EJF Opportunity Zone Strategy

Private Capital Making a Difference in Emerging Neighborhoods

Investing in OpZones May Defer and Reduce Current Capital Gains Tax and Eliminate Future Capital Gains Tax

Investments

The 2017 Tax Cuts and Jobs Act created a rare opportunity to reduce capital gains taxes by successfully investing in real estate developments in thousands of underfunded communities throughout the U.S. EJF’s expertise in regulatory-driven investment strategies and real estate investing makes it the partner of choice for investors who want to do well by doing good. In August 2018, EJF was one of the early movers to launch a Qualified Opportunity Fund, EJF OpZone Fund I LP (“Fund I”), prior to the final regulatory guidance. Since 2018, across two funds, EJF has invested in $1.3B of real estate, including 17 joint ventures with 24 multifamily and industrial properties.

In July 2025, the “One Big Beautiful Bill” (“OBBB”) was enacted, introducing new legislation related to qualified opportunity zone investing. Changes include a permanent extension of the program, a focus on investments in rural areas, and more.

The OBBB does not affect existing EJF OpZone Funds I and II. The legislation applies to Qualified Opportunity Funds formed going forward. If you would like more information, please contact EJF Investor Relations.

blank

Your content goes here. Edit or remove this text inline or in the module Content settings. You can also style every aspect of this content in the module Design settings and even apply custom CSS to this text in the module Advanced settings.

What is a Qualified Opportunity Zone?

The federal 2017 Tax Cuts and Jobs Act, as enhanced and extended under the One Big Beautiful Bill (OBBB), encourages private capital investment in designated underfunded communities known as Qualified Opportunity Zones (QOZs). The legislation allows investors to defer capital gains and, for qualifying long-term investments, eliminate capital gains tax on future appreciation through investments in Qualified Opportunity Funds (QOFs), such as EJF OpZone I LP and EJF OpZone Fund II LP.

Originally designated in 2018, there are more than 8,700 QOZ census tracts across the United States. Under OBBB, Opportunity Zone designations will be reset beginning July 1, 2026, with additional designation rounds occurring every ten years thereafter, reinforcing the program’s long-term role in community-focused economic development.

What Are the Potential Tax Benefits?

What are the Potential Tax Benefits?
Investments in Qualified Opportunity Funds (QOFs) may offer meaningful tax advantages compared to traditional taxable investments when capital gains are reinvested in Qualified Opportunity Zones (QOZs).

Key Potential Tax Benefits

Deferral of Capital Gains
Capital gains reinvested in a QOF may be deferred, allowing the full pre-tax gain to remain invested and compound over time, subject to applicable recognition rules under current law.

Reduction of Deferred Capital Gains (Basis Step-Up)
Under OBBB and related Opportunity Zone provisions, investors may receive a step-up in tax basis on deferred capital gains, reducing the portion of the original gain ultimately subject to tax, subject to holding period requirements.

Exclusion of Post-Investment Appreciation
For qualifying long-term investments, appreciation attributable to the QOF investment itself may be excluded from federal capital gains taxation upon exit.

Depreciation Benefits on Operating Income
In real estate-backed Opportunity Zone investments, depreciation deductions may reduce or offset taxes on rental income and, in many cases, are not recaptured, enhancing after-tax returns.

Disclosure: This summary is provided for informational purposes only and does not constitute tax, legal, or investment advice. The application of Opportunity Zone benefits, including those under OBBB, depends on an investor’s specific circumstances and applicable law, which may change. Investors should consult their own advisers.

What Are the Differences Between OpZone 1.0 (TCJA) and OpZone 2.0 (OBBB)?

Current Portfolio

Moxy Hotel

Oakland, CA

A 172-key boutique hotel located in Uptown Oakland, Moxy is Marriott’s newest brand, catering to the unique desires of millennial travelers. The Moxy economic model is focused on efficiencies in terms of cost-to-build, own and operate, and maximum investment in revenue-generating amenities.

The hotel was completed in Q1 2021.

