# EDGAR Filing Document

**Accession Number:** 0001353254
**File Stem:** 0001539497-25-002990
**Filing Date:** 2025-11
**Character Count:** 14576
**Document Hash:** f50f6955d9e9d63fde9cf52fc6241774
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001539497-25-002990.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001539497-25-002990

**CONFORMED SUBMISSION TYPE**: ABS-15G

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20251114

**ITEM INFORMATION**: Findings and Conclusions of the Third Party Due Diligence Provider Obtained by the Issuer

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**ABS RULE**: RULE-15GA2

**REGISTERED ENTITY**: N

**ABS ASSET CLASS**: Debt Securities

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EJF Capital LLC
- **CENTRAL INDEX KEY:** 0001353254

**ORGANIZATION NAME:**
- **EIN:** 202815526
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-04635
- **FILM NUMBER:** 251488323

**BUSINESS ADDRESS:**
- **STREET 1:** 2107 WILSON BOULEVARD
- **STREET 2:** SUITE 410
- **CITY:** ARLINGTON
- **STATE:** VA
- **ZIP:** 22201
- **BUSINESS PHONE:** 703-875-0591

**MAIL ADDRESS:**
- **STREET 1:** 2107 WILSON BOULEVARD
- **STREET 2:** SUITE 410
- **CITY:** ARLINGTON
- **STATE:** VA
- **ZIP:** 22201
**DEPOSITOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EJF Capital LLC
- **CENTRAL INDEX KEY:** 0001353254

**ORGANIZATION NAME:**
- **EIN:** 202815526
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act

**BUSINESS ADDRESS:**
- **STREET 1:** 2107 WILSON BOULEVARD
- **STREET 2:** SUITE 410
- **CITY:** ARLINGTON
- **STATE:** VA
- **ZIP:** 22201
- **BUSINESS PHONE:** 703-875-0591

**MAIL ADDRESS:**
- **STREET 1:** 2107 WILSON BOULEVARD
- **STREET 2:** SUITE 410
- **CITY:** ARLINGTON
- **STATE:** VA
- **ZIP:** 22201
**SECURITIZER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EJF Capital LLC
- **CENTRAL INDEX KEY:** 0001353254

**ORGANIZATION NAME:**
- **EIN:** 202815526
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-04635

**BUSINESS ADDRESS:**
- **STREET 1:** 2107 WILSON BOULEVARD
- **STREET 2:** SUITE 410
- **CITY:** ARLINGTON
- **STATE:** VA
- **ZIP:** 22201
- **BUSINESS PHONE:** 703-875-0591

**MAIL ADDRESS:**
- **STREET 1:** 2107 WILSON BOULEVARD
- **STREET 2:** SUITE 410
- **CITY:** ARLINGTON
- **STATE:** VA
- **ZIP:** 22201

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> WASHINGTON, D.C. 20549** 

**FORM ABS-15G**

**ASSET-BACKED SECURITIZER<br> Report Pursuant to Section 15G of** 

**the Securities Exchange Act of 1934**

Check the appropriate box to indicate the filing obligation to which this form is intended to satisfy:<br>[_] Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period _________________ to _________________.

Date of Report (Date of earliest event reported):______________________

Commission File Number of securitizer: ____________________

Central Index Key Number of securitizer: ___________________

______________________________________________________________________

(Name and telephone number, including area code, of the person to

contact in connection with this filing)

Indicate by check mark whether the securitizer has no activity to report for the initial period pursuant to Rule 15Ga-1(c)(1): [_]<br>Indicate by check mark whether the securitizer has no activity to report for the quarterly period pursuant to Rule 15Ga-1(c)(2)(i): [_]<br>Indicate by check mark whether the securitizer has no activity to report for the annual period pursuant to Rule 15Ga-1(c)(2)(ii): [_]

[X] Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2).

