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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Ejf Investments Ltd | EJFI | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -1.00 | -0.79% | 125.00 | 16:35:16 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 123.50 | 123.50 | 123.50 | 125.00 | 126.00 |
| Industry Sector |
|---|
| UNKNOWN |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 28/01/2025 | Interim | GBP | 0.02675 | 06/02/2025 | 07/02/2025 | 28/02/2025 |
| 29/10/2024 | Interim | GBP | 0.02675 | 07/11/2024 | 08/11/2024 | 29/11/2024 |
| 26/07/2024 | Interim | GBP | 0.02675 | 08/08/2024 | 09/08/2024 | 30/08/2024 |
| 03/05/2024 | Interim | GBP | 0.02675 | 16/05/2024 | 17/05/2024 | 31/05/2024 |
| 29/01/2024 | Interim | GBP | 0.02675 | 08/02/2024 | 09/02/2024 | 29/02/2024 |
| 25/10/2023 | Interim | GBP | 0.02675 | 02/11/2023 | 03/11/2023 | 30/11/2023 |
| 28/07/2023 | Interim | GBP | 0.02675 | 03/08/2023 | 04/08/2023 | 31/08/2023 |
| 25/04/2023 | Interim | GBP | 0.02675 | 04/05/2023 | 05/05/2023 | 31/05/2023 |
| 26/01/2023 | Interim | GBP | 0.02675 | 02/02/2023 | 03/02/2023 | 28/02/2023 |
| 27/10/2022 | Interim | GBP | 0.02675 | 03/11/2022 | 04/11/2022 | 30/11/2022 |
| 28/07/2022 | Interim | GBP | 0.02675 | 04/08/2022 | 05/08/2022 | 31/08/2022 |
| 26/04/2022 | Interim | GBP | 0.02675 | 05/05/2022 | 06/05/2022 | 31/05/2022 |
| 27/01/2022 | Interim | GBP | 0.02675 | 03/02/2022 | 04/02/2022 | 28/02/2022 |
| 28/10/2021 | Interim | GBP | 0.02675 | 04/11/2021 | 05/11/2021 | 30/11/2021 |
| 29/07/2021 | Interim | GBP | 0.02675 | 05/08/2021 | 06/08/2021 | 31/08/2021 |
| 28/04/2021 | Interim | GBP | 0.02675 | 06/05/2021 | 07/05/2021 | 28/05/2021 |
| 29/01/2021 | Interim | GBP | 0.02675 | 04/02/2021 | 05/02/2021 | 26/02/2021 |
| 26/10/2020 | Interim | GBP | 0.02675 | 05/11/2020 | 06/11/2020 | 30/11/2020 |
| 24/07/2020 | Interim | USD | 0.034617 | 06/08/2020 | 07/08/2020 | 28/08/2020 |
| 24/04/2020 | Interim | GBP | 0.02675 | 07/05/2020 | 11/05/2020 | 29/05/2020 |
| Top Posts |
|---|
Posted at 10/3/2025 10:06 by cwa1 10 March 2025EJF Investments Ltd ("EJFI" or the "Company") Recent Investment Announcement Following the Company's announcement on 14 February 2025, the Board of EJFI, which provides investors exposure to a diversified portfolio of debt issued by smaller US banks and insurance companies and participation in certain management fee income streams of EJF Capital LLC ("EJF"), is pleased to announce that on 7 March 2025, the Company closed its investment in the CDO Equity Tranche of TruPS Financials Note Securitization 2025-1 ("TFINS 2025-1"), a securitisation sponsored by EJF. This is the Company's eleventh risk retention investment. The Company through its subsidiary invested approximately $13.9 million (c.11% of the Company's latest Reported NAV) in the CDO Equity Tranche of TFINS 2025-1. This was funded with proceeds received from its existing investment in the CDO Equity Tranche of TFINS 2017-2, which was called. In addition, as part of the transaction, the Company's subsidiary sold an existing US bank debt position to TFINS 2025-1 for $1.97m, resulting in net cash proceeds of $1.97m. The underlying collateral of TFINS 2025-1 mainly consists of trust preferred securities, subordinated debt and surplus notes of 43 U.S. banks and 12 insurance companies with an aggregate par value of approximately $279.8 million. TFINS 2025-1 has a final maturity date in 2039 and is callable after February 2027 at the option of the CDO Equity Tranche holders, with a mandatory auction call commencing after February 2032. The Manager believes that the investment will generate a gross return in the mid-teens over the life of the investment. EJF CDO Manager LLC (the "CDO Manager") will serve as the collateral manager for TFINS 2025-1 and will receive a 30-basis points p.a. management fee as well as an incentive management fee equal to 20% of profits over a 10% hurdle, subject to certain conditions. The Company will benefit from the economics generated by the CDO Manager through the Company's 49% ownership interest in the CDO Manager. |
Posted at 24/2/2025 13:53 by cwa1 EJF Investments Ltd ("EJFI" or the "Company") announces that, in accordance with its dealing code, EJF Capital Limited, a wholly-owned subsidiary of EJF Capital LLC and a "person closely associated" with EJF Investments Manager LLC, the Company's investment manager (the "Manager"), acquired 10,000 ordinary shares of no par value in the Company (the "Ordinary Shares") at a price of £1.202 per share through secondary dealings on the London Stock Exchange on 20 February 2025. |
Posted at 19/2/2025 08:36 by cc2014 EJFI trying hard to get their profile up.They are presenting at Shares Magazine (AJ Bell) in London on the 4th March |
