EJF Investments Ltd Annual Report and Audited Financial Statements 2021
EJF Investments Ltd
Annual Report and Audited Financial Statements 

Contents
1 2021 Performance Highlights
24 Corporate Summary
5 General Information
68 Chair’s Statement
913 Manager’s Report
1418 Statement of Principal Risks
19 The Board
2021 The Manager
2228 Corporate Governance Report
2931 Directors’ Report
3233 Directors’ Remuneration Report
3438 Audit and Risk Committee Report
39 Statement of Directors’ Responsibilities
4047 Independent Auditor’s Reports to the
Members of EJF Investments Limited
Audited Financial Statements
48 Statement of Comprehensive Income
49 Statement of Financial Position
50 Statement of Changes in Equity
51 Statement of Cash Flows
5281 Notes to the Audited Financial Statements
8285 Glossary of Terms
8687 Alternative Performance Measures

EJF Investments Limited Annual Report and Audited Financial Statements 2021 1
Performance
Total Return
1
2021: 11.02%
2020
1
: (7.02)%
Total Return since inception
1
69.8%
Market View
Ordinary Share Price
2021: 129p
2020: 117p
2022 ZDP Share Price
2
2021: 127p
2020: 117.5p
2025 ZDP Share Price
3
2021: 116.5p
2020: 102p
Market Capitalisation
2021: £78.9m
2020: £71.5m
Asset Performance
Net Asset Value
2021: £104.8m
2020: £100.6m
NAV per ordinary share
1
2021: 171p
2020
1
: 164p
Share price discount to NAV per ordinary share
1
2021: (24.6)%
2020
1
: (28.7)%
Delivered on Dividends
Dividends paid
2021: 10.7p
2020: 10.7p
Annualised Dividend Yield
1
2021: 8.3%
2020
1
: 9.1%
Portfolio Investments
Securitisation & Related Investments
£99.4m
Specialty Finance
£13.9m
Other
£0.4m
2021 Performance Highlights
1 These are APMs as dened on pages 8687.
2 Issued in December 2017 at par.
3 Issued in June 2020 at par.

2 EJF Investments Limited Annual Report and Audited Financial Statements 2021
Corporate Summary
Overview
The Company is a closed-ended investment company
incorporated with limited liability in the Bailiwick of Jersey on
20 October 2016 under the provisions of the Companies Law
with registered number 122353. The Company’s registered
oce and principal place of business is IFC1, The Esplanade, St.
Helier, Jersey, JE1 4BP, Channel Islands. The principal legislation
under which the Company operates is the Companies Law. The
Company’s capital comprises Ordinary Shares and ZDP Shares
admitted to trading on the SFS.
The Company does not have a xed life. Under the Company’s
Articles, on or about each fth anniversary of the Company’s
Shares being admitted to trading on London Stock Exchange
on 7 April 2017, the Directors shall procure that an EGM of the
Company be convened at which a Continuance Resolution
will be proposed.
Purpose
The Company is an essential part of EJF’s overall strategy and
acts as a public vehicle to provide exposure to investments in
the equity tranches of EJF sponsored securitisations, subject to
Directors’ approval. The Manager believes the Company oers
attractive risk adjusted returns for its shareholders in a niche
asset class, with a target of paying quarterly dividends and
growing the Net Asset Value.
Strategy
The Company aims to achieve its purpose by pursuing a policy
of investing in a diversied portfolio of investments that are
derived from the changing nancial services landscape. These
investments are anticipated to include structured debt and
equity, loans, bonds, preference shares, convertible notes and
private equity, in cash and potentially synthetic formats issued
by entities domiciled in the US, UK and Europe.
Values
To promote the long-term success of the Company through
responsible investing, focussing on the values of the Company
in a world with constantly evolving social and economic
demographics. We believe that a strong corporate governance
structure is crucial to the pursuit of this goal along with trusted
relationships with our advisors.
Investment Objective
The Company seeks to generate risk adjusted returns for
its shareholders by investing, through its Subsidiary, in
opportunities created by regulatory and structural changes
impacting the nancial services sector. These opportunities can
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 US, UK
and Europe. Investments consist primarily of Securitisation and
Related Investments and Specialty Finance Investments.
The Company targeted a Total Return of 8% to 10% per annum
for the year ended 31 December 2021 (31 December 2020:
8% to 10%), and paid the Target Dividend for the year of 10.7
pence per Ordinary Share (31 December 2020: 10.7 pence per
Ordinary Share). The Target Dividend for the nancial year to
31 December 2022 remains at 10.7 pence per Ordinary Share.
The Company’s detailed Investment Policy can be found on
pages 64 to 67 of its Prospectus, which is available on the
Company’s website, www.ej.com.

EJF Investments Limited Annual Report and Audited Financial Statements 2021 3
Corporate Summary
Structure
Since incorporation, the Company has incorporated two
subsidiaries: EJFIH (incorporated on 9 June 2017), of which the
Company owns 100% of the stated capital, and EJFIF (dissolved
on 15 December 2020), of which EJFIH owned 100% of the
stated capital.
The holding of assets via EJFIH allows the Company to manage
the upstreaming of portfolio income with greater exibility and
cash ow management and conduct its aairs in accordance
with the criteria for the non-UK investment trust exemption to
the UK Unregulated Collective Investment Schemes and Close
Substitutes Instrument 2013.
Manager
The Company is externally managed by the Manager. EJF holds
100% of the voting rights in the Manager. EJF is an investment
adviser principally located in the US and registered as such with
the SEC and as a CPO and CTA with the CFTC.
To meet the requirements of Rule 206(4)-2 under the Investment
Advisors Act 1940 (the “Custody Rule”), the Audited Financial
Statements of the Company have also been audited in
accordance with US GAAS.
The Company has appointed the Manager to act as the AIFM for
the purposes of the AIFM Directive.

4 EJF Investments Limited Annual Report and Audited Financial Statements 2021
Corporate Summary
Listing Information
As at 31 December 2021 and 31 December 2020.
Ordinary Shares 2022 ZDP Shares 2025 ZDP Shares
ISIN JE00BF0D1M25 JE00BDG12N48 JE00BK1WV903
SEDOL BF0D1M2 BDG12N4 BK1WV90
TICKER EJFI EJFZ EJF0
Total issued shares at year end 76,953,707 15,000,000 6,000,000
Total issued shares held in treasury at year end 15,808,509 – –
Total issued shares with voting rights at year end 61,145,198 – –
Signicant Events during the Year
Hedging Strategy Update
On 29 January 2021, the Company announced that, with eect from 15 February 2021, it would no longer hedge 100% of its USD
exposure and would enter into contracts to hedge only the nal Sterling capital entitlement of its outstanding 2022 and 2025 zero
dividend preference shares.
Continuance Resolution and ZDP Shares
During the year, the Directors met with the Manager on several occasions to review and discuss the Continuance Resolution and the
options in relation to the 2022 ZDP Shares due for maturity on 30 November 2022.
As a result of these discussions, it was decided that at the EGM to be held for the Continuance Resolution, a resolution will be put to
Ordinary Shareholders to roll electing 2022 ZDP Shareholders into the 2025 ZDP Shares.

EJF Investments Limited Annual Report and Audited Financial Statements 2021 5
General Information
The Board
Joanna Dentskevich (Chair)
Alan Dunphy
Nick Watkins
Neal J. Wilson
All c/o the Company’s registered oce
Registered Oce
IFC1
The Esplanade
St. Helier
Jersey JE1 4BP
Channel Islands
Administrator and Company Secretary
BNP Paribas Securities Services S.C.A., Jersey Branch
IFC1
The Esplanade
St. Helier
Jersey JE1 4BP
Channel Islands
Manager
EJF Investments Manager LLC
The Corporation Trust Company
Corporation Trust Center
1209 Orange Street
Wilmington, DE 198011120
USA
Corporate Broker & Financial Adviser Custodians
Numis Securities Limited
(upto7 January 2022)
The London Stock
Exchange Building
10 Paternoster Square
London EC4M 7LT
UK
Liberum Capital Limited
(from10 January 2022)
Ropemaker Place
Level 12
25 Ropemaker Street
London EC2Y 9LY
UK
Citigroup Global Markets Inc.
390 Greenwich Street
New York City
NY 100132396
USA
Citibank N.A.
399 Park Avenue
New York City
NY 10043
USA
Registrar
Computershare Investor Services (Jersey) Limited
13 Castle Street
St. Helier
Jersey JE1 1ES
Channel Islands
Independent Auditor
KPMG LLP
15 Canada Square
London E14 5GL
UK
Legal Adviser to the Group
(as to Jersey law)
Carey Olsen
47 Esplanade
St. Helier
Jersey JE1 0BD
Channel Islands
Investor Screening Service
The ID Register
5th Floor Market Building
Fountain Street
St. Peter Port
Guernsey GY1 1BX
Channel Islands
Websites
Company: www.ej.com
Manager: www.ejmanager.com

6 EJF Investments Limited Annual Report and Audited Financial Statements 2021
Introduction
On behalf of the Board, I am pleased to present the Annual
Report for the year ended 31 December 2021.
In another unprecedented year, the global response to COVID19
and emergence of several new variants continued to cause
volatility in the nancial markets. However, even with such a
backdrop, I am pleased to report a Total Return for the year of
11.02%. Furthermore, the Company suered no material write-
downs in the credit worthiness of its investments and paid its
Target Dividend.
Performance and portfolio activity
The Total Return of 11.02% was predominantly driven by
normal interest accruals on the Company’s Securitisation and
Related Investments, which includes investments in seven
securitisations as at the year end.
In September 2021, the Company redeemed its outstanding
notes and preferred shares issued by FINS 20191 and acquired
additional positions in the underlying collateral. Although this
resulted in an associated loss of recurring monthly income from
the CDO management contract, the successful sell-o of the
majority of collateral positions realised modest gains.
It is also pleasing to report that there continue to be no
delinquencies or defaults in any of the underlying collateral
across all of the securitisations in which the Company is
invested, a reection of the credit quality and strength of
community banks in the US.
The Company’s initial investment in MSRs was made on
31 December 2020, with further investments during 2021, all
of which have performed very strongly. The valuation of the
underlying MSRs, which are a contractual stream of senior cash
ows from Fannie Mae and Freddie Mac acquired mortgages, are
heavily inuenced by prepayments on the associated mortgages.
As a result of the increasing yields on the US Treasury 10 year
during 2021, prepayment levels have been in decline, which has
benetted MSRs.
Elsewhere, the Armadillo portfolio continues to reduce. The
Board was pleased to see an underlying settlement on one of
the remaining heavily discounted loans at a value above where
it was marked. In the nal quarter of 2021, the Manager also
invested opportunistically in two FinTech debt investments as
part of the specialty nance mandate and continues to actively
seek opportunities in this area.
At the beginning of the year, the Company changed its FX
hedging strategy to only hedge the nal Sterling capital
entitlement of the ZDP Shares in order to reduce hedging costs
and release encumbered cash for pipeline investments. The
Total Return net of foreign exchange eects was 8.83%.
Corporate activity
The year saw little corporate activity for the Company aside
from the AGM on 1 July 2021. All resolutions were approved
by shareholders, including the re-election of all the Directors
to the Board.
The Company continued to benet from the Manager’s
absorption of 75% of the Company’s recurring operating
expenses during the year. Whilst this has been reduced to
60% for 2022, the continued signicant nancial backing by
the Manager demonstrates its ongoing commitment to, and
alignment with, the Company.
In anticipation of the rst Continuance Resolution for the
Company and the maturity of the 2022 ZDP Shares, the
Board held various discussions with the Manager and its
advisers during the year, in particular around the timing of the
Continuance Resolution, in conjunction with identifying and
assessing the renancing options available to the Company.
Chair’s Statement
“The Company’s initial investment in
MSRs was made on 31 December 2020,
with further investments during 2021, all
of which have performed very strongly.”
“...the Company suered no material
write-downs in the credit worthiness
of its investments and paid its
TargetDividend...”

EJF Investments Limited Annual Report and Audited Financial Statements 2021 7
Chair’s Statement
After due consideration, the Directors, on the recommendation
of the Manager, agreed that it would be in the best interest of
the Company to oer the existing 2022 ZDP Shareholders the
opportunity to roll their investment into the 2025 ZDP Shares,
with the aim of securing the nancing required to enable the
Company to continue to invest in pursuance of its Investment
Objective and meet the Target Return for the foreseeable future.
As such at the EGM to be held for the Continuance Resolution, a
resolution will also be put to the Ordinary Shareholders to roll
the 2022 ZDP Shares into the 2025 ZDP Shares.
The Directors and the Manager believe that any 2022 ZDP
Shareholders electing to roll into 2025 ZDP Shares would benet
from an uptick in their yield from 5.75% to an expected 6.00%
and improved trading liquidity as a result of the higher share
count. The 3.5x ZDP minimum cover amount would remain
unchanged, thus benetting all ZDP Shareholders from a higher
level of asset cover.
Initial discussions between the Manager and larger 2022
ZDP Shareholders have been positive and the Board believe
that rolling the 2022 ZDP Shares is in the best interests of the
Company, as the renancing will result in more cash available for
investment and so allow the Company to continue to pursue its
Investment Objective more eectively.
Share price
The Company’s Ordinary Share price began the year trading
around a 28.7% discount. At the year end, the share price was
£1.29 representing a discount of 24.6%. The Board and the
Manager have been discussing the discount with the Company’s
broker, Liberum, since its appointment in January 2022 with a
view to narrowing this over time.
Dividends
Cash dividends in respect of 2021 of 2.675p per Ordinary Share
were announced in April 2021, July 2021, October 2021 and
January 2022, and are a reection of the continued positive
performance of the investment portfolio.
The total dividend paid for 2021 equates to an annualised
dividend yield of 8.3% of the share price as at 31 December 2021.
This is consistent with Target Dividend of 10.7 pence per share,
which also remains the target for the 2022 nancial year.
Corporate governance
The Company continues to uphold the principles of good
corporate governance and by reporting against the AIC Code,
meets its obligations in relation to the UK Code, and in particular
for this year, section 172(1). With respect to Section 172(1), the
diagram on page 27 identies the Company’s key stakeholders,
their particular focus and how the Company engages with them.
Through this, the Company aims to ensure understanding
of each stakeholder’s issues and recognise the importance of
engagement with the Company’s stakeholders in building the
long-term success of the Company.
“The Directors and Manager are working
closely to develop the Company’s ESG
Strategy & Policy recognising that the
integration of ESG principles at both a
corporate and investment portfolio level
is their joint responsibility and is likely
tocontribute to the long term success
ofthe Company.”

8 EJF Investments Limited Annual Report and Audited Financial Statements 2021
Chair’s Statement
ESG
The Board believes in a strong corporate governance framework
to ensure responsible investing focused on the values of the
Company and that building trusted relationships with the
Company’s stakeholders is crucial for the long-term success
of the Company.
Whilst the Company is not a sustainable investment fund and
the Investment Policy of the Company has no direct impact
on the environment per se, when pursuing the Investment
Objective and in the selection of the service providers and
advisers of the Company, the Company aims to conduct itself
responsibly, ethically and fairly with the impact of all material
factors, including ESG, on its nancial risk and return being
considered in the decisions it makes.
As detailed further on pages 25 to 26, the Directors and Manager
are working closely to develop the Company’s ESG Strategy
& Policy recognising that the integration of ESG principles at
both a corporate and investment portfolio level is their joint
responsibility and is likely to contribute to the long term success
of the Company.
Principal risks and uncertainties
The Directors have carried out a robust review and assessment
of the emerging and principal risks facing the Company along
with the eects of the COVID19 pandemic. Post Brexit trade
negotiations were highlighted in the previous Annual Report
but is no longer considered to be a factor that could impact the
principal risks. A summary of the risks and any changes from
last year can be found on pages 14 to 18.
Outlook
The Directors believe the Company is well positioned to
participate in further investment opportunities as and when
they arise and that the Company’s shares continue to represent
an attractive risk adjusted return for investors, in particular
taking into account the expected benet to the majority of the
portfolio from a rising interest rate environment.
As well as the extremely distressing humanitarian impact on
the people of Ukraine, the invasion of Ukraine by Russia has
potential for far reaching implications for the global economy
and nancial volatility. Whilst it is too early to understand
the full impact this conict may have, the Board is closely
monitoring the situation.
The Company and its underlying investments have no exposure
to Russia or to the imposed sanctions. However, the Board is
cognisant of the uncertainty over the future pressure on energy
prices, interest rates and ination that may arise in addition to
stock market volatility and changes in investor sentiment.
The Board again expresses its thanks for the continued support
from its shareholders and, along with the Manager and the
Group’s advisers, looks forward to maintaining consistent
returns and working on closing the discount.
General Meetings
The 2022 AGM is due to be held on 22 June 2022, at the
Company’s registered oce in Jersey.
In due course, the Company will announce details on an EGM to
consider the Continuance Resolution and the 2022 ZDP Shares
due to mature in November 2022.
Joanna Dentskevich
Chair
29 March 2022

EJF Investments Limited Annual Report and Audited Financial Statements 2021 9
We are pleased to present our review for the year ended 31 December 2021 and our
outlook for 2022.
The Company delivered a Total Return of 11.02%, inclusive of
dividends totalling 10.7 pence per share declared for the year
ended 31 December 2021. This equates to a Total Return since
inception of 69.8% for the Company and compares favourably to
the Target Return of 810% p.a. inclusive of dividends.
Through its main investment strategy of acquiring bank and
insurance CDO equity positions as the risk retention partner
to EJF, the Company has exposure to a diversied portfolio of
more than 175 banks and 40 insurance companies located across
the US. We believe the Company’s investment strategy will
benet from a rising interest rate environment and continued
consolidation in the US banking and insurance sectors, which
has been driven by favourable regulatory developments.
US Bank Market Update
The US community banks and insurance sectors remain in a
strong position and well-positioned for a rising rate environment.
The banking industry has the most earnings leverage of all US
industry groups to interest rate increases and any yield curve
steepening as a result of ination continuing to run high into
2022. We estimate that a typical US bank’s earnings could
increase by upwards of 20% with just a 1% rise in short-term
interest rates. US bank loss absorbing capacity is at modern highs
post the COVID19 pandemic, with robust loss reserves and
tangible common equity levels. Credit quality remains pristine
with aggregate non-performing assets for the US Banking
Manager’s Report
Geographic diversication of bank and insurance debt
1
Insurance IssuersBank Issuers
1 Based on the headquarters of the underlying collateral issuers of TFINS 20172, TFINS 20181, TFINS 20182, TFINS 20191, TFINS 20192, TFINS 20201 and TFINS
20202; as of 31 December 2021.
# Bank
Issuers
# Insurance
Issuers
Total
Issuers
25 15 40
51 4 55
41 10 51
31 14 45
33 21 54
TFINS 20
49 19 68
TFINS 20
25 10 35
41
Insurance
Issuers
$535m
176
Bank Issuers
$1,482m

10 EJF Investments Limited Annual Report and Audited Financial Statements 2021
Manager’s Report
Industry of 50bps
1
and net charge-os for average loans year
to date for 2021 of just 26bps
1
. Furthermore, banks are actively
reducing overhead costs and employing new technologies to
better serve consumers and small business customers. Our
estimate is that since the end of 2019 through 2021, non-interest
expense to average assets has declined by 16% as banks reduce
physical branching and associated overhead costs.
We also note that as at the year end, many banks had
considerable excess liquidity held in short term securities and
cash which, as this liquidity is reinvested into loans, should
generate additional spread income. Furthermore, should
Congress authorise further stimulus beyond the US$1 trillion
infrastructure bill signed by President Biden during 2021, it is
our estimate that loan growth may exceed the mid to high single
digit growth rates generally experienced over the last decade.
Throughout the rst quarter of 2021, many bank management
teams highlighted their strong fundamental performance and
provided optimistic views on future loan growth on earnings
calls and at public investor conferences, which would in our
opinion be supportive of their credit proles. Furthermore,
there may still be opportunities to call or monetise prior
securitisations which should benet the Company due to a
combination of higher short-term rates and M&A activity leading
to early redemption of TruPS and other high-cost liabilities or
inecient forms of capital. In this regard, a call on FINS 20191
was exercised during 2021 and collateral was sold at an aggregate
prot on the secondary market.
We also believe that industry consolidation will continue, and
credit quality will remain strong, which will underpin the
Company’s performance. In terms of credit, the Portfolio has
exposure to more than 1,600 underlying positions with no
deferrals or delinquencies since inception. Our opinion is that
the assets remain of pristine credit quality and are supported by
historically highs levels of capitalisation.
On the policy front and in keeping with the above theme,
the end of 2021 was eventful for monetary policy as the Fed
chairman, Jerome Powell, was re-elected for a second term,
and the expected pace of monetary tightening by the Fed
increased signicantly throughout the fourth quarter. At the
Fed’s early-November meeting, the FOMC began tapering the
pace of net asset purchases and at their subsequent meeting in
mid-December, the word ‘transitory’ to describe ination was
removed. While the yield curve compressed during 2021, in our
view interest rates are becoming a positive factor for the banking
industry for the rst time since mid-May 2021.
In terms of regulatory developments, there has been limited
change for US nancial services companies, particularly small
and mid-sized banking institutions. Biden’s agenda includes
key priorities of COVID19, the economy, racial inequality,
and climate change. The Fed and US Treasury are also quite
focused on digital currency and “stablecoins” to set the “rules
of the road” for the future of cryptocurrencies and payments.
On 1 November 2021, President Biden’s Working Group on
Financial Markets released its rst report and recommendations
on stablecoins, which we believe is the rst step in creating a
regulatory framework and the potential for mass adoption of
this emerging asset class. We continue to believe the regulatory
environment in the US remains very supportive of smaller and
medium sized banks and insurance companies.
US Insurance Market Update
The insurance market experienced diverging performance
across business lines during the year. The continued recovery
in economic activities, elevated ination expectations, and
rising interest rates brought both opportunities and challenges
to the sector.
On the life insurance side, although the current omicron
variant of COVID -19 still overhangs the short-term mortality
rate, underwriters generally benetted substantially from the
current macro backdrop. Higher interest rates, strong premium
growth and solid capital levels put life insurance companies in
a fundamentally stronger position. Even with certain incoming
accounting changes, we are optimistic for life insurance and
expect strong capital returns to continue during 2022. In light
of a more supportive macro backdrop, we are also expecting
the capital market transactions in the life insurance segment to
extend into 2022, especially in the annuity/PRT (pension risk
transfer) sub-sectors.
P&C insurance underwriting will in our opinion encounter
diverging risks. While we are optimistic about commercial,
marine, and excess & surplus lines that benet from higher
economic activity, we remain cautious with respect to personal
lines, especially auto, given the ongoing loss normalisation. We
believe the outlook for P&C insurance is stable and the industry
remains well capitalised. The auto insurers reported solid
underwriting results. The homeowners underwriters continued
to experience relatively elevated claims however, the industry is
addressing this with price increases. Commercial lines reported
healthy results across the board with growth in written premium
and improving core margins. On the reinsurance front, pricing
has been hardening but we don’t feel there is longevity to the
trend pointing to the still large amount of capital in the sector. All
in all, credit seems to be benign as capital levels remain high and
reinsurance is readily available.
After a tough 2020 and a slow recovery in 2021, we expect to
see a more robust ILS market in 2022 as more alternative capital
investment ows into the market. While we are generally
optimistic around insurance policy underwriters, we feel very
dierent among insurance brokers or Insurtech players; the
so-called Insurtech names would face real challenges for capital
market valuation and operations. We are very cautious about
Insurtech players who don’t have cash ow or earnings to
support their businesses in a higher interest rate environment.
1 S&P Global Markets.

EJF Investments Limited Annual Report and Audited Financial Statements 2021 11
Manager’s Report
FinTech Debt Securities
Banks are increasingly focused on technology as a mechanism
to increase productivity, reach new customers, preserve their
core businesses, and make informed decisions on business
expansion and capital allocation. FinTech has numerous
potential applications including technology that helps banks
streamline operations so banks can do more with less human
involvement, underwrite and manage loans, and more eciently
manage anti-money laundering compliance and cybersecurity
risk. The Manager believes that the industry is undergoing a sea
change when it comes to technology and digitisation. US banks
are achieving better expense leverage as non-interest expense to
average assets continues to decline, with the Manager noting a
16% improvement
1
industrywide since the end of 2019 and this
trend is expected to continue. Additionally, banks are leveraging
FinTech in revenue-generating ways through creation of fee-
based “Banking As a Service” business as well as the opportunity
to leverage high levels of non-interest bearing deposits as interest
rates rise. Moody’s forecasts a GDP increase in the US of 4.4%
for 2022 and 2.8% for 2023 following a robust 5.4% increase for
2021. Healthy GDP forecasts across the board are supportive
of premium increases and the inationary environment also
provides impetus for premium growth in our opinion, further
combating any elevated loss experience going forward.
Portfolio Update
The Portfolio continues to perform in line with expectations
from an income yield perspective with the MSRs investments
recording a very strong IRR since the rst investment in
December 2020.
The Company has also invested £2.8 million equivalent into two
FinTech debt opportunities as at the year end, one of which is
short-term (the initial investment has already been exchanged
for cash and a new debt instrument which was part of the
investment thesis).
1 S&P Capital IQ Pro as at 30/09/2021.
Portfolio comparison in £ million
£0.0
Risk Retention
& Related Securities
REIT TruPS
CDOs
CDO
Manager Interest
Armadillo
Portfolio
Mortgage
Servicing Rights
UK Liquid
bonds
FinTech Debt
Investments
Cash Other
£10.0
£20.0
£30.0
£40.0
£50.0
£60.0
£70.0
£90.0
£80.0
£100.0
£89.6
£89.3
£0.8
£1.4
£9.4
£8.7
£1.2
£6.7
£2.1
£1.2
£0.0
£3.2
£0.0
£2.8
£18.5
£16.8
£3.2
£0.4
Securitisations and Related Investments Specialty Finance Investments
31 December 2020
31 December 2021

12 EJF Investments Limited Annual Report and Audited Financial Statements 2021
Manager’s Report
Risk Retention and Related Investments, in addition to the other Securitisation and Related Investments, represented approximately
76% of the Group’s assets as of 31 December 2021. These investments are consistent with the Group’s strategy of generating risk
adjusted shareholder returns by investing in a diversied portfolio of long-term, cash-ow generating assets. A summary of the CDO
equity investments and underlying collateral diversication is below, along with forward projected returns analysis:
EJF Investments Ltd – Risk Retention Investments as of 31 December 2021
TFINS 20172
October 2017
TFINS 20181
May 2018
TFINS 20182
December 2018
TFINS 20191
March 2019
TFINS 20192
December 2019
TFINS 20201
September 2020
TFINS 20202
December 2020
EJFI — CDO Equity amount ($ million)
14.5 22.7 17.4 15.7 16.4 11.6 8.9
Estimated return prole
1
Yield to Call
2
(%) 12.24 8.82 8.09 7.45 11.75 12.66 12.96
Yield to Call
2
including CDO
managementfee income (%)
12.46 9.49 8.71 7.96 12.42 13.33 13.94
Collateral overview
(on closing date)
TruPS, senior, subordinated and
surplus notes issued by US banks
and insurers.
Insurance companies Banks
49% 51%
93%
7%
21%
79%
38%
62%
50% 50%
31%
69%
33%
67%
CDO structure
Original collateral principle balance ($million)
353.0 537.8 351.0 313.9 338.4 282.9 177.2
Implied rating
Ba1 Baa3 Baa3 Baa3 Ba1 Ba2 Ba3
Leverage ratio
4.3x 6.7x 5.7x 4.6x 5.8x 4.5x 5x
Other key terms
Non call/Auction call
Passed/
Sept 2025
Passed/
Mar 2026
Passed/
Dec 2026
Passed/
Feb 2026
Jan 2023/
Nov 2027
July 2022/
July 2028
Oct 2022/
Oct 2028
Senior collateral management fee (bps)
10 20 20 20 20 30 30
1. Estimated returns are as of 31 December 2021 and they reect the fair valuation of the bonds.Estimated returns assume, among other things, no delinquency, deferral or other non-payment by collateral, and do not include cash ows previously received. Prepayments
are estimated by EJF based on past experience and judgements. Any changes in cash ows can materially impact returns. There can be no assurances that the estimated returns will be realised as portrayed in this document and investors should place no reliance on such
estimated returns in making any investment decision. Estimated returns are targets only and not aprot forecast. This information is intended to be illustrative only and is not designed to predict the future performance of the Company or its investment portfolio.
2. Call assumed to be in 5 years from yield calculation date.
1. Estimated returns are as of 31 December 2021 and they reect the fair valuation of the bonds.Estimated returns assume, among other things, no delinquency,
deferral or other non-payment by collateral, and do not include cash ows previously received. Prepayments are estimated by EJF based on past experience and
judgements. Any changes in cash ows can materially impact returns. There can be no assurances that the estimated returns will be realised as portrayed in this
document and investors should place no reliance on such estimated returns in making any investment decision. Estimated returns are targets only and not aprot
forecast. This information is intended to be illustrative only and is not designed to predict the future performance of the Company or its investment portfolio.
2. Call assumed to be in 5 years from yield calculation date.
Investment Activity
As previously mentioned, the option to call and redeem FINS 20191 was exercised with additional capital being invested to acquire
a larger share of the underlying collateral of the vehicle. The majority of these collateral positions were subsequently sold o on
the secondary market to generate returns and liquidity, that in our view are better than would have been achieved by the ongoing
securitisation vehicle.
The Group also continued to make investments into MSRs as deals became available, with the total capital invested in MSRs over
the year, reaching $7.6 million of the $10 million limit approved by the Board. The increase in value of the MSRs over the year was
driven mainly by the increase in the US 10-year Treasury yield and the impact a rising rate environment which reduced the expected
prepayment rates on the underlying mortgages being serviced.
The Armadillo Portfolio continues to wind down as the underlying loans repay. During the year, one of the underlying positions in
the Armadillo strategy came to a settlement at a valuation well in excess of where it was marked. The Group’s remaining exposure
to the Armadillo strategy is approximately £1.2 million or 1.1% of NAV. EJF is still working toward realising the recovery value on the
remaining Armadillo Portfolio.
As mentioned above, EJF is actively seeking FinTech debt investments in addition to the two made already in 2021.

