# EDGAR Filing Document

**Accession Number:** 0001353254
**File Stem:** 0000895345-23-000113
**Filing Date:** 2023-2
**Character Count:** 13343
**Document Hash:** 80389c146c6cd879b4374e9f028e4f3f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000895345-23-000113.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0000895345-23-000113

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**EFFECTIVENESS DATE**: 20230214

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EJF Capital LLC
- **CENTRAL INDEX KEY:** 0001353254
- **IRS NUMBER:** 202815526
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-11792
- **FILM NUMBER:** 23622428

**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

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** EJF Capital LLC<br>**Address:** 2107 Wilson Boulevard<br>Suite 410<br>Arlington, VA 22201

**Form 13F File Number:** 028-11792

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** David Bell<br>**Title:** General Counsel<br>**Phone:** 703-997-5716

**Signature, Place, and Date of Signing:**

/s/ David Bell  Arlington, VA  02-14-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 96

**Form 13F Information Table Value Total:** $325051160

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| AERCAP HOLDINGS NV | SHS | N00985106 |  | 729000 | 12500 | SH |  | SOLE |  | 12500 | 0 | 0 |
| ALGOMA STL GROUP INC | COM | 015658107 |  | 171180 | 27000 | SH |  | SOLE |  | 27000 | 0 | 0 |
| ALLY FINL INC | COM | 02005N100 |  | 817755 | 33446 | SH |  | SOLE |  | 22307 | 11139 | 0 |
| APA CORPORATION | COM | 03743Q108 |  | 933600 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| ASSURED GUARANTY LTD | COM | G0585R106 |  | 1783189 | 28641 | SH |  | SOLE |  | 28641 | 0 | 0 |
| BANC OF CALIFORNIA INC | COM | 05990K106 |  | 9377226 | 588652 | SH |  | SOLE |  | 545677 | 42975 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 2689344 | 81200 | SH |  | SOLE |  | 81200 | 0 | 0 |
| BILL COM HLDGS INC | COM | 090043100 |  | 1089600 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| BRIDGEWATER BANCSHARES INC | COM ACCD INV | 108621103 |  | 6111519 | 344505 | SH |  | SOLE |  | 290371 | 54134 | 0 |
| BRIGHTSPHERE INVT GROUP INC | COM | 10948W103 |  | 1352476 | 65718 | SH |  | SOLE |  | 65718 | 0 | 0 |
| BROADWAY FINL CORP DEL | COM | 111444105 |  | 2678520 | 2652000 | SH |  | SOLE |  | 2652000 | 0 | 0 |
| CADENCE BANK | COM | 12740C103 |  | 1874160 | 76000 | SH |  | SOLE |  | 76000 | 0 | 0 |
| CAPITAL ONE FINL CORP | COM | 14040H105 |  | 1239622 | 13335 | SH |  | SOLE |  | 8806 | 4529 | 0 |
| CNB FINL CORP PA | COM | 126128107 |  | 2024672 | 85106 | SH |  | SOLE |  | 85106 | 0 | 0 |
| COASTAL FINL CORP WA | COM NEW | 19046P209 |  | 11546885 | 242990 | SH |  | SOLE |  | 214812 | 28178 | 0 |