For more information click here*

Riverport

Savannah, GA

RiverPort presents a multi-phase development opportunity in one of the nation’s fastest growing industrial markets, driven by the fastest growing and 4th largest container port in the nation, the Port of Savannah.

For more information click here*

Park Kennedy

Washington, D.C.

The Park Kennedy development project is a 262-unit mixed-use, multifamily community with approximately 13,000 gross square feet of retail space located in the historic Capitol Hill neighborhood of Washington, D.C.

Park Kennedy was completed in Q1 2021 and is leasing units.

For more information click here*

The Exchange

Jacksonville, FL

The Exchange is a 4-story, 196-unit multifamily community in the vibrant San Marco neighborhood of Jacksonville, Florida.

The Exchange was completed Q2 2021 and is leasing units.

For more information click here*

San Marco Promenade

Jacksonville, FL

San Marco Promenade is a two-building 284-unit community in the vibrant San Marco neighborhood of Jacksonville, Florida.

San Marco Promenade was completed in Q3 2020 and is leasing units.

For more information click here*

Block 10

Vancouver, WA

Block 10 is a mixed-use project with 110 multifamily units, 79,000 gross square feet of office space in downtown Vancouver, Washington.

Block 10 was completed in Q2 2022 and is currently leasing units.

For more information click here*

Coen & Columbia

Vancouver, WA

Coen & Columbia is a two-building 202-unit community in downtown Vancouver, Washington.

Coen & Columbia was completed in Q4 2020 and is leasing units.

For more information click here*

Barlow

Jacksonville, FL

Barlow is a 4-story, 290-unit multifamily community in the vibrant San Marco neighborhood of Jacksonville, Florida.

Barlow is complete and currently leasing units.

For more information click here*

2021-11-01-toll-brothers-apartment-living-scaled

Rafferty

Santa Ana, CA

Rafferty is a 7 story, 218-unit multifamily community in the center of downtown Santa Ana, CA.

Rafferty was completed in Q1 2024 and is leasing units.

For more information click here*

Eastborough

Jacksonville, FL

Eastborough is a two-building, 226-unit multifamily community adjacent to San Marco Promenade in the historic San Marco neighborhood in Jacksonville, Florida.

Eastborough is complete and currently leasing units.

For more information click here*

The Jack on Beach

Jacksonville, FL

The Jack on Beach is a three-building, 225-unit multifamily community in the eastern San Marco neighborhood in Jacksonville, FL

The Jack on Beach was completed in Q4 2024 and is leasing units.

For more information click here*.

Samara

Nashville, TN

Samara is a five (5)-story, 375-unit wood-frame multifamily community with above-grade structured parking in the Metro Center neighborhood in immediately north of downtown Nashville, Tennessee.

Samara is projected to be complete in Q3 2025 and is leasing units.

For more information click here*

jwdyljxoxv2kneynolf2afuhjyyfagox8zm7kgme-752e743d1e6cda404dc8b667180ed780

The Bellevue

Hyattsville, MD

The Bellevue is a five-story, 362-unit multifamily community in the Hyattsville Crossing neighborhood in Hyattsville, MD.

The Bellevue is projected to be completed Q3 2025 and is leasing units.

For more information click here*.

*Please note the Inclusion of third-party sites is for informational purposes only and EJF is not responsible for the content therein.

EJF – A Trusted Partner

EJF’s investment platform, real estate expertise, regulatory knowledge, capital markets experience, partnerships and community bank network make it the partner of choice for investors seeking to benefit from QOZs.

Coen & Columbia

Vancouver, WA

The Exchange, Jacksonville, FL

Park Kennedy, Washington, DC

Seasoned Team

Founding members have worked together for 20+ years.
EJF’s dedicated real estate team has 55+ years of cumulative experience.

Real Estate Investment Expertise

Over $468 million of equity capital committed to Opportunity Zone investments.
Extensive network of partners and relationships in the private equity real estate sector.

Regulatory Specialists

DC Metro-headquartered team of professionals identifies regulatory catalysts and structural changes that produce investment opportunities.

Capital Markets Knowledge

Identify and unlock value by leveraging capital markets knowledge and experience.