EJF Investments Limited Annual Report and Audited Financial Statements 2021 13
Manager’s Report
Risk Management
We believe the Portfolio contains a diversied portfolio of
strong borrowers. The Manager’s credit team conducts regular
surveillance on issuer nancial and business proles and the
broader portfolio and there continue to be no delinquencies or
defaults on the underlying securitisation collateral positions.
The Group’s base currency is denominated in Sterling although
most of the Group’s investments are denominated in US Dollars.
Since February 2021, the Company hedges only the nal Sterling
capital entitlement of its outstanding ZDP Shares. The reduction
in hedges allowed the Company to reduce cash held on margin
but did create volatility in the monthly NAV reporting due to the
eects of foreign exchange.
For 2021, the Portfolio returned approximately 8.8% net of
foreign exchange eects which is in line with the Target
Return of 810%.
Outlook
The Manager continues to believe that the Company remains
well positioned to benet from the rising interest rate
environment, and that its Investment Policy provides ample
opportunity to allow it to continue to harvest and add attractive
risk-adjusted returns, particularly in respect of MSRs and
FinTech debt investments.
Anticipated securitisations and CDO management fees are
expected to oer similar risk and return proles to recent
securitisation investments. Additionally, EJF continues to
support the Company through its commitment to cover 60% of
operating expenses for at least 12 months from 1 January 2022 or
until such time as the Company’s NAV exceeds £300 million.

14 EJF Investments Limited Annual Report and Audited Financial Statements 2021
Principal Risks, Uncertainties and Emerging Risks
The Principal Risks of the Company are those risks, or a combination thereof, that the Directors believe may materially threaten the
Company’s ability to meet its Investment Objective, solvency, liquidity or viability.
Risks faced by the Company include (but are not limited to) strategic risk, nancial risk, investment risk, compliance risk and
operational risk, as summarised in the Prospectus on pages 16 to 49.
In determining the principal risks, a robust assessment of all risk factors that the Directors believe the Company is exposed to has been
performed. In doing so, the Directors have also considered the impact of the ongoing uncertainty of the outcome that the COVID19
pandemic might have on the principal risks, and the structure and economies within which the Company operates.
As at 31 December 2021, the principal risks and uncertainties that the Group faces, along with related mitigants and changes to the
principal risks from last year, and consideration of emerging risks, are set out below.
Principal Risks: Strategic
Changes in the macro economic environment
Changes in global, market and economic conditions may adversely impact the availability of investment opportunities, the Manager’s
ability to source and securitise investments and prevent the Company from meeting its Investment Objective.
Mitigants
The Manager evaluates and monitors the macro, economic,
political and market cycle risks it deems material to the
Company’s Investment Policy, both on an ongoing basis and
ahead of any new investment. The Manager can control the
timing of entry into investments and markets to ensure that
the Portfolio adheres to the Investment Policy and to manage
the aforementioned risks. The Board is kept informed on
aregular basis by the Manager and is also updated at quarterly
Board meetings.
Analysis and Change during the year
The Manager continues to see a healthy pipeline of investments
with the Company’s target investment sectors which remain
attractive in a rising rate environment, and thus the Directors
believe that despite uctuations in this risk during 2021,
overall there has been no material change in the residual risk
atthe year end.
Changes in law, taxes and regulation reduce investment opportunities
The Group’s investments are subject to regulations enacted by national and local governments, changes to which may reduce the
investment opportunities available and make it dicult to pursue the Investment Policy.
Mitigants
The Manager, along with the Company’s Financial Adviser,
Administrator and legal advisers, continually monitors and
evaluates the legal and regulatory horizon for any new or
changes to existing legislation and regulation that could
potentially invalidate the Investment Policy. The Board is kept
abreast of any potential changes on a regular basis through its
committee and Board meetings and regular communication
with the Manager and advisers.
In addition, the Company’s Investment Policy allows the
Company to pursue a wide variety of investment opportunities.
Analysis and Change during the year
The Directors believe that any changes as a result of the
COVID19 pandemic should not impact availability of investment
opportunities. In addition, as at the date of the Annual Report,
the Directors have not been advised of any expected changes
in law, tax or regulation that would materially impact the
Investment Policy.
Therefore, the Directors believe there has been no material
change in the residual risk during the year.
Changes in law, taxes and regulation undermine the Company’s or Subsidiary’s legal, tax or regulatory structure
The Group is subject to taxes, laws and regulations enacted by national and local governments, changes to which may undermine or
invalidate the tax, legal or regulatory rationale for the group structure.
Statement of Principal Risks

EJF Investments Limited Annual Report and Audited Financial Statements 2021 15
Statement of Principal Risks
Mitigants
The Manager, along with the Company’s legal and tax advisers,
keeps abreast of potential changes to the regulatory, legislative
and tax environment that may undermine or invalidate the
rationale for the Group structure. The Company takes a proactive
approach to engagement with its advisors to ensure the Group
has an eective structure.
Changes in law, taxes and regulation are communicated to
the Board on a regular basis through its committee and Board
meetings. The sta at the Manager and the Administrator are
suciently experienced and trained to deal with changes
which may occur.
Analysis and Change during the year
As at the date of the Annual Report, the Directors have not been
advised of any upcoming legal, tax or regulatory changes that are
likely to materially impact the Company’s group structure.
The Directors believe there has been no material change in the
residual risk during the year.
Availability of cash for investment opportunities and payment of liabilities
The Company requires regular ongoing funding and available cash to be in a position to take full advantage of investment
opportunities as and when they arise, along with meeting liabilities as and when they fall due. The risk of the Company having
insucient cash to meet investment opportunities continues to be a principal risk due to several factors:
(i) the potential for the volatility of Sterling to require unencumbered cash to be used to meet margin calls on the currency hedge;
(ii) the share price discount to NAV per ordinary share and diculty in raising capital;
(iii) the complex nature of the underlying investments continues to have the potential to deter some investors from investing; and
(iv) the approaching maturity of the 2022 ZDP Shares in November 2022 which may require a payment of cash depending on
theoutcome of the decision to roll the 2022 ZDP Shares into the 2025 ZDP Shares and the subsequent level of participation
byshareholders.
Mitigants
The Manager continually monitors the current and projected
cash ows required by the Company to meet its current and
future liabilities, including control over the timing of entry
into investments and expectations on when the Manager
may recommend calling and/or renancing underlying
securitisations.
On a quarterly basis, the Manager produces for the Board a
working capital memo showing forecast balances covering a
period of at least 18 months which is also supplemented every
six months by appropriate scenario analysis.
In addition, the Company continually seeks to improve the
discount of the share price to NAV and the liquidity of the
Ordinary Shares stock by working with the Corporate Broker,
public relations consultant and research agent and meeting
investors and conducting roadshows to raise market awareness
and explain the Company’s strategy and investment thesis.
Analysis and Change during the year
Until February 2021, the Company adopted a hedging strategy
whereby 100% of its US Dollar exposure was hedged against
Sterling. As a result, the Company was required to hold
signicant levels of cash, including amounts already on margin
as a buer to protect against margin calls. With eect from
15 February 2021, it was decided that the Company would no
longer hedge 100% of its US Dollar exposure and would enter
into contracts to hedge only the nal Sterling capital entitlement
of its outstanding 2022 and 2025 ZDP Shares. This change in
strategy has resulted in a reduction in hedging costs and the
release of cash on hand for pipeline investments.
The Directors note that whilst steps have been taken to reduce
the impact of currency volatility in 2021, they believe that overall
there has been no material change in the residual risk during
the year given the other prevailing factors which continue to
contribute to this principal risk.

16 EJF Investments Limited Annual Report and Audited Financial Statements 2021
Statement of Principal Risks
Dependency on the Manager
The Company is dependent on the Manager for successfully pursuing its Investment Objective and on its ability to retain and recruit
sta. The loss of one of a small number of key individuals in key operational roles at the Manager could adversely impact the ability of
the Manager to support the Company in pursuing its Investment Objective.
Mitigants
The Manager’s senior management team has a proven track
record, with strength and depth of relevant experience and is
recognised as an expert in their eld. The Manager employs
experienced individuals and regularly reviews remuneration
levels against the employment market and the requirements
for skills and headcount. The Manager’s remuneration policies
are designed to strike an appropriate balance between short-
term and long-term rewards, alignment and retention. The
Manager is committed to retaining additional resources in key
operational areas.
Analysis and Change during the year
The Company continues to have no direct competitors with
the same investment thesis. The independent Directors carried
out their planned due diligence visit to the London oce of
the Manager during the year and held meetings with each
key function within the Manager to gain comfort over their
continued performance and operations. The independent
Directors rearm their positive view of the Manager and believe
that the senior management team, and the business generally, is
highly cohesive and aligned with the Company in pursuing its
Investment Objective.
The Directors believe there has been no material change in the
residual risk during the year.
Valuation
The nature of the Group’s investments can make them inherently dicult to value compared to more liquid investments due to the
number of assumptions involved. Furthermore, a general market collapse and/or a seizing-up of credit markets may render it dicult
to price certain investments with any degree of accuracy, or at all.
Mitigants
There is a stated valuation policy, reviewed and updated
periodically for all underlying investments, which is applied by
the Manager and the Administrator when preparing the monthly
NAV. In most cases, the Manager obtains quotes from multiple
independent brokers to mark the securities. The Manager has
also appointed a recognised independent valuation agent
to provide comfort over the valuations derived from models
developed by the Manager where appropriate.
The Manager has a valuation committee which meets monthly
to review the valuation of investments which feeds into the
NAV process. The NAV is prepared by the Administrator, and
then reviewed and approved by the Manager and the Board on a
monthly basis.
Analysis and change during the year
The Group’s core investment allocation continues to be focused
on Risk Retention assets which are inherently dicult to value
compared to more liquid investments.
The Directors believe there has been no material change in the
residual risk during the year.

EJF Investments Limited Annual Report and Audited Financial Statements 2021 17
Statement of Principal Risks
Principal Risks: Investments
Credit Risk
The value of the Group’s investments may be impacted by adverse credit events with recovery of initial investments being lengthy
and uncertain.
Mitigants
The Manager carefully assesses the credit risks of every
investment, including the underlying collateral held in the
securitisation vehicles. Assessments of credit risk are derived
from various credit analyses, market and macro conditions
and underwriting stress scenarios. The Manager conducts
regular credit surveillance on the portfolio of investments and
underlying collateral in the securitisation vehicles.
Analysis and change during the year
The Group’s investment allocation continues to be focused
on Risk Retention assets, with credit analysis focusing on
underlying collateral in the securitisation vehicles. There have
been no changes to the credit risk of the underlying collateral
during the year and continue to be no material deferrals or
delinquencies on any of the underlying securitisation collateral
since inception.
The Directors believe there has been no material change in the
residual risk during the year.
Principal Risks: Operational
Dependency on service providers
The Company is dependent on the ability of all its service providers for the successful management and administration of the
Company’s aairs. This includes a reliance on the strength of their internal controls, their ability to retain and recruit sucient
appropriately qualied and experienced sta as well as cyber security, data protection and business continuity planning.
Mitigants
The Company’s service providers are selected through a process
based on recommendation and their experience and ability
to meet the Company’s requirements. The Board is in regular
contact with the Administrator and Manager to ensure that
the policies and procedures implemented are appropriate and
eective and meet regularly to review the service level. The
Board has established a Management Engagement Committee
which reviews the performance of all key service providers on an
annual basis.
Analysis and change during the year
The Directors and Management Engagement Committee
continue to review all service providers on an ongoing basis with
a view to ensuring that the Company’s service requirements
and objectives continue to be fully met. The review for the year
also considered the continued ability of each service provider
to continue without disruption whilst regulations changed in
respect of local lockdowns at various times throughout the
year requiring the continuance of working from home due
to COVID19. The Directors noted business continuity plans
continued to operate with no material impact on the Company,
which demonstrated a high level of robustness in the plans
being operated.
As a result, the Directors believe there has been no material
change in the residual risk during the year.
Previously, the Directors had considered interest rate risk to be a Principal Risk for the Company. As the Portfolio is well-placed to
benet from a rising interest rate environment and it is not anticipated that the change from USD LIBOR to SOFR-based rates will
materially impact the Portfolio, the Directors no longer consider Interest Rate Risk to be a Principal Risk for the Company.

18 EJF Investments Limited Annual Report and Audited Financial Statements 2021
Statement of Principal Risks
Uncertainties
COVID19
The Directors continue to consider the impact of the COVID19
pandemic on the Company as an uncertainty.
The Manager is constantly monitoring the situation and
continues to believe that the Company’s underlying assets
remain robust and are able to withstand signicant stress
following various nancial and regulatory improvements
witnessed in recent years, with all expected near-term cash
inows being received to date.
Throughout the COVID19 pandemic, the impact of any market
volatility has been handled very eectively by the Manager with
little impact on overall performance.
Business continuity plans of all of the Company’s service
providers continue to be successfully implemented and there
has been no material impact on the Company’s operations.
As noted above, there has been no change in the residual
risk of the Principal Risks due to several factors including,
but not limited to, continuing market volatility arising from
the COVID19 pandemic, reduced investment opportunities,
negative investor sentiment and a weak Sterling/strong USD,
which have been integrated into the scenarios used to stress
test the Company’s working capital model and considered when
assessing the Company’s ability to continue as a going concern.
Geopolitical Risk
The invasion of Ukraine by Russia has potential for far reaching
implications for the global economy and nancial volatility.
Whilst it is too early to understand the full impact this conict
may have, the Board is closely monitoring the situation.
The Group has no exposure to Russia or to imposed sanctions.
However, the Board is cognisant of the uncertainty over the
future pressure on energy prices, ination and interest rates that
may arise as well as on stock market volatility and changes in
investor sentiment.
The Directors believe that it is currently not possible to
understand the full extent of the impact and therefore consider
its impact on the Company at this time to be an uncertainty.
Emerging Risks
Emerging risks, along with all other risks that the Directors
consider the Company is exposed to, are monitored via the
Company’s risk register which, for each risk, identies current
aggravants and mitigants, their potential impact on the
Investment Objective and key performance indicators and the
Company’s risk appetite.
As part of their review of risks for the period, the Directors have
not identied any new risk they consider to be an emerging risk
to the Company.

EJF Investments Limited Annual Report and Audited Financial Statements 2021 19
Skills & experience
Joanna Dentskevich has over 30 years of nance, risk and
investment banking experience gained in London and Asia.
She started her career in 1986 as an auditor in nancial services
group of a London accountancy rm before moving into
investment risk at Bankers Trust. Prior to moving to Jersey in
2008, she was director of risk at Deutsche Bank and Morgan
Stanley and chief risk ocer and a co-founder of a London based
systematic hedge fund. Joanna sits on the board of a number of
investment companies.
Committees
Audit and Risk Committee
Management Engagement Committee
Other public appointments
GCP Asset Backed Income Fund Ltd
Executive appointments
None
Skills & experience
Alan Dunphy has over 20 years of experience in the
oshore nancial industry moving to Jersey in 2008 to
join the Assurance and Business Advisory Division of
PricewaterhouseCoopers. He currently works for LGL Group as
adirector on fund and corporate client structure before which
he was managing director of Bennelong Asset Management,
adirector of Capita Fiduciary Group. He also worked at Abacus
Financial Services Group. Alan is afellow of the Institute of
Chartered Accountants in Ireland.
Committees
Audit and Risk Committee (Chair)
Management Engagement Committee
Other public appointments
None
Executive appointments
LGL Group
Skills & experience
Nick Watkins started his career as a corporate tax lawyer with
Dechert LLP in London in 1997. He is currently a partner and
director of Altair Partners Limited, which provides independent
directors to funds and regulated entities. Prior to joining Altair
in 2014, he was global head of transaction management for
Deutsche Bank’s Alternative Fund Services division in Jersey
and prior to that was assistant managing director and senior
in-house legal counsel at Citco in the Cayman Islands. Nick is a
qualied solicitor in England and Wales.
Committees
Audit and Risk Committee
Management Engagement Committee (Chair)
Other public appointments
None
Executive appointments
Altair Partners Limited
Skills & experience
Neal Wilson has over 29 years of capital market and asset
management experience and is Co-CEO of EJF which he co-
founded in 2005. Neal is also the CEO of the Manager. Prior to
EJF, Neal was in charge of the Alternative Asset Investments and
Private Wealth Management divisions at FBR, asenior securities
attorney at Dechert LLP and Branch Chief of the Division of
Enforcement at the SEC in Washington, D.C. Neal is anon-active
member of the bars of Pennsylvania and Washington, DC.
Committees
None
Other public appointments
None
Executive appointments
CEO of EJF and the Manager
The Board
Joanna Dentskevich
Non-executive Chair
Appointed in 2017
Considered tobe
independent
Alan Dunphy
Non-executive Director
Appointed in 2016
Considered to be
independent
Nick Watkins
Non-executive Director
Appointed in 2017
Considered to be
independent
Neal J. Wilson
Non-executive Director
Appointed in 2017
Considered to be
non-independent

20 EJF Investments Limited Annual Report and Audited Financial Statements 2021
EJF Capital LLC
The key employees of EJF involved with the Company, excluding Neal Wilson who has been included with the Board on page 19, are
listed below:
Skills & experience
Peter Stage joined EJF in 2013, and is a member of the Executive
Committee. Peter is responsible for identifying investment
opportunities in the European xed income, equity and private
markets with a focus on the banking sector. Peter was previously
Head of Credit Research at F&C Asset Management (“F&C”)
where he also analysed the banking sector. Prior to joining F&C
in 2008, Peter was Head of Credit at Gordian Knot Limited, an
investment management company, which he joined in 1998 as a
bank analyst.
Mr. Stage holds a BA in Economics from the University
of Manchester.
Skills & experience
Omer Ijaz serves as a Senior Managing director, Portfolio
Management, at EJF. Omer joined EJF in 2011 as a specialty
nance insurance and bank analyst, and currently leads the
credit analysis and trust preferred CDOs structuring for the
Insurance and Bank TruPS. He has designed the framework
for four EJF sponsored securitisations, totalling approximately
$1.3 billion. Omer also manages the investments of legacy TruPS
CDOs. Omer came to EJF from Merrill Lynch, where he was
employed as a summer research analyst in the Global Private
Client Division. Prior to his time at Merrill Lynch, he worked for
Citibank N.A. and Muslim Commercial Bank. Omer earned a BA
in Business Economics from the College of Wooster.
Skills & experience
Matthew Gill joined EJF in 2018 and is responsible for operations
and nancial functions with over 10 years’ experience in the
nancial services industry. Matthew also serves as a member
of EJF’s ESG Committee. Prior to joining EJF, he spent 7 years
at PricewaterhouseCoopers managing assurance engagements
for both London listed and private alternate investment funds
focused on debt origination, asset backed securities and
private equity.
He also managed reporting accountant engagements for
investment fund initial price oerings on the London Stock
Exchange. Mr. Gill is a Chartered Accountant (ICAEW), a CFA
charter holder and also holds the CFA Institute Certicate
in ESG Investing. He holds a BSc. (Hons) in Physics from the
University of Leeds.
The Manager
Peter Stage
Co-chief Investment Ocer
of the Manager and Member of
the Investment Committee
Matthew Gill
Chief Financial Ocer
oftheManager
Omer Ijaz
Member of the
Investment Committee

EJF Investments Limited Annual Report and Audited Financial Statements 2021 21
The Manager
1 As of 31 December 2021. Firm AUM includes US $104.9 million of uncalled capital.
Skills & experience
Emanuel Friedman co-founded EJF in 2005 following his
retirement from FBR. Mr. Friedman is a founder and the former
Co-Chairman and Co-CEO of FBR. Mr. Friedman has more than
40 years of capital markets and asset management experience.
Throughout the 1990s, Mr. Friedman was active in building
out FBR’s alternative asset management platform. He was
instrumental in the creation of hedge, private equity and venture
capital funds at FBR, and maintains an extensive network of
contacts within the CDO, hedge fund and private equity fund
communities. In April 1998, Mr. Friedman was awarded the CEO
of the Year Award by George Washington University. He was
honoured for his outstanding leadership skills, demonstrated
ability to meet organisational goals in the most challenging
business environments, dedication to the community, and
commitment to education. Mr. Friedman began his career in the
securities industry in 1973 at Legg Mason Wood Walker, Inc.
He received his BA in Education from the University of North
Carolina at Chapel Hill and his JD from Georgetown University.
Skills & experience
Jason Ruggiero joined EJF at its founding in 2005 and is a
member of the Executive Committee. Prior to joining EJF, Jason
was an equity trader in FBR’s Alternative Asset Investment
group, where he assisted Emanuel in the day-to-day operations
of FBR Ashton, L.P., a long/short hedge fund. In 2004, Jason
assumed co-portfolio manager responsibilities for FBR Ashton,
L.P. Before joining FBR, Jason was an auditor for Deloitte and
Touche in Washington, DC, where he focused on the nancial
services industry.
He holds a BBA in accounting from James Madison University
and an MBA in nance from the University of Maryland.
Emanuel J. Friedman
Member of the
Investment Committee
Jason Ruggiero
Member of the
Investment Committee

22 EJF Investments Limited Annual Report and Audited Financial Statements 2021
Corporate Governance Report
Corporate Governance
ComplianceStatement
The Company’s shares are traded on the SFS. The Listing Rules,
applicable to companies which are listed on the premium listing
segment of the Ocial List of the UK, therefore do not apply to
the Company. The Directors are committed to the application
and practice of high standards of corporate governance and so
the Company has voluntarily adopted certain provisions of the
Listing Rules as detailed on page 58 of the Prospectus.
The Directors recognise the value of the 2018 UK Code and have
also considered the principles and recommendations of the 2019
AIC Code. The 2019 AIC Code addresses all the principles set out
in the 2018 UK Code, as well as setting out additional principles
and recommendations on issues that are of specic relevance
to the Company as an investment company. This statement
outlines how the principles of the UK Code, which can be found
at www.frc.org.uk, and the principles of the AIC Code were
applied throughout the nancial year. The AIC Code provides a
framework of best practice for investment companies and can be
found at www.theaic.co.uk.
The Directors consider that reporting in line with the principles
and recommendations of the 2019 AIC Code will provide better
information to shareholders. Consequently, throughout the
year from 1 January 2021 to 31 December 2021, the Company
complied with the provisions of the 2018 UK Code and the
recommendations of the 2019 AIC Code, with the exception of
the recommendations from the 2018 UK Code and the 2019 AIC
Code listed below.
• The role of chief executive: The Board considers that the post
of chief executive is not relevant for the Company, being an
externally managed investment company.
• The appointment of a senior independent director: Given
the size and composition of the Board, it is not felt necessary
to appoint a senior independent director. However, should a
situation arise where it is felt necessary to appoint a senior
independent director, the Chair of the Audit and Risk
Committee will perform the role.
• Internal audit function: The Board has reviewed the need for
an internal audit function and due to the size of the Company
and the delegation of day-to-day operations to regulated
service providers, an internal audit function is not considered
necessary. The Directors will continue to monitor the systems
of internal controls in place in order to provide assurance that
they continue to operate as intended.
• Executive directors’ remuneration: All of the Company’s
day-to-day management and administrative functions are
outsourced to third parties (subject to appropriate systems,
controls and oversight). As a result, the Company has no
executive Directors, employees or internal operations and
is not required to comply with the principles of Executive
Directors’ remuneration.
• Committees: Given the size of the Board it is considered that
it would be unnecessarily burdensome to establish separate
nomination and remuneration committees, therefore such
committees have not been established and these matters are
reserved for the Board.
• The Chair of the Company is a member of the Audit and
Risk Committee. Given the size of the Company and that the
Chair is considered to be independent, the Board believe this
is appropriate.
Board Composition and
DirectorIndependence
As at 31 December 2021, the Board comprised four non-executive
Directors, the biographies of which are disclosed on page 19.
TheCompany has no executive Directors or any employees.
The Board assesses and reviews the independence of each
Director with respect to the 2019 AIC Code annually, having
regard to the potential relevance and materiality of any Directors’
interests and relationships.
For the reasons disclosed on page 94 of the Prospectus,
the Directors believe it is appropriate that Alan Dunphy be
considered as independent, whilst it is noted that Alan Dunphy
no longer acts as a director of Urban Exposure Finance Limited
as of 2 July 2021.
The Directors do not consider Neal Wilson to be independent
given he is an ocer of the Manager but believe his position
on the Board does not compromise the independence of
the Company from the Manager on the basis that half the
Board, excluding the Chair, comprise of independent non-
executive Directors.
Matters Reserved for the Board
The Board meets at least quarterly to review the overall business
of the Company and to consider matters specically reserved
for its attention. At the quarterly meetings, the Directors monitor
the investment performance of the Company and review its
activities to ensure it adheres to the Investment Policy. Additional
ad-hoc reports are received as required and the Directors have
access at all times to the advice and services of the Company
Secretary. Once a year, the Board also considers the remuneration
of the Directors as a separate remuneration committee has not
been established. Representatives of the Manager are invited to
attend Board meetings on at least a quarterly basis.
The Board monitors the level of the share price premium or
discount to determine what action is desirable (if any).
During the year, all Directors attended formal training sessions
provided by professional rms and other recognised providers in

EJF Investments Limited Annual Report and Audited Financial Statements 2021 23
Corporate Governance Report
order to keep up to date with all relevant corporate governance,
regulatory and market issues.
The Board and relevant personnel of the Manager acknowledge
and adhere to the MAR and the Board has adopted procedures
in relation to the management, identication and disclosure of
inside information and share dealing in accordance with MAR.
Tenure and Succession
In deciding upon the tenure of the Directors, the Board is
strongly committed to balancing the benet to the Company of
continuity and experience against independence, perspective
and the eective functioning of the Board.
The Board does not consider length of service in itself to
necessarily undermine a Director’s independence or that each
Director, including the Chair, should serve for a nite xed
period. However, subject to re-election, succession will be
measured by rotation in order that Directors can continue to be
considered independent.
The Articles include provisions for retirement of Directors and
eligibility for re-appointment including that any Directors not
independent of the Manager are required to retire at every AGM.
However, notwithstanding the Articles, the Board has adopted
a policy that all Directors will retire and seek re-election on an
annual basis. The Directors are all strongly committed to the
Company and the Board considers the re-election of all Directors
on an annual basis to be in the best interests of the Company.
All Directors were subject to re-election at the Company’s AGM,
held on 1 July 2021, and were duly re-elected.
Diversity
The Directors recognise the benets and eectiveness that
diversity, including gender, age, professional experience and
cultural background, brings to the Board and its committees
and have a strong commitment to ensuring a correct balance of
knowledge, experience and independence. Board appointments
are based on merit as well as being an appropriate t for
the Company.
The Board currently comprises one female and three male
Directors. As the Company has no employees there is no further
requirement to report in respect of diversity quotas.
Over-boarding
As a member of the AIC, the Company reports against the
principles and provisions of the AIC Code, as endorsed by
the FRC and the Jersey Financial Services Commission,
and considers by doing so it provides better information to
shareholders on specic relevance to investment companies.
Principle H of the AIC Code states that non-executive
directors should have sucient time to discharge their Board
responsibilities.
As an investment company, the Directors consider the Company
to demand less time commitment than would be required of an
executive of an operating company and that it is appropriate not
to have a formulaic approach to assessing whether a Director is
able to eectively discharge their duties.
Prior to accepting the appointment as a director of the Company,
each director must disclose existing signicant commitments
and conrm they have sucient time to attend to the business
of the Company. In addition, before accepting another signicant
role a director should conrm to the Chair their ability to meet
the ongoing commitments of the Company. The Company
Secretary must also be informed in order that the appropriate
records can be updated and announcements made if required.
Prior to recommendation for re-election to the Board, each
director’s continuing ability to meet the requirements of the role
will be assessed by the other Directors by considering, amongst
other things, their attendance at board, committee and other ad
hoc meetings or events held during the year.
Director Meetings and Attendance
The table below shows the attendance at Board and Committee
meetings held from 1 January 2021 to 31 December 2021.
Name
Quarterly
Board
Audit and Risk
Committee
Management
Engagement
Committee
Joanna Dentskevich 4/4 7/7 1/1
Alan Dunphy 4/4 7/7 1/1
Nick Watkins 4/4 7/7 1/1
Neal J. Wilson 4/4 N/A N/A
N/A – attendance record not applicable, as the Director concerned is not
amember of the stated Committee.
There were six other ad-hoc Board meetings held during
the year relating to matters such as approval of interim and
annual reports, investment updates, change in advisor and
conicted investments.
Directors’ Performance Evaluation
The Board has established a formal system for the evaluation
of its eectiveness and performance and that of the individual
Directors, which is carried out on an annual basis. It considers
this to be appropriate having regard to the non-executive role of
the Directors and the signicant outsourcing of services by the
Company to external providers. The evaluation considers the
balance of skills, experience, independence and knowledge of
the Board and also the Board’s oversight and monitoring of the
performance of the Manager and other key service providers.

