EJF Investments Ltd GBP · LSE:EJFI
EJF Investments Ltd GBP — EJF Investments — FY2025 Earnings Presentation
28 slides from EJF Investments Ltd GBP's earnings presentation, Mar 30, 2026
Slide 1: EJF Investments Limited 2025 Results Presentation
EJF Investments Limited 2025 Results Presentation 30 and 31 March 2026 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 4.94% 106.62% 8.58% 8.8% Total Return for Total Return since Annualised Total Annualised the Year1 Inception1 Return since Dividend Yield1 Inception1 9.12% Annualised Total Return since Inception1 Total Return fo
Slide 3: Summary of Audited Financials: Income Statement
Summary of Audited Financials Income Statement 1 January 2025 to 31 December 2025 1 January 2024 to 31 December 2024 £ million £ million Dividend Income from Subsidiary 7.9 8.7 Net gain/(loss) from Investment in Subsidiary 0.6 4.7 Total Income 8.5 13.4 Investment Management fee (0.8) (0.9) Other Ope
Slide 4: Summary of Audited Financials: Balance Sheet
Summary of Audited Financials Balance Sheet 31 December 2025 31 December 2024 £ million £ million Investment in Subsidiary 114.7 126.4 Cash at EJFI Level 0.6 0.5 Other Assets - 0.4 Total Assets 115.3 127.4 ZDP Shares (19.8) (26.0) Other Liabilities (1.0) (0.6) Total Liabilities (20.8) (26.6) Net Ass
Slide 5: EJFI Has An Experienced External Manager
EJFI Has An Experienced External Manager 20 Years of Alternative Asset Management EJF is a global alternative asset management firm founded EJF Capital LP (“EJF”) is a global institutional in 2005 by Emanuel Friedman and Neal Wilson alternative asset management firm with a $5.4 billion compelling st
Slide 6: Portfolio Summary
Portfolio Summary ~ 64% of EJFI’s Assets are In Regulated Debt of ~ 6% of EJFI’s Assets are in the 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 year end)
Significant Investment Exposures (as of year end) CDO Equity Tranches and The investments into the equity and mezzanine tranches of 6 CDOs provide the Company exposure to Mezzanine Debt Securities underlying collateral comprising 384 debt instruments issued by 186 US banks and 30 US insurance compan
Slide 8: Alternate View of the Portfolio: Risk/Reward Characteristics
Alternate View of the Portfolio: Risk/Reward Characteristics EJFI Portfolio as of 31 December 2025 Amount (£'million) % of Gross assets Risk profile of underlying exposure 106.62% Total Return since inception1 Floating & Fixed Rate Regulatory Debt issued by small 73.4 64% Baa3-Ba3 US banks and insur
Slide 9: NAV Bridge - Gross and Net
NAV Bridge - Gross and Net1 Gross NAV Millions £0.9 £117 £15.5 £0.0 £0.1 -£0.9 £112 -£7.2 £107 -£3.7 £102 £100.7 -£6.5 £97 £94.5 -£4.6 £92 31-Dec-24 Securitisations & US Bank debt US Treasuries Credit risk transfer Specialty Finance Foreign exchange Expenses Dividend paid Tender Offer 31-Dec-25 Rela
Slide 10: Valuation, Share Price and Dividends
Valuation, Share Price and Dividends 31 December 2024 31 December 2025 28 February 2026 Net Asset Value £100.7m £94.5m £94.6m Valuation NAV per ordinary share1 165.0p 163.0p 163.0p Share price discount to NAV per ordinary share1 27.3% 24.2% 19.6% Ordinary Share price 120.0p 123.5p 131.0p Market View
Slide 11: Tender Offer
Tender Offer • In December 2024, shareholders approved the Tender Offer mechanism which was introduced in recognition of the ongoing discount to NAV at which the Company’s Ordinary Shares have traded. The long-term objective of the Company is to increase its capital base while maintaining its abilit
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-$250 B subject to S
Slide 13: Why Invest in U.S. Small Banks?
Why Invest in U.S. Small Banks? New financial regulators are supportive of small bank M&A. Today’s Environment Acting FDIC Chair Travis Hill:1 • Since Trump has assumed office, bank mergers are taking ~90 days.2 • Pledges to reassess the FDIC’s approach to evaluating proposed bank mergers. • The mer
Slide 14: An Accelerating Market
An Accelerating Market There is a substantial addressable market within subordinated debt. Outstanding subordinated debt securities held by operating U.S. banks by asset size ($B)1 $21.06 The small bank $9.04 subordinated debt market is $38B in size.1 $8.20 Banks total assets greater than $500B Bank
Slide 15: The Fundamentals of U.S. Small Banks Are Strong.
The Fundamentals of U.S. Small Banks Are Strong. Please see Legal Disclosures on pages 24-27. 14
Slide 16: Bank Fundamentals: Bank Failure Rates
Bank Fundamentals Since the late 19th century, bank-failure rates have averaged roughly 0.1% a year, rising only to about 0.3% after 1990—even including the Savings & Loan crisis and the GFC.1 Rate of bank failures in the U.S. from 1865-20233 Failed banks as a share of total banks Nearly 600 days ha
Slide 17: Bank Fundamentals: CRE Net Charge-Offs
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 18: Bank Fundamentals: CRE Losses by Bank Size
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 SIZE
Slide 19: 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 liquidit
Slide 20: Recap, Events Post Year End and Outlook
Recap, Events Post Year End and Outlook • The Company’s underlying portfolio provided consistent and strong returns, allowing the Company to distribute more than its 2025 Target Dividend. The Total Return1 for the year was 12.09% (excluding the impact of FX losses). FX losses impacting the Total Ret
Slide 21: Any Questions?
Any Questions? Please see Legal Disclosures on pages 24-27. 20
Slide 22: Appendix
Appendix Please see Legal Disclosures on pages 24-27. 21
Slide 23: Equity Tranche Investments (as of 31 December 2025)
Equity Tranche Investments (as of 31 December 2025) TFINS 2018-2 TFINS 2019-2 TFINS 2020-1 TFINS 2025-1 TFINS 2025-2 TFINS 2025-3 December 2018 December 2019 September 2020 March 2025 September 2025 December 2025 Equity Tranches Amount ($ million) 11.8 13.2 13.3 14.0 18.9 21.3 Estimated Return Profi
Slide 24: Enquiries
Enquiries Contact Information EJF Investments Manager LLC Mungo Hargreaves mhargreaves@ejfcap.com For the Manager +44 203 752 6774 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 25: 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 26: Legal Disclosures
Legal Disclosures Certain returns implied herein are gross of fees and expenses and reflect the reinvestment of dividends and other earnings. Net performance returns to an investor in any fund will vary from the returns expressed herein due to a number of factors, including any applicable incentive
Slide 27: Legal Disclosures
Legal Disclosures In addition, in the United Kingdom the presentation is only addressed to and directed at "qualified investors" within the meaning of Article 2(e) of the Prospectus Regulation (Regulation (EU) 2017/1129), as amended (including such regulation as it forms part of UK Law by virtue of
Slide 28: Legal Disclosures
Legal Disclosures The scenarios, risks, Information and forward looking statements presented in this document are not comprehensive of the securities and strategies referenced and are solely for illustrative purposes. Therefore, this document, as well as the forward looking statements and Informatio