Established Partnerships

Nationwide network of property owners and developers, construction and development lenders and real estate industry leaders.
Partnerships have allowed EJF to establish a systematic process for evaluating real estate opportunities as well as sourcing off market investment opportunities.

Bank Network

Active dialogue, investment and research in community banks.
Network for opportunity zone transaction sourcing, diligence and local knowledge.
Potential for financing efficiencies and incremental senior financing alternatives where there is Community Reinvestment Act (CRA) demand.

Firm & Investment Leadership

Manny Friedman

Co-Chief Executive Officer &
Co-Chief Investment Officer

Mr. Friedman co-founded EJF Capital LLC (“EJF”), a global institutional alternative asset management firm that has been at the forefront of regulatory, event-driven investing in financials and real estate.

Over the course of his 40+ year career in capital markets and asset management, Mr. Friedman has structured and built numerous innovative investment strategies that have focused on some of the most powerful trends in the financial sector driven by regulatory change. Mr. Friedman has been viewed by some as one of the thought leaders for the Opportunity Zone program, and he has spoken on the topic in many industry forums.

Prior to forming EJF, Mr. Friedman was a founder and the former Co-Chairman and Co-Chief Executive Officer of Friedman, Billings, Ramsey Group, Inc. (“FBR”). At FBR, Mr. Friedman assisted in designing property and mortgage REIT vehicles. 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.

Mr. Friedman received his BA in Education from the University of North Carolina at Chapel Hill and his JD from Georgetown University.

Neal Wilson

Co-Chief Executive Officer

Mr. Wilson co-founded EJF in 2005 and serves as its Chief Operating Officer. In addition to serving as the Chief Operating Officer for EJF, Mr. Wilson currently serves as the Chief Executive Officer of EJF Investments Manager LLC, the external manager to a closed-end fund listed on the London Stock Exchange (LSE: EJFI).

Prior to forming EJF, Mr. Wilson served as a senior managing director for both the Alternative Asset Investments and Private Wealth Management groups at FBR. Prior to joining FBR, he was a senior securities attorney at Dechert LLP and a Branch Chief in the Division of Enforcement at the US Securities and Exchange Commission in Washington, D.C. He is a member of the Board of Directors of Urban Exposure Finance Limited and a member of the Board of Trustees of Hood College. He served as a member of the Board of Trustees of Sidwell Friends School for five years until 2018. He also served as a member of the Board of Trustees for the Montgomery County (Maryland) Public Schools Employee Pension for nine years until 2013 and in 2014 received a Distinguished Service Award from Montgomery County for his contributions. In June 2014, Mr. Wilson served as Co-Chair of the Bridges Gala for the Marriott Foundation for People with Disabilities Bridges from School to Work Program. He received his BA from Columbia University and his JD from the University of Pennsylvania.

Jason Ruggiero

Senior Portfolio Manager,
Co-Chief Investment Officer

Mr. Ruggiero joined EJF at its founding in 2005 and is a member of the Executive Committee.

Prior to joining EJF, Mr. Ruggiero was an equity trader in FBR’s Alternative Asset Investment group, where he assisted Mr. Friedman in the day-to-day operations of FBR Ashton, L.P., a long/short hedge fund. In 2004, Mr. Ruggiero assumed co-portfolio manager responsibilities for FBR Ashton, L.P. Before joining FBR, Mr. Ruggiero was an auditor for Deloitte and Touche in Washington, DC, where he focused on the financial services industry. He holds a BBA in accounting from James Madison University and an MBA in finance from the University of Maryland.

Asheel Shah

Senior Managing Director,
Head of Real Estate Development

Mr. Shah joined EJF in 2018 as the Senior Managing Director, Head of Real Estate Development and has over 20 years of experience in the real estate industry.

