking System Post the Global Financial Crisis (“GFC”), increased regulation and lower interest rates made U.S. commercial banks less competitive versus non-bank lenders, who took market share. Regulatory pressure has led to stronger underwriting standards and robust capital and liquidity le
Slide 22: Looking Forward: CRT
Looking Forward: CRT • Emerging and growing investment opportunity for EJFI as issuing banks less than $50 billion in assets just starting to use this regulatory-driven risk management tool. • Attractive investment opportunity due to: o Pricing power. o Ability to choose credits. o Ability to influe
Slide 23: Recap, Events Post Period End and Outlook
Recap, Events Post Period End and Outlook • Total Return1 for the period was a loss of 2.44%. The strong performance of the Company’s portfolio generated a 7.91% return, but these gains were more than offset by volatility in the currency market and FX losses of 7.82%, producing a net negative Total
Slide 24: Any Questions?
Any Questions? Please see Legal Disclosures on pages 27 to 30. 23
Slide 25: Appendix
Appendix Please see Legal Disclosures on pages 27 to 30. 24
Slide 26: CDO Equity Tranche Investments (as of 30 June 2025)
CDO Equity Tranche Investments (as of 30 June 2025) TFINS 2018-1 TFINS 2018-2 TFINS 2019-1 TFINS 2019-2 TFINS 2020-1 TFINS 2020-2 TFINS 2025-1 May 2018 December 2018 March 2019 December 2019 September 2020 December 2020 March 2025 Equity Tranches Amount ($ million) 17.5 11.8 12.7 13.2 13.3 8.1 14.0
Slide 27: Enquiries Contact Information
Enquiries Contact Information EJF Investments Manager LLC Mungo Hargreaves mhargreaves@ejfcap.com For the Manager +44 203 752 6775 Jay Ghatalia jghatalia@ejfcap.com +44 203 752 6776 Panmure Liberum Darren Vickers ejfinvestments@panmureliberum.com +44 203 100 2222 For the Brokers Barclays Bank PLC Di
Slide 28: Legal Disclosures
Legal Disclosures PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS, WHICH MAY VARY. THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM AUSTRALIA, CANADA, SOUTH AFRICA, THE EUROPEAN ECONOMIC AREA ("E
Slide 29: Legal Disclosures
Legal Disclosures Statements of historical events are strategy and fund specific and may not apply to all products and services offered by the Company, the Manager or EJF. Certain statements may contain performance calculations which were prepared by EJF and contain assumptions about future delinque
Slide 30: Legal Disclosures
Legal Disclosures This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States. The securities mentioned herein have not been, and will not be, registered under the US Securities Act of 1933, as amended (the "US Securities Act") or wit
Slide 31: Legal Disclosures
Legal Disclosures Each of Barclays Bank PLC, which is authorised by the Prudential Regulation Authority (the “PRA”) and regulated in the United Kingdom by the Financial Conduct Authority (the “FCA”) and the PRA, and Liberum, which is authorised and regulated in the United Kingdom by the FCA (togethe