| CONNECTONE BANCORP INC | COM | 20786W107 |  | 5994372 | 247599 | SH |  | SOLE |  | 216628 | 30971 | 0 |
| CRA INTL INC | COM | 12618T105 |  | 987031 | 8062 | SH |  | SOLE |  | 8062 | 0 | 0 |
| CROSSFIRST BANKSHARES INC | COM | 22766M109 |  | 8631589 | 695535 | SH |  | SOLE |  | 695535 | 0 | 0 |
| CUMULUS MEDIA INC | COM CL A | 231082801 |  | 419175 | 67500 | SH |  | SOLE |  | 67500 | 0 | 0 |
| DELTA AIR LINES INC DEL | COM NEW | 247361702 |  | 328600 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| DEVON ENERGY CORP NEW | COM | 25179M103 |  | 615100 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| EAST WEST BANCORP INC | COM | 27579R104 |  | 1589508 | 24120 | SH |  | SOLE |  | 15962 | 8158 | 0 |
| EASTERN BANKSHARES INC | COM | 27627N105 |  | 4093063 | 237279 | SH |  | SOLE |  | 190606 | 46673 | 0 |
| ELLINGTON FINANCIAL INC | COM | 28852N109 |  | 556650 | 45000 | SH |  | SOLE |  | 45000 | 0 | 0 |
| ENCORE CAP GROUP INC | COM | 292554102 |  | 1209047 | 25220 | SH |  | SOLE |  | 25220 | 0 | 0 |
| ENERGY TRANSFER L P | COM UT LTD PTN | 29273V100 |  | 712200 | 60000 | SH |  | SOLE |  | 60000 | 0 | 0 |
| ENTERPRISE FINL SVCS CORP | COM | 293712105 |  | 2976768 | 60800 | SH |  | SOLE |  | 60800 | 0 | 0 |
| EQUITABLE HLDGS INC | COM | 29452E101 |  | 1630763 | 56821 | SH |  | SOLE |  | 56821 | 0 | 0 |
| EQUITY BANCSHARES INC | COM CL A | 29460X109 |  | 4759464 | 145683 | SH |  | SOLE |  | 113307 | 32376 | 0 |
| FIFTH THIRD BANCORP | COM | 316773100 |  | 1523598 | 46437 | SH |  | SOLE |  | 30769 | 15668 | 0 |
| FIRST BANCSHARES INC MS | COM | 318916103 |  | 1590993 | 49703 | SH |  | SOLE |  | 32606 | 17097 | 0 |
| FIRST CTZNS BANCSHARES INC N | CL A | 31946M103 |  | 1902725 | 2509 | SH |  | SOLE |  | 1650 | 859 | 0 |
| FIRST MERCHANTS CORP | COM | 320817109 |  | 3132582 | 76200 | SH |  | SOLE |  | 76200 | 0 | 0 |
| FIRST UTD CORP | COM | 33741H107 |  | 5189034 | 264073 | SH |  | SOLE |  | 264073 | 0 | 0 |
| HANCOCK WHITNEY CORPORATION | COM | 410120109 |  | 10389236 | 214698 | SH |  | SOLE |  | 199923 | 14775 | 0 |
| HERITAGE FINL CORP WASH | COM | 42722X106 |  | 7207447 | 235230 | SH |  | SOLE |  | 205964 | 29266 | 0 |
| HILLTOP HOLDINGS INC | COM | 432748101 |  | 1140380 | 38000 | SH |  | SOLE |  | 38000 | 0 | 0 |
| INTUIT | COM | 461202103 |  | 1401192 | 3600 | SH |  | SOLE |  | 3600 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 1743600 | 10000 | SH | Put | SOLE |  | 10000 | 0 | 0 |
| JACKSON FINANCIAL INC | COM CL A | 46817M107 |  | 44906793 | 1290796 | SH |  | SOLE |  | 1290796 | 0 | 0 |
| LATCH INC | COM | 51818V106 |  | 354950 | 500000 | SH |  | SOLE |  | 500000 | 0 | 0 |
| LIVE OAK BANCSHARES INC | COM | 53803X105 |  | 779794 | 25821 | SH |  | SOLE |  | 17270 | 8551 | 0 |
