EJF Investments Ltd GBP · LSE:EJFI
EJF Investments Ltd GBP — EJF Investments — H1 2026 Earnings Presentation
23 slides from EJF Investments Ltd GBP's earnings presentation, Sep 24, 2026
Slide 1: EJF Investments Limited 2026 Interim Results Presentation
EJF Investments Limited 2026 Interim Results Presentation 23 and 24 September 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 8.98% 125.17% 9.11% 8.8% Total Return for Total Return since Annualised Total Annualised the Period1 Inception1 Return since Dividend Yield1 Inception1 9.12% Annualised Total Return since Inception1 FX component
Slide 3: Valuation, Share Price and Dividends
Valuation, Share Price and Dividends 31 December 2025 30 June 2026 31 August 2026 Net Asset Value £94.5m £99.5m £99.7m NAV per ordinary share1 163.0p 171.0p 172.0p Valuation Share price discount to NAV per ordinary share1 24.2% 24.0% 18.6% Total Return for the Year / Period end1 4.94% 8.98% 11.00% O
Slide 4: Portfolio Summary
Portfolio Summary ~ 65% 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 5: EJFI Portfolio (As of 31 July 2026)
EJFI Portfolio (As of 31 July 2026, following latest TFINS investment) YTM* Regulated Debt (77% of gross assets) (Including CDO CRT Loans (6% of gross assets) Est Yield* Management fees) 2020-1 10.15% 2024-1 11.76% 51 banks Prime Jumbo Residential 21 insurance companies Mortgages 2025-1 16.04% 35 ba
Slide 6: Summary of Unaudited Financials
Summary of Unaudited Financials Income Statement 1 January 2026 to 30 June 2026 1 January 2025 to 30 June 2025 £ million £ million Dividend Income from Subsidiary 3.9 4.5 Net gain/(loss) from Investment in Subsidiary 6.5 (4.9) Total Income 10.4 (0.4) Investment Management fee (0.4) (0.4) Other Opera
Slide 7: Summary of Unaudited Financials
Summary of Unaudited Financials Balance Sheet 30 June 2026 31 December 2025 £ million £ million Investment in Subsidiary 127.0 114.7 Cash at EJFI Level 1.6 0.6 Other Assets - - Total Assets 128.6 115.3 ZDP Shares (28.5) (19.8) Other Liabilities (0.6) (1.0) Total Liabilities (29.1) (20.8) Net Assets
Slide 8: NAV Bridge - Gross and Net
NAV Bridge - Gross and Net1 Gross NAV Bridge £106 £1.2 Millions £0.2 £0.5 £104 £8.9 -£0.3 £102 -£2.1 £100 £99.5 -£3.3 £98 £96 £94.5 £94 £92 £90 31-Dec-25 Securitisations & US Bank debt Credit risk transfer Specialty Finance Foreign exchange Expenses Dividend paid 30-Jun-26 Related Investments Invest
Slide 9: EJFI Has An Experienced External Manager
EJFI Has An Experienced External Manager The Manager is an affiliate of EJF Capital LP (“EJF”) is a global institutional EJF Capital LP, founded in 2005, which has alternative asset management firm with a $5.2 billion compelling strategic approach and independent Approximate total firm AUM which inc
Slide 10: Regulated Debt – Why Invest in U.S. Small Banks?
Regulated Debt – Why Invest in U.S. Small Banks? The U.S. Has Three Banking Regimes. EJF’S PRIMARY INVESTMENT FOCUS1 Small Regional GSIB/Money Center Bank Assets ($ 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 11: Aggregate Deal Count
WHY NOW? U.S. Bank M&A After a muted period, M&A activity is experiencing a significant resurgence. Obama Trump Biden Trump 2023: fewest deals in 300 Today’s Environment decades; approvals 230 dragged 200+ days Average Days to Close Aggregate Deal Count 250 • Since Trump has assumed office, bank mer
Slide 12: An Accelerating Market
WHY NOW? An Accelerating Market There is a substantial addressable market within subordinated debt. The small bank subordinated debt market is $37B in size.1 ▪ Supply Driven by Refinancing Wave: EJF expects issuance volumes to dramatically increase as banks refinance low interest rate Outstanding su
Slide 13: The Fundamentals of U.S. Small Banks Are Strong.
The Fundamentals of The Fundamentals of U.S. Small Banks Are Strong. Please see Legal Disclosures on pages 21-23. 12
Slide 14: Regulated Banking Debt Less Risky than Non-Regulated Debt
Regulated Banking Debt Less Risky than Non- Regulated Debt Regulated Debt Bank defaults – proxy for regulated debt defaults • From 1934 to Pre-GFC (2009) → 3,733 banks (0.337% annual default rate) • Post-GFC (2010) to today → 380 banks (0.343% annual default rate) • EJFI inception (2017) to today →
Slide 15: Why Invest in Small Banks?
Why Invest in Small Banks? A Sector Underpinned by Structural Safety Rate of bank failures in the U.S. from 1865-20232 Failed banks as a share of total banks Since the late 19th century, bank-failure rates have averaged roughly 0.1% a year, rising only to about 0.3% after 1990— even including the Sa
Slide 16: Recap, Events Post Period End and Outlook
Recap, Events Post Period End and Outlook • The Company’s underlying portfolio provided consistent and strong returns, allowing the Company to make distributions in line with its 2026 Target Dividend. The Total Return1 for the period was 8.98% (7.75% excluding the impact of FX gains). • The annualis
Slide 17: Any Questions?
Any Questions? Please see Legal Disclosures on pages 21-23. 16
Slide 18: Appendix
Appendix Please see Legal Disclosures on pages 21-23. 17
Slide 19: Equity Tranche Investments (As of 31 July 2026)
Equity Tranche Investments (As of 31 July 2026, following latest TFINS investment) TFINS 2020-1 TFINS 2025-1 TFINS 2025-2 TFINS 2025-3 TFINS 2026-1 TFINS 2026-2 TFINS 2026-3 September 2020 March 2025 September 2025 December 2025 February 2026 May 2026 July 2026 Equity Tranches Amount ($ million) 13.
Slide 20: 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 21: Legal Disclosures
Legal Disclosures 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 sh
Slide 22: Legal Disclosures
Legal Disclosures 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 c
Slide 23: Legal Disclosures
Legal Disclosures The Fund has appointed ACOLIN 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 qualifie