24 EJF Investments Limited Annual Report and Audited Financial Statements 2021
Corporate Governance Report
Director Remuneration
Details of the Director’s remuneration can be found on
pages 32 to 33.
Relations with Shareholders
The Company reports to its shareholders twice a year by way of
interim and annual reports. In addition, NAVs are released to the
market along with monthly performance reports, both of which
are published monthly on the Company’s website, www.ej.com.
Regular communication with major shareholders is undertaken
by the Company’s Corporate Broker and the Manager by way
of webinars and arranged video conferencing. Any concerns
raised by major shareholders are reported to the Board. In
addition, the Chair and individual Directors are willing to meet
major shareholders to discuss performance of the Company
and are available to answer any questions that may be raised by
shareholders at the Company’s AGM.
Board Committees
Audit and Risk Committee
The Audit and Risk Committee comprises Alan Dunphy, Joanna
Dentskevich and Nick Watkins and meets at least three times
a year. It is chaired by Alan Dunphy. The Board considers it
appropriate for the Chair of the Company to be a member of
the Committee given the size of the Company and as she is
considered independent.
The key objectives of the Audit and Risk Committee include a
review of the Audited Financial Statements of the Company to
ensure that they are prepared to a high standard and comply with
relevant legislation and guidelines, as appropriate, review of the
Company’s internal control and risk management systems and to
maintain an eective relationship with the Auditor. With respect
to the Auditor, the Audit and Risk Committee’s role will include the
assessment of auditor independence, the eectiveness of the audit,
and a review of the Auditor’s engagement letter, remuneration and
any non-audit services provided by the Auditor. The Audit and
Risk Committee Report on pages 34 to 38 provides further detail
ofthe Audit and Risk Committee’s activities during the year.
Management Engagement Committee
The Management Engagement Committee comprises Nick
Watkins, Joanna Dentskevich and Alan Dunphy and meets at
least once a year. It is chaired by Nick Watkins.
The Committee is responsible for the regular review of the terms
of the Management Agreement, along with the performance of
the Administrator, the Manager and the Company’s other service
providers. A formal review is conducted annually which includes
service delivery, the quality of the personnel assigned to handle
the Company’s aairs and the investment process.
Internal Control and Risk
ManagementSystem
The Board is responsible for putting in place a system of
internal controls relevant to the Company and for reviewing
the eectiveness of those systems. It is the responsibility of the
Board to undertake risk assessment and review of the internal
controls in the context of the Company’s objectives that cover
business strategy, operational, compliance and nancial risks
faced by the Company. The internal controls are implemented
by the Company’s main service providers: the Manager, the
Administrator, the Registrar and the Custodians. The Board
continues to be responsible for reviewing the adequacy and
eectiveness of the Company’s ongoing risk management
systems and processes. Its system of internal controls, along
with its design and operating eectiveness, is subject to review
by the Board through reports and periodic updates received
from service providers at the quarterly Board meetings of the
Company. The independent Directors met with representatives
of the Manager in November 2021 to review any changes to
the Manager’s controls and the operating eectiveness of the
Manager’s existing controls. The Board is satised that each
service provider has eective controls in place to control the risks
associated with the services that they are contracted to provide
to the Company and are therefore satised with the internal
controls of the Company.
Anti-bribery and Corruption and
Anti-facilitation of Tax Evasion
The Board acknowledges that the Company’s operations may
give rise to possible claims of bribery and corruption.
In consideration of the UK Bribery Act 2010, the Board has
conducted an assessment of the perceived risks to the Company
arising from bribery and corruption to identify aspects of
business which may be improved to mitigate such risks.
In consideration of the UK Criminal Finances Act 2017, the
Company has adopted an anti-facilitation of tax evasion policy.
The Board has adopted a zero-tolerance policy towards bribery
and facilitation of tax evasion and has armed its commitment
to carry out business fairly, honestly and openly.

EJF Investments Limited Annual Report and Audited Financial Statements 2021 25
Corporate Governance Report
AIFM Directive
The Manager is the AIFM of the Company. In such capacity, the
Manager is responsible for the portfolio and risk management
of the Company, including managing the Company’s assets
and its day-to-day operations, further details of which are set
out in paragraph 11.2 in the section entitled “Material Contracts”
in Part XII: “Additional Information” of the Prospectus. AIFMD
requires the AIFM to comply with certain disclosure, reporting
and transparency obligations for AIFs that it markets in the EU.
The Company’s Prospectus contains a schedule of disclosures
prepared by the Directors for the purposes of AIFMD.
In addition, AIFMD requires the Company’s Annual Report
to include details of any material changes to the information
contained in that schedule. The Directors conrm that no
material changes have occurred in relation to the information
contained in the schedule.
In making this conrmation, the Directors consider that any
change in respect of which a reasonable investor, becoming
aware of such information, would reconsider its investment
in the Company, including because the information could
impact on the investor’s ability to exercise its rights in relation
to its investment, or otherwise prejudice that investor’s (or
any other investor’s) interest in the Company, should be
considered material.
In setting this threshold, the Directors have had due regard to the
current risk prole of the Company, which outlines the relevant
measures to assess the Company’s exposure or potential
exposure to those risks, as well as the Company’s investment
restrictions set out in the Company’s Prospectus. As required by
the Listing Rules, any material change to the Investment Policy
of the Company will be made only with the approval of the
shareholders.
AIFMD also requires the Company to disclose the remuneration
of the Manager as AIFM, providing analysis between xed and
variable fees along with information on how much of such
remuneration was paid to senior management at the Manager
and how much was paid to members of sta. As the Manager
has no employees there is no information to report in that
respect and details of the remuneration paid to the Manager are
disclosed in note 17.
ESG
COP26 and the World Economic Forum’s Global Risk Report
have highlighted the failure of countries to address climate
change and the growing likelihood and increasing impact of
extreme weather events. Climate risk is further compounded by
additional social megatrends, presenting risks that could aect
all business, including the underlying business of an investment
fund’s investee companies.
As a result, climate change is at the top of the global risk agenda,
with lack of adequate preparation potentially resulting in
nancial loss, reputational damage, regulatory penalties and loss
of market share.
The Board believes in the importance of a strong corporate
governance framework to ensure responsible investing focussed
on the values of the Company and that building trusted
relationships with the Company’s stakeholders is crucial for the
long-term success of the Company.
The Company is not a sustainable investment fund, and whilst
the Investment Policy of the Company has no direct impact
on the environment per se, when pursuing the Investment
Objective and in the selection of the service providers and
advisers of the Company, the Company aims to conduct itself
responsibly, ethically and fairly with the impact of all material
factors, including ESG, on the nancial risk and return being
considered in the decisions it makes.
The Manager believes that companies which successfully
manage their ESG risks, and proactively follow ESG best
practices, may experience risk-adjusted outperformance over
the longer-term and underpins their commitment to being a
responsible duciary.
When conducting due diligence on new investments and post
investment monitoring, as well as when taking investment
decisions for the Company, the Manager takes into account its
view of ESG issues and the overall impact they may have on the
creation of long-term investor value.
As the Company’s investment exposure is predominantly
in lower information issuances and securities, an internal
framework to evaluate ESG risks and exposures of the
Company’s investment universe is being developed by the
Manager using commoditised data supplemented by existing
information to evaluate material ESG risks for each investment.
The Manager recognises that there are several reporting
frameworks to build from when considering relevant materiality
factors and have chosen to focus on the SASB approach to its
ESG framework. The SASB focuses on nancial materiality
using an overall assessment which is applied to each industry to
determine the relative importance of each factor and sub-factor
depending on external environment and business model, using
existing metrics where possible.

26 EJF Investments Limited Annual Report and Audited Financial Statements 2021
Corporate Governance Report
More information can be found within the Company’s ESG
Policy on the Company’s website.
ESG Accomplishments during the year
• The Board has expanded the remit of the Audit and Risk
Committee to include consideration of ESG.
• Through the Management Engagement Committee,
service providers’ ESG policies are checked to ensure broad
alignment with the Company’s ESG policies.
• Following the establishment of the Manager’s ESG
Committee in 2020, the Manager has begun the process of
developing a policy to integrate ESG risks into its investment
processes with the goals of:
i. making better and more informed decisions;
ii. harmonising existing ESG risks practices across all of its
investment strategies;
iii. increasing the depth and breadth of this information to
position itself for future initiatives; and
iv. establishing a framework that can be easily incorporated
into future strategies.
Further detail of this can be found in the Company’s ESG policy.
• The Chair and the Manager have worked closely on the
development of the Company’s ESG Strategy & Policy which
was approved in March 2022 and is now available on the
Company’s website.
ESG Strategy
i. ESG will be incorporated into the Company’s decision-
making processes, policies and procedures and will be
kept up to date.
ii. The Company will ensure that the ESG policies of it’s service
providers and advisers are broadly aligned with the
Company’s ESG policy to the extent reasonably practicable.
iii. ESG risks will be considered in investment decisions.
iv. The Company will promote ESG acceptance with those it
deals with and invests in.
v. The Company will regularly report on its progress.
ESG Goals for 2022
• To form an ESG working group comprising a Director and a
representative of EJF that will facilitate:
i. an assessment of the impact of ESG associated risks
on the Company;
ii. the integration of ESG risks into the Company’s
risk register;
iii. ensure appropriate mitigants exist to ensure a sustainable
business model;
iv. ensure compliance with all legal and regulatory
requirements and reporting; and
v. develop meaningful qualitative and quantitative metrics
relevant to the Company’s Investment Objective to allow
for clear and transparent reporting to investors.
As the Company, by virtue of it being deemed an investment
trust, does not have any specic regulatory obligation to provide
any disclosures on sustainability, in considering Section 172 (1),
the Directors believe it is in the best interest of the Company to
report to investors and other stakeholders through the Annual
Report on the progress it has made towards becoming compliant
within the required timeframe.
Modern Slavery
The Company is not within scope of the Modern Slavery Act
2015, because it has no turnover as dened by the Modern
Slavery Act 2015 and is therefore not obliged to make a human
tracking statement.

EJF Investments Limited Annual Report and Audited Financial Statements 2021 27
Corporate Governance Report
Section 172(1) report
The Board believes in a strong corporate governance structure to ensure responsible investing focussed on the values of the Company
and that building trusted relationships with the Company’s stakeholders is crucial for the long-term success of the Company.
Through the Company’s policies and procedures, internal controls and corporate governance, the Directors believe they have acted in a
way they consider, in good faith, would be most likely to promote the success of the Company for the benet of its members as a whole
having regard to the stakeholders, as identied below, and matters set out in Section 172(1) as required through their compliance with
the AIC Code, in the decisions taken during the year.
Stakeholders
An analysis has been carried out, as shown in the diagram below, to identify the key stakeholders of the Company, interests and how
the Directors have considered the interests of the Company’s stakeholders.
S
h
a
r
e
h
o
l
d
e
r
s
K
e
y
S
e
r
v
i
c
e
P
r
o
v
i
d
e
r
s
C
o
m
m
u
n
i
t
i
e
s
Responsible Investing
Eective Governance
Trust and Collaboration
Ordinary Shareholders
2022 ZDP Shareholders
2025 ZDP Shareholders
Interests
Provision of capital to pursue the Investment Policy
and targeting growth and income for the long term
success of the Company. Robust governance
framework and safeguarding of assets
Engagement
Investor Meetings, Broker and Registrar, AGM,
EGMs, RNS announcements, Financial Reports,
Fact Sheets, Ad-hoc Manager Communications
Interests
Knowledge, experience, aligned values and culture within an ee ctive framework for
pursuance of the Investment Objective and long term success of the Company
Engagement
Quarterly and Ad Hoc Board Meetings, Committee Meetings, Due Diligence Meetings and
Reviews, Audit and Interim Review, Specialist Advice, Informal Meetings, Board Training
Interests
Compliance, openness and transparency within
a robust regulatory framework to protect, joint
interests of long term success
Engagement
Annual returns, ocial reporting and
communications, ad hoc requests and approvals
national risk assessment
Manager, Administrator, Broker, Registry Services, Lawyers, Auditors,
Reporting Accountant, Printer, PR Firm, CDD Services
Regulators
Local Governments and Jurisdictions

28 EJF Investments Limited Annual Report and Audited Financial Statements 2021
Corporate Governance Report
Principal Decisions
Beyond that of usual engagement and decision making by the Directors, the table below highlights specic actions where the Directors
have had regard for stakeholder interests during the year.
Principal decisions taken during the year Description Stakeholders
Approving conflicted
investments
A majority of the Company’s investments are securities which EJF or an
affiliate of EJF has structured or originated or otherwise has an interest in
as a member of the original lending group. Any such investment requires
the consent and approval of the independent Directors.
During the year, following the redemption of FINS 2019-1, the Directors
provided consent and approval for further investment into the Partnership
to purchase the underlying collateral with other EJF affiliated funds and
then sell it on the secondary market.
Shareholders
The Manager
FX Hedge On 29 January 2021, the Company announced that, with effect from
15February 2021, it would no longer hedge 100% of its US dollar
exposure and would enter into contracts to hedge only the final Sterling
capital entitlement of its outstanding 2022 and 2025 zero dividend
preferenceshares.
Shareholders
The Manager
ZDP Shares During the year, the Directors met with the Manager on several occasions
to review and discuss options in relation to the 2022 ZDP Shares due for
maturity on 30 November 2022. After due consideration, the Directors, on
the recommendation of the Manager, agreed that it would be in the best
interest of the Company to offer the existing 2022 ZDP Shareholders the
opportunity to roll their investment into the 2025 ZDP Shares, with the
aim of securing the financing required to enable the Company to continue
to invest in pursuance of its Investment Objective and meet the Target
Return for the foreseeable future.
Shareholders
The Manager
By Order of the Board
Joanna Dentskevich
Chair
29 March 2022

EJF Investments Limited Annual Report and Audited Financial Statements 2021 29
Directors’ Report
The Directors present their Annual Report on the aairs of the
Company, together with the Independent Auditor’s Reports, for
the year ended 31 December 2021. The Corporate Governance
Report set out on pages 22 to 28 forms part of this report.
Principal Activities, Business Review and
Future Developments
The principal activities of the Group during the year were to
invest in opportunities created by regulatory and structural
changes impacting the nancial services sector. No changes
are envisaged in the Group’s principal activities although future
opportunities may include structured debt and equity, loans,
bonds, preference shares, convertible notes and private equity, in
both cash and synthetic formats which may be issued by entities
domiciled in the US, UK and Europe. Information about the use
of nancial instruments by the Group is given in note 15 to the
Audited Financial Statements.
Details of signicant events since the Statement of Financial
Position date are contained in note 19 to the Audited
Financial Statements.
An indication of likely future developments in the business
of the Company are included in the Chair’s Statement on
pages 6to8 and the Manager’s report on pages 9 to 13.
Results and Dividends
Results for the year ended 31 December 2021 are set out in the
Statement of Comprehensive Income on page 48.
The Directors declared and paid dividends of £6,542,536 (2020:
£6,623,592) during the year ended 31 December 2021. Further
details can be found in notes 13 and 19.
Stated Capital
At 31 December 2021, the Company’s issued share capital
comprised 76,953,707 Ordinary Shares (31 December 2020:
76,953,707 Ordinary Shares), of which 15,808,509 were
held in treasury (31 December 2020: 15,808,509). The total
number of voting rights of the Ordinary Shares is 61,145,198
(31 December 2020: 61,145,198). Further details can be
found in note 12.
Disclosure of Information to the Auditor
The Directors who held oce at the date of approval of this
Directors’ Report conrm that, so far as they are each aware,
there is no relevant audit information of which the Auditor is
unaware; and each Director has taken all the steps that they
ought to have taken as a Director to make them aware of any
relevant audit information and to establish that the Auditor is
aware of that information.
Financial Risk Management
Information about the Company’s and EJFIH’s nancial risk
management objectives is set out in note 15 to the Audited
Financial Statements.
Directors and Directors’ Interests
The Directors are listed on page 19.
Details of the Directors’ remuneration are included in the
Remuneration Report on pages 32 to 33.
Directors’ Insurance
During the nancial year ended 31 December 2021 and up until
the date of the signing of the Audited Financial Statements,
the Company has maintained directors’ and ocers’ liability
insurance, which is deemed to give appropriate cover for any
potential legal action that could be brought against the Directors.

30 EJF Investments Limited Annual Report and Audited Financial Statements 2021
Directors’ Report
Signicant Shareholdings
On 31 December 2021, the Company had been notied, in accordance with chapter ve of the Disclosure Guidance and Transparency
Rules, of the following voting rights as shareholders of the Company:
Name
31 December 2021
Ordinary Shares
% of Issued
Ordinary Shares
1
Cheetah Holdings Limited 11,816,558 19.33
Premier Miton Investors 5,018,666 8.21
Leon Cooperman 4,000,000 6.54
Newton Investment Management Limited 3,921,851 6.41
Expert Investor V ICAV – TwinFocus Global Asset Fund 3,588,358 5.87
Wolfson Equities 3,314,960 5.42
William E Conway Jr 3,113,415 5.09
34,773,808 56.87
Total Issued shares (after adjusting for treasury shares) 61,145,198 100.00
1 The calculation of shareholding % is based on number of Ordinary Shares in issue after adjusting for treasury shares.
Independent Auditor
A resolution to re-appoint the Auditor will be put to shareholders at the AGM.
Manager
The Directors are responsible for the determination of the Company’s Investment Policy and have overall responsibility for the Group’s
activities. The Company has, however, entered into a Management Agreement with the Manager under which the Manager has been
appointed to manage the assets of the Group which include research, analysis and selection of investment opportunities for the Group
and monitoring the ongoing performance of the investments.
The Directors consider that the interests of shareholders, as a whole, are best served by the continued appointment of the Manager to
achieve the Company’s Investment Objective.
Political Contributions
The Group did not make any political donations or incur any political expenditure during the year.

EJF Investments Limited Annual Report and Audited Financial Statements 2021 31
Directors’ Report
Going Concern
The Directors have performed a detailed assessment of the
Company’s ability to meet its liabilities as they fall due for the
period of at least twelve months from the date of signing the
Audited Financial Statements, including evaluating severe
but plausible downside scenarios of a signicant reduction
in the liquidity positions and the fair value and cash ow
generation of its investments. The assessment was completed
with reference to the cash position of the Group, the operating
expenses, the valuations of the assets subsequent to the year
end and the potential default risk of the investments held.
The Directors also considered the 2022 ZDP Shares liabilities,
which will mature on 30 November 2022 and the Continuance
Resolution to be proposed and expected to take place in or
around April 2022. Discussions have taken place with existing
2022 ZDP Shareholders in respect of rolling their investment into
the 2025 ZDP Shares, and the Directors have reviewed forecasts
to assess the going concern of the Company if the 2022 ZDP
Shares do not roll.
Based on the Company’s performance, the voting history in the
general meetings, and the future prospects of the Company, the
Directors consider the risk of the Continuance Resolution not
being passed to be low. The Continuance Resolution, requires
a majority of greater than 50% of those voting to be passed. It
is noted that in the event the Continuance Resolution is not
passed, an orderly liquidation of assets would ensue, having
regard to the prevailing liquidity of the assets of the Company
and the rules imposed by the Risk Retention Regulations. This
would likely result in a relatively long timeframe for the orderly
return of capital to shareholders. In light of the analysis, the
Directors are satised that, at the time of approving the Audited
Financial Statements, there is a reasonable expectation that
the Company will have adequate resources to continue in
operational existence for a period of at least twelve months from
the date of approval of the Audited Financial Statements, and
have therefore prepared the Audited Financial Statements on a
going concern basis.
Viability Statement
The Directors, in conjunction with the Audit and Risk Committee
and the Manager, have conducted a robust assessment of the
viability of the Company, taking into account the Principal Risks
and uncertainties that the Group faces, including the volatility of
markets in the wake of COVID19, and the impact of extreme but
plausible market scenarios on the viability of the Company and
the ability to meet its Target Dividend and nancial covenants
over a three year period, albeit the Directors consider the
Company to be a much longer term investment proposition for
its shareholders.
In establishing the time horizon over which to consider the
longer-term viability of the Company, the Directors considered
the nature of the investment portfolio of the Group, and the
Investment Objective of the Company taking into account
the working capital model forecasting and the maturity of
the 2022 ZDP Shares in November 2022. In making their
assessment, the Directors have assumed the passing of the
upcoming Continuance Resolution, based on the Company’s
performance, the voting history in the general meetings, and the
future prospects of the Company and have considered varying
outcomes of the renancing proposal of the 2022 ZDP Shares.
The extreme market scenarios used in its stress testing included
severe but plausible adverse movements in bank and insurance
company default rates and recovery rates, foreign exchange
movements impacting margin calls on the forward currency
contracts, the renancing of the 2022 ZDP Shares and working
capital availability.
Having considered each of these scenarios and the potential
for any of its Principal Risks or uncertainties to increase, the
Directors have a reasonable expectation that the Company will
be able to continue in operation and meet its nancial covenants
and operating expenses as they fall due over the three-year
assessment period.
General Meetings
The 2022 AGM is scheduled for 22 June 2022 at the Company’s
registered oce in Jersey. The Directors recognise the
importance of shareholder engagement and the opportunity for
shareholders to attend the AGM should they wish. Any changes
to the AGM date will be communicated via the Company’s
website, www.ej.com, and the London Stock Exchange.
Details regarding the EGM to consider the Continuance
Resolution and the renancing of the 2022 ZDP Shares will
beannounced shortly.
By Order of the Board
Joanna Dentskevich
Chair
29 March 2022

32 EJF Investments Limited Annual Report and Audited Financial Statements 2021
Directors’ Remuneration Report
The Directors are pleased to present their report on remuneration for the year ended 31 December 2021.
The Directors believe that due to the size and nature of the Company it would be unnecessarily burdensome to establish a separate
remuneration committee. Remuneration matters are therefore included in matters reserved for the Board.
Remuneration Policy
Directors are entitled to receive a xed fee based upon their duties, responsibilities and time spent up to an aggregate limit of £150,000
per annum as well as a fee for any special service at the request of the Company. As such the Chair of the Company and the Chair of the
Audit and Risk Committee receive an additional fee. Directors are also paid all reasonable travel expenses.
No element of the Directors’ remuneration is performance related nor does any Director have any entitlement to pensions, share
options or any long term incentive plans from the Company. In accordance with the 2019 AIC Code, no Director is involved in deciding
their remuneration.
No Director has a service contract with the Company, and no such contracts are proposed. Directors’ appointments can be terminated
in accordance with the Company’s Articles of Association and without compensation.
Directors’ Remuneration
The Directors are each entitled to a fee of £40,000 per annum with additional fees being paid to the Chair of the Company of £10,000
per annum and to the Chair of the Audit and Risk Committee of £5,000 per annum. Neal Wilson has waived his right to receive
remuneration.
For the year under consideration, the Directors received the following amounts:
Director
2021
£
2020
£
Joanna Dentskevich 50,000 50,000
Alan Dunphy 45,000 45,000
Nick Watkins 40,000 40,000
Neal Wilson – –
Total 135,000 135,000
Directors’ expenses for the year were £1,107 (2020: £204).
No other remuneration or compensation was paid by the Company to the Directors during the year (2020: £nil).
Directors’ and ocers’ liability insurance cover is maintained by the Company on behalf of the Directors.
The terms of the Directors’ appointments as non-executive Directors are set out in letters issued in April 2017 (as amended
inJanuary 2019).

EJF Investments Limited Annual Report and Audited Financial Statements 2021 33
Directors’ Remuneration Report
Ordinary Shares held by Directors
Shareholdings by the Directors in the Company as at year end were as follows:
Name
Ordinary Shares
31 December 2021
1
Percentage
ofOrdinary
Sharesin Issue
31 December 2021
2
Ordinary Shares
31 December 2020
1
Percentage
ofOrdinary
Sharesin Issue
31 December 2020
2
Neal Wilson 1,622,607 2.654% 1,516,381 2.480%
Joanna Dentskevich 77,896 0.127% 49,548 0.081%
Nick Watkins 3,000 0.005% 3,000 0.005%
1 The Directors’ shareholdings are either direct and/or indirect holdings of Ordinary Shares in the Company.
2 The calculation of shareholding % is based on number of Ordinary Shares in issue after adjusting for treasury shares.
ZDP Shares held by Directors
2025 ZDP shares held by the Directors as at year end were as follows:
Name
2025 ZDP Shares
31 December 2021
Percentage of 2025
ZDP Sharesin Issue
31 December 2021
2025 ZDP Shares
31 December 2020
Percentage of 2025
ZDP Sharesin Issue
31 December 2020
Neal Wilson 1,000,000 16.667% 1,000,000 16.667%
Joanna Dentskevich 30,000 0.500% 30,000 0.500%
Nick Watkins 10,000 0.167% 10,000 0.167%
The Directors did not hold any 2022 ZDP Shares as at 31 December 2021 (31 December 2020: nil).
Joanna Dentskevich
Chair
29 March 2022

34 EJF Investments Limited Annual Report and Audited Financial Statements 2021
Audit and Risk Committee Report
The Board is supported by the Audit and Risk Committee with
formally delegated duties and responsibilities relating to audit
and risk, as set out in written terms of reference which are
available from the Company’s website.
Chair and Membership
The Audit and Risk Committee is chaired by Alan Dunphy
with its other members being Joanna Dentskevich and Nick
Watkins. All members are independent, have no links with the
Auditor and are independent of the Manager. The Audit and Risk
Committee meets at least three times a year at appropriate times
in the nancial reporting cycle and to meet with the Auditor as
appropriate. The membership of the Audit and Risk Committee
and its terms of reference are kept under review.
The Board has considered the composition of the Audit and
Risk Committee and is satised it has sucient recent and
relevant skills and experience. In particular the Board has
considered the requirements of the 2018 UK Code that the
Audit and Risk Committee should have at least one member
who has recent and relevant nancial experience and that
the Audit and Risk Committee as a whole has competence
relevant to the sector in which the Company invests. The Board
considers all of the relevant requirements to have been met.
The relevant qualications and experience of each member are
detailed on page 19.
Key Responsibilities
The Audit and Risk Committee’s primary role and responsibility
is to review and monitor the integrity of the Company’s Annual
Report and Interim Report to ensure they are fair, balanced
and understandable and provide the information necessary for
shareholders to assess the Company’s performance, business
model and strategy and reporting to the Board accordingly. This
includes reviewing the Independent Auditor’s Report.
The Audit and Risk Committee’s other roles and responsibilities
include, but are not limited to:
• reporting to the Board on any signicant nancial reporting
issues and judgements;
• reviewing and challenging where necessary signicant
accounting policies and practices, including the basis on
which the Company is determined as a going concern and
a review of the viability statement included in the Annual
Report taking into account the Company’s nancial position
and principal risks identied;
• reviewing the adequacy and eectiveness of the Company’s
internal nancial controls and internal control and risk
management systems;
• assessing any correspondence from regulators in relation to
the Company’s nancial reporting;
• reviewing the external auditor’s performance, independence
and objectivity to include a report from the external auditor
on its own internal quality procedures;
• making recommendations to the Board in relation to the
appointment, re appointment or removal of the external
auditor, the approval of the external auditor’s remuneration
and the terms of the engagement;
• developing and implementing policies surrounding the
engagement of the external auditor to supply non audit
services, where appropriate;
• considering regularly whether the Company should have an
internal audit function and making a recommendation to the
Board accordingly;
• advising the Board on the Company’s overall risk strategy and
to establish the risk assessment measures and methodologies
to be employed by the Company; and
• reporting to the Board on how it has discharged its
responsibilities.

EJF Investments Limited Annual Report and Audited Financial Statements 2021 35
Audit and Risk Committee Report
How the Audit and Risk Committee has
Discharged Its Responsibilities
The Audit and Risk Committee met seven times during the year
and the individual attendance of the Committee members is
outlined on page 23. Representatives of the Manager, Auditor
and Administrator were present as required. The main matters
discussed at those meetings were:
• Detailed review of the 2020 Annual Report and
recommendation for approval by the Board;
• Review of the Company’s and EJFIH’s key risks and
internal controls;
• Assessment of the nal audit ndings document
presented by the Auditor in respect of the audit of the 2020
Annual Report;
• Consideration of the independence of the Auditor;
• Review and approval of the interim review plan of the Auditor
in respect of the 2021 Interim Report;
• Review and approval of the annual audit plan of the Auditor
in respect of the 2021 Annual Report;
• Detailed review of the 2021 Interim Report and
recommendation for approval by the Board; and
• Review of the eectiveness of the Auditor.
Subsequent to year end, up to the date of approval of the Annual
Report, the Audit and Risk Committee met three times to discuss
risk matters and undertake detailed reviews of the 2021 Annual
Report. The main matters discussed at those meetings were:
• Review and update of the Company’s risk register
and corresponding principal risks for inclusion in the
Annual Report;
• Review and challenge of the Manager’s stress tests for the
purposes of the viability statement and consideration of the
duration of the viability period;
• Review of the Company’s proposed ESG policy;
• Review of the 2021 Annual Report and recommendation for
approval by the Board;
• Assessment of the nal audit ndings document
presented by the Auditor in respect of the audit of the 2021
Annual Report;
• Discussion and nal approval of the 2021 external auditor fees
for the annual audit; and
• Assessment of the independence of the Auditor.
Monitoring the Integrity of the Audited
Financial Statements including Signicant
Judgement and Estimates
The Audit and Risk Committee reviewed the Company’s 2021
Interim Report and 2021 Annual Report prior to discussion and
approval by the Board, and the signicant nancial reporting
issues and judgements contained therein. It also reviewed the
Auditor’s reports thereon and reviewed the appropriateness of
the Company’s accounting principles and policies and monitored
changes to, and compliance with, accounting standards on an
ongoing basis.
The Audit and Risk Committee have considered and determined
that the Company continues to meet the denition of an
Investment Entity in accordance with IFRS 10 and further that
the Company’s investment in EJFIH should be classied at Level
3, as it is not traded and contains unobservable inputs, and due to
its materiality in the context of the Audited Financial Statements
as a whole, investments are considered to be the area which
should have the greatest eect on the overall audit strategy and
allocation of resources in planning and completing the audit.
In undertaking this review, the Audit and Risk Committee
discussed with the Auditor, the Manager and the Administrator
the critical accounting policies and judgements that have
been applied.
As requested by the Board, the Audit and Risk Committee
also reviewed the Annual Report and was able to conrm to
the Board that, in their view, the Annual Report, taken as a
whole, was fair, balanced and understandable and provided the
information necessary for shareholders to assess the Company’s
position, performance, business model and strategy.