| M  T BK CORP | COM | 55261F104 |  | 8710853 | 60050 | SH |  | SOLE |  | 55376 | 4674 | 0 |
| MERCHANTS BANCORP IND | COM | 58844R108 |  | 2324554 | 95582 | SH |  | SOLE |  | 95582 | 0 | 0 |
| METROPOLITAN BK HLDG CORP | COM | 591774104 |  | 8036441 | 136977 | SH |  | SOLE |  | 121078 | 15899 | 0 |
| MVB FINL CORP | COM | 553810102 |  | 5505000 | 250000 | SH |  | SOLE |  | 250000 | 0 | 0 |
| NATIONAL BK HLDGS CORP | CL A | 633707104 |  | 1984736 | 47177 | SH |  | SOLE |  | 30696 | 16481 | 0 |
| NEW YORK CMNTY BANCORP INC | COM | 649445103 |  | 3870000 | 450000 | SH |  | SOLE |  | 450000 | 0 | 0 |
| NEXPOINT DIVERSIFIED REL ET | COM NEW | 65340G205 |  | 2478688 | 221114 | SH |  | SOLE |  | 221114 | 0 | 0 |
| OCEANFIRST FINL CORP | COM | 675234108 |  | 1912245 | 89988 | SH |  | SOLE |  | 58445 | 31543 | 0 |
| OLD NATL BANCORP IND | COM | 680033107 |  | 7446273 | 414142 | SH |  | SOLE |  | 372637 | 41505 | 0 |
| OLD SECOND BANCORP INC ILL | COM | 680277100 |  | 11119185 | 693216 | SH |  | SOLE |  | 649322 | 43894 | 0 |
| ONEMAIN HLDGS INC | COM | 68268W103 |  | 1101628 | 33072 | SH |  | SOLE |  | 22037 | 11035 | 0 |
| OP BANCORP | COM | 67109R109 |  | 363425 | 32565 | SH |  | SOLE |  | 32565 | 0 | 0 |
| ORIGIN BANCORP INC | COM | 68621T102 |  | 1972405 | 53744 | SH |  | SOLE |  | 35341 | 18403 | 0 |
| PACWEST BANCORP DEL | COM | 695263103 |  | 1567118 | 68284 | SH |  | SOLE |  | 45454 | 22830 | 0 |
| PAGAYA TECHNOLOGIES LTD | CL A SHS | M7S64L115 |  | 19668683 | 15861841 | SH |  | SOLE |  | 15861841 | 0 | 0 |
| PAGAYA TECHNOLOGIES LTD | CL A SHS | M7S64L115 |  | 6406667 | 5166667 | SH | Call | SOLE |  | 5166667 | 0 | 0 |
| PCB BANCORP | COM | 69320M109 |  | 6216337 | 351404 | SH |  | SOLE |  | 329000 | 22404 | 0 |
| PEABODY ENERGY CORP | COM | 704551100 |  | 792600 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| PEAPACK-GLADSTONE FINL CORP | COM | 704699107 |  | 2802554 | 75297 | SH |  | SOLE |  | 49061 | 26236 | 0 |
| PEOPLES BANCORP INC | COM | 709789101 |  | 1756218 | 62167 | SH |  | SOLE |  | 40772 | 21395 | 0 |
| PIONEER NAT RES CO | COM | 723787107 |  | 342585 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| PONCE FINANCIAL GROUP INC | COMMON STOCK | 732344106 |  | 4443720 | 476794 | SH |  | SOLE |  | 476794 | 0 | 0 |
| POPULAR INC | COM NEW | 733174700 |  | 2004323 | 30222 | SH |  | SOLE |  | 20339 | 9883 | 0 |
| PREFERRED BK LOS ANGELES CA | COM NEW | 740367404 |  | 2489472 | 33362 | SH |  | SOLE |  | 21701 | 11661 | 0 |
| PREMIER FINANCIAL CORP | COM | 74052F108 |  | 1811548 | 67169 | SH |  | SOLE |  | 44071 | 23098 | 0 |
| PRIMIS FINANCIAL CORP | COM | 74167B109 |  | 4527648 | 382080 | SH |  | SOLE |  | 347876 | 34204 | 0 |