Prior to joining EJF, Mr. Shah was the President and Chief Investment Officer of the Multifamily division at Kettler Inc. He also served as the Senior Vice President of Real Estate Investments. During his 11 years at Kettler, Mr. Shah oversaw acquisitions, asset management, development, construction, equity capital sourcing and was the primary point of contact for partner relationships. In addition, Mr. Shah determined the strategic direction for the Multifamily division while also acting as chair of the Kettler Investment Committee. Prior to joining Kettler, Mr. Shah worked at Monument Realty, BroadBand Office Inc. and CarrAmerica Realty Corp. Mr. Shah received his BS in Financial Management from St. Joseph’s University in Philadelphia, PA and an MBA in Corporate Finance from the University of North Carolina in Chapel Hill, NC. He is an active member of the Urban Land Institute and serves on its Washington District Council Advisory Board.

Regina Richardson

President,
Senior Portfolio Manager

Ms. Richardson joined EJF in 2006 and is a member of the Executive Committee.

Ms. Richardson serves as the head of Trading focusing primarily on fixed income and derivative trading, and oversees the equity and other asset class trading. Prior to joining EJF, she spent 15 years at FBR, most recently serving in the Alternative Asset Investment where she worked with Neal Wilson. Previously, Ms. Richardson was a Vice President in FBR’s institutional sales group covering high yield accounts and an analyst in the Financial Institutions Investment Banking group. Ms. Richardson holds a BS in Finance from West Virginia University.

Steve Stelmach

Senior Managing Director,
Portfolio Manager

Mr. Stelmach joined EJF in 2015 and is responsible for the analysis of U.S. and residential housing opportunities as well as assisting in the analysis of the insurance sector.

Prior to joining EJF, Mr. Stelmach spent 12 years at FBR as a senior analyst in the financial services research group. With over a decade of equity research experience, Mr. Stelmach has covered a broad array of companies and sectors throughout the financial services and housing industries, including government-sponsored entities, mortgage banking companies, small- and large-cap banks, homebuilders, mortgage and title insurance, broker-dealers and the single-family rental sector. Prior to FBR, Mr. Stelmach worked on the U.S. bank research team at UBS Securities LLC helping to cover mid- and large-cap banks. In 2013, Mr. Stelmach was recognized in The Wall Street Journal’s Best on the Street awards as the No. 2−ranked equity analyst overall in the U.S. and No. 1 analyst in the home construction and furnishings sector. Mr. Stelmach has also provided expert testimony before the United States House of Representatives regarding U.S. housing policy, as well as advising a number of government agencies on policies and regulations affecting both housing and capital markets. Mr. Stelmach received his BS in Finance from the University of Maryland, College Park.

*Opportunity Zone Investment Committee Member.

Investor Relations & Business Development

Derrick G. Preuss

Managing Director, Business Development

Mr. Preuss joined EJF in 2024. As a member of EJF’s business development team he is responsible for
building relationships with existing and prospective investors. Mr. Preuss brings with him over 19 years
of financial services experience. Prior to EJF, Mr. Preuss was a Partner at Winston Partners where he
spent nearly 13 years leading the firm’s business development efforts and supporting the firm’s client
service program. Mr. Preuss started his career at Merrill Lynch & Co., where he was a member of the U.S.
Prime Brokerage Sales team responsible for originating new financing relationships with hedge fund
managers while working closely with the broader global markets division to cross-sell Merrill Lynch’s
suite of products and services. Mr. Preuss received his BA in Economics from the University of Virginia.

David Gallagher

Director, Business Development

Mr. Gallagher joined EJF in 2025 and serves as a Director of Business Development. In this role, he is
responsible for cultivating relationships with existing and prospective institutional investors. He brings
over a decade of experience in financial services, with a focus on institutional equity sales, policy and
regulatory research, and capital markets distribution. Prior to joining EJF, Mr. Gallagher was a Managing
Director at Compass Point Research & Trading, where he worked in the Institutional Sales group. Before
that, he served as Director and Head of Capital Markets at Capstone LLC, advising institutional asset
managers on policy and regulatory developments affecting the public securities markets. Earlier in his
career, he served in institutional sales roles at FBR & T. Rowe Price. Since 2015, Mr. Gallagher has served
on the Board of the Marion I. & Henry J. Knott Foundation and is currently a member of its Investment and
Finance Committee. He holds a B.A. in Political Science from the University of the South: Sewanee.