36 EJF Investments Limited Annual Report and Audited Financial Statements 2021
Audit and Risk Committee Report
Signicant and other Accounting Matters
The signicant accounting matters associated with the preparation of the Annual Report are:
Significant accounting matter How addressed by the Audit and Risk Committee
Valuation of the
investmentinEJFIH
EJFIH is not traded and contains unobservable inputs and is therefore classified as a Level 3 investment
under IFRS 13. The Company holds a direct investment in EJFIH and the Board considers that the NAV of
EJFIH is representative of its fair value.
The NAV of EJFIH has been presented in the Annual Report on a look through basis to the underlying
investment positions. See details in notes 9 and 15. The Group holds a number of different Level 3
investments which are also measured at fair value.
The Audit and Risk Committee receives regular updates on the performance of the Portfolio from
the Board and the Manager. It also reviews the Manager’s valuation policy and challenge the Manager
on the valuation. The Audit and Risk Committee is not aware of any discrepancies with the valuation
methodologies adopted or the independent valuation procedures carried out by the valuation agents.
The Company values the underlying positions held in EJFIH as per below (further information regarding the
valuation methodologies and the resultant valuations can be found on pages 68 to 69):
Partnership
The Partnership is valued by reference to the Company’s proportionate share of the net asset value. The
underlying investments by the Partnership into Risk Retention Investments are marked clean to broker
quotes with the Manager estimating the expected accrual of interest earned on each security.
CDO Manager
The Manager has appointed a recognised independent valuation agent to value the CDO Manager based
on the underlying CDO management contract cash flows expectations, using inputs and models developed
by the Manager.
CDO Securities
Current cash-yielding securities are marked clean to broker quotes with interest accrued separately. Legacy
CDO securities are valued dirty using acceptable probability based discounted cash flow methodologies by
the Manager.
FinTech debt securities
The securities are marked clean to broker quotes with interest accrued separately.
Preference Shares
The shares are marked clean to broker quotes with the Manager estimating the expected accrual of interest
earned on each security.
Derivative nancial instruments at FVTPL
The Manager determines the fair value of the forward foreign currency contracts using quoted mid forward
exchange rates as at the reporting date.
Seneca Portfolio
Seneca is valued based on EJFIH’s proportionate share of the reported net asset value.
Armadillo Portfolio
The Armadillo Portfolio is valued based on EJFIH’s proportionate share of the reported net asset value of
each entity.

EJF Investments Limited Annual Report and Audited Financial Statements 2021 37
Audit and Risk Committee Report
Risk Management
The Board as a whole is responsible for the Company’s system
of internal controls and the Audit and Risk Committee assists
the Board in meeting those obligations, as set out in its terms
of reference. The Board does not currently consider an internal
audit function to be required given the size and nature of
the Company’s operations and instead places reliance on the
external and internal controls applied by the Company’s service
providers as regulated entities. The Audit and Risk Committee
has reviewed the Administrator’s most recent ISAE 3402 Report
on Fund Administration (Report on the description of controls
placed in operation, their design and operating eectiveness
for the period from 1 October 2020 to 30 September 2021) and
is pleased to note that no signicant issues were identied.
In addition, the Administrator has provided a bridging letter
covering the period from 1 October 2021 to 31 December 2021,
which conrms the controls referenced in the ISAE 3402
Report are still in place and operated eectively in this period.
Additionally, the Company receives conrmations from
its principal service providers that no material issues have
arisen in respect of their systems of internal controls and
risk management.
During the year, the independent Directors met with
representatives of the Manager at their London oce to review
any changes to the Manager’s controls and the operating
eectiveness of the Manager’s existing controls. The Audit
and Risk Committee rearms that, to date, there are no risk
issues identied in this area which need to be brought to
shareholders’ attention.
External Auditor
It is the responsibility of the Audit and Risk Committee to
monitor the performance, independence, objectivity and
reappointment of the Auditor. The Audit and Risk Committee
met with the Auditor to consider the audit strategy and plan
for the audit. The audit plan for the reporting period was
reviewed, including consideration of the key Audited Financial
Statements and audit risks, to seek to ensure that the audit was
appropriately focused.
The Auditor attended a number of the Audit and Risk Committee
meetings throughout the year, which allowed the Auditor
the opportunity to discuss any matters it wished to raise. The
Auditor provided feedback at each Audit and Risk Committee
meeting on topics such as the key accounting matters,
mandatory communications and the control environment. The
Audit and Risk Committee chair meets with the Auditor ahead
of Audit and Risk Committee meetings to review key audit and
review areas for discussion with the Audit and Risk Committee.
The Auditor is not in attendance when their performance and/or
levels of remuneration are discussed.
The Auditor’s valuation specialists have been engaged to
provide support for the audit of the Company’s asset valuations.
The team are based in Frankfurt and consists of 75 valuation
specialists. They perform valuation testing by repricing
complex nancial assets. The team undertook an independent
revaluation exercise, which resulted in an acceptable level
of deviation from an audit perspective for any dierences
between the repricing and the Company’s valuations. A
senior representative of the team attended the Audit and Risk
Committee meeting at which the nal audit ndings document
was presented by the Auditor in respect of the audit of the 2021
Annual Report, to present an overview of the valuation work and
methodology undertaken.

38 EJF Investments Limited Annual Report and Audited Financial Statements 2021
Audit and Risk Committee Report
During the years ended 31 December 2021 and 31 December 2020, no non-audit services were provided by the Auditor to the Company.
During the years ended 31 December 2021 and 31 December 2020, the Auditor was remunerated as follows:
Year ended
31 December 2021
£
Year ended
31 December 2020
£
Audit services
Annual audit 142,750 133,250
Interim review 19,250 18,000
Total audit fees 162,000 151,250
Total fees to the Auditor 162,000 151,250
The Audit and Risk Committee continues to be satised with the performance of the Auditor. We have therefore recommended to the
Board that the Auditor, in accordance with agreed terms of engagement and remuneration, should continue as the Company’s Auditor.
Accordingly, a resolution proposing the reappointment of the Company’s auditor will be put to the shareholders at the forthcoming AGM.
A member of the Audit and Risk Committee will be available to shareholders at the forthcoming AGM of the Company to answer any
questions relating to the role of the Audit and Risk Committee.
The Auditor has been appointed since the Company commenced trading. The Audit and Risk Committee is satised that the lead audit
partner has the experience, independence and industry knowledge to be an eective lead audit partner.
The Audit and Risk Committee is also responsible for the audit tender process and will take all key decisions covering timing, approach,
evaluation criteria and recommendations. The tender is expected to occur six years following the conclusion of the 2021 Annual Report.
Alan Dunphy
Audit and Risk Committee Chair
29 March 2022

EJF Investments Limited Annual Report and Audited Financial Statements 2021 39
Statement of Directors’ Responsibilities
The Directors are responsible for preparing the Annual Report,
including the Directors’ Remuneration Report in accordance
with applicable law and regulations.
The Companies Law requires the Directors to prepare
Audited Financial Statements for each nancial year.
Under the Companies Law they are required to prepare the
Audited Financial Statements in accordance with IFRS and
applicable law.
Under the Companies Law the Directors must not approve the
Audited Financial Statements unless they are satised that they
give a true and fair view of the state of aairs of the Company
and of its prot or loss for that year. In preparing these Audited
Financial Statements, the Directors are required to:
• select suitable accounting policies and then apply them
consistently;
• make judgements and estimates that are reasonable, relevant
and reliable;
• state whether applicable accounting standards have been
followed, subject to any material departures disclosed and
explained in the Audited Financial Statements;
• assess the Company’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern; and
• use the going concern basis of accounting unless they either
intend to liquidate the Company or to cease operations, or
have no realistic alternative but to do so.
The Directors are responsible for keeping proper records that
are sucient to show and explain the Company’s transactions
and disclose with reasonable accuracy at any time the nancial
position of the Company and enable them to ensure that its
Audited Financial Statements comply with the Companies Law.
They are responsible for such internal control as they determine
is necessary to enable the preparation of Audited Financial
Statements that are free from material misstatement, whether
due to fraud or error, and have general responsibility for taking
such steps as are reasonably open to them to safeguard the
assets of the Company and to prevent and detect fraud and other
irregularities.
The Directors are responsible for the maintenance and
integrity of the corporate and nancial information included
on the Company’s website. Legislation in Jersey governing the
preparation and dissemination of Audited Financial Statements
may dier from legislation in other jurisdictions.
Responsibility statement of the Directors
in respect of the Annual Report and
Audited Financial Statements
We conrm that to the best of our knowledge:
• the Audited Financial Statements, prepared in accordance
with IFRS as issued by IASB, give a true and fair view of the
assets, liabilities, nancial position and prot or loss of the
Company as at and for the year ended 31 December 2021,
asrequired by DTR 4.1.12R; and
• the Annual Report includes a fair review of the development
and performance of the business and the position of the
Company, together with a description of the principal risks
and uncertainties that it faces, as required by DTR 4.1.8R
and DTR 4.1.11R.
We consider the Annual Report and Audited Financial
Statements, taken as a whole, are fair, balanced and
understandable and provide the information necessary for
shareholders to assess the Company’s position and performance,
business model and strategy.
This responsibility statement has been approved by the Board on
29 March 2022 and is signed on its behalf by:
By Order of the Board
Joanna Dentskevich
Chair
29 March 2022

40 EJF Investments Limited Annual Report and Audited Financial Statements 2021
1. Our opinion is unmodied
We have audited the nancial statements of EJF Investments
Limited (“the Company”) for the year ended 31 December 2021
which comprise the Statement of Comprehensive Income,
Statement of Financial Position, Statement of Changes in Equity,
Statement of Cash Flows and the related notes, including the
accounting policies in note 2.
In our opinion the nancial statements:
• give atrue and fair view, in accordance with International
Financial Reporting Standards as issued by the International
Accounting Standards Board (“IASB”), of the state of the
Company’s aairs as at 31 December 2021 and of its prot for
the year then ended; and
• have been prepared in accordance with the requirements of
the Companies (Jersey) Law 1991.
Basis for opinion
We conducted our audit in accordance with International
Standards on Auditing (UK) (“ISAs (UK)”) and applicable law.
Ourresponsibilities are described below. We believe that the
audit evidence we have obtained is asucient and appropriate
basis for our opinion. Our audit opinion is consistent with our
report to the audit committee.
Overview
Materiality:
financial
statements
as awhole
£1.3m (2020: £1.2m)
1% (2020: 1%) of Total assets
Key audit matters vs 2020
Recurring risks Valuation of financial asset at
fair value through profit or loss
Independent Auditor’s Report
totheMembersofEJFInvestmentsLimited

EJF Investments Limited Annual Report and Audited Financial Statements 2021 41
Independent Auditor’s Report totheMembersofEJFInvestmentsLimited
2. Key audit matters: our assessment of risks of material misstatement
Key audit matters are those matters that, in our professional judgment, were of most signicance in the audit of the nancial
statements and include the most signicant assessed risks of material misstatement (whether or not due to fraud) identied by us,
including those which had the greatest eect on: the overall audit strategy; the allocation of resources in the audit; and directing the
eorts of the engagement team. We summarise below the key audit matter in arriving at our audit opinion above, together with our
key audit procedures to address this matter and our ndings from those procedures in order that the Company’s members, as abody,
may better understand the process by which we arrived at our audit opinion. This matter was addressed, and our ndings are based on
procedures undertaken, in the context of, and solely for the purpose of, our audit of the nancial statements as awhole, and in forming
our opinion thereon, and consequently are incidental to that opinion, and we do not provide aseparate opinion on this matter. In
arriving at our audit opinion above, the key audit matter was as follows:
The risk Our response
Valuation of financial asset
at fair value through profit
or loss
(£129.5 million;
2020: £124.2 million)
Refer to page 34 to 38 for
AuditCommittee Report,
page52 to 56 for accounting
policies and page 58 to 61 for
financial disclosures
Risk level remains unchanged
from prior year.
Subjective valuation:
The financial asset at fair value through profit
or loss represents a100% (2020: 100%)
holding in EJF Investment Holdings Limited
(“the Holdco”) and constitutes 99% (2020:
99%) of the Company’s total assets.
The investment in the Holdco is valued based
on the net asset value of the company. The net
asset value is calculated by reference to the
underlying investments. As those investments
are financial instruments for which no
observable market price is readily available. Fair
value is determined through the application
of valuation techniques which involve
significant judgement by the Company and
has a high degree of estimation uncertainty
with a potential range of reasonable outcomes
greater than our materiality for the financial
statements as a whole.
The financial statements (note 15) disclose the
sensitivity estimated by the Company.
Our procedures included:
• Control Design:
We obtained an understanding of the Company’s
processes for determining the fair value of unquoted
investments. We evaluated the design and
implementation of the investment valuation processes
and controls.
We performed the tests below rather than seeking
to rely on any of the Company’s controls because the
nature of the balance is such that we would expect to
obtain audit evidence primarily through the detailed
procedures described.
• Comparing valuations:
For investments in funds and investment entities
valued on anet assets value basis, we assessed
whether this basis is an appropriate representation
ofthe fair value of the investments.
For the valuation of interests in funds, we obtained and
agreed the net asset value to the latest audited funds’
financial statements. We recalculated the valuation of
the investment by applying the ownership percentages
confirmed by the investment manager to the audited
net asset value of the funds.
For the valuation of interests in other investment
entities, where audited financial statements were not
available, we performed an independent assessment
of the net asset values, including the use of our
valuation specialists to independently value underlying
investments held by those entities. We recalculated
the valuation of interests by applying the ownership
percentages to the relevant net asset value.
• Independent re-performance:
Our valuation specialists compared the reported
valuation with the valuation derived by us using an
independently derived valuations model and market
observable data.
• Assessing transparency:
We considered the appropriateness, in accordance
with relevant accounting standards, of the disclosures
in respect of investments and the effect of changing
one or more inputs to reasonably possible alternative
valuation assumptions.
• Our findings:
We found the Company’s valuation of the financial
asset at fair value through the profit and loss to be
balanced (2020: balanced).

42 EJF Investments Limited Annual Report and Audited Financial Statements 2021
Independent Auditor’s Report totheMembersofEJFInvestmentsLimited
3. Our application of materiality and an
overview of the scope of our audit
Materiality for the nancial statements as awhole was set at
£1.3m (2020: £1.2m), determined with reference to abenchmark
of total assets, of which it represents 1% (2020: 1%).
In line with our audit methodology, our procedures on
individual account balances and disclosures were performed
to alower threshold, performance materiality, so as to reduce
to an acceptable level the risk that individually immaterial
misstatements in individual account balances add up to
amaterial amount across the nancial statements as awhole.
Performance materiality was set at 75% (2020: 75%) of
materiality for the nancial statements as awhole, which
equates to £0.97m million (2020: £0.94 million). We applied this
percentage in our determination of performance materiality
because we did not identify any factors indicating an elevated
level of risk.
We agreed to report to the Audit Committee any corrected or
uncorrected identied misstatements exceeding £0.06m (2020:
£0.06m), in addition to other identied misstatements that
warranted reporting on qualitative grounds.
Our audit of the Company was undertaken to the materiality
level specied above, and was performed by a single audit team.
The scope of the audit work performed was fully substantive
as we did not rely upon the Company’s internal control over
nancial reporting.
Total assets: £130m (2020: £125m)
Total assets
Materiality
Materiality
£1.3m
(2020: £1.2m)
Performance
materiality
£0.97m
(2020: £0.94m)
Misstatements
reported to the
Audit Committee
£0.06m
(2020: £0.06m)
4. We have nothing to report on
goingconcern
The Directors have prepared the nancial statements on the
going concern basis as they do not intend to liquidate the
Company or to cease its operations, and as they have concluded
that the Company’s nancial position means that this is
realistic. They have also concluded that there are no material
uncertainties that could have cast signicant doubt over its
ability to continue as agoing concern for at least ayear from the
date of approval of the nancial statements (“the going concern
assessment period”).
We used our knowledge of the Company, its industry, and the
general economic environment to identify the inherent risks to
its business model and analysed how those risks might aect the
Company’s nancial resources or ability to continue operations
over the going concern period. The risks that we considered
most likely to adversely aect the Company’s available nancial
resources, and its ability to operate over this period were:
• The impact of asignicant reduction in the valuation of
the assets in the portfolio including default on underlying
collateral in securitization investments;
• Adverse foreign exchange margin calls reducing the
availability of cash to meet ongoing obligations as
they fall due;
• Insucient votes secured for the continuation vote in
April 2022; and
• The impact of repayment of the ZDP liability falling due
within the going concern assessment period.
We considered whether these risks could plausibly aect
the liquidity of the Company in the going concern period by
comparing severe, but plausible downside scenarios that could
arise from these risks individually and collectively against the
level of available nancial resources indicated by the Company’s
nancial forecasts.
We considered whether the going concern disclosure in note 2.1
to the nancial statements gives afull and accurate description
of the Directors’ assessment of going concern, including the
identied risks and related sensitivities.
Our conclusion based on this work:
• we consider that the Directors’ use of the going concern basis
of accounting in the preparation of the nancial statements
is appropriate;
• we have not identied, and concur with the Directors’
assessment that there is not, amaterial uncertainty related
to events or conditions that, individually or collectively, may
cast signicant doubt on the Company’s ability to continue as
agoing concern for the going concern period;

EJF Investments Limited Annual Report and Audited Financial Statements 2021 43
Independent Auditor’s Report totheMembersofEJFInvestmentsLimited
• we have nothing material to add or draw attention to
in relation to the Directors’ statement in note 2.1 to the
nancial statements on the use of the going concern basis
of accounting with no material uncertainties that may cast
signicant doubt over the Company’s use of that basis for
the going concern period, and we found the going concern
disclosure in note 2.1 to be acceptable; and
However, as we cannot predict all future events or conditions
and as subsequent events may result in outcomes that are
inconsistent with judgements that were reasonable at the time
they were made, the above conclusions are not aguarantee that
the Company will continue in operation.
5. Fraud and breaches of laws and
regulations – ability to detect
Identifying and responding to risks of material
misstatement due to fraud
To identify risks of material misstatement due to fraud (“fraud
risks”) we assessed events or conditions that could indicate an
incentive or pressure to commit fraud or provide an opportunity
to commit fraud. Our risk assessment procedures included:
• Enquiring of the Directors and Administrator as to the
Company’s high-level policies and procedures to prevent and
detect fraud, as well as whether they have knowledge of any
actual, suspected or alleged fraud;
• Assessing the segregation of duties in place between
the Directors, the Administrator and the Company’s
Investment Manager; and
• Reading Board minutes and Audit Committee minutes.
We communicated identied fraud risks throughout the
audit team and remained alert to any indications of fraud
throughout the audit.
As required by auditing standards, we perform procedures
to address the risk of management override of controls, in
particular to the risk that management may be in aposition
to make inappropriate accounting entries. We evaluated the
design and implementation of the controls over journal entries
and other adjustments and made inquiries of the Administrator
about inappropriate or unusual activity relating to the processing
of journal entries and other adjustments. We substantively
tested all material post-closing entries by comparing the
identied entries to supporting documentation and, based on
the results of our risk assessment procedures and understanding
of the process, including the segregation of duties between the
Directors and the Administrator, no further high-risk journal
entries or other adjustments were identied.
On this audit we have rebutted the fraud risk related to revenue
recognition because the revenue is non-judgemental and
straightforward, with limited opportunity for manipulation.
We did not identify any signicant unusual transactions or
additional fraud risks.
Identifying and responding to risks of material
misstatement due to non-compliance with laws
andregulations
We identied areas of laws and regulations that could reasonably
be expected to have amaterial eect on the nancial statements
from our general commercial and sector experience and
through discussion with the Directors and the Administrator (as
required by auditing standards) and discussed with the Directors
the policies and procedures regarding compliance with laws
and regulations.
As the Company is regulated, our assessment of risks involved
gaining an understanding of the control environment
including the entity’s procedures for complying with regulatory
requirements.
The potential eect of these laws and regulations on the
nancial statements varies considerably.
Firstly, the Company is subject to laws and regulations that
directly aect the nancial statements including nancial
reporting legislation (including related companies legislation),
distributable prots legislation as set out by Companies (Jersey)
Law 1991and the Listing Rules, and we assessed the extent
of compliance with these laws and regulations as part of our
procedures on the related nancial statement items.
Secondly, the Company is subject to many other laws and
regulations where the consequences of non-compliance could
have amaterial eect on amounts or disclosures in the nancial
statements, for instance through the imposition of nes or
litigation. We identied the following areas as those most likely
to have such an eect: anti-bribery, data protection, anti-money
laundering, market abuse regulations and certain aspects of
company legislation recognising the nancial and regulated
nature of the Company’s activities and its legal form. Auditing
standards limit the required audit procedures to identify non-
compliance with these laws and regulations to enquiry of the
Directors and the Administrator and inspection of regulatory
and legal correspondence, if any. Therefore if abreach of
operational regulations is not disclosed to us or evident from
relevant correspondence, an audit will not detect that breach.
Context of the ability of the audit to detect fraud
orbreaches of law or regulation
Owing to the inherent limitations of an audit, there is an
unavoidable risk that we may not have detected some material
misstatements in the nancial statements, even though we
have properly planned and performed our audit in accordance
with auditing standards. For example, the further removed
non-compliance with laws and regulations is from the events
and transactions reected in the nancial statements, the less
likely the inherently limited procedures required by auditing
standards would identify it.

44 EJF Investments Limited Annual Report and Audited Financial Statements 2021
Independent Auditor’s Report totheMembersofEJFInvestmentsLimited
In addition, as with any audit, there remained ahigher risk of
non-detection of fraud, as these may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of
internal controls. Our audit procedures are designed to detect
material misstatement. We are not responsible for preventing
non-compliance or fraud and cannot be expected to detect non-
compliance with all laws and regulations.
6. We have nothing to report on
theother information in the
AnnualReport
The Directors are responsible for the other information presented
in the Annual Report together with the nancial statements. Our
opinion on the nancial statements does not cover the other
information and, accordingly, we do not express an audit opinion
or, except as explicitly stated below, any form of assurance
conclusion thereon.
Our responsibility is to read the other information and, in
doing so, consider whether, based on our nancial statements
audit work, the information therein is materially misstated
or inconsistent with the nancial statements or our audit
knowledge. Based solely on that work we have not identied
material misstatements in the other information.
Disclosures of principal risks, uncertainties and
emerging risks and longer-term viability
We are required to perform procedures to identify whether
there is amaterial inconsistency between the Directors’
disclosures in respect of emerging and principal risks and
the viability statement, and the nancial statements and our
audit knowledge.
Based on those procedures, we have nothing material to add or
draw attention to in relation to:
• the Directors’ conrmation within the Viability Statement on
page 31 that they have carried out arobust assessment of the
emerging and principal risks facing the Company, including
those that would threaten its business model, future
performance, solvency and liquidity;
• the Principal Risks, Uncertainties and Emerging Risks
disclosures describing these risks and how emerging risks are
identied, and explaining how they are being managed and
mitigated; and
• the Directors’ explanation in the Viability Statement of how
they have assessed the prospects of the Company, over what
period they have done so and why they considered that
period to be appropriate, and their statement as to whether
they have areasonable expectation that the Company will
be able to continue in operation and meet its liabilities as
they fall due over the period of their assessment, including
any related disclosures drawing attention to any necessary
qualications or assumptions.
Based on the above procedures, we have concluded that the
above disclosures are materially consistent with the nancial
statements and our audit knowledge.
Our work is limited to assessing these matters in the context of
only the knowledge acquired during our nancial statements
audit. As we cannot predict all future events or conditions and as
subsequent events may result in outcomes that are inconsistent
with judgements that were reasonable at the time they were
made, the absence of anything to report on these statements is
not aguarantee as to the Company’s longer-term viability.
Corporate governance disclosures
We are required to perform procedures to identify whether there
is amaterial inconsistency between the Directors’ corporate
governance disclosures and the nancial statements and our
audit knowledge.
Based on those procedures, we have concluded that each of the
following is materially consistent with the nancial statements
and our audit knowledge:
• the Directors’ statement that they consider that the annual
report and nancial statements taken as awhole is fair,
balanced and understandable, and provides the information
necessary for shareholders to assess the Company’s position
and performance, business model and strategy;
• the section of the annual report describing the work of the
Audit Committee, including the signicant issues that the
audit committee considered in relation to the nancial
statements, and how these issues were addressed; and
• the section of the annual report that describes the review of
the eectiveness of the Company’s risk management and
internal control systems.
We are required to review the part of the Corporate Governance
Statement relating to the Company’s compliance with the
provisions of the UK Corporate Governance Code specied
by the Listing Rules for our review. We have nothing to report
in this respect.
5. Fraud and breaches of laws and
regulations – ability to detect
(continued)

EJF Investments Limited Annual Report and Audited Financial Statements 2021 45
Independent Auditor’s Report totheMembersofEJFInvestmentsLimited
7. We have nothing to report on the
other matters on which we are
required to report by exception
Under the Companies (Jersey) Law 1991 we are required to report
to you if, in our opinion:
• proper accounting records have not been kept by
the Company, or
• proper returns adequate for our audit have not been received
from branches not visited by us; or
• the Company’s accounts are not in agreement with the
accounting records and returns; or
• we have not received all the information and explanations we
require for our audit.
We have nothing to report in these respects.
8. Respective responsibilities
Directors’ responsibilities
As explained more fully in their statement set out on page 39,
the Directors are responsible for: the preparation of nancial
statements that give atrue and fair view; such internal control
as they determine is necessary to enable the preparation of
nancial statements that are free from material misstatement,
whether due to fraud or error; assessing the Company’s ability
to continue as agoing concern, disclosing, as applicable, matters
related to going concern; and using the going concern basis of
accounting unless they either intend to liquidate the Company
or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities
Our objectives are to obtain reasonable assurance about
whether the nancial statements as awhole are free from
material misstatement, whether due to fraud or error, and to
issue our opinion in an auditor’s report. Reasonable assurance
is ahigh level of assurance, but does not guarantee that an audit
conducted in accordance with ISAs (UK) will always detect
amaterial misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, individually
or in aggregate, they could reasonably be expected to inuence
the economic decisions of users taken on the basis of the
nancial statements.
A fuller description of our responsibilities is provided on the
FRC’s website at: www.frc.org.uk/auditorsresponsibilities.
The purpose of our audit work and to whom we owe
our responsibilities
This report is made solely to the Company’s members, as abody,
in accordance with Article 113A of the Companies (Jersey)
Law 1991 and the terms of our engagement by the Company.
Our audit work has been undertaken so that we might state
to the Company’s members those matters we are required to
state to them in an auditor’s report, and the further matters
we are required to state to them in accordance with the terms
agreed with the Company, and for no other purpose. To the
fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Company and the
Company’s members, as abody, for our audit work, for this
report, or for the opinions we have formed.
Fang Fang Zhou
for and on behalf of KPMG LLP
Chartered Accountants and Recognised Auditor
15 Canada Square
London
E14 5GL
29 March 2022

46 EJF Investments Limited Annual Report and Audited Financial Statements 2021
Independent Auditor’s Report totheMembersofEJFInvestmentsLimited
Independent Auditor’s Report
To EJF Investments Limited and the members of EJF Investments Limited
Report on the Audit of the Financial Statements
Opinion
We have audited the nancial statements of EJF Investments Limited (“The Company”), which comprise the statement of nancial
position as of December 31, 2021 and 2020, and the related statements of comprehensive income, changes in equity, and cash ows for
the years then ended, and the related notes to the nancial statements.
In our opinion, the accompanying nancial statements present fairly, in all material respects, the nancial position of EJF Investments
Limited as of December 31, 2021 and 2020, and the results of its operations and its cash ows for the years then ended in accordance
with the International Financial Reporting Standards as adopted by the International Accounting Standards Board.
Basis for Opinion
We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our
responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements
section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance
with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sucient and
appropriate to provide a basis for our audit opinion.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the nancial statements in accordance with International
Financial Reporting Standards as adopted by the International Accounting Standards Board and for the design, implementation, and
maintenance of internal control relevant to the preparation and fair presentation of nancial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the nancial statements, management is required to evaluate whether there are conditions or events, considered in the
aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date that the
nancial statements are available to be issued.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the nancial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high
level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will
always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher
than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they
would inuence the judgment made by a reasonable user based on the nancial statements.
In performing an audit in accordance with GAAS, we:
• Exercise professional judgment and maintain professional skepticism throughout the audit.
• Identify and assess the risks of material misstatement of the nancial statements, whether due to fraud or error, and design and
perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the
amounts and disclosures in the nancial statements.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in
the circumstances, but not for the purpose of expressing an opinion on the eectiveness of the Company’s internal control.
Accordingly, no such opinion is expressed.
• Evaluate the appropriateness of accounting policies used and the reasonableness of signicant accounting estimates made by
management, as well as evaluate the overall presentation of the nancial statements.
• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about
the Company’s ability to continue as a going concern for a reasonable period of time.