| PROLOGIS INC. | COM | 74340W103 |  | 225460 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| QCR HOLDINGS INC | COM | 74727A104 |  | 2864774 | 57711 | SH |  | SOLE |  | 38336 | 19375 | 0 |
| RED ROCK RESORTS INC | CL A | 75700L108 |  | 570343 | 14255 | SH |  | SOLE |  | 14255 | 0 | 0 |
| RHINEBECK BANCORP INC | COM | 762093102 |  | 3654722 | 401177 | SH |  | SOLE |  | 401177 | 0 | 0 |
| SAFEGUARD SCIENTIFICS INC | COM NEW | 786449207 |  | 260047 | 83886 | SH |  | SOLE |  | 83886 | 0 | 0 |
| SELECT SECTOR SPDR TR | FINANCIAL | 81369Y605 |  | 2223000 | 65000 | SH | Put | SOLE |  | 65000 | 0 | 0 |
| SIGNATURE BK NEW YORK N Y | COM | 82669G104 |  | 1112680 | 9657 | SH |  | SOLE |  | 6648 | 3009 | 0 |
| SILVERGATE CAP CORP | CL A | 82837P408 |  | 595863 | 34245 | SH |  | SOLE |  | 26077 | 8168 | 0 |
| SIMON PPTY GROUP INC NEW | COM | 828806109 |  | 469920 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| SLM CORP | COM | 78442P106 |  | 1658240 | 99894 | SH |  | SOLE |  | 99894 | 0 | 0 |
| SNOWFLAKE INC | CL A | 833445109 |  | 430620 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| SOUTHERN FIRST BANCSHARES | COM | 842873101 |  | 7114994 | 155519 | SH |  | SOLE |  | 137808 | 17711 | 0 |
| SPDR SER TR | S REGL BKG | 78464A698 |  | 2054079 | 34969 | SH |  | SOLE |  | 13303 | 21666 | 0 |
| SPRUCE POWER HOLDING CORP | COM CL A | 9837FR100 |  | 711397 | 774015 | SH |  | SOLE |  | 774015 | 0 | 0 |
| STEEL PARTNERS HLDGS L P | LTD PRTRSHIP U | 85814R107 |  | 856214 | 20005 | SH |  | SOLE |  | 20005 | 0 | 0 |
| STELLAR BANCORP INC | COM | 858927106 |  | 1684552 | 57181 | SH |  | SOLE |  | 37171 | 20010 | 0 |
| SURO CAPITAL CORP | COM NEW | 86887Q109 |  | 114000 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| SVB FINANCIAL GROUP | COM | 78486Q101 |  | 3078353 | 13376 | SH |  | SOLE |  | 12326 | 1050 | 0 |
| SYNOVUS FINL CORP | COM NEW | 87161C501 |  | 9330199 | 248474 | SH |  | SOLE |  | 228163 | 20311 | 0 |
| THE ODP CORP | COM | 88337F105 |  | 683100 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| TRINET GROUP INC | COM | 896288107 |  | 372900 | 5500 | SH |  | SOLE |  | 5500 | 0 | 0 |
| TRINITY CAP INC | COM | 896442308 |  | 295110 | 27000 | SH |  | SOLE |  | 27000 | 0 | 0 |
| UNITED SEC BANCSHARES CALIF | COM | 911460103 |  | 2010096 | 274979 | SH |  | SOLE |  | 274979 | 0 | 0 |
| WEBSTER FINL CORP | COM | 947890109 |  | 5301559 | 111989 | SH |  | SOLE |  | 98795 | 13194 | 0 |
| WEST FRASER TIMBER CO LTD | COM | 952845105 |  | 361450 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| WESTERN ALLIANCE BANCORP | COM | 957638109 |  | 1372858 | 23050 | SH |  | SOLE |  | 15418 | 7632 | 0 |
| WINTRUST FINL CORP | COM | 97650W108 |  | 2650209 | 31356 | SH |  | SOLE |  | 20570 | 10786 | 0 |
| ZIONS BANCORPORATION N A | COM | 989701107 |  | 1155113 | 23497 | SH |  | SOLE |  | 15723 | 7774 | 0 |

---