Posted at 28/1/2025 18:15 by cwa1 28 January 2025EJF Investments Ltd ("EJFI" or the "Company") Dividend Declaration The Directors of EJFI are pleased to announce that they have declared a dividend of 2.675 pence per share in respect of the quarter ended 31 December 2024. The dividend will be payable to shareholders on the register at close of business on 7 February 2025, and the corresponding ex-dividend date will be 6 February 2025. Payment will be made on or about 28 February 2025. As previously notified, shareholders are able to receive their EJFI dividends in USD rather than GBP if they elect to do so. Any shareholder who would like to receive their dividend payments in USD and/or would prefer to receive a wire in lieu of a check and has not already submitted the election form should contact Computershare, the Company's Registrar, by 10 February 2025. |
Posted at 16/1/2025 10:27 by cc2014 That's a really good question Fordtin. One which made me think hard about whether that would preclude a "transaction".I think my view is that is probably does not if the 3-4 months are put between the his purchase and the transaction and further if the transaction where to be just one of a number of possible actions to address the discount to NAV or alternatively just to get the fund manager to do a better and more transparent job. My interest is more about Mr Watkins. He isn't new on the scene. He's been an independent director for a number of years. There must be some trigger to make him willing to pay 129p now when he had over a year to pay 100p or less. Someone suggested he didn't have the funds at the time, but I reject that by reference to his bio. He doesn't look short of a bob or two. Mr Kingston I can run an argument that his purchase is more about, he arrives on the scene, takes 3 months to look closely at all the issues before he commits his money. But Mr Watkins I maintain is odd. Extremely odd. Further: We are running into a time wedge with regard to the zeros which mature in June. EJFI according to the latest factsheet have now about £20m in cash (if you include treasuries as cash) and the maturing zeros would cost £27m to redeem in full. That's alot of cash to be sitting on when EJFI have gained authority to issue £28m of new zeros going forward. You wouldn't do that unless you had a plan or I suggest maybe a number of plans. Most likely I think they are still working through which option to go for and that may well depend on what the discount to NAV looks like at some predetermined cut-off date in the next 4 months or so. To summarise, I've written much, but I guess the situation is actually quite simple. Before issuing the next set of zeros which really commits the fund to another 5 years, the Board have to decide what is in shareholders best interests. Broadly if the discount to NAV reduces to 15% they carry on. If it remains at 25% they've got to justify why it isn't wound up. PS Todays's market cap is £77m of which around £20m is "cash". imho it's all nuts, but it's always been nuts, and of course it can remain nuts. But I don't think it will because it feels like something has changed, something is going on. |
Posted at 09/1/2025 12:07 by cc2014 Welcome CWA. It will be nice to have someone else to chat to. As you can see there are about 50 posts in the last 8 years and I haven't looked back but I guess a proportion of them are mine.EJFI is bonkers imho. I cannot get my head round it. BIPS trading at NAV issuing bundles of shares SMIF trading at a 3% premium issuing bundles of shares NCYF trading at a 7% premium issuing bundles of shares CVCG trading at NAV TFIF trading at a 3% discount And yet EJFI sits here. Ok, I get BIPS is definitely less risky, NCYF too. But SMIF, TFIF look about the same albeit different types of risk. CVCG too although one might argue losses look more likely to happen but the quantum would be lower. The defining factor explaining the discount here would appear to be the lower liquidity. The market is rather harsh. |
Posted at 08/1/2025 12:35 by cc2014 Novision,I think I you misunderstand or I could have explained better. EJFI does not pay out all it's income after fees as dividend. If the fund generates 9% in line with it's long term average that would be 14.6p. But it only pays out 10.7p so there's a likely share price appreciation every year of 3.9p plus the 10.7p dividend. As for the dividend rising the fund manager indicates in the video this is something they are likely to do. |
Posted at 03/1/2025 11:33 by cc2014 Remaining with the debt theme, I’m also slightly at a loss as to why EJF Investments (EJFI) remains so under-researched and, even more, under-owned. This small but very specialist fund invests in US bank debt, yields about 8.5% and saw its share price increase 31% last year, ahead of NAV returns of 9%. The share price has undoubtedly been helped by a smart, recent move by the board: it announced an annual 5% tender offer mechanism in each of the next five years. The annual exit will be capped at 5% of share capital, although shareholders can tender up to their entire holding.The fund is small – market cap under £75m – and trades at a 26% discount, which seems peculiar, especially when US president-elect Donald Trump is likely to go all-out for bank deregulation, specifically to help the smaller, local banks EJFI caters to. |