EJF Investments Limited Annual Report and Audited Financial Statements 2021 47
Independent Auditor’s Report totheMembersofEJFInvestmentsLimited
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing
of the audit, signicant audit ndings, and certain internal control related matters that we identied during the audit.
Other Information
Management is responsible for the other information included in the annual report. The other information comprises the information
included in the annual report but does not include the nancial statements and our auditor’s report thereon. Our opinion on the
nancial statements does not cover the other information, and we do not express an opinion or any form of assurance thereon.
In connection with our audit of the nancial statements, our responsibility is to read the other information and consider whether a
material inconsistency exists between the other information and the nancial statements, or the other information otherwise appears
to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other
information exists, we are required to describe it in our report.
The purpose of our audit work and to whom we owe our responsibilities
Our report has been prepared for the Company solely in accordance with the terms of our engagement. Our report was designed to
meet the agreed requirements of the Company determined by the Company’s needs at the time. Our report should not therefore be
regarded as suitable to be used or relied on by any party wishing to acquire rights against us other than the Company for any purpose
or in any context.
Subject to the terms and conditions of our letter of engagement dated 9 September 2021 (“the Engagement Letter”), this report is
addressed to the members of the Company (“the Investors”), who may rely on this report under the Contracts (Rights of Third Parties)
Act 1999. The terms of the Engagement Letter are available to Investors on request.
This report should not be regarded as suitable to be used or relied on by any party wishing to acquire any rights against KPMG LLP,
other than the Company and the Investors for any purpose or in any context. Any party other than the Company or the Investors who
obtain access to this report or a copy and choose to rely on this report (or any part of it) will do so at its own risk. To the fullest extent
permitted by law, KPMG LLP, will accept no responsibility or liability in respect of this report to any other party.
London, United Kingdom
March 29, 2022

48 EJF Investments Limited Annual Report and Audited Financial Statements 2021
Statement of Comprehensive Income
for the years ended 31 December 2021 and 31 December 2020
Notes
1 January 2021 to
31 December 2021
£
1 January 2020 to
31 December 2020
£
Dividend income 5 8,200,000 7,700,000
Net foreign exchange gain 466 756
Net unrealised gain/(loss) on financial assets held at fair value through profit or loss 9 5,366,624 (13,962,324)
Total income/(loss) 13,567,090 (6,261,568)
Investment Management fee 17 (887,308) (902,003)
Legal fees (124,168) (199,732)
Professional fees (251,252) (346,313)
Administration fees (186,161) (246,114)
Directors’ fees 17 (135,000) (135,000)
Directors’ and professional indemnity insurance 17 (131,786) (95,914)
Audit fees 6 (162,000) (151,250)
Printing fees (27,067) (28,226)
Listing fees (14,843) (36,866)
Tax services fees 73,680 (207,036)
Other expenses (17,273) (83,459)
Total operating expenses (1,863,178) (2,431,913)
Expenses reimbursed by the Manager 17 654,605 1,161,981
Net operating expenses (1,208,573) (1,269,932)
Operating profit/(loss) 12,358,517 (7,531,500)
Finance costs 7 (1,585,306) (1,254,786)
Profit/(Loss) and total comprehensive income/(loss) for the year attributable to
shareholders
10,773,211 (8,786,286)
Weighted average number of Ordinary Shares in issue during the year 61,145,198 61,740,143
Basic and diluted earnings/(losses) per Ordinary Share 18 17.6p (14.2)p
All items in the above statement are derived from continuing operations. No operations were acquired or discontinued during the year.
The accompanying notes on pages 52 to 81 form an integral part of these Audited Financial Statements.

EJF Investments Limited Annual Report and Audited Financial Statements 2021 49
Notes
31 December 2021
£
31 December 2020
£
Non-current assets
Financial assets at fair value through profit or loss 9 129,518,023 124,151,399
Current assets
Cash and cash equivalents 592,603 347
Balance due from the Manager 17 329,711 570,728
Prepaid expenses and other assets 8 18,030 39,788
Total current assets 940,344 610,863
Total assets 130,458,367 124,762,262
Non-current liabilities
ZDP Shares 11 (6,484,818) (23,606,438)
Current liabilities
Accounts payable and accrued expenses 10 (448,509) (587,163)
ZDP Shares 11 (18,725,704) –
Total current liabilities (19,174,213) (587,163)
Total liabilities (25,659,031) (24,193,601)
Net assets 104,799,336 100,568,661
Equity
Stated capital 12 85,254,127 85,254,127
Retained earnings 19,545,209 15,314,534
Total Equity 104,799,336 100,568,661
Number of Ordinary Shares in issue at year end (excluding treasury shares) 12 61,145,198 61,145,198
NAV per Ordinary Share 171p 164p
The Audited Financial Statements were approved and authorised for issue by the Board on 29 March 2022 and signed on its behalf by:
Alan Dunphy
Director
The accompanying notes on pages 52 to 81 form an integral part of these Audited Financial Statements.
Statement of Financial Position
as at 31 December 2021 and 31 December 2020

50 EJF Investments Limited Annual Report and Audited Financial Statements 2021
For the year ended 31 December 2021 Notes
Number of shares Stated capital
£
Retained earnings
£
Net assets
attributable to
shareholders
£
Balance at 1 January 2021 61,145,198 85,254,127 15,314,534 100,568,661
Total comprehensive income for the year attributable to
shareholders
– – 10,773,211 10,773,211
Transactions with shareholders
Dividends paid 13 – – (6,542,536) (6,542,536)
Balance at 31 December 2021 12 61,145,198 85,254,127 19,545,209 104,799,336
For the year ended 31 December 2020 Notes
Number of shares Stated capital
£
Retained earnings
£
Net assets
attributable to
shareholders
£
Balance at 1 January 2020 64,175,306 90,259,133 30,724,412 120,983,545
Total comprehensive loss for the year attributable to
shareholders
– – (8,786,286) (8,786,286)
Transactions with shareholders
Shares issued for repurchase 7,396,515 11,982,354 – 11,982,354
Purchase of own shares to hold in treasury (7,396,515) (11,982,354) – (11,982,354)
Share buyback (3,030,108) (5,005,006) – (5,005,006)
Dividends paid 13 – – (6,623,592) (6,623,592)
Balance at 31 December 2020 12 61,145,198 85,254,127 15,314,534 100,568,661
The accompanying notes on pages 52 to 81 form an integral part of these Audited Financial Statements.
Statement of Changes in Equity
for the years ended 31 December 2021 and 31 December 2020

EJF Investments Limited Annual Report and Audited Financial Statements 2021 51
Notes
1 January 2021 to
31 December 2021
£
1 January 2020 to
31 December 2020
£
Cash flows from operating activities
Profit/(Loss) and total comprehensive income/(loss) for the year 10,773,211 (8,786,286)
Adjustments for:
Amortisation of ZDP Shares 7 1,604,084 1,233,597
Net unrealised (gain)/loss on financial assets held at fair value through profit or loss 9 (5,366,624) 13,962,324
Net foreign exchange gain (466) (756)
Changes in net assets and liabilities:
Balance due from the Manager 241,017 (7,203)
Prepaid expenses and other assets 21,758 (25,966)
Accounts payable and accrued expenses (138,654) (797,782)
Net cash generated from operating activities 7,134,326 5, 5 7 7,928
Cash flow from financing activities
Proceeds from issue of ZDP Shares 11 – 6,000,000
2025 ZDP Shares issue costs – (213,520)
Purchase of own shares to hold in treasury – (5,005,006)
Dividends paid 13 (6,542,536) (6,623,592)
Net cash used in financing activities (6,542,536) (5,842,118)
Net increase/(decrease) in cash and cash equivalents 591,790 (264,190)
Cash and cash equivalents at the start of the year 347 263,781
Effect of movements in exchange rates on cash and cash equivalents 466 756
Cash and cash equivalents at the end of the year 592,603 347
The accompanying notes on pages 52 to 81 form an integral part of these Audited Financial Statements.
Statement of Cash Flows
for the years ended 31 December 2021 and 31 December 2020

52 EJF Investments Limited Annual Report and Audited Financial Statements 2021
1. General information
The Company is a registered closed-ended investment company
incorporated with limited liability in the Bailiwick of Jersey on
20 October 2016 under the provisions of the Companies Law
with registered number 122353. The Company’s registered
oce and principal place of business is IFC1, The Esplanade, St.
Helier, Jersey, JE1 4BP, Channel Islands. The principal legislation
under which the Company operates is the Companies Law. The
Company’s stated capital comprises Ordinary Shares admitted to
trading on the SFS.
The Company does not have a xed life. Under the Company’s
Articles, on or about each fth anniversary of the Company’s
Shares being admitted to trading on London Stock Exchange,
the Directors shall procure that an EGM of the Company be
convened at which a Continuance Resolution will be proposed.
The rst such Continuance Resolution is required to take place
in or around April 2022, being the fth anniversary since
Admission. Refer to note 2 for further information.
The Manager has been appointed by the Company to provide
management and investment management services and the
Administrator has been appointed to provide administration
services to the Company.
EJF holds 100% of the voting rights in the Manager. EJF is an
investment adviser principally located in the US and registered
as such with the SEC and as a CPO and CTA with the CFTC. The
Company has appointed the Manager to act as its AIFM for the
purposes of the AIFM Directive.
Additional information has been provided in Note 20 to allow
the Manager to avail of the audit exemption as prescribed in Rule
206 (4)-2 of the US Investment Adviser Act 1940.
Since incorporation, the Company has incorporated two
subsidiaries: EJFIH (incorporated on 9 June 2017), of which
the Company owns 100% of the share capital, and EJFIF
(incorporated on 5 September 2018 and liquidated on
15 December 2020), of which EJFIH owned 100% of the share
capital. Refer to note 14 for further information.
EJFIH holds 85% (31 December 2020: 85%) of the Partnership’s
interests (refer to note 9 for further information).
Through EJFIH, the Company primarily invests in opportunities
created by regulatory and structural changes impacting the
nancial services sector. These opportunities can 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 US, UK and Europe.
2. Signicant accounting policies
2.1 Basis of preparation
(a) Statement of Compliance
The Audited Financial Statements of the Company have
been prepared in accordance with IFRS which comprise
standards and interpretations approved by the International
Accounting Standards Board together with the interpretations
of the International Accounting Standards and Standing
Interpretations Committee as approved by the International
Accounting Standards Committee which remain in eect. The
Audited Financial Statements give a true and fair view of the
Company’s aairs and comply with the requirements of the
Companies Law.
(b) Basis of measurement
These Audited Financial Statements have been prepared on the
historical cost basis except for the revaluation of nancial assets
held at fair value through prot or loss.
(c) Going concern
The Directors have performed a detailed assessment of the
Company’s ability to meet its liabilities as they fall due for the
period of at least twelve months from the approval of the Audited
Financial Statements, including evaluating severe but plausible
downside scenarios of signicant reduction in the liquidity
positions and fair value of its investments. The assessment was
completed with reference to the cash position of the Group, the
operating expenses, the valuations of the assets subsequent to
the year-end and the potential default risk of the investments
held. The Directors also considered the expected outcome of
the 2022 ‘Continuance Resolution’ and the 30 November 2022
maturity date for the 2022 ZDP Shares. The Directors and the
Manager are proposing that 2022 ZDP Shareholders may elect to
roll their existing investment in 2022 ZDP Shares into the 2025
ZDP shares or otherwise be repaid on 30 November 2022.
Based on the Company’s performance, the voting history in the
general meetings, and the future prospects of the Company, the
Directors consider the risk of the ‘Continuance Resolution’ not
being passed to be low. The Continuance Resolution, which is
required to be held ve years from Admission, and every ve
years thereafter, requires a majority of greater than 50% of those
voting to be passed.
In light of the analysis, the Directors are satised that, at the
time of approving the Audited Financial Statements, there is a
reasonable expectation that the Company will have adequate
resources to continue in operational existence for a period of at
least twelve months from the date of approval of the Audited
Financial Statements, and have therefore prepared the Audited
Financial Statements on a going concern basis.
Notes to the Audited Financial Statements
for the year ended 31 December 2021

EJF Investments Limited Annual Report and Audited Financial Statements 2021 53
Notes to the Audited Financial Statements for the year ended 31 December 2021
(d) Functional and presentation currency
The Company’s functional currency is Sterling, which the
Directors deem to be the currency of the primary economic
environment in which it operates, the currency in which nance
is raised, the currency in which distributions are made, the
currency in which investment management fees are paid and
ultimately the currency that would be returned to shareholders if
the Company was wound up. The Group enters into investment
transactions that are denominated in currencies other than
the functional currency, primarily in US Dollars and therefore
is exposed to currency risk. The Company’s performance
is evaluated and reported to shareholders in Sterling and its
liquidity is managed in Sterling. Sterling is considered as the
currency that most faithfully represents the economic eects of
the underlying transactions, events and conditions. The Audited
Financial Statements are presented in Sterling, except where
otherwise indicated, and are rounded to the nearest Pound.
(e) Standards and amendments to existing standards
eective from 1 January 2021
Interest Rate Benchmark Reform – Phase 2
These amendments address issues that might aect nancial
reporting as a result of the reform of an interest rate benchmark,
including the eects of changes to contractual cash ows
or hedging relationships arising from the replacement of an
interest rate benchmark with an alternative benchmark rate. The
amendments provide practical relief from certain requirements
in IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 relating to
changes in the basis for determining contractual cash ows
of nancial assets, nancial liabilities and lease liabilities; and
hedge accounting.
The amendments require an entity to account for a change in the
basis for determining the contractual cash ows of a nancial
asset or nancial liability that is required by interest rate
benchmark reform by updating the eective interest rate of the
nancial asset or nancial liability.
There are no other standards, amendments to standards or
interpretations that are eective for annual periods beginning
on 1 January 2021 that have a material eect on the Audited
Financial Statements of the Company.
(f) Standards, amendments and interpretations issued
butnot yet eective
Standards that become eective in future accounting periods
and have not been early adopted by the Company:
Standard
Eective for annual periods
beginning on or after
Annual improvements to IFRS
standard 2018 to 2020
1 January 2022
IFRS 17 1 January 2023
As the Company does not participate in insurance contracts
in the normal course of its business, the Directors believe that
the application of this IFRS 17 will not have an impact on the
Company’s Audited Financial Statements.
A number of other new standards, amendments to standards
and interpretations have been issued, but are not yet eective
and have not been early adopted in preparing these Audited
Financial Statements. None of these are expected to have
a material eect on the Audited Financial Statements
of the Company.
2.2 Foreign currency translations
Foreign currency transactions are translated into the functional
currency using the exchange rates prevailing at the dates of
the transactions. Foreign currency assets and liabilities are
translated into the functional currency using the exchange rate
prevailing at the Statement of Financial Position date.
Foreign exchange gains and losses arising from translation are
included in the Statement of Comprehensive Income.
Foreign exchange gains and losses relating to cash and cash
equivalents are presented in the Statement of Comprehensive
Income within ‘Net foreign exchange gain’.
Foreign exchange gains and losses relating to the nancial assets
and liabilities carried at FVTPL are presented in the Statement
of Comprehensive Income within ‘Net unrealised gain/(loss) on
nancial assets held at fair value through prot or loss’.
2.3 Accounting for subsidiaries
In accordance with IFRS 10 as amended, the Board has
determined that the Company meets the denition of an
investment entity which is exempted from the consolidation of
investment entity subsidiaries. EJFIH was established to hold
investments for the Company and to maximise the Company’s
investment returns. It does not represent a separate substantial
business activity.
The Company has been deemed to meet the denition of an
investment entity per IFRS 10 as the following conditions exist:
• The Company has obtained funds from investors for
the purpose of providing investors with investment
management services.
• The Company’s business purpose, which was communicated
directly to investors, is investing funds solely for returns from
capital appreciation and investment income.
• The Company measures and evaluates all of its investments
on a fair value basis.
The Company obtains funding from a diverse group of external
shareholders, to whom it has committed that its business
purpose is to invest funds solely for returns from capital
appreciation and investment income.
The Company owns 100% of the equity of the Subsidiary. The
Company is exposed to, and has rights to the returns from, the
Subsidiary and has the ability, either directly or through the
Manager, to aect the amount of its returns from the Subsidiary,
representing all the elements of control as prescribed by IFRS 10.

54 EJF Investments Limited Annual Report and Audited Financial Statements 2021
Notes to the Audited Financial Statements for the year ended 31 December 2021
The Subsidiary is used to acquire exposure to a portfolio
comprising a large number of investments. The fair value
method is used to represent the Subsidiary’s performance in its
internal reporting to the Board, and to evaluate the performance
of the Subsidiary’s investments and to make investment
decisions for mature investments.
Those investments have documented maturity/redemption
dates, or will be sold if other investments with a better risk/
reward prole are identied, which the Manager considers
demonstrate a clear exit strategy.
As a result, under the terms of IFRS 10, the Company does not
consolidate the Subsidiary, and must measure its investment
in the Subsidiary at FVTPL. The Company has determined that
the fair value of the Subsidiary is the Subsidiary’s net asset value
and has concluded that the Subsidiary meets the denition of
an unconsolidated subsidiary under IFRS 12 and has made the
necessary disclosures (see notes 9 & 14 for further information).
Additionally, the Subsidiary has been deemed to meet the
denition of an investment entity per IFRS 10 as the above-
mentioned conditions are met.
2.4 Taxation
Under Article 123C of the Jersey Income Tax Law and on the
basis that the Company is tax resident in Jersey, the Company
is regarded as subject to Jersey income tax at a rate of 0%. The
Company is not subject to UK income tax or corporation tax.
The Company changed its US tax classication status from a
partnership to a non-US corporation from 1 January 2020.
2.5 Financial instruments
(a) Classication
The Company classies its nancial assets and nancial
liabilities in the following measurement categories:
• those to be measured subsequently at fair value, and
• those to be measured at amortised cost.
The classication depends on the Company’s business model for
managing the nancial instruments and the contractual terms
of the cash ows.
Financial assets held at fair value through prot or loss
The Company has been classied as an investment entity and as
such, its investment in EJFIH is held at FVTPL and measured in
accordance with the requirements of IFRS 9.
Cash and cash equivalents and trade and other receivables
(i) Cash and cash equivalents
Cash comprises current deposits with banks. Cash equivalents
are short-term, highly liquid investments that are readily
convertible to known amounts of cash, are subject to an
insignicant risk of changes in value, and are held for the
purpose of meeting short-term cash commitments rather than
for investment or other purposes.
(ii) Trade and other receivables
Trade and other receivables, including balance due from the
Manager, are balances that have been contracted for but not
yet delivered on the Statement of Financial Position date.
These nancial assets are included in current assets, except for
maturities greater than twelve months after the reporting date,
which are classied as non-current assets.
On initial recognition, the Company classies nancial assets as
measured at amortised cost or fair value through prot or loss.
A nancial asset is measured at amortised cost if it meets both
of the following conditions and is not designated as at fair value
through prot or loss:
• It is held within a business model whose objective is to hold
assets to collect contractual cash ows; and
• Its contractual terms give rise on specied dates to cash ows
that are solely payments of principal and interest.
Financial liabilities measured at amortised cost
These include trade payables and other short-term monetary
liabilities, which are initially recognised at fair value plus
transaction costs that are directly attributable to their acquisition
or issue. They are subsequently carried at amortised cost.
ZDP Shares
In accordance with IAS 32, ZDP Shares have been disclosed as
a nancial liability as the shares are redeemable at a xed date
and holders are entitled to a nal capital entitlement on the
repayment date. ZDP Shares are measured at amortised cost
using the eective interest rate method.
(b) Recognition and initial measurement
Investments made by the Company in EJFIH are recognised
on the trade date when the Company becomes a party to the
contractual provisions of the nancial instrument and are
measured initially at fair value. No transaction costs are incurred.
All other nancial assets (cash and cash equivalents and
balance due from Manager) and nancial liabilities (accounts
payables and accrued expenses) are also recorded on the trade
date and recognised when the Company becomes a party to
the contractual provisions of the nancial instrument and are
measured initially at fair value adjusted for transaction costs.
The Company osets nancial assets and nancial liabilities
if the Company has a legally enforceable right to oset the
recognised amounts and interests and intends to settle on a net
basis or realise the asset and liability simultaneously.
2. Signicant accounting policies (continued)

EJF Investments Limited Annual Report and Audited Financial Statements 2021 55
Notes to the Audited Financial Statements for the year ended 31 December 2021
(c) Subsequent measurement of nancial assets
Financial assets at fair value through prot or loss (“Investment
in EJFIH”)
Subsequent to initial recognition, the Investment in EJFIH is
measured at each subsequent reporting date at FVTPL. The
Company holds all of the shares in EJFIH, which is a holding
vehicle used to hold the Company’s investments. EJFIH is
not traded and contains unobservable inputs and is therefore
classied as a Level 3 investment under IFRS 13. The Board
considers that the net asset value of EJFIH is representative of
its fair value. EJFIH itself holds a number of Level 3 investments
which are also measured at fair value.
Changes in the fair value of nancial assets held at FVTPL are
recognised in net gain on nancial assets held at FVTPL in the
Statement of Comprehensive Income as applicable.
Note 9 provides an analysis of the nancial assets and nancial
liabilities of EJFIH on a look-through basis that ties to the
Company’s investment in nancial assets at FVTPL.
Derivative nancial instruments held by EJFIH
Derivatives are initially recognised at fair value at the date a
derivative contract is entered into and are subsequently re-
measured to their fair value at each nancial reporting date.
The resulting gain or loss is recognised in EJFIH’s Statement of
Comprehensive Income immediately.
Derivatives are classied as nancial assets or nancial liabilities
at fair value through prot or loss, attributable transaction costs
are recognised in the Statement of Comprehensive Income
when incurred. EJFIH holds derivative nancial instruments to
minimise its exposure to foreign exchange risks.
The fair values of derivative transactions are measured at their
market prices at the reporting date.
Cash and cash equivalents and trade and other receivables
Subsequent measurement of cash and cash equivalents and
trade and other receivables depends on the entity’s business
model for managing the asset and the cash ow characteristics
of the asset.
Assets that are held for collection of contractual cash ows
where those cash ows represent solely payments of principal
and interest are measured at amortised cost. Interest income
from these nancial assets is included in nance income using
the eective interest rate method. Any gain or loss arising on de-
recognition is recognised directly in prot or loss and presented
in other gains/(losses) together with foreign exchange gains and
losses. Impairment losses are presented as separate line item in
the Statement of Comprehensive Income.
(d) Impairment
The Company assesses on a forward-looking basis the expected
credit loss associated with its cash and cash equivalents and
trade and other receivables carried at amortised cost. The
impairment methodology applied depends on whether there
has been a signicant increase in credit risk or indicators
of impairment.
For cash and cash equivalents and trade and other receivables,
the Company applies the simplied approach permitted by IFRS
9, which requires expected 12-month losses to be recognised
from initial recognition of the receivables, see note 15 for
further details.
(e) De-recognition of nancial assets and nancial liabilities
A nancial asset (in whole or in part) is derecognised either:
• when the Company has transferred substantially all the risks
and rewards of ownership; or
• when it has neither transferred nor retained substantially all
the risks and rewards and when it no longer has control over
the assets or a portion of the asset; or
• when the contractual right to receive cash ow has expired.
A nancial liability (in whole or in part) is derecognised when the
Company has extinguished its contractual obligations, it expires
or is cancelled. Any gain or loss on de-recognition is taken to
Statement of Comprehensive Income.
2.6 Dividend income
Dividend income is recognised in the Statement of
Comprehensive Income on the date on which the right to receive
payment is established. This is usually the date on which the
directors of the relevant company approve the payment of a
dividend. Dividend income from EJFIH is recognised in the
Statement of Comprehensive Income as a separate line item.
2.7 Interest income and expense
Interest income and expense, are recognised as other income
in the Statement of Comprehensive Income, using the eective
interest method. The eective interest rate is the rate that exactly
discounts the estimated future cash payments and receipts
through the expected life of the nancial instrument (or, when
appropriate, a shorter period) to the carrying amount of the
nancial instrument on initial recognition.
2.8 Dividends payable
Dividends declared and approved are charged against equity. A
corresponding liability is recognised for any unpaid dividends
prior to year-end. Dividends approved but not declared will be
disclosed in the notes to the Audited Financial Statements.
2.9 Expenses
Fees and other operating expenses are recognised in the
Statement of Comprehensive Income on an accruals basis.
2.10 Ordinary shares
The Ordinary Shares of the Company are classied as equity
based on the substance of the contractual arrangements

56 EJF Investments Limited Annual Report and Audited Financial Statements 2021
Notes to the Audited Financial Statements for the year ended 31 December 2021
and in accordance with the denition of equity instruments
under IAS 32. The proceeds from the issue of Ordinary Shares
are recognised in the Statement of Changes in Equity, net
of issue costs.
Where the Company repurchases its own Ordinary Shares
(treasury shares), the consideration paid, including any directly
attributable costs, is deducted from equity attributable to the
shareholders until the Ordinary Shares are cancelled, re-issued
or disposed of. Where such shares are subsequently sold
or reissued, any consideration received, net of any directly
attributable issue costs, is included in equity attributable to
the shareholders.
3. Use of judgements and estimates
In the application of the Company’s accounting policies,
the Board is required to make judgements, estimates and
assumptions about the carrying amounts of assets and liabilities
that are not readily apparent from other sources. The estimates
and associated assumptions are based on historical experience
and other factors that are considered to be relevant. Actual
results may dier from these estimates. The estimates and
underlying assumptions are reviewed on an ongoing basis.
The critical judgements and estimations of uncertainty at the
Statement of Financial Position date that the Directors have
made in the process of applying the Company’s accounting
policies and that have the most signicant eect on the
amounts recognised in the Audited Financial Statements are as
set out below:
(a) Signicant judgements
Non-consolidation of EJFIH
The Directors have used their judgement to determine that
the Company meets the denition of an investment entity as
dened in IFRS 10.
As the Company satises the criteria for an investment entity
and has the typical characteristics of an investment entity as
explained in note 2.3 “Accounting for subsidiaries”, the Board
considers that the Company is an investment entity. Accordingly
the Company’s subsidiary, EJFIH, has not been consolidated
but has been fair valued and accounted for at fair value through
prot or loss.
(b) Signicant estimates
Fair value measurements and valuation processes
The Company’s investment in EJFIH has been classied as a
Level 3 investment and is measured at fair value for nancial
reporting purposes. The estimate of the net asset value of EJFIH
relies heavily on the estimate of the fair value of the underlying
assets and liabilities. EJFIH uses market-observable data to
the extent it is available. The Manager has also appointed a
recognised independent valuation agent to provide comfort over
the valuations derived from models developed by the Manager
where appropriate.
The Manager works closely with the independent valuation
agent to establish the appropriate valuation techniques and
inputs to the model. The fair value of assets and liabilities
classied as Level 3 is determined by the use of valuation
models. These include the net asset value model, discounted
cash ow analysis or the use of observable inputs that require
signicant adjustments (see note 15 for further information).
4. Segmental reporting
IFRS 8 requires a “management approach”, under which segment
information is presented on the same basis as that used for
internal reporting purposes.
The Board has considered the requirements of IFRS 8, and is of
the view that the Company is engaged in a single segment of
business via its investment in EJFIH mainly in one geographical
area, Jersey, and therefore the Company has only a single
operating segment.
2. Signicant accounting policies (continued)

EJF Investments Limited Annual Report and Audited Financial Statements 2021 57
Notes to the Audited Financial Statements for the year ended 31 December 2021
5. Dividend income
The Company received the following dividends from EJFIH:
Date received
1 January 2021 to
31 December 2021
£
1 January 2020 to
31 December 2020
£
28 January 2020 – 2,700,000
29 April 2020 – 2,000,000
24 July 2020 – 1,200,000
4 November 2020 – 1,800,000
10 February 2021 2,100,000 –
6 May 2021 2,200,000 –
19 August 2021 2,000,000 –
10 November 2021 1,900,000 –
Total dividend income 8,200,000 7,700,000
6. Auditor’s remuneration
The analysis of the Auditor’s remuneration is as follows:
1 January 2021 to
31 December 2021
£
1 January 2020 to
31 December 2020
£
The analysis of KPMG’s remuneration is as follows:
Audit and audit related services
Annual audit 142,750 133,250
Audit related services - interim review 19,250 18,000
Total audit and audit related fees 162,000 151,250
Total fees to the Auditor 162,000 151,250
7. Finance costs
1 January 2021 to
31 December 2021
£
1 January 2020 to
31 December 2020
£
ZDP Shares finance costs (see note 11) 1,604,084 1,233,597
Prime broker costs (18,778) 21,596
Other finance costs – (407)
Total finance costs 1,585,306 1,254,786

58 EJF Investments Limited Annual Report and Audited Financial Statements 2021
Notes to the Audited Financial Statements for the year ended 31 December 2021
8. Prepaid expenses and other assets
31 December 2021
£
31 December 2020
£
Prepaid Directors’ and professional indemnity insurance 9,577 6,921
Prepaid listing fee 1,918 1,919
Prepaid website fee 6,535 6,132
Prepaid professional fees – 24,816
Total prepaid expenses and other assets 18,030 39,788
9. Financial assets at fair value through prot or loss
Investment in EJFIH
During the year ended 31 December 2021, the Company made no further investment in EJFIH (31 December 2020: no
investment made).
The investment in EJFIH is used to acquire exposure to a portfolio comprising a large number of investments. The investment in
EJFIH is measured at FVTPL. The Company has determined that the fair value of EJFIH is its NAV.
Below is a summary of the movement in the investment in EJFIH, held by the Company:
31 December 2021
£
31 December 2020
£
Opening balance 124,151,399 138,113,723
Net gain/(loss) on investment in EJFIH
1
5,366,624 (13,962,324)
Investment in EJFIH at FVTPL at the end of the year 129,518,023 124,151,399
1 Net gain/(loss) comprise distributions received during the reporting year in the amount of £8,200,000 (31 December 2020: £7,700,000) and net unrealised gains on
investment in EJFIH in the amount of £13,566,624 (31 December 2020: unrealised loss of £6,262,324).
On alook-through basis, the following table discloses the Subsidiary’s nancial assets at FVTPL which agrees to the Company’s
nancial assets at FVTPL:
31 December 2021
£
31 December 2020
£
EJFIH’s investments at FVTPL:
Armadillo Portfolio 1,169,018 2,053,370
Investment in the Partnership 88,051,619 88,334,641
Investment in the CDO Manager 8,711,100 9,463,395
CDO securities 1,395,298 772,225
Preference Shares 1,246,613 1,234,324
Net Derivative financial (liabilities)/assets (note 15) (921,722) 2,533,786
Investment in Seneca 6,671,007 1,244,059
Investment in UK listed bond 3,161,940 –
FinTech debt securities 2,830,682 –
EJFIH’s investments at FVTPL 112,315,555 105,635,800
EJFIH’s other assets and liabilities:
Cash and cash equivalents 14,319,541 14,867,476
Cash and cash equivalents held as margin 2,836,856 3,611,325
Other receivables 46,071 36,798
EJFIH’s net asset value at the end of the year 129,518,023 124,151,399

EJF Investments Limited Annual Report and Audited Financial Statements 2021 59
Notes to the Audited Financial Statements for the year ended 31 December 2021
(a) EJFIH’s investments in private investment companies
Investment in the Armadillo Portfolio
EJFIH’s investments in private investment companies include the partnership interests in the Armadillo Portfolio. The investment
strategy of the Armadillo Portfolio is to make high interest rate loans to third-party law rms engaged in mass tort litigation.
The Company, through its investment in EJFIH, had a 50.3% holding in Armadillo I and 1% holding in Armadillo II as at
31 December 2021 (35.9% holding in Armadillo I and 0.5% holding in Armadillo II as at 31 December 2020).
The following table summarises activity for the investment in the Armadillo Portfolio:
31 December 2021
£
31 December 2020
£
Opening balance 2,053,370 4,260,152
Distributions (1,738,360) (1,970,153)
Realised gains on distributions
1
84,335 268,359
Unrealised gains/(losses)
1
769,673 (504,988)
Investment in the Armadillo Portfolio at FVTPL 1,169,018 2,053,370
1 Includes uctuations in foreign exchange rates.
Investment in the Partnership
As at 31 December 2021, EJFIH held 85% or 122,851,798 units (31 December 2020: 85% or 122,851,798 units held) issued by the
Partnership. The Partnership’s purpose is to retain an interest of at least 5% in securitisations sponsored by EJF pursuant to regulatory
requirements within the Dodd-Frank reforms in the US and EU risk retention rules. The investment in the Partnership is valued at
£88,051,619 (31 December 2020: £88,334,641).
As at 31 December 2021, the remaining units outstanding are held by the Manager and totalled 20,012,174 units (31 December 2020:
21,680,346 units) and EJF Investments GP Inc. totalled 165 units (31 December 2020: 165 units).
The following table summarises activity for the investment in the Partnership:
31 December 2021
£
31 December 2020
£
Opening balance 88,334,641 77,794,613
Additions 17,640,992 29,972,364
Return of Capital (22,044,476) (10,390,904)
Distributions (5,997,811) (8,992,709)
Realised gains on distributions
1
5,997,811 8,829,146
Unrealised gains/(losses) 4,120,462 (8,877,869)
Investment in the Partnership at FVTPL 88,051,619 88,334,641
1 Includes uctuations in foreign exchange rates.
Investment in Seneca
EJFIH’s investments in private investment companies include the partnership and loan interests in Seneca. The investment strategy of
Seneca is to invest in MSRs.
MSRs represent a stream of servicing income attached to mortgages originated in the US, producing regular and predictable cash-ows.
Seneca only invests in MSRs originally attached to prime mortgages underwritten to Fannie Mae and Freddie Mac standards.
The following table summarises activity for the investment in Seneca:
31 December 2021
£
31 December 2020
£
Opening balance 1,244,059 –
Additions 4,367,696 1,248,056
Unrealised gains/(losses)
1
1,059,252 (3,997)
Investment in Seneca at FVTPL 6,671,007 1,244,059
1 Includes uctuations in foreign exchange rates.

