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EJF’s manager continue to absorb 80% of operating costs

EJF Investments EJFI

In an announcement on 1 May 2019, EJF Investments (EJF) said that EJF Capital LLC, the parent of the company’s investment manager (EJF Investments Manager LLC), currently absorbs 90% of EJF’s recurring operating expenses of the Company – aside from management and incentive fees. This arrangement is due to expire “no earlier than 1 January 2020”.

EJF’s board has now announced that, with effect from 1 January 2020, EJF Capital has agreed to absorb 80% of EJF’s recurring operating expenses, aside from management and incentive fees, until no earlier than 1 January 2021. The board say that this arrangement demonstrates the Investment Manager’s ongoing commitment and alignment with the Company.

In addition, as communicated on 13 June 2019, the commitment that the Investment Manager intends to absorb at least 75% of the Company’s recurring operating expenses, aside from management and incentive fees, until no earlier than the date on which the unaudited net asset value of the Company reaches £300 million, remains in place.

About EJF investments

EJF Investments Ltd is a closed-ended investment company investing in assets benefitting from regulatory and structural change in the financial services sector.

The company will seek to generate risk adjusted shareholder returns by investing in a diversified portfolio of long-term, cash-flow generating assets in three identified target investment areas, being risk retention, capital solutions and asset backed securities and specialty finance. These opportunities are anticipated to include structured debt and equity, loans, bonds, preference shares, convertible notes and private equity, in both cash and synthetic formats issued by entities domiciled in the U.S., UK and Europe.

EJF Investments will seek to make quarterly dividend payments of income arising from the portfolio in addition to targeting NAV growth

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