Central Index Key Number of securitizer: <u>0001353254</u> 

<u>TruPS Financials Note Securitization 2025-3</u> <br> (Exact name of issuing entity as specified in its charter)

Central Index Key Number of issuing entity (if applicable):__________________

Central Index Key Number of underwriter (if applicable): __________________

<u>Neal J. Wilson - (703) 875-0591</u> <br> (Name and telephone number, including area code, <br> of the person to contact in connection with this filing)

**INFORMATION TO BE INCLUDED IN THE REPORT**

**PART I: REPRESENTATION AND WARRANTY INFORMATION**

N/A

**PART II : FINDINGS AND CONCLUSIONS OF THIRD-PARTY DUE DILIGENCE REPORTS**

**Item 2.01 Findings and Conclusions of a Third Party Due Diligence Report Obtained by the Issuer**

See Report of Independent Certified Public Accountants, dated November 14, 2025, of Grant Thornton LLP, attached as Exhibit 99.1 to this report.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the reporting entity has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | EJF Capital LLC (Securitizer) | EJF Capital LLC (Securitizer) |
| Date: November 14, 2025 |  |  |
|  | By: | /s/ Neal J. Wilson |
|  |  | Name: Neal J. Wilson |
|  |  | Title: Co-Chief Executive Officer |

---

**EXHIBIT INDEX**

<u>Exhibit Number</u> <u>Description</u> <br> Exhibit 99.1 Report of Independent Certified Public Accountants, dated November 14, 2025, of Grant Thornton LLP.

## Exhibit 99.1

**Exhibit 99.1**

![](image_002.jpg)

---

| | |
|:---|:---|
| **grant thornton llp**<br>444 S. Flower Street, Suite 3100,<br> Los Angeles, CA 90071<br>D +1 213 627 1717<br> F +1 213 624 6793 | **report of independent certified public accountants** |
| **grant thornton llp**<br>444 S. Flower Street, Suite 3100,<br> Los Angeles, CA 90071<br>D +1 213 627 1717<br> F +1 213 624 6793 |  |

---

Board of Directors and Management of EJF CDO Manager LLC, TruPS Financials Note Securitization 2025-3, Piper Sandler & Co., and BofA Securities, Inc.:

We have performed the procedures enumerated below, on certain information with respect to attributes of EJF CDO Manager LLC.'s (the "Company") trust preferred securities ("TruPS") as of October 31, 2025 (the "Subject Matter"), solely for the purpose of assisting the Company in connection with a proposed offering of certain classes of notes (the "Securitization Transaction") to be issued by TruPS Financials Note Securitization 2025-3 (the "Issuer"). The Company is responsible for the Data File (as defined herein) accurately representing the information included in the underlying asset documents and the disclosed assumptions and methodologies.

The Company has agreed to and acknowledged that the procedures performed are appropriate to meet the intended purpose of assisting specified parties in evaluating the Subject Matter. This report may not be suitable for any other purpose. Additionally, the Issuer, Piper Sandler & Co., and BofA Securities, Inc. have agreed to and acknowledged that the procedures performed are appropriate for their purposes. The procedures performed may not address all the items of interest to a user of this report and may not meet the needs of all users of this report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes.

Consequently, we make no representation regarding the appropriateness of the procedures enumerated below either for the purpose for which this report has been requested or for any other purpose.

The procedures we performed on the trust preferred securities and our findings are as follows.

Unless otherwise indicated, the following are defined for the purposes of our procedures:

· the phrase "compared" means we checked the information for agreement between sources, with any findings being reported unless
a deviation tolerance is otherwise noted. If applicable, such compared amounts and percentages are deemed to be in agreement if differences
were attributable to rounding.

· the phrase "recomputed" means, if applicable, we recalculated the number through mathematical calculation using the applicable
information in the Data File as the inputs, with any findings being reported unless a deviation tolerance is otherwise noted. If applicable,
such recomputed amounts and percentages are deemed to be in agreement if differences were attributable to rounding.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**GT.COM** | &nbsp;&nbsp;&nbsp;Grant Thornton LLP is a U.S. member firm of Grant Thornton International Ltd (GTIL). GTIL and each of its member firms are separate legal entities and are not a worldwide partnership. |

---

![](image_002.jpg)

· the phrase "Source Documents" means a record containing details of a particular transaction or characteristic. Source Documents
include S&P Capital IQ, Bank Statements, Security Agreements and Bloomberg screenshots.

**Due diligence agreed-upon procedures**

On November 11, 2025, and with updates through November 14, 2025, the Company provided us with a computer readable data file (the "Collateral Data File" or "Data File") containing certain characteristics of the trust preferred securities included in the Securitization Transaction. We performed the procedures indicated below on the trust preferred securities.