60 EJF Investments Limited Annual Report and Audited Financial Statements 2021
Notes to the Audited Financial Statements for the year ended 31 December 2021
(b) EJFIH’s investment in private operating company
Investment in the CDO Manager
The CDO Manager, which is 51% owned by the Manager and 49% owned by EJFIH, provides collateral management services to various
CDO structures. The CDO Manager provides such services directly to those CDO structures on commercially reasonable terms. The
CDO Manager is also expected to provide collateral management services to future EJF sponsored securitisations as it will have the
benet, for so long as the Manager is the manager of the Company, of a right of rst refusal to be appointed as the provider of collateral
administration, monitoring and management services in respect of each EJF Securitisation. The CDO Manager may also provide
collateral management services to non-EJF securitisations. The CDO Manager is expected to benet from collateral management fees
on all CDOs it services and manages until maturity of such CDOs.
The following table summarises activity for the investment in the CDO Manager:
31 December 2021
£
31 December 2020
£
Opening balance 9,463,395 9,399,029
Distributions (426,213) (2,179,635)
Unrealised (losses)/gains
1
(326,082) 2,244,001
Investment in the CDO Manager at FVTPL 8,711,100 9,463,395
1 Includes uctuations in foreign exchange rates.
EJFIH through its 49% interest in the CDO Manager, has an exposure to the cash ows of four REIT TruPS CDO collateral management
contracts plus cash ow from TFINS 20172, TFINS 20181, TFINS 20182, TFINS 20191, TFINS 20192, FINS 20191
2
, TFINS 20201 and
TFINS 20202. The CDO Manager has a total net asset value of £17,777,755 as at 31 December 2021 (31 December 2020: £19,313,053).
EJFIH’s interest in the CDO Manager has a NAV of £8,711,100 as at 31 December 2021 (31 December 2020: £9,463,395).
The management fees of each REIT TruPS CDO collateral management contract vary, ranging from 15bps to 30bps of the outstanding
collateral balance. The TFINS 20172 securitisation produces management fees of 10bps on outstanding collateral. The TFINS 20181,
TFINS 20182, TFINS 20191 and TFINS 20191 securitisations produced management fees of 20bps on outstanding collateral. The FINS
20191
2
securitisation produced management fees of 30bps on outstanding collateral. TFINS 20201 and TFINS 20202 securitisations
produce management fees of 30bps on outstanding collateral.
(c) EJFIH’s investments in trading securities
CDO securities
EJFIH’s CDO securities portfolio consists of REIT TruPS CDO securities issued prior to the nancial crisis by an unaliated third-
party sponsor. The remaining CDO security is generating current income. The bond holdings range from senior class A bonds to
subordinated class F bonds. For the year ended 31 December 2021, EJFIH accrued £59,170 (31 December 2020: EJFIH accrued £64,791
and EJFIF accrued £195,494) of interest income presented as investment income in EJFIH.
The following table summarises activity for the investment in CDO securities:
31 December 2021
£
31 December 2020
£
Opening balance 772,225 8,383,554
Proceeds on disposal – (7,280,472)
Distributions (20,334) –
Realised losses on disposal
1
– (449,444)
Unrealised gains from CDO securities
1
643,407 118,587
CDO securities at FVTPL 1,395,298 772,225
1 Includes uctuations in foreign exchange rates.
9. Financial assets at fair value through prot or loss (continued)
2 FINS 20191 was fully redeemed in September 2021, with substantially all of the collateral sold as at 31 December 2021.

EJF Investments Limited Annual Report and Audited Financial Statements 2021 61
Notes to the Audited Financial Statements for the year ended 31 December 2021
Preference Shares
EJFIH owns an interest in a depositor vehicle which holds an interest in the TFINS 20172 Preference Shares originally issued as part of
the securitisation in October 2017.
The following table summarises activity for the investment in Preference Shares:
31 December 2021
£
31 December 2020
£
Opening balance 1,234,324 1,315,095
Distributions (122,410) (138,704)
Unrealised gains from Preference Shares
1
134,699 57,933
Preference Shares at FVTPL 1,246,613 1,234,324
1 Includes uctuations in foreign exchange rates.
Investment in UK listed bond
At 31 December 2021, the Company, through its investment in EJFIH, was invested in a Sterling denominated UK listed xed rate note
held with a large UK bank. The security has a xed coupon of 5.875% and is due to mature in 2049.
The following table summarises activity for the investment in UK listed bond:
31 December 2021
£
Opening balance –
Additions 3,228,750
Unrealised losses (66,810)
Investment in UK listed bond at FVTPL 3,161,940
There were no investments held in UK listed bonds as at 31 December 2020.
FinTech debt securities
At 31 December 2021, the Company, through its investment in EJFIH, was invested in FinTech debt securities held with entities in
the US and Europe. The securities are denominated in dierent currencies, have xed coupons between 4 – 11.5% and are due to
mature in 2026.
The following table summarises activity for the investment in FinTech debt securities:
31 December 2021
£
Opening balance -
Additions 3,048,735
Unrealised losses
1
(218,053)
FinTech debt securities at FVTPL 2,830,682
1 Includes uctuations in foreign exchange rates.
There were no investments held in FinTech debt securities as at 31 December 2020.

62 EJF Investments Limited Annual Report and Audited Financial Statements 2021
Notes to the Audited Financial Statements for the year ended 31 December 2021
10. Accounts payable and accrued expenses
31 December 2021
£
31 December 2020
£
Amount due to EJFIH 1,662 36,412
Management fee payable 228,983 212,083
Legal fees payable 42,167 9,064
Professional fees payable – 141,944
Audit fees payable 142,750 133,250
Sundry creditors 32,947 54,410
448,509 587,163
The amount due to EJFIH is interest free and repayable on demand. The balance consists of amounts paid by EJFIH in respect of the
Company’s expenses.
11. ZDP shares
On 1 December 2017, the Company issued 15,000,000 2022 ZDP Shares at a gross redemption yield of 5.75%. Approximately 30%
of the available 2022 ZDP Shares were issued pursuant to the initial placing and oer for subscription at a price per 2022 ZDP Share
of 100 pence. The holders of the 2022 ZDP Shares will have a nal capital entitlement of 132.25 pence on the repayment date of
30 November 2022. As of 31 December 2021 and 31 December 2020, there were 15,000,000 2022 ZDP Shares outstanding.
On 17 June 2020, the Company issued 6,000,000 2025 ZDP Shares at a gross redemption yield of 7.00%. The 2025 ZDP Shares were
issued pursuant to the initial placing and oer for subscription at a price per 2025 ZDP Share of 100 pence. The holders of the 2025
ZDP Shares will have a nal capital entitlement of 140 pence on the repayment date of 18 June 2025. As of 31 December 2021 and
31 December 2020, there were 6,000,000 2025 ZDP Shares outstanding.
The 2022 ZDP Shares rank senior to the 2025 ZDP Shares which in turn rank senior to the Ordinary Shares in respect of repayment of
the nal entitlement. However, they rank behind any borrowings that remain outstanding. They carry no entitlement to income and
do not carry the right to vote at general meetings of the Company.
Holders of ZDP Shares are not entitled to any dividends paid by the Company. The following table reconciles the liability for ZDP
Shares, held at amortised cost, for the reporting period.
The table below details changes in the Company’s liabilities from nancing activities, including both cash and non-cash changes.
2022 ZDP Shares
31 December 2021
£
2025 ZDP Shares
31 December 2021
£
2022 ZDP Shares
31 December 2020
£
2025 ZDP Shares
31 December 2020
£
Opening balance 17,588,170 6,018,268 16,586,361 –
Issuance of ZDP Shares – – – 6,000,000
Issue costs – – – (213,520)
Finance costs 1,137,534 466,550 1,001,809 231,788
ZDP Shares closing balance 18,725,704 6,484,818 17,588,170 6,018,268
Capitalised issue costs are being amortised using the eective interest rate method.

EJF Investments Limited Annual Report and Audited Financial Statements 2021 63
Notes to the Audited Financial Statements for the year ended 31 December 2021
12. Stated capital
The Ordinary Shares of the Company are classied as equity based on the substance of the contractual arrangements and in
accordance with the denition of equity instruments under IAS 32. The proceeds from the issue of Ordinary Shares are recognised in
the Statement of Changes in Equity, and are net of the incremental issuance costs when applicable.
Net assets attributable to shareholders is represented by Ordinary Shares that carry one vote each and have equal voting rights.
Ordinary Shares are entitled to dividends when declared. The Company has no restrictions or specic capital requirements on the
issue and repurchase of Ordinary Shares.
The analysis of movements in the number of Ordinary Shares and the corresponding changes to the Company’s stated capital as a
result of transactions with shareholders during the year were as follows:
Ordinary Shares issued and fully paid Number of Shares
Stated Capital
£
Opening balance as at 1 January 2021 61,145,198 85,254,127
Closing balance as at 31 December 2021 61,145,198 85,254,127
Ordinary Shares issued and fully paid Number of Shares
Stated Capital
£
Opening balance as at 1 January 2020 64,175,306 90,259,133
Issuance of Ordinary Shares 7,396,515 11,982,354
Repurchased during the year at £1.62 per share (7,396,515) (11,982,354)
Repurchased during the year at £1.65 per share (2,998,000) (4,951,653)
Repurchased during the year at £1.66 per share (32,108) (53,353)
Closing balance as at 31 December 2020 61,145,198 85,254,127
On 9 March 2020, before the eects of the COVID19 pandemic were realised, the Directors approved and subsequently completed
the buyback of 3,030,108 Ordinary Shares totalling £5,005,006 (inclusive of transaction costs of £5,006) to address any imbalance
between the supply of, and demand for, the Ordinary Shares, to increase the NAV per Ordinary Share and to assist in minimising any
discount to the NAV per Ordinary Share at which the Ordinary Shares were trading.
As at 31 December 2021, the Company had 15,808,509 treasury shares (31 December 2020: 15,808,509).
13. Dividends paid
The Company paid the following dividends on its Ordinary Shares during the year ended 31 December 2021:
Period to: Declared date Ex-dividend date Record date Payment date
Dividend rate per
Ordinary Share
£
Net dividend paid
£
31 Dec 2020 28 Jan 2021 4 Feb 2021 5 Feb 2021 26 Feb 2021 0.02675 1,635,634
31 Mar 2021 28 Apr 2021 6 May 2021 7 May 2021 28 May 2021 0.02675 1,635,634
30 June 2021 29 Jul 2021 6 Aug 2021 6 Aug 2021 31 Aug 2021 0.02675 1,635,634
30 Sep 2021 28 Oct 2021 4 Nov 2021 5 Nov 2021 30 Nov 2021 0.02675 1,635,634
6,542,536
The Company paid the following dividends on its Ordinary Shares during the year ended 31 December 2020:
Period to: Declared date Ex-dividend date Record date Payment date
Dividend rate per
Ordinary Share
£
Net dividend paid
£
31 Dec 2019 23 Jan 2020 6 Feb 2020 7 Feb 2020 28 Feb 2020 0.02675 1,716,687
31 Mar 2020 23 Apr 2020 7 May 2020 11 May 2020 29 May 2020 0.02675 1,635,635
30 June 2020 23 Jul 2020 6 Aug 2020 7 Aug 2020 28 Aug 2020 0.02675 1,635,635
30 Sep 2020 23 Oct 2020 5 Nov 2020 6 Nov 2020 30 Nov 2020 0.02675 1,635,635
6,623,592

64 EJF Investments Limited Annual Report and Audited Financial Statements 2021
Notes to the Audited Financial Statements for the year ended 31 December 2021
14. Interest in unconsolidated subsidiary and associates
The table below discloses the unconsolidated subsidiaries and associates in which the Company holds an interest, but does not
consolidate in accordance with IFRS 12:
Name of entity Type of entity
Principal place
ofbusiness Purpose
Interest held by
theCompany Interest held
EJFIH Private Company Jersey To hold a portfolio of investments in
order to generate capital appreciation
and investment income.
100% Direct
Partnership Limited Partnership Delaware To hold a portfolio of investments in
order to generate capital appreciation
and investment income.
85% Indirect
CDO Manager Limited Liability Company Delaware To generate management fee income. 49% Indirect
Armadillo I Limited Partnership Delaware To generate income from high-yielding
loans to US law firms engaged in mass
tort litigation.
50.3%
(31 December
2020: 35.9%)
Indirect
Seneca Limited Partnerships Delaware To generate income from MSRs. 100% Indirect
There has been no change in the Interest held by the Company in the above mentioned entities since the year ended 31 December 2020,
except where stated.
15. Financial risk management
The Board has overall responsibility for the oversight of the Company’s risk management framework. The Company’s risk
management policies are established by the Manager to identify and analyse the risks faced by the Company, to set appropriate risk
limits and controls and to monitor risks and adherence to limits. Risk management policies are reviewed regularly by the Manager
to reect changes in market conditions and the Company’s activities. This note presents information about the Company’s exposure
to each of the nancial risks, the Company’s objectives, policies and processes for measuring and managing risk, and the Company’s
management of capital.
The Company is exposed to a number of risks through its investment in EJFIH. The risks set out below relate to those risks faced by the
Company through its underlying investments.
(a) Market risk
Market risk is the risk that changes in market prices such as interest rates, foreign exchange rates, other price risk and credit spreads
will aect the Company’s income and/or the value of its holding in EJFIH. The changes in credit spreads aect EJFIH’s net equity or
net income, and hence the value of the Company’s investment in EJFIH.
The Company’s exposure to market risk comes mainly from movements in the value of its investment in EJFIH and on a look-through
basis to the underlying investments in its portfolio.
The objective of market risk management is to manage and control market risk exposures within acceptable parameters while
optimising the return on risk. The Company’s strategy for the management of market risk is driven by the Company’s investment
objective. The Company seeks to generate attractive risk-adjusted returns for its shareholders, by investing in opportunities created by
regulatory and structural changes impacting the nancial services sector. 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, and may
be issued by entities domiciled in the US, UK and Europe. The various components of the Company’s market risk are managed on an
ongoing basis by the Manager in accordance with policies and procedures in place, as detailed below.

EJF Investments Limited Annual Report and Audited Financial Statements 2021 65
Notes to the Audited Financial Statements for the year ended 31 December 2021
In addition, the Company, through EJFIH, intends to mitigate market risk generally by not making investments that would cause it to
have exposure to any one individual asset exceeding:
• 20% of the Company’s gross assets invested in any single Capital Solutions, ABS Investment or Specialty Finance Investment at the
time of investment; and
• 25% of the Company’s gross assets in any single non-EJF sponsored Risk Retention Investment.
The Company’s position exposure is monitored on an ongoing basis by the Manager and reviewed on a quarterly basis by the Board
and the Administrator.
Interest rate risk
Interest rate risk is the risk that the fair value or future cash ows of a nancial instrument will uctuate because of changes in market
interest rates. The Group’s interest-bearing nancial assets and liabilities expose the Company to risks associated with the eects of
uctuations in the prevailing levels of market interest rates on its nancial position and cash ows.
The Group is exposed to the risk that the fair value of their investments or future cash ows of the nancial instruments will
uctuate as a result of changes in market interest rates. The Group is also exposed to interest rate risk in respect of their cash and cash
equivalents and the investments held.
The Manager assesses interest rate risk on an ongoing basis and may, if deemed necessary, choose to utilise appropriate strategies to
manage interest rate risk using, for example, interest rate swaps.
Sensitivity analysis
The weighted average eective duration of the portfolio has been used to identify the potential NAV impact of a 0.25% parallel shift in
the relevant reference rate curve.
The percentage has been determined as reasonable by the Directors based on potential volatility due to changes in interest
reference rates.
31 December 2021
Change in fair value
£ £
Change in rate 0.25% (0.25%)
Net asset value (185,099) 185,099
31 December 2020
Change in fair value
£ £
Change in rate 0.25% (0.25%)
Net asset value 644,510 (644,510)
Currency risk
Currency risk is the risk that the fair value or future cash ows of a nancial instrument will uctuate because of changes in foreign
exchange rates.
The Group is directly exposed to currency risk in respect of its cash and cash equivalents and derivatives denominated in currencies
other than Sterling, and its investments.
The Group enters into transactions that are denominated in currencies other than their functional currency, primarily in US Dollar.
Consequently, the Group is exposed to risk that the exchange rate of its currency relative to other foreign currencies may change in
a manner that has an adverse eect on the fair value or future cash ows of nancial assets or nancial liabilities denominated in
currencies other than Sterling.
The Manager monitors the exposure to foreign currencies and reports to the Board monthly. The Manager measures the risk of the
foreign currency exposure by considering the eect on the NAV and income of a movement in the rates of exchange to which the
assets, liabilities, income and expenses are exposed.

66 EJF Investments Limited Annual Report and Audited Financial Statements 2021
Notes to the Audited Financial Statements for the year ended 31 December 2021
As at 31 December 2021 and 31 December 2020, the following forward foreign exchange contracts were held by EJFIH and are included
within the nancial (liabilities)/assets of EJFIH:
Maturity date Counterparty
Contract amount
(GBP) Buy Sell
31 December 2021
£
21 February 2023 Citibank N.A. 8,400,000 GBP USD (268,528)
30 November 2022 Citibank N.A. 19,837,500 GBP USD (653,194)
Derivative financial liabilities held by EJFIH (921,722)
Maturity date Counterparty
Contract amount
(GBP) Buy Sell
31 December 2020
£
8 January 2021 Citibank N.A. 106,267,878 GBP USD 2,323,977
8 January 2021 Citibank N.A. 5,641,608 GBP USD 154,512
8 January 2021 Citibank N.A. 1,430,393 GBP USD 3,748
8 January 2021 Citibank N.A. 2,978,000 GBP USD 51,549
Derivative financial assets held by EJFIH 2,533,786
There were no forward foreign exchange derivatives held by the Company during the years ended 31 December 2021 and
31 December 2020.
The carrying amount of the Group’s nancial assets in individual foreign currencies, expressed in Sterling and as a percentage of its net
assets, was as follows:
31 December 2021
Currency £ % of net assets
US Dollar 126,325,357 121%
Euro 843,013 1%
31 December 2020
Currency £ % of net assets
US Dollar 114,360,669 114%
Sensitivity analysis
The table below sets out the eect on the net assets/increase in net assets attributable to holders of tradable Ordinary Shares of a
reasonably possible weakening of Sterling against the US Dollar by 10% at 31 December 2021 (10% at 31 December 2020). 10% is
considered to continue to be deemed reasonable as it reects movements experienced in 2020 as a result of Brexit negotiations and the
COVID19 pandemic. The analysis assumes that all other variables, in particular interest rates, remain constant.
31 December 2021 31 December 2020
Effect in Sterling £ 14,036,151 £ 12,706,741
Effect in % of net assets attributable to the holders of tradable Ordinary Shares 13% 13%
Effect in % of increase in total comprehensive income/(loss) attributable to the holders of tradable Ordinary Shares 130% 145%
A strengthening of the Sterling against the US Dollar would have resulted in an equal but opposite eect to the amounts shown above.
The analysis does not consider the eects of the hedges.
15. Financial risk management (continued)

EJF Investments Limited Annual Report and Audited Financial Statements 2021 67
Notes to the Audited Financial Statements for the year ended 31 December 2021
Other price risk
Other price risk is the risk that the fair value of the investment in EJFIH will uctuate as a result of changes in market prices (other than
those arising from interest rate risk or currency risk), whether caused by factors specic to an individual investment or its issuer or
factors aecting all instruments traded in the market.
Price risk is managed by the Manager by diversifying the portfolio geographically across the US and UK and through holding
diversied collateral in the underlying securitisations. Also, if the price risk is not in accordance with the Investment Policy or
guidelines of the Company, then the Manager is required to rebalance the portfolio prior to the end of the reporting period following
each determination of such occurrence.
Exposure
The following table sets out the concentration of the portfolio prole which shows the total exposure to market risk, held by the Group
at the reporting date.
31 December 2021 31 December 2020
£ % £ %
Armadillo Portfolio 1,169,018 1 2,053,370 2
Investment in the Partnership
1
88,051,619 68 88,334,641 71
Investment in CDO Manager 8,711,100 7 9,463,395 8
CDO securities 1,395,298 1 772,225 0
Preference Shares 1,246,613 1 1,234,324 1
Net Derivative financial assets (921,722) (1) 2,533,786 2
Investment in Seneca 6,671,007 5 1,244,059 1
Investment in UK listed bond 3,161,940 3 – –
FinTech debt securities 2,830,682 2 – –
Financial assets and liabilities at fair value through profit or loss 112,315,555 87 105,635,800 85
Cash and cash equivalents 14,319,541 11 14,867,476 12
Cash and Cash equivalents held as margin 2,836,856 2 3,611,325 3
Other
2
46,071 0 36,798 0
Investment in EJFIH 129,518,023 100 124,151,399 100
1 See table below.
2 No individual nancial asset held by the Group and included in this category exceeded 5% of the net assets attributed to the Group as at 31 December 2021 and
31 December 2020.
The investment held in the Partnership includes the following underlying investment positions:
31 December 2021 31 December 2020
£ % of NAV £ % of NAV
TFINS 2017-2 12,939,700 12 12,561,821 12
TFINS 2018-1 19,753,178 19 18,969,375 19
TFINS 2018-2 14,543,305 14 14,098,212 14
TFINS 2019-1 13,248,973 13 12,711,085 13
FINS 2019-1 – – 10,564,514 11
TFINS 2019-2 13,726,042 13 13,4 47, 5 14 13
TFINS 2020-1 12,304,168 12 12,181,382 12
TFINS 2020-2 7,705,439 7 7,628,545 8
TFINS 2021 Securitization Ltd
1
3,163,570 3 – –
Investments held by the Partnership 97,384,375 93 102,162,448 102
Other net assets 6,205,765 6 1,760,882 2
Net asset value of the Partnership 103,590,140 99 103,923,330 104
% held by EJFIH 85 85
Fair value of EJFIH’s investment in the Partnership 88,051,619 84 88,334,641 88
1 TFINS 2021 Securitization Ltd is a warehousing vehicle for the collateral redeemed from FINS 20191 yet to be securitised or sold on the secondary market.

68 EJF Investments Limited Annual Report and Audited Financial Statements 2021
Notes to the Audited Financial Statements for the year ended 31 December 2021
Fair value of nancial instruments
The Company holds all of the shares in EJFIH, which is a holding
vehicle used to hold the Company’s investments. The Board
believes it is appropriate to value this entity based on the fair
value of its portfolio of investment assets held plus its other
assets and liabilities.
Valuation models
IFRS 13 requires disclosure of fair value measurement by level.
The level of nancial assets or nancial liabilities within the
fair value hierarchy is determined on the basis of the lowest
level input that is signicant to the fair value measurement.
The hierarchy gives the highest priority to unadjusted quoted
prices in active markets for identical assets or liabilities (Level 1
measurements) and the lowest priority to unobservable inputs
(Level 3 measurements). The three levels of the fair value
hierarchy under IFRS 13 are as follows:
Level 1 Inputs that are quoted market prices (unadjusted) in
active markets for identical instruments.
Level 2 Inputs other than quoted prices included within Level
1 that are observable either directly (i.e. as prices) or
indirectly (i.e. derived from prices). This category
includes instruments valued using: quoted market
prices in active markets for similar instruments;
quoted prices for identical or similar instruments in
markets that are considered less than active; or other
valuation techniques in which all signicant inputs are
directly or indirectly observable from market data.
Level 3 Inputs that are unobservable. This category includes
all instruments for which the valuation technique
includes inputs not based on observable data and
the unobservable inputs have a signicant eect on
the instrument’s valuation. This category includes
instruments that are valued based on quoted prices
for similar instruments but for which signicant
unobservable adjustments or assumptions
are required to reect dierences between
the instruments.
The Company’s investment in EJFIH, through the acquisition of
shares, is classied within Level 3, as it is not traded and contains
unobservable inputs. The Board considers that the net asset
value of EJFIH is representative of its fair value.
The investments held by EJFIH in the underlying portfolio are
measured as below:
The fair values of nancial assets and nancial liabilities that are
traded in active markets are based on prices obtained directly
from an exchange on which the instruments are traded or
obtained from a broker that provides an unadjusted quoted price
from an active market for identical instruments. For all other
nancial instruments, the Company determines fair values
using other valuation techniques.
For nancial instruments that trade infrequently and have
little price transparency, fair value is less objective and
requires varying degrees of judgement depending on liquidity,
uncertainty of market factors, pricing assumptions and other
risks aecting the specic instrument.
Valuation techniques include net present value and discounted
cash ow models, comparison with similar instruments for
which observable market prices exist and other valuation
models. Assumptions and inputs used in valuation techniques
include risk-free and benchmark interest rates, credit spreads
and other premia used in estimating discount rates, bond and
equity prices, foreign currency exchange rates, equity indices,
EBITDA multiples and revenue multiples and expected price
volatilities and correlations.
The objective of valuation techniques is to arrive at a fair value
measurement that reects the price that would be received
to sell the asset or paid to transfer the liability in an orderly
transaction between market participants at the measurement
date. The Company uses widely recognised valuation models
for determining the fair value of common and simple nancial
instruments, such as interest rate and currency swaps that use
only observable market data and require little management
judgement and estimation. Observable prices and model
inputs are usually available in the market for listed debt and
equity securities, exchange traded derivatives and simple
OTC derivatives such as interest rate swaps. The availability
of observable market prices and model inputs reduces the
need for management judgement and estimation and reduces
the uncertainty associated with the determination of fair
values. The availability of observable market prices and inputs
varies depending on the products and markets and is prone to
changes based on specic events and general conditions in the
nancial markets.
For more complex instruments, the Company uses proprietary
valuation models, which are developed from discounted
cash ow models. Some or all of the signicant inputs into
these models may not be observable in the market, and are
derived from market prices or rates or are estimated based
on assumptions.
Valuation models that employ signicant unobservable
inputs require a higher degree of management judgement and
estimation in the determination of fair value. Management
judgement and estimation are usually required for the selection
of the appropriate valuation model to be used, determination of
expected future cash ows on the nancial instrument being
valued, determination of the probability of counterparty default
and prepayments and selection of appropriate discount rates.
Fair value estimates obtained from models are adjusted for
any other factors, such as liquidity risk or model uncertainties,
to the extent that the Company believe that a third-party
market participant would take them into account in pricing a
transaction. Fair values reect the credit risk of the instrument
15. Financial risk management (continued)

EJF Investments Limited Annual Report and Audited Financial Statements 2021 69
Notes to the Audited Financial Statements for the year ended 31 December 2021
and include adjustments to take account of the credit risk of
the Company and the counterparty where appropriate. For
measuring derivatives that might change classication from
being an asset to a liability or vice versa, such as interest rate
swaps, fair values include adjustment for both own credit risk
and counterparty credit risk.
The Manager has also appointed a recognised independent
valuation agent to provide comfort over the valuations derived
from models developed by the Manager where appropriate.
Valuation approach for specic instruments
Foreign currency forward contracts
The fair value of the foreign currency forward contracts is
determined using quoted mid forward exchange rates at the
reporting date.
Valuation approach for specic instruments held through
the Group
Investments in private investment companies and private
operating company
The fair value of investments in the private investment
companies and private operating company is determined
using the net asset value of the entity (Level 3 valuation). The
net asset value is used when the units or partnership interests
in a fund are redeemable at the reportable net asset value at,
or approximately at, the measurement date. If this is not the
case, then net asset value is used as a valuation input and
an adjustment is applied for lack of marketability/restricted
redemptions. This adjustment is based on management
judgement after considering the period of restrictions and the
nature of the underlying investments. No such adjustment was
deemed necessary for the year ended 31 December 2021 and the
year ended 31 December 2020.
Investments trading securities
At 31 December 2021, the investment portfolio included bonds
issued by Kodiak, Attentus and Taberna, which are unaliated
third-party CDO sponsors. These distressed bonds are valued at
their dirty prices (including any expected interest accruals).
The fair value of distressed bonds is determined by the Manager
using acceptable probability based discounted cash ow
methodologies.
Valuation framework
The Company has an established control framework with
respect to the measurement of fair values. This framework
includes the Manager’s valuation committee, which operates
independently of the Manager’s investment team, and feeds
into the monthly NAV process for review by the Board, and
has overall responsibility for fair value measurements. Specic
controls include:
• verication of observable pricing inputs;
• re-performance of model valuations;
• a review and approval process for new models and changes
to such models;
• analysis and investigation of signicant valuation
movements; and
• review of unobservable inputs and valuation adjustments.
When third party information, such as broker quotes or
pricing services, is used to measure fair value, the portfolio
valuation function assesses the evidence obtained from the
third parties to support the conclusion that these valuations
meet the requirements of IFRS, including the level in the fair
value hierarchy in which the valuations should be classied.
This includes:
• verifying that the broker or pricing service is approved
by the Manager for use in pricing the relevant type of
nancial instrument;
• understanding how the fair value has been arrived at and the
extent to which it represents actual market transactions and
whether it represents a quoted price in an active market for an
identical instrument;
• when prices for similar instruments are used to measure fair
value, understanding how these prices have been adjusted
to reect the characteristics of the instrument subject to
measurement; and
• if a number of quotes for the same nancial instrument have
been obtained, then understanding how fair value has been
determined using those quotes.
For underlying instruments not traded in an active market and
dened as Level 3 investments, the fair value is determined
by using appropriate valuation techniques. Management also
makes estimates and assumptions concerning the future. The
resulting accounting estimates will by denition, seldom equal
the related actual results. The estimates and assumptions that
have a signicant risk of causing a material adjustment to the
carrying amounts of assets are outlined below.
Fair value hierarchy—nancial assets at fair value through
prot or loss held by the Company
Investments classied within Level 3 have signicant
unobservable inputs, as they trade infrequently. Level 3
instruments include private equity and CDO securities. As
observable prices are not available for these securities, the
Company has used valuation techniques to derive the fair value.
The Company’s investment in EJFIH is classied within Level 3,
as it is not traded and contains unobservable inputs. The Board
considers that the net asset value of EJFIH is representative of
its fair value.
The table below analyses nancial instruments, held by the
Company, measured at fair value at the reporting date by the level
in the fair value hierarchy into which the fair value measurement
is categorised. The amounts are based on the values recognised
in the Statement of Financial Position as at 31 December 2021.
Allfair value measurements below are recurring.