Posted at 07/9/2024 09:24 by fordtin Many thanks for the link.Anyone with an investment, or considering an investment in EJFI, really should take the time to watch the video and/or read the transcript. For people without an hour to spare, this bit of the Q&A might be of interest; “Are dividends covered? GL: In terms of this high yield you’re offering and your dividends, you’ve got a target of paying 10.7 pence per share in dividends. Is that a flat or rising dividend? NW: It’s been flat the last few years. We’ve raised it twice since we started. We think the CRT transactions, where you get this higher 12% to 20% yield on those opportunities-, again, I can’t promise or guarantee of course, but we would expect the dividend to go up. Again, we’re motivated to do so. We own 26% of the shares as well. So, this is really supposed to generate nice steady income. So, if the underlying assets-, I think it’s on page 14, that most important slide, on a net basis we’re producing 10%-11% yield. So that covers a nice dividend, even if that discount compresses. GL: These dividends are covered by earnings? By the income you’re receiving? NW: Yes. GL: If you succeed in rerating the shares, eliminating this wide discount, would the current yield fall to around 8%? NW: It would be that 10% net yield, yes. GL: 10%, so still a very attractive yield and then you’ve got the potential rerating in the share price. NW: Yes.” |
Posted at 23/5/2024 09:36 by davebowler Liberum-Banking sector M&A and Republic First and NYCB updates Analyst: Shonil Chande Mkt Cap £62m | Share price 101.0p | Prem/(disc) -38.4% | Div yield 10.6% Event EJF Investments’ NAV per share increased by 1.3% month-on-month in April 2024, to 126p. Valuation movements were minimal, with a portfolio return of 1.0% largely reflecting interest accruals from the CDO equity portfolio. The impact of the dollar strengthening was +0.5%. Republic First failure and EJFI exposure Republic First became the first US banking failure of 2024 in April. Its failure has been attributed largely to a mismanagement of interest rate risk. Higher interest rates increased unrealised losses in its available-for-sale securities portfolio, reducing buyer interest and tangible book value. Fulton Financial subsequently announced the acquisition of the majority of Republic First’s $6bn in assets, through the the FDIC resolution process. Fulton expects a 1.2-year earn-back on the deal. Assuming no recovery and considering the current over-collateralisati New York Community Bank (NYCB) out of crisis mode NYCB has been the key factor behind lower sentiment towards US regional banks over the past two months or so, reflected by the KBW bank index. In January 2024, NYCB reported unexpectedly low earnings, down by 50% and leading to a 70% dividend cut. NYCB’s earnings announcement also included an increase in credit provisions on account of commercial real estate office loans and rent-regulated multi-family exposures. EJFI’s factsheet notes that NYCB is out of crisis mode, following its Q1 results and a stabilisation in deposit levels. As at 31 January 2024, EJFI’s underlying exposure to NYCB was less than 2.5%. US banking sector M&A Three meaningful deals took place in April, summarised below: Liberum view Some lingering concerns over the US banking sector have impacted EJFI’s share price rating YTD, with first NYCB and more recently Republic First. In the manager’s view, there are unlikely to be many FDIC deals (like Republic First) this cycle as most banks with upside-down balance sheets should be able to be sold at a price with time. As long as banking issues remain idiosyncratic, we think a bigger takeaway is the recent vibrancy in M&A. If the manager’s assertion (in the factsheet) that the deals are the tip of the iceberg plays out, this will materially increase the return potential of the equity securitisation portfolio (69% of total investments). One of the acquired banks, Heartland Financial, was the 8th largest look-through portfolio exposure, as at 31 March 2024. From EJFI’s perspective, the regulatory aspect of the strategy centres on the consolidation of US banks. The number of banks consolidated from c. 16k in the 1980s to c. 8k following the GFC. Today, there are still over 4k banks. A unique characteristic is the ubiquity of community banks and it is these institutions that issue the bulk of the TruPS collateral pool. As the majority of the TruPS trade at a discount to par, prepayment speeds have a material impact on the returns to equity holders of the securitisations. When a larger bank acquires a smaller one, it can result in the acquired bank's TruPS being redeemed or called at par. This pull-to-par effect has historically allowed EJFI to realise gains on TruPS purchased at a discount within legacy CDO deals. Maintaining the c. 5% post-GFC consolidation rate over the next 10 years would result in c. 2.5k banks by 2033. A rate of between 2.5% and 5% is probably a fair working assumption, in our view. We are BUYers with a 137p TP. |
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