For each of the trust preferred securities, we performed comparisons and/or recomputations from the Collateral Data File for certain characteristics (as identified in Exhibit 1) using certain available source documents (the "Source Documents").

**Exhibit 1**

**Characteristics:**

---

| | | |
|:---|:---|:---|
| **Number** | **Characteristic** | &nbsp;&nbsp; **Source Document**<br> **(listed in order of application)** |
| 1 | Operating Company | S&P Capital IQ |
| 2 | Holding Company | S&P Capital IQ |
| 3 | Type of Company | S&P Capital IQ |
| 4 | Type of Collateral Obligation | Security Agreements / Bloomberg screenshots |
| 5 | Principal Balance ($) | Bank Statements |
| 6 | Spread | Security Agreements / Bloomberg screenshots |
| 7 | Reference Rate | Security Agreements / Bloomberg screenshots |
| 8 | Maturity | Security Agreements / Bloomberg screenshots |
| 9 | Flip Date | Security Agreements / Bloomberg screenshots |
| 10 | Fixed Coupon | Security Agreements / Bloomberg screenshots |

---

![](image_002.jpg)

The Company instructed us to use the following methodology:

We compared characteristics 1 through 4 and 7 through 10 (as set forth in the Collateral Data File) to the corresponding information set forth in the provided Source Documents. For characteristics 5 and 6, we recomputed and compared and agreed the information to the Source Documents.

For "Type of Collateral Obligation" (characteristic 4), we were instructed by the Company to perform the following methodology:

- For securities categorized as TruPS, determine whether the inclusion of the word "Junior" in either (i) the opening page of the security agreement or (ii) in the definition of Notes or definition of Debentures.

For "Principal Balance ($)" (characteristic 5), we were instructed by the Company to recompute such characteristic using the following methodology:

Add all principal balance amount(s) for each of the trust preferred securities as set forth in the bank statements.

If the principal balances total in the bank statements are equal to or greater than in the Collateral Data File, it is deemed to be in agreement.

For "Spread" (characteristic 6), we were instructed by the Company to recompute such characteristic using the following methodology:

- Interest Rate + Tenure Spread Adjustment rate of 0.26161 for 3-month LIBOR

For "Reference Rate" (characteristic 7), we were instructed by the Company to recompute such characteristic using the following methodology:

- For Indentures that had a 3-month LIBOR rate with a maturity date after June 30, 2023, default to 3-month SOFR

For "Flip Date" (characteristic 9), we were instructed by the Company that such characteristic is only applicable to trust preferred securities that were listed as "Sub Debt" under "Type of Collateral Obligation" (characteristic 4).

We noted no unresolved discrepancies between the Collateral Data File and the Source Documents.

We were engaged by the Company to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the American Institute of Certified Public Accountants. We were not engaged to and did not conduct an examination or review, the objective of which would be the expression of an opinion or conclusion, respectively, on the Subject Matter. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

![](image_002.jpg)

Our agreed-upon procedures engagement was not conducted for the purpose of the following:

· Addressing the conformity of the origination of the assets to stated underwriting or credit extension guidelines, standards, criteria,
or other requirements;

· Addressing the value of collateral securing any such assets being securitized;

· Addressing the compliance of the originator of the assets with federal, state, and local laws and regulations;

· Satisfying any criteria for due diligence published by a Nationally Recognized Statistical Rating Organization ("NRSRO");

· Addressing any other factor or characteristic of the assets that would be material to the likelihood that the issuer of the asset-backed
security will pay interest and principal in accordance with applicable terms and conditions; including but not limited to whether the
characteristics have implications on the future performance of the assets, underwritten value of the assets, credit quality of the assets,
likelihood of return to investors or any other implications related to the assets or the related asset-backed securities;

· Forming any conclusions; or

· Any other terms or requirements of the transaction that do not appear in this report.

We are required to be independent of the Company and to meet our other ethical responsibilities in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement.

This report is intended solely for the information and use of the Company, the Issuer, Piper Sandler & Co. and BofA Securities, Inc. It is not intended to be, and should not be, used by anyone other than these specified parties, including investors and rating agencies, who are not identified as specified parties but who may have access to this report as required by law or regulation.

/s/ GRANT THORNTON LLP

Los Angeles, California<br> November 14, 2025