70 EJF Investments Limited Annual Report and Audited Financial Statements 2021
Notes to the Audited Financial Statements for the year ended 31 December 2021
As at 31 December 2021
Level 1
£
Level 2
£
Level 3
£
Investment held in EJFIH – – 129,518,023
Financial assets at FVTPL – – 129,518,023
The following table shows the movement of level 3 assets during the year ended 31 December 2021:
Opening fairvalue
1 January
2021
£
Additions
£
Realised gains
£
Unrealised gains
£
Distributions
£
Ending fair value
31 December
2021
£
EJFIH 124,151,399 – – 5,366,624 – 129,518,023
Total financial assets 124,151,399 – – 5,366,624 – 129,518,023
The table below analyses nancial instruments, held by the Company, measured at fair value at the reporting date by the level in the
fair value hierarchy into which the fair value measurement is categorised. The amounts are based on the values recognised in the
Statement of Financial Position as at 31 December 2020. All fair value measurements below are recurring.
As at 31 December 2020
Level 1
£
Level 2
£
Level 3
£
Investment held in EJFIH – – 124,151,399
Financial assets at FVTPL – – 124,151,399
Fair value hierarchy—nancial assets at fair value through prot or loss held by EJFIH
The tables below are supplemental disclosures of the nancial instruments, held by EJFIH, measured at fair value at the reporting date
by the level in the fair value hierarchy into which the fair value measurement is categorised. The amounts are based on the values
recognised in the Statement of Financial Position as at 31 December 2021 and 31 December 2020. All fair value measurements below
are recurring.
As at 31 December 2021
Level 1
£
Level 2
£
Level 3
£
Armadillo Portfolio – – 1,169,018
Investment in the Partnership – – 88,051,619
Investment in the CDO Manager – – 8,711,100
CDO securities – – 1,395,298
Investment in Seneca – – 6,671,007
Investment in Preference Shares – – 1,246,613
Listed floating rate notes – 3,161,940 –
FinTech debt securities – 2,830,682 –
Financial assets at FVTPL – 5,992,622 107,244,655
Level 1
£
Level 2
£
Level 3
£
Derivative financial assets – (921,722) –
Financial assets at FVTPL – (921,722) –
As at 31 December 2020
Level 1
£
Level 2
£
Level 3
£
Armadillo Portfolio – – 2,053,370
Investment in the Partnership – – 88,334,641
Investment in the CDO Manager – – 9,463,395
CDO securities – – 772,225
Seneca – – 1,244,059
Investment in Preference Shares – – 1,234,324
Financial assets at FVTPL – – 103,102,014
Level 1
£
Level 2
£
Level 3
£
Derivative financial assets – 2,533,786 –
Financial assets at FVTPL – 2,533,786 –
15. Financial risk management (continued)

EJF Investments Limited Annual Report and Audited Financial Statements 2021 71
Notes to the Audited Financial Statements for the year ended 31 December 2021
Level 3 reconciliation
The following tables show a reconciliation of all movements in the fair value of nancial assets held at FVTPL by EJFIH and categorised
within level 3:
Opening fair
value as at
1 January 2021
£
Additions
£
Realised gains
£
Unrealised gains/
(losses)
£
Disposals
£
Ending fair
value as at
31 December 2021
£
Armadillo Portfolio 2,053,370 – 84,335 455,788 (1,424,475) 1,169,018
Investments in the Partnership 88,334,641 17,640,992 1,203,661 4,120,455 (23,248,130) 88,051,619
Investment in CDO Manager 9,463,395 – – (752,295) – 8,711,100
CDO securities 772,225 – 5,276 623,287 (5,490) 1,395,298
Investment in Seneca 1,244,059 4,367,696 – 1,059,252 – 6,671,007
Investment in Preference Shares 1,234,324 – – 12,289 – 1,246,613
Total financial assets 103,102,014 22,008,688 1,293,272 5,518,776 (24,678,095) 107,24 4,655
During the year ended 31 December 2021, there were no reclassications between levels of the fair value hierarchy.
The following table is for the year ended 31 December 2020:
Opening fair
value as at
1 January 2020
£
Additions
£
Realised gains/
(losses)
£
Unrealised gains/
(losses)
£
Disposals
£
Ending fair
value as at
31 December 2020
£
Armadillo Portfolio 4,260,152 – 268,359 (504,988) (1,970,153) 2,053,370
Investments in the Partnership 77,794,613 29,972,364 8,829,146 (8,877,869) (19,383,613) 88,334,641
Investment in CDO Manager 9,399,029 – – 2,311,771 (2, 247,4 05) 9,463,395
CDO securities 8,383,554 – (449,444) 118,587 (7,280,472) 772,225
Bridge Loan 7,669,797 215,028 (1,269,801) – (6,615,024) –
Seneca – 1,248,056 – (3,997) – 1,244,059
Investment in Preference Shares 1,315,095 – – 57,933 (138,704) 1,234,324
Total financial assets 108,822,240 31,435,448 7, 378,260 (6,898,563) (37,635,371) 103,102,014
During the year ended 31 December 2020, there were no reclassications between levels of the fair value hierarchy.
Signicant unobservable inputs used in measuring fair value held by the Company – Level 3
The following table shows the sensitivity of fair values in Level 3 to the net asset value of the investment in EJFIH.
Financial assets
Company
fair value at
31 December 2021
£
Company
fair value at
31 December 2020
£ Valuation techniques and inputs Signicant unobservable inputs
Investment in EJFIH 129,518,023 124,151,399 NAV of EJFIH The NAV of EJFIH is calculated
under IFRS
Sensitivity analysis for signicant changes for unobservable inputs within Level 3 hierarchy
It is assumed that the net asset value of EJFIH was changed by 10% while all the other variables were held constant. An increase in the
net asset value of EJFIH would have resulted in an equal but opposite eect to the amounts shown below.
Financial assets
31 December 2021
£
31 December 2020
£
Investment in EJFIH 129,518,023 124,151,399
Increase by 10% 142,469,825 136,566,539
Decrease by 10% 116,566,221 111,736,259
Signicant unobservable inputs used in measuring fair value held by EJFIH – Level 3
The estimated fair values of EJFIH’s investment in the CDO Manager was determined through the use of level 3 inputs. A discounted
cash ows method was employed to estimate the fair values as of 31 December 2021 and 31 December 2020. Projected cash ows were
calculated using a third-party provider of cash ow information for structured securities for each CDO contract. Key assumptions
included: prepayment assumptions, default rates and loss severity, recovery lags, and the discount rate. These inputs were based on
internal assumptions and market participant benchmarks for comparable bonds. An independent valuation agent was used to provide
a nal valuation report for CDO Manager.
EJFIH’s remaining Level 3 investments have been valued using broker quotes or the EJFIH’s proportionate share of the NAV of the entity.

72 EJF Investments Limited Annual Report and Audited Financial Statements 2021
Notes to the Audited Financial Statements for the year ended 31 December 2021
(b) Credit risk
Credit risk is the risk that a counterparty to a nancial instrument will fail to discharge an obligation or commitment that it has entered
into with the Group or a vehicle in which the Group invests, resulting in a nancial loss to the Company. It arises principally from debt
securities, derivative nancial assets and cash and cash equivalents. For risk management reporting purposes, the Company considers
and aggregates all elements of credit risk exposure (such as individual obligation default risk, country risk and sector risk).
Credit risk is monitored on an ongoing basis by the Manager in accordance with the policies and procedures in place. The Manager
monitors the Group’s cash activity, concentrations of deposits with counterparties and the credit worthiness of said counterparties,
and obtains periodic collateral assessments from an aliate managing Armadillo Portfolio’s loan portfolio. The Company’s credit risk
is monitored on a quarterly basis by the Board. If the credit risk is not in accordance with the Investment Policy or guidelines of the
Company, then the Manager is obliged to address the impact and to liquidate holdings within a reasonable amount of time, however as
EJFIH’s portfolio assets are generally illiquid in nature more time may be required to address the impact the credit risk has on any such
illiquid assets.
EJFIH’s activities may give rise to settlement risk. ‘Settlement risk’ is the risk of loss due to the failure of an entity to honour its
obligations to deliver cash, securities or other assets as contractually agreed. For the majority of transactions, the Manager mitigates
this risk by conducting settlements through a broker to ensure that a trade is settled only when both parties have fullled their
contractual settlement obligations. Settlement limits form part of the credit approval and limit monitoring processes described below.
In the opinion of the Board, the carrying amount of nancial assets best represent the maximum credit risk exposure to the Company.
The Company’s nancial assets exposure to credit risk amounted to the following:
31 December 2021
£
Cash and cash equivalents 14,319,541
Cash and cash equivalents held as margin 2,836,856
Derivative financial liabilities (921,722)
CDO securities 1,395,298
Armadillo Portfolio 1,169,018
Investment in the Partnership 88,051,619
Preference Shares 1,246,613
Investment in CDO Manager 8,711,100
Investment in Seneca 6,671,007
Listed floating rate notes 3,161,940
FinTech debt securities 2,830,682
Investment in EJFIH 129,471,952
Cash and cash equivalents 592,603
Balance due from the Manager 329,711
Total financial assets 130,394,266
Cash and cash equivalents
The Company’s and EJFIH’s cash is predominantly held with BNPP and Citibank N.A. The Manager monitors the nancial position and
creditworthiness of all its nancial institutions on a quarterly basis.
Balances due from brokers
Balances due from brokers represent margin accounts, cash collateral for currency contracts and transactions awaiting settlement.
Credit risk relating to unsettled transactions is considered small due to the short settlement period involved and the high credit
quality of the brokers used. As at the reporting date, the balance due from brokers was held by Citibank N.A. The Manager monitors the
nancial position and creditworthiness of the brokers on a quarterly basis.
The following table shows the external ratings of the nancial institutions holding cash or collateral deposits on behalf of the Group,
using available ratings from Moody’s.
Institution Rating Agency 31 December 2021 31 December 2020
Citibank N.A. Moody’s Aa3 Aa3
BNPP Moody’s Aa3 Aa3
15. Financial risk management (continued)

EJF Investments Limited Annual Report and Audited Financial Statements 2021 73
Notes to the Audited Financial Statements for the year ended 31 December 2021
Balance due from the Manager
The balance due from the Manager relates to the arrangement
with the Manager to absorb ongoing operating expenses
incurred by the Company, excluding management fees,
incentive fees and expenses considered not ongoing. The
Company applies the simplied approach permitted by
IFRS 9, which requires expected 12 month losses to be
recognised from initial recognition. The balance due from the
Manager is considered to be low credit risk. Accordingly no
impairment losses have been recognised in the Statement of
Comprehensive Income.
Preference shares
The Company, through its investment in EJFIH, is exposed
to the credit risk of its counterparties or the counterparties of
the securitisation preference shares in which it invests. In the
event of a bankruptcy or insolvency of such a counterparty,
the preference shares could suer signicant losses resulting
in declines in the value of the shares, including the inability to
realise any gains on their investment during such period and
fees and expenses incurred in enforcing their rights. This would
also aect the Company’s investment in EJFIH as it is exposed
to any fair value movements in EJFIH. The preference shares in
which EJFIH has invested are not rated.
Investment in CDO securities
At 31 December 2021, the Company, through its investment
in EJFIH, was invested in distressed and cash yielding CDO
securities issued by Attentus, Kodiak and Taberna, which are
unaliated third-party CDO sponsors.
EJFIH is exposed to the credit risk of their CDO security
counterparties or the counterparties of the securitisations in
which it invests. In the event of a bankruptcy or insolvency of
such a counterparty, EJFIH, or a securitisation in which such
an investment is held, could suer signicant losses including
the loss of that part of EJFIH’s or securitisation’s portfolio
nanced through such a transaction, declines in the value of
their investment, including declines that may occur during
an applicable stay period, the inability to realise any gains on
their investment during such period and fees and expenses
incurred in enforcing their rights. This would also aect the
Company’s investment in EJFIH as it is exposed to any fair value
movements in EJFIH.
The CDO securities are not rated (31 December 2020: not rated).
Armadillo Portfolio
At 31 December 2021, the Company, through its investment in
EJFIH, held an interest in the Armadillo Portfolio. In the event
of any default on the Armadillo Portfolio’s loan investments by
a counterparty, EJFIH will bear a risk of loss of principal and
accrued interest on the loan investment, which could have an
adverse eect on EJFIH’s income and ability to meet nancial
obligations. This would also aect the Company’s investment in
EJFIH as it is exposed to any fair value movements in EJFIH.
The Armadillo Portfolio is not rated (31 December 2020: not rated).
Investment in the Partnership
At 31 December 2021, the Company, through its investment
in EJFIH, held an interest in the Partnership. The Partnership
is exposed to the credit risk of its counterparties or the
counterparties of the securitisations in which it invests. In the
event of a bankruptcy or insolvency of such a counterparty, the
securitisation in which such an investment is held could suer
signicant losses, including the loss of that part of EJFIH’s or
securitisation’s portfolio nanced through such a transaction,
declines in the value of their investment, including declines
that may occur during an applicable stay period, the inability to
realise any gains on their investment during such period and
fees and expenses incurred in enforcing their rights. This would
also aect the Company’s investment in EJFIH as it is exposed to
any fair value movements in EJFIH.
The securitisations in which the Partnership has invested are not
rated (31 December 2020: not rated).
Investment in Seneca
At 31 December 2021, the Company, through its investment in
EJFIH, was invested in partnership and loan interests in Seneca.
The investment strategy of Seneca is to invest in MSRs. MSRs
represent a stream of servicing income attached to mortgages
originated in the US producing regular and predictable cash-
ows. Seneca only invests in MSRs originally attached to prime
mortgages underwritten to Fannie Mae and Freddie Mac
standards. There is little to no credit risk associated with MSRs
and the main risk is prepayment of the underlying mortgage,
and thus extinguishment of the associated MSR contract and
servicing fee stream.
The Seneca positions in which the Company has invested are
not rated (31 December 2020: not rated).
Investment in UK listed bond
At 31 December 2021, the Company, through its investment in
EJFIH, was invested in a Sterling denominated UK listed xed
rate note held with a large UK bank. The security has a xed
coupon of 5.875% and is due to mature in 2049.
The UK listed bond positions in which the Company has
invested are rated Ba2 with Moody’s.
Investment in FinTech debt securities
At 31 December 2021, the Company, through its investment in
EJFIH, was invested in two FinTech debt securities held with
entities in the US and Europe. The securities are denominated in
dierent currencies, have xed coupons between 4 – 11.5% and
are due to mature in 2026.
One position is rated Caa3 with Moody’s and the other
position is not rated.

74 EJF Investments Limited Annual Report and Audited Financial Statements 2021
Notes to the Audited Financial Statements for the year ended 31 December 2021
Concentration of credit risk
The Manager reviews the credit risk of counterparties (primarily prime brokers or custodians when applicable) that hold a
concentration of the Group’s assets, in particular, the Group’s cash deposits.
The Group’s exposure was concentrated as below:
31 December 2021 31 December 2020
£ % £ %
Citibank N.A. 14,315,265 96 12,429,781 83.6
BNPP 596,879 4 2,438,042 16.4
Total 14,912,144 100% 14,867,823 100%
Collateral and other credit enhancements, and their nancial eect
The Group mitigates the credit risk of derivatives by entering into master netting agreements and holding collateral in the form of cash
and marketable securities.
Derivatives
Derivative transactions are either transacted on an exchange with central clearing counterparties (CCPs) or entered into under
ISDA master netting agreements. In general, under these agreements, in certain circumstances – e.g. when a credit event such
as a default occurs – all outstanding transactions under the agreement are terminated, the termination value is assessed and
only a single net amount is due or payable in settlement of all transactions with the counterparty. EJFIH has executed a credit
support annex in conjunction with the ISDA agreement, which requires EJFIH and its counterparties to post collateral to mitigate
counterparty credit risk.
The derivatives are entered into with Citibank N.A., which is rated Aa3 (31 December 2020: Aa3), based on Moody’s Agency.
Impairment of nancial assets
The Company is subject to the ECL model on its nancial assets that are carried at amortised cost. While cash and cash equivalents
and balances due from brokers are also subject to the impairment requirements of IFRS 9, the identied impairment loss was nil. The
Company is also exposed to credit risk in relation to nancial assets that are measured at FVTPL. The maximum exposure at the end of
the reporting period is the carrying amount of these nancial assets.
(c) Liquidity risk
Liquidity risk is the risk that the Group will encounter diculty in meeting the obligations associated with its nancial liabilities that
are settled by delivering cash or another nancial asset.
The Company’s policy and the Manager’s approach to managing liquidity risk in the Group is to ensure, as far as possible, that the
Group will always have sucient liquidity to meet its liabilities when due, under both normal and stress conditions, without incurring
unacceptable losses or risking damage to the Company’s reputation.
The Prospectus provides for the Board to pay quarterly dividends of available cash to shareholders following the recommendation of
the Manager. Therefore, the Company may be exposed to the liquidity risk of not meeting this target at each quarterly distribution date.
The Group’s nancial assets include illiquid investment securities and investments in private investment companies. As a result, the
Group may not be able to liquidate some of its interest in these instruments in due time to meet its liquidity requirements.
The Company’s liquidity is managed on an ongoing basis by the Manager in accordance with the policies and procedures in place.
Since the Company’s liability obligations consist of current liabilities related to its standard operating activity, liquidity risk is deemed
to be low. Current liabilities are paid and reported to the Board on a quarterly basis unless a special meeting is required.
31 December 2021 31 December 2020
Liquid assets £21,234,477 £15,438,551
Current liabilities £19,174,213 £ 587,163
Liquid assets as a % of current liabilities 111% 2,629%
15. Financial risk management (continued)

EJF Investments Limited Annual Report and Audited Financial Statements 2021 75
Notes to the Audited Financial Statements for the year ended 31 December 2021
The Group manages its liquidity risk by maintaining acurrent ratio (liquid assets divided by current liabilities) of no less than
approximately 100%. The tables below set out the Group assets with an expected liquidation period within 90 days (liquid assets) to
the Company’s current liabilities (presented inclusive of interest) as at 31 December 2021 and 31 December 2020:
31 December 2021
Carrying
Amount
£
Total
£
Less than
7 days
£
7 days to
1 month
£
1 month to
3months
£
3 months to
over 1 year
£
Liquid Assets
Cash 14,912,144 14,912,144 14,912,144 – – –
Balance due from the Manager 329,711 329,711 – 329,711 – –
Investment in UK listed bond 3,161,940 3,161,940 – 3,161,940 – –
FinTech debt securities 2,830,682 2,830,682 – 2,830,682 – –
Total 21,234,477 21,234,477 14,912,144 6,322,333 – –
31 December 2021
Carrying
Amount
£
Total
£
Less than
7 days
£
7 days to
1 month
£
1 month to
3months
£
3 months to
over 1 year
£
Financial liabilities
Amount payable to EJFIH 1,662 1,662 – – 1,662 –
Accounts payable and
accruedexpenses
446,847 446,847 – – 446,847 –
ZDP Shares 18,725,704 18,725,704 – – – 18,725,704
Total 19,174,213 19,174,213 – – 448,509 18,725,704
31 December 2020
Carrying
Amount
£
Total
£
Less than
7 days
£
7 days to
1 month
£
1 month to
3months
£
3 months to
over 1 year
£
Liquid Assets
Cash 14,867,823 14,867,823 14,867,823 – – –
Balance due from the Manager 570,728 570,728 – 570,728 – –
Total 15,438,551 15,438,551 14,867,823 570,728 - -
31 December 2020
Carrying
Amount
£
Total
£
Less than
7 days
£
7 days to
1 month
£
1 month to
3months
£
3 months to
over 1 year
£
Financial liabilities
Amount payable to EJFIH 36,412 36,412 – – 36,412 –
Accounts payable and
accruedexpenses
550,751 550,751 – – 550,751 –
Total 587,163 587,163 – – 5 87,163 –
The tables above show the undiscounted cash ows of the Company’s nancial liabilities on the basis of their earliest possible
contractual maturity. The Company’s expected cash ows on these instruments are not expected to vary signicantly from
this analysis.
The Group further manages its liquidity risk by holding at least 2% of its net asset value in assets with an expected liquidation period
within 90 days. The ratio of assets with an expected liquidation period within 90 days (liquid assets) to total net assets is set out below:
31 December 2021 31 December 2020
Liquid assets £15,241,855 £15,438,551
Total Net Asset Value £104,799,336 £100,568,661
Liquid assets as % of total Net Asset Value 15% 15%

76 EJF Investments Limited Annual Report and Audited Financial Statements 2021
Notes to the Audited Financial Statements for the year ended 31 December 2021
16. Capital risk management
The Company’s issued capital is represented by Ordinary Shares.
As a result of the ability to issue, repurchase and resell shares, the capital of the Company can vary. The Company is not subject to
externally imposed capital requirements and has no restrictions on the issue, repurchase or resale of its shares. The Company’s
objectives for managing capital are:
• to invest the capital in investments meeting the description, risk exposure and expected return indicated in its Prospectus;
• to achieve consistent returns while safeguarding capital by investing in a diversied Portfolio;
• to maintain sucient liquidity to meet the expenses of the Company; and
• to maintain sucient size to make the operation of the Company cost-ecient.
The policy is to maintain a strong capital base so as to maintain investor, creditor and market condence and to sustain future
development of the business. The Board monitors the return on capital, as well as the level of dividends to Ordinary Shareholders.
The Company may utilise borrowings for share buybacks, short-term liquidity purposes and investments, seeking leverage via bank
nancing, term loans, or debt instruments. The Company has the availability to borrow up to 35% of its NAV (calculated at the time of
drawdown), provided that:
i. the maximum amount for borrowings for long-term investment purposes within such limit will be 30% of the NAV; and
ii. borrowings for long-term investment purposes may only be incurred when the minimum cover amount, 3.5x for ZDP Shares, is
met (calculated at the time of drawdown).
The Company’s net debt to equity ratio at the year end was as follows:
31 December 2021
£
31 December 2020
£
ZDP Shares 25,210,522 23,606,438
Accounts payable and accrued expenses 448,509 587,163
Less: cash and cash equivalents (592,603) (347)
Net debt 25,066,428 24,193,254
Total equity 104,799,336 100,568,661
Net debt to adjusted equity ratio 0.24 0.24

EJF Investments Limited Annual Report and Audited Financial Statements 2021 77
Notes to the Audited Financial Statements for the year ended 31 December 2021
17. Related party transactions and other material contracts
Transactions
During the year, the Company made further investments of
approximately £4.4 million into Seneca and the Company
may deploy further amounts when attractive MSR pools
become available.
FINS 20191 was fully redeemed in September 2021. As part
of the redemption, a portion of the underlying collateral was
acquired by the Group, substantially all of which had been sold
as at 31 December 2021.
Investment Management fee
The Company, the General Partner of the Partnership and the
Partnership entered into a Management Agreement with the
Manager and EJF on 31 January 2017. In accordance with the
Management Agreement, the Manager has been appointed
as the manager of the Company, the Partnership and the
Partnership’s General Partner. In such capacity, the Manager is
responsible for the portfolio and risk management of the Group,
including: (i) managing the Company’s assets and its day-to-day
operations; (ii) the selection, purchase and sale of investment
securities held via EJFIH; (iii) providing nancing and risk
management services; and (iv) providing advisory services
to the Board.
The Management Agreement was subsequently amended and
restated on 30 March 2017 to account for the management of the
risk retention investments and revise the terms of the incentive
fee charged to the Company.
On 27 February 2019, the Management Agreement was further
amended and restated to allow settlement of the Incentive Fee
through multiple transactions over an agreed upon timeframe
between the Company and the Manager.
On 22 August 2019, the Management Agreement was again
further amended and restated to provide exibility in the
cash settlement of the Incentive Fee being used to facilitate
a share purchase on the secondary market or subscription
for new shares.
In accordance with the terms of the Management Agreement,
the Company pays a management fee calculated monthly and
payable quarterly in arrears. Subject to certain limitations, the
management fee is equal to 0.0833% (one-twelfth of 1%) of the
Company’s NAV.
For the year ended 31 December 2021, the Company accrued
management fees of £887,308 (31 December 2020: £902,003)
which is presented within operating expenses on the Statement
of Comprehensive Income.
The Company recognised an outstanding liability of £228,983
as at 31 December 2021 (31 December 2020: £212,083) presented
in accounts payable and accrued expenses on the Statement of
Financial Position.
Directors’ fees
The Directors are entitled to a fee for their services at a rate to be
determined from time to time by the Board. For the year ended
31 December 2021, the Company recorded Directors’ fees of
£135,000 (31 December 2020: £135,000). As at 31 December 2021,
£nil (31 December 2020: £nil) of this amount was outstanding.
Director’s fees are currently £40,000 each per annum. Neal
Wilson has waived his right to receive remuneration for his
service as Director.
Joanna Dentskevich is entitled to an additional fee of £10,000
per annum in respect of her role as Chair of the Board.
Alan Dunphy is entitled to an additional fee of £5,000
per annum in respect of his role as Chair of the Audit and
Risk Committee.
Neal Wilson, also serves as an ocer (Chief Executive Ocer) of
the Manager and an ocer and director of other aliates of the
Manager including EJF, the General Partner of the Partnership,
and the general partner of Armadillo I and Armadillo II.
Therefore, conicts may arise as this individual allocates his
time between the Company, EJF and other programmes and
activities in which they are involved. The independent Directors
must consent to and approve any of the Company’s conicted
trades, which also involve approval by one of these aliates and
its ocers, directors and employees. With respect to EJF Risk
Retention investments to be issued in connection with all future
EJF Securitisations, the Partnership has the right of rst refusal
over other funds managed by EJF.
Directors’ and Ocers’ liability insurance cover is maintained
by the Company on behalf of the Directors. During the year
ended 31 December 2021, the Company recorded Directors’ and
Ocers’ liability and professional indemnity insurance expense
of £131,786 (31 December 2020: £95,914).
Incentive fee
The Manager is entitled to an incentive fee which is calculated
in relation to the assets attributable to Ordinary Shares, in
accordance with the Management Agreement. The Incentive Fee
amount is equal to 10% of the amount by which the Adjusted
NAV attributable to Ordinary Shares exceeds the higher of
(i) the Incentive Hurdle at the relevant time and (ii) the High
Watermark at the relevant time, in respect of the relevant
Incentive Fee Period.
The Incentive Fee is calculated in respect of each Incentive Fee
Period, save for the nal Incentive Fee Period being the date
that the Management Agreement is terminated or, where the
Management Agreement has not been terminated, the actual
date of termination of the provision by the Manager of the non-
retained services as dened in the Management Agreement.

78 EJF Investments Limited Annual Report and Audited Financial Statements 2021
Notes to the Audited Financial Statements for the year ended 31 December 2021
During the year ended 31 December 2021, the Company did not accrue an incentive fee liability (31 December 2020: £nil).
On 28 January 2020, the Company announced that the Manager had acquired 283,441 Ordinary Shares of no par value in the
Company at an average price of 175 pence per share. The Company was also notied on the same date that the Manager had allocated
these Ordinary Shares to certain of its ocers and aliates. Please refer below for details of the Ordinary Shares held by each of
the Manager’s ocers and aliates. This transaction represented full satisfaction of the Incentive Fee payable by the Company
to the Manager for the Incentive Fee Period ended 31 December 2019 and the recipients of the Ordinary Shares are subject to
the Lock-Up Deed.
Ordinary Shares held by related parties
Shareholdings by the Directors in the Company as at the year end are as follows:
Name
Ordinary Shares
Percentage of
Ordinary Shares
inIssue Ordinary Shares
Percentage of
Ordinary Shares
inIssue
31 December 2021
1
31 December 2021
2
31 December 2020
1
31 December 2020
2
Neal Wilson 1,622,607 2.654% 1,516,381 2.480%
Joanna Dentskevich 77,896 0.127% 49,548 0.081%
Nick Watkins 3,000 0.005% 3,000 0.005%
1 The Directors’ holdings of Ordinary Shares are either direct and/or indirect holdings of Ordinary Shares in the Company.
2 The calculation of shareholding percentage is based on number of Ordinary Shares in issue after adjusting for treasury shares.
The Manager did not own any Ordinary Shares as at 31 December 2021 (31 December 2020: nil).
Shareholdings by ocers of the Manager and its aliates as at year end are as follows:
Name
Ordinary Shares
Percentage of
Ordinary Shares
inIssue Ordinary Shares
Percentage of
Ordinary Shares
inIssue
31 December 2021
1
31 December2021
2
31 December 2020
1
31 December 2020
2
EJF Capital Limited 1,878,246 3.07% 1,807,495 2.96%
Peter Stage 141,501 0.23% 141,501 0.23%
Hammad Khan
3
n/a n/a 141,501 0.23%
Matthew Gill 1,000 0.002% 1,000 0.002%
Emanuel Friedman
4
11,816,558 19.33% 11,816,558 19.33%
Jason Ruggiero 165,336 0.27% 165,336 0.27%
1 The Directors’ holdings of Ordinary Shares are either direct and/or indirect holdings of Ordinary Shares in the Company.
2 The calculation of shareholding percentage is based on number of Ordinary Shares in issue after adjusting for treasury shares.
3 Hammad Khan resigned during the year and sold all of his Ordinary Shares.
4 Ordinary Shares held by Cheetah Holdings Limited, a charitable foundation co-founded by Emanuel Friedman.
The ocers of the Manager are Neal J. Wilson (Chief Executive Ocer and Co-chief Investment Ocer of The Manager),
PeterStage (Co-Chief Investment Ocer) and Matthew Gill (Chief Financial Ocer). As Neal Wilson is also a Director of the
Company,hisshareholdings are presented in the table detailing the shares held by the Directors in the Company at the year end.
Emanuel Friedman ceased to act as Chairman and Co-Chief Investment Ocer of the Manager on 5 March 2020 but has continued as
Co-Chief Executive Ocer of EJF and in particular is a voting member of the investment committee of the Manager. Jason Ruggiero
(Co-Chief Investment Ocer and Senior Portfolio Manager of EJF) is also a voting member of the investment committee.
On 12 February 2021, Neal J. Wilson purchased 35,476 ordinary shares of no par value in the Company at a price of 126 pence per share
in a private transaction.
On 30 July 2021, Neal Wilson acquired 70,750 Ordinary Shares in the Company at an average price of 128 pence per share from
Hammad Khan in a private o-market transaction.
On 3 December 2021, the Company announced that EJF Capital Limited, a wholly owned subsidiary of EJF had purchased 70,751
Ordinary Shares on 30 November 2021 at a price of 128.5 pence per share from Hammad Khan in a private o market transaction.
17. Related party transactions and other material contracts (continued)

EJF Investments Limited Annual Report and Audited Financial Statements 2021 79
Notes to the Audited Financial Statements for the year ended 31 December 2021
ZDP Shares held by related parties
ZDP Shareholdings by the Directors in the Company as at year end are:
Name
2025 ZDP Shares
Percentage of
ZDP 2025 Shares
inIssue 2025 ZDP Shares
Percentage of
ZDP 2025 Shares
inIssue
31 December 2021 31 December 2021 31 December 2020 31 December 2020
Neal Wilson 1,000,000 16.667% 1,000,000 16.667%
Joanna Dentskevich 30,000 0.500% 30,000 0.500%
Nick Watkins 10,000 0.167% 10,000 0.167%
On 9 April and 12 April 2021, the Manager sold 200,000 2025 ZDP Shares in the Company in separate transactions at a price of
105pence per share through secondary dealings on the London Stock Exchange.
On 13 April 2021, Matthew Gill acquired 1,000 2025 ZDP Shares in the Company at a price of 105 pence per share through secondary
dealings on the London Stock Exchange.
On 14 April 2021, the Manager sold 516,445 2025 ZDP Shares in the Company at a price of 105 pence per share through secondary
dealings on the London Stock Exchange.
2025 ZDP Shareholdings by ocers of the Manager and its aliates are as follows:
Name
2025 ZDP Shares
Percentage of
ZDP 2025 Shares
inIssue 2025 ZDP Shares
Percentage of
ZDP 2025 Shares
inIssue
31 December 2021 31 December 2021
1
31 December 2020
31 December 2020
1
The Manager – – 716,445 11.94%
Matthew Gill 1,000 0.020% – –
1 The calculation of shareholding percentage is based on number of Ordinary Shares in issue after adjusting for treasury shares.
The Manager did not own any 2022 ZDP Shares as at 31 December 2021 (31 December 2020: nil).
Other material contracts
On 12 November 2019, the Company announced that with eect from 1 January 2020 the Manager voluntarily committed to absorb
80% of future ongoing operating expenses, aside from management and incentive fees, incurred by the Company until no earlier than
1 January 2021.
During the year ended 31 December 2021, the Manager absorbed 75% of the Company’s recurring operating expenses, aside from
management and incentive fees.
On 21 December 2021, the Company announced that with eect from 1 January 2022 the Manager voluntarily committed to absorb
60% of future ongoing operating expenses, aside from management and incentive fees, incurred by the Company for at least the next
twelve months from 1 January 2022, or if earlier, until the date on which the unaudited NAV of the Company reaches £300 million.
For the year ended 31 December 2021, £654,605 (2020: £1,161,981) of operating expenses were oset by reimbursements from the
Manager and are presented in the Statement of Comprehensive Income.
As at 31 December 2021, the Company had a receivable balance of £329,711 (31 December 2020: £570,728) from the Manager relating
to the reimbursement of these operating expenses and is included in the balance due from the Manager on the Statement of
Financial Position.
18. Basic and diluted earnings/(losses) per Ordinary Share
Basic earnings/(losses) per share is calculated by dividing the earnings/(losses) for the year by the weighted average number of
Ordinary Shares in issue during the year.
The weighted average number of Ordinary Shares in issue is 61,145,198 (31 December 2020: 61,740,143).
The diluted earnings/(losses) per share is calculated by considering adjustments required to the earnings and weighted average
number of shares for the eects of potential dilutive Ordinary Shares. The weighted average of the number of Ordinary Shares is
adjusted for any convertible instruments. At 31 December 2021 and 31 December 2020, there were no convertible instruments that
would have an impact on the weighted average number of Ordinary Shares.

80 EJF Investments Limited Annual Report and Audited Financial Statements 2021
Notes to the Audited Financial Statements for the year ended 31 December 2021
19. Events after the reporting period
The Board has evaluated subsequent events for the Company through to 29 March 2022, the date the Audited Financial Statements
are available to be issued, and other than those listed below, concluded that there are no material events that require disclosure or
adjustment to the Audited Financial Statements.
Appointment of Corporate Broker
On 10 January 2022, the Board announced the appointment of Liberum Capital Limited to act as the Company’s broker, replacing
Numis Securities Limited.
Dividends
On 27 January 2022, the Company declared a nal dividend of 2.675p per share in respect of the quarter ended 31 December 2021. The
dividend was payable to shareholders on the register as at close of business on 4 February 2022 and the corresponding ex-dividend
date was 3 February 2022. Payment was made on 28 February 2022.
20. Reconciliation of IFRS to US GAAP
The Manager is a registered adviser with the SEC. To meet the requirements of Rule 206(4)-2 under the Investment Advisors Act
1940 (the “Custody Rule”) the Audited Financial Statements have also been audited in accordance with US GAAS. As such, two
independent Auditor’s reports are included on pages 40 to 47, one under International Standards on Auditing as required by the Crown
Dependencies Audit Rules and the other under US GAAS. Compliance with the Custody Rule also requires a reconciliation of the
operating prot and net assets under IFRS to US GAAP.
The Company has been assessed to be an investment entity in accordance with IFRS 10 as well as an investment company in
accordance with ASC 946. Hence, under both accounting frameworks, the Company does not need to consolidate its investment in
EJFIH and instead has accounted for it at fair value through prot or loss.
The Directors have assessed the operating prot and NAV of the Company under both IFRS and US GAAP and have concluded that
nomaterial dierences were identied and therefore no reconciliation has been presented in these Audited Financial Statements.
Under US GAAP, the Company is required to disclose its nancial highlights and a schedule of investments.
Financial highlights
Financial highlights for the year ended 31 December 2021 are as follows:
NAV total return, since inception
Beginning of year 53.07%
End of year 69.84%
Expense ratio to average NAV
Expenses before incentive fees 1.81%
Expenses reimbursed by the Manager (0.63%)
Expenses, including incentive fees 1.18%
Investment income 7.95%
Expenses (1.81%)
Net investment income ratio 6.14%

EJF Investments Limited Annual Report and Audited Financial Statements 2021 81
Notes to the Audited Financial Statements for the year ended 31 December 2021
Schedule of investments
31 December 2021
Investments in trading securities Cost
Cost
£
Fair Value
£ % of NAV
Cayman Islands
TR PFD INS NOTE 2017–2 – Equity Notes (Z Notes), 1,631,250 1,648,053 1,272,936 1,246,613 1.19
ATTN 2006–1X J 2% 06–10/05/2036 DFLT – Combination Notes, 10,074,040 404,932 303,990 1,395,298 1.33
ATTN 2007–3A F 9.532% 07–11/10/2042 DFLT – Class F Notes, 62,634,884 – – – –
TBRNA 2006–6A C 06–05/12/2036 FRN DFLT – Class C Notes, 2,500,000 1,563 1,166 – –
ATTN 2006–1A D 06–10/05/2036 FRN – Class D Notes, 11,000,000 – – – –
KDIAK 2006–1A G 06–07/08/2037 FRN – Class G Notes, 49,500,000 – – – –
KDIAK 2007–2A F 07–07/11/2042 FRN – Class F Notes, 43,000,000 – – – –
TBRNA 2005–4A C3 0% 05–05/05/2036 – Class C–3 Notes, 35,000,000 – – – –
TBRNA 2006–5A A3FV 06–05/08/2036 FRN – Class A–3 Notes, 35,000,000 – – – –
Total Cayman Islands 2,054,548 1,578,092 2,641,911 2.52
US
EXELA INTER 11.5% 21-15/07/2026, 3,630,000 2,958,450 2,205,435 1,987,670 1.90
Total US 2,958,450 2,205,435 1,987,670 1.90
Great Britain
BARCLAYS PLC 17-31/12/2049 FRN 3,000,000 3,228,750 3,228,750 3,161,940 3.02
Total Great Britain 3,228,750 3,228,750 3,161,940 3.02
Norway
INFRONT ASA 21-28/10/2026 FRN 1,000,000 1,000,000 843,300 843,012 0.80
Total Norway 1,000,000 843,300 843,012 0.80
Investments in private investment companies
US
EJF Investments LP - Shares, 127,929,934 116,550,870 88,883,145 88,051,619 84.02
Investment in Armadillo Finance FD LP 4,725,838 3,277,183 1,092,053 1.04
Investment in Armadillo Finance FD II LP 1 1 76,965 0.07
Seneca 7,617,771 5,615,751 6,671,007 6.37
Total US 128,894,480 97,776,080 95,891,644 91.50
Investments in private operating company
US
EJF CDO manager LLC 8,547,026 6,379,606 8,711,100 8.31
Total US 8,547,026 6,379,606 8,711,100 8.31
Derivatives
Forward currency contracts Maturity
Fair Value
£ % of NAV
Purchase £8.4m / sell US$11.7m 21 February 2023 (268,528) (0.26)
Purchase £19.8m / sell US$27.6m 30 November 2022 (653,194) (0.62)
Total Derivatives (921,722) (0.88)
Other net assets
1
17,202,468 16.41
Total other net assets 17,202,468 16.41
Total Investments 129,518,023 123.58
1 Other net assets comprises EJFIH’s cash and cash equivalents, cash and cash equivalents held as margin and other receivables.

82 EJF Investments Limited Annual Report and Audited Financial Statements 2021
Glossary of Terms
Term Denition
ABS Asset backed securities.
Adjusted NAV attributable
to Ordinary Shares
Adjusted NAV attributable to Ordinary Shares is calculated as an amount equal to the NAV
attributable to Ordinary Shares: (i) excluding any increases or decreases in NAV attributable to
Ordinary Shares attributable to the issue or repurchase of any Ordinary Shares; (ii) adding back the
aggregate amount of any dividends paid or distributions made in respect of any Ordinary Shares;
(iii) excluding the aggregate amount of dividends and distributions accrued but unpaid in respect
of any Ordinary Shares; and (iv) excluding the amount of any accrued but unpaid Incentive Fees
payable in relation to the NAV attributable to Ordinary Shares, in each case without double counting.
Administrator BNP Paribas Securities Services S.C.A. Jersey Branch.
Admission The Company’s Ordinary Shares which were admitted to trading on the Specialist
Fund Segment of the London Stock Exchange on the 7th April 2017.
AGM Annual general meeting.
AIC Code The Association of Investment Companies Code of Corporate Governance.
AIF An alternative investment fund, as defined in the AIFM Directive.
AIFM An alternative investment fund manager, as defined in the AIFM Directive.
AIFMD or AIFM Directive The Alternative Investment Fund Managers Directive 2011/61/EU.
Annual Report Annual Report and Audited Financial Statements.
Annualised Dividend Yield Has the meaning on page 87.
APM Alternative performance measure. The calculation methodology and rationale
for disclosing each of the APMs has been disclosed on pages 86 to 87.
Armadillo I Armadillo Financial Fund LP.
Armadillo II Armadillo Financial Fund II LP.
Armadillo Portfolio A portfolio of high-yielding loans to US law firms engaged in mass tort litigation by
way of the holding of limited partner interests in Armadillo I and Armadillo II.
Articles The articles of association of the Company.
Auditor KPMG LLP.
AUM Assets Under Management.
BA Bachelor of Arts.
BBA Bachelor of Business Administration.
Brexit Brexit is the withdrawal of the UK from the EU.
BNPP BNP Paribas Securities Services S.C.A.
Board The board of Directors of the Company.
Bridge Loan An interest in a bridge loan to an affiliate of a publicly listed insurer.
BSc.(Hons) Bachelor of Science.
CDO Collateralised debt obligation.
CDO securities Bonds issued by unaffiliated third-party CDO sponsors.
CDO Manager EJF CDO Manager LLC, a Delaware limited liability company.
CDD Customer due diligence.
CEO Chief Executive Officer.
CFA Chartered Financial Analyst.
CFTC US Commodities and Futures Trading Commission.
Companies Law The Companies (Jersey) Law 1991, as amended.
Company or EJFI EJF Investments Limited, a closed-ended investment company incorporated with limited liability in the
Bailiwick of Jersey under the Companies Law on 20 October 2016 with registered number 122353.
Congress The United States Congress.
Continuance Resolution Ordinary resolution for the business of the Company to continue, to be proposed at an EGM, as
procured by the Directors, to be held on or about the fifth anniversary of Admission, and every five years
thereafter. If not passed, the Directors will take such actions as they deem appropriate to commence
the liquidation of the assets of the Company (having regard to the prevailing liquidity of the assets of the
Company and, if applicable, any rules imposed by the Securitisation and Risk Retention Regulations).
COP26 2021 United Nations Climate Change Conference.
Corporate Broker Numis Securities Limited (up to 7 January 2022 ) and Liberum Capital Limited (from 10 January 2022).

EJF Investments Limited Annual Report and Audited Financial Statements 2021 83
Glossary of Terms
Term Denition
CPO Commodity pool operator.
CTA Commodity trading adviser.
DC District of Columbia.
Dodd-Frank The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.
DTR Disclosure Guidance and Transparency Rules.
ECL Expected credit loss.
EGM Extraordinary general meeting.
EJF EJF Capital LLC.
EJFIF EJF Investments Funding Limited.
EJFIH EJF Investments Holdings Limited.
EJF Risk Retention Investments Has the meaning given to it in paragraph 5.1(a) of Part I: “The Company” of the Prospectus.
EJF Securitisations EJF or EJF Affiliate-sponsored securitisations.
ESG
Environmental, social and governance.
EU The European Union.
FBR Friedman, Billings, Ramsey Group.
FCA Financial Conduct Authority.
Fed US Federal Reserve.
FINS 2019-1 Financial Note Securitization 2019-1 Ltd.
FinTech Financial Technology.
FOMC Federal Open Market Committee.
FRC Financial Reporting Council.
FSMA Financial Services and Markets Act 2000.
FVTPL Fair value through profit or loss.
GAAP Generally Accepted Accounting Standards.
GAAS Generally Accepted Auditing Standards.
GDP Gross Domestic Product.
General Partner EJF Investments GP Inc., being general partner of the Partnership.
Group Means the Company and its Subsidiary.
High Watermark
High Watermark is calculated using the Adjusted NAV attributable to Ordinary Shares as
determinedon the last day of the latest previous Incentive Fee Period in respect of which
anIncentive Fee was payable to the Manager.
IAS 32 Financial Instruments: Presentation.
IAS 39
Financial Instruments: Recognition and Measurement.
IASB International Accounting Standards Board.
ICAEW Institute of Chartered Accountants in England and Wales.
IFRS International Financial Reporting Standards as adopted by the European Union.
IFRS 4 IFRS 4 Insurance Contracts.
IFRS 7 IFRS 7 Financial Instruments (Issued in June 2011).
IFRS 8 IFRS 8 Operating Segments.
IFRS 9 IFRS 9 Financial Instruments (Issued in July 2014).
IFRS 10 IFRS 10 Consolidated Financial Statements.
IFRS 12 IFRS 12 Disclosure of Interest in Other Entities.
IFRS 13 IFRS 13 Fair Value Measurement.
IFRS 16 IFRS 16 Leases.
IFRS 17 IFRS 17 Insurance Contracts.
JD Juris Doctor.
ILS Insurance linked securities.
Incentive Fee The incentive fee to which the Manager is entitled as described in the section entitled “Fees
andExpenses” in Part IV: “Directors, the Manager and Administration” of the Prospectus.
Incentive Fee Period Each 12-month period starting on 1 January and ending on 31 December in each calendar year.

84 EJF Investments Limited Annual Report and Audited Financial Statements 2021
Glossary of Terms
Term Denition
Incentive Hurdle Incentive hurdle is calculated using the Adjusted NAV attributable to Ordinary Shares on the date
of Admission, and then the beginning NAV of each subsequent period, compounded annually
(with effect from 31 December 2017) at a rate equal to an internal rate of return of 8% per annum.
Interim Report Interim Report and Unaudited Condensed Interim Financial Statements.
Investment Objective The Company seeks to generate attractive risk adjusted returns for its shareholders by
investing in opportunities created by regulatory and structural changes impacting the financial
services sector. 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, and may be issued by entities domiciled in the US, UK and Europe.
Investment Policy The Company seeks to achieve its Investment Objective by pursuing a policy of investing in a
diversified portfolio of investments that are derived from the changing financial services landscape.
IRR Internal rate of return.
ISDA International Swaps and Derivatives Association.
LIBOR London Interbank Offered Rate.
Listing Rules The listing rules made by the FCA under Part VI of the FSMA.
Lock-Up Deed Has the meaning given to it in paragraph 11.6 of Part XIII: “Additional Information” of the Prospectus.
Management Agreement The Amended and Restated Management Agreement dated 30 March 2017 between the Company,
the Partnership, the General Partner, the Manager and EJF (as amended).
Manager EJF Investments Manager LLC (100% held by EJF).
MAR Market Abuse Regulations.
MBA Masters of Business Administration.
MSRs Mortgage servicing rights.
NAV per Ordinary Share Has the meaning on page 86.
Net Asset Value or NAV The NAV means the Company’s assets less liabilities. The Company’s assets and liabilities are valued
in accordance with International Financial Reporting Standards as adopted by the European Union.
Ordinary Shares
The non-redeemable Ordinary Shares of no par value in the share capital of the Company which,
for the avoidance of doubt, includes all classes of Ordinary Shares (denominated in such currency)
as the Directors may determine in accordance with the Articles (and for the purposes of the
Prospectus, the Ordinary Shares shall be denominated in Sterling) having the rights and subject
tothe restrictions set out in the Articles.
Ordinary Shareholders The holder or one or more Ordinary Shares.
Ordinary Share Price Closing price as the respective reporting date as published on the London Stock Exchange.
Partnership EJF Investments LP (a Delaware limited partnership formed
under the laws of the US state of Delaware).
P & C Property and Casualty.
Placing Programme The placing programme of the Company of up to 150 million Ordinary Shares and/or C Shares and
up to 75 million ZDP Shares.
Portfolio The Company’s and the Subsidiary’s portfolio of investments from time to time.
Preference Shares Investment in TFINS 2017-2 depositor vehicle.
Principal Risks Those risks, or a combination thereof, that are considered to materially threaten the
Company’s ability to meet its Investment Objective, solvency or liquidity.
Prospectus The Company’s prospectus dated 24 June 2019 and the supplementary prospectuses dated
19 December 2019 and 30 April 2019.
REIT Real estate investment trust.
Risk Retention Has the meaning given to it in Part II: “The Market Opportunity” of the Prospectus.
Risk Retention and
Related Investments
Risk Retention Investments, together with investments in non-risk retention securities of EJF
securitisations and other non-EJF sponsored securitisations.
Risk Retention Investments Has the meaning given to it in paragraph 5.1(a) of Part I: “The Company” of the Prospectus.
SASB Sustainability Accounting Standards Board.
SEC US Securities and Exchange Commission.
Section 172 (1) Section 172(1) of the UK Companies Act 2006.
Securitisation and Related
Investments
Risk Retention and Related Investments, capital solutions
and ABS investments and the CDO Manager.

EJF Investments Limited Annual Report and Audited Financial Statements 2021 85
Glossary of Terms
Term Denition
Seneca A residential mortgage servicer in the US which is owned and controlled by EJF, and through which
MSR investments are made.
SFS The Specialist Fund Segment of the London Stock Exchange.
SOFR Secured overnight financing rate.
Specialty Finance Investments Represent less liquid UK, European and US specialty finance investments such as (but not
limited to): (i) growth equity capital to newly formed companies with scalable specialty finance
platforms; (ii) secured and unsecured lending; (iii) investments collateralized by real estate and
real estate related assets; and (iv) other illiquid, specialty finance investment opportunities.
Sterling or GBP or £ Pound sterling – the currency of the UK.
Subsidiary EJF Investments Holdings Limited.
Target Dividend The Company targeted an annual dividend of 10.7p per Ordinary Share for the years ended
31 December 2020 and 31 December 2021.
Target Investments Investments that consist primarily of securitisation and related investments and specialty
finance investments. Has the meaning given to it in Part I: “The Company” of the Prospectus.
Target Return The Company targets an annual total return on NAV per Share of 8% to 10% per annum.
TFINS 2017-2 TruPS Financials Note Securitization 2017-2 Ltd.
TFINS 2018-1 TruPS Financials Note Securitization 2018-1 Ltd.
TFINS 2018-2 TruPS Financials Note Securitization 2018-2 Ltd.
TFINS 2019-1 TruPS Financials Note Securitization 2019-1 Ltd.
TFINS 2019-2 TruPS Financials Note Securitization 2019-2 Ltd.
TFINS 2020-1 TruPS Financials Note Securitization 2020-1 Ltd.
TFINS 2020-2 TruPS Financials Note Securitization 2020-2 Ltd.
Total Return As defined on page 86.
TruPS Trust preferred securities.
TruPS CDO Collateral Has the meaning given in paragraph 3.3(d) in the section entitled “Risk Factors” in the Prospectus.
UK United Kingdom.
UK Code 2018 UK Corporate Governance Code.
US United States of America.
US$ or USD United States Dollar.
US GAAS Generally Accepted Auditing Standards applicable in the United States.
2022 ZDP Shares
The redeemable Zero Dividend Preference shares of no par value in the Company with a repayment
date during November 2022 and bearing a gross redemption yield of 5.86%.
2025 ZDP Shares
The redeemable Zero Dividend Preference shares of no par value in the Company with a repayment
date during June 2025 and bearing a gross redemption yield of 7.00%.
ZDP Shares 2022 ZDP Shares and 2025 ZDP Shares.
ZDP Shareholder The holder of one or more ZDP Shares.
ZDP Share Price Closing price as at the respective reporting date as published on the London Stock Exchange.

86 EJF Investments Limited Annual Report and Audited Financial Statements 2021
Alternative Performance Measures
NAV per Ordinary Share
NAV per Ordinary Share means an amount equal to, as at the relevant date, the NAV attributable to Ordinary Shares divided by the
Ordinary Shares in issue as at such date.
Reason for use
Common industry performance benchmark for calculating the Total Return and Share Price (Discount)/Premium to NAV per
Ordinary Share.
Recalculation
NAV per Ordinary Share is calculated as follows:
31 December 2021 31 December 2020
Net Assets as per Statement of Financial Position £104,799,336 £100,568,661
Number of Ordinary Shares in issue at year end (excluding treasury shares) 61,145,198 61,145,198
NAV per Ordinary Share 171p 164p
Total Return
The increase in the NAV per Ordinary Share plus the total dividends paid per Ordinary Share during the period, with such dividends
paid being re-invested at NAV, as a percentage of the NAV per share as at period end.
Compounded monthly returns per the monthly published performance reports, inclusive of dividends.
Reason for use
To provide transparency in the Company’s performance and to help investors identify and monitor the compounded returns
of the Company.
Recalculation
Total Return has been calculated using the following monthly returns and compounded as follows:
2021 2020 2019 2018 2017
Monthly return
January 1.99% 0.47% 0.35% 8.28% 0.51%
February 0.15% 0.18% 0.41% 0.70% 2.96%
March 2.12% (13.57)% 1.77% 0.12% 3.65%
April 0.44% 0.58% 5.61% 2.70% 0.24%
May (2.09)% 3.33% 0.83% 2.10% 2.85%
June 2.80% 0.15% 0.26% 1.62% 0.34%
July (0.01)% 1.25% 0.56% 0.50% 0.90%
August 0.55% 0.34% 0.62% 2.39% 1.37%
September 3.06% 0.40% 0.21% 0.08% 0.54%
October (0.16)% (0.73)% 0.04% 0.32% 4.92%
November 3.25% 1.16% 0.13% 0.22% 0.59%
December (1.43%) 0.25% 0.63% (1.13)% 2.53%
Compounded monthly return 11.02% (7.02)% 11.88% 19.08% 23.47%
The Total Return from inception for the year ended 31 December 2021 was 69.8% (31 December 2020: 53.0%).

EJF Investments Limited Annual Report and Audited Financial Statements 2021 87
Alternative Performance Measures
Annualised Dividend Yield
Dividends declared in respect of the relevant period divided by the share price mid quote as at the end of the relevant period.
Reason for use
To measure the Company’s distribution of dividends to the Company’s Ordinary Shareholders relative to share price to allow
comparability to other companies in the market.
Recalculation
Annualised Dividend Yield is calculated as follows:
31 December 2021
Dividends declared and paid for the quarter ended 31 March 2021 (see note 13) 2.675p
Dividends declared and paid for the quarter ended 30 June 2021 (see note 13) 2.675p
Dividends declared and paid for the quarter ended 30 September 2021 (see note 13) 2.675p
Dividends declared for the quarter ended 31 December 2021 (see note 19) 2.675p
Total Dividends declared in respect of the year ended 31 December 2021 10.700p
Share price mid quote 129.0p
Annualised Dividend Yield 8.3%
31 December 2020
Dividends declared and paid for the quarter ended 31 March 2020 (see note 13) 2.675p
Dividends declared and paid for the quarter ended 30 June 2020 (see note 13) 2.675p
Dividends declared and paid for the quarter ended 30 September 2020 (see note 13) 2.675p
Dividends declared for the quarter ended 31 December 2020 (see note 19) 2.675p
Total Dividends declared in respect of the year ended 31 December 2020 10.700p
Share price mid quote 117.0p
Annualised Dividend Yield 9.1%
Share Price Discount to NAV per Ordinary Share
Closing price as at such date as published on the London Stock Exchange divided by the NAV per Ordinary Share.
Reason for use
Common industry measure to understand the price of the Company’s shares relative to its net asset valuation.
Recalculation
Share Price Discount to NAV per Ordinary Share is calculated as follows:
31 December 2021 31 December 2020
Closing price as at 31 December as published on the London Stock Exchange 129.0p 117.0p
NAV per Ordinary Share 171.0p 164.0p
Share Price Discount to NAV Per Ordinary Share (24.6)% (28.7)%

88 EJF Investments Limited Annual Report and Audited Financial Statements 2021

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EJF Investments Ltd Annual Report and Audited Financial Statements 2021