Derrick Preuss,

Managing Director
Business Development

Mr. Preuss joined EJF in 2024. As a member of EJF's business development team he is responsible for building relationships with existing and prospective investors. Mr. Preuss brings with him over 19 years of financial services experience. Prior to EJF, Mr. Preuss was a Partner at Winston Partners where he spent nearly 13 years leading the firm's business development efforts and supporting the firm's client service program. Mr. Preuss started his career at Merrill Lynch & Co., where he was a member of the U.S. Prime Brokerage Sales team responsible for originating new financing relationships with hedge fund managers while working closely with the broader global markets division to cross-sell Merrill Lynch's suite of products and services. Mr. Preuss received his BA in Economics from the University of Virginia.

Steve Stelmach

Senior Managing Director,
Portfolio Manager

Mr. Stelmach joined EJF in 2015 and is responsible for the analysis of U.S. and residential housing opportunities as well as assisting in the analysis of the insurance sector.

Regina A. Richardson

President,
Senior Portfolio Manager

Ms. Richardson joined EJF in 2006 and is a member of the Executive Committee, EJF’s Risk Committee and ESG Committee.

Ms. Richardson serves as President of the firm and Senior Portfolio Manager of funds within the debt opportunities strategy. Ms. Richardson joined EJF as a trader focusing primarily on fixed income and derivative trading. She was later named Head of Trading, overseeing fixed income, equity, and other asset classes. Prior to joining EJF, she spent 15 years at FBR, most recently serving in the Alternative Asset Investment group. Previously, Ms. Richardson was a Vice President in FBR’s institutional sales group covering high yield accounts and an analyst in the Financial Institutions Investment Banking group. Ms. Richardson holds a BS in Finance from West Virginia University.

Neal J. Wilson

Co-Chief Executive Officer &
Co-Chief Investment Officer

Mr. Wilson is a founding member of EJF and serves as its Co-Chief Executive Officer and as a Co-Chief Investment Officer of EJF’s private markets products. In addition to serving as the Co-Chief Executive Officer for EJF, Mr. Wilson currently serves as the Chief Executive Officer of EJF Investments Manager LLC, the external manager to a closed-end fund listed on the London Stock Exchange. Mr. Wilson also serves as a member of EJF’s Risk Committee, Valuation Committee and ESG Committee.

Prior to forming EJF, Mr. Wilson served as a senior managing director for both the Alternative Asset Investments and Private Wealth Management groups at FBR. Prior to joining FBR, he was a senior securities attorney at Dechert LLP and a Branch Chief in the Division of Enforcement at the U.S. Securities and Exchange Commission in Washington, D.C. He is a member of the Milken Institute’s Executive Council for Inclusive Capitalism in Asset Management. He served on the Boards of Trustees of Sidwell Friends School (Washington, D.C.) and Hood College for five and nine years, respectively. He chaired the endowment investment committee at Hood during his entire tenure on the Board and served on the endowment investment committee of Sidwell Friends for over 10 years. He also served as a member of the Board of Trustees for the Montgomery County (Maryland) Public Schools Employee Pension for nine years until 2013 and in 2014 received a Distinguished Service Award from Montgomery County for his contributions. He received his BA from Columbia University and his JD from the University of Pennsylvania

Asheel Shah

Senior Managing Director,
Head of Real Estate Development

Mr. Shah joined EJF in 2018 and is a member of the Executive Committee. Mr. Shah is responsible for portfolio management activities for all real estate funds and has overall responsibility for acquisitions, financing, development, construction, and asset management related activities. In his role, Mr. Shah oversees EJF’s real estate investment strategy, capital allocation, and partnership initiatives across the firm’s real estate portfolio. Mr. Shah has over 25 years of experience in the real estate industry. Prior to joining EJF, Mr. Shah was the President and Chief Investment Officer of the Multifamily Division at Kettler Inc., a real estate development firm based in the Washington, DC metropolitan area. Mr. Shah earned his BS in Financial Management from St. Joseph’s University and an MBA in Corporate Finance from the University of North Carolina at Chapel Hill. He is an active member of the Urban Land Institute.

Jason M. Ruggiero

Co-Chief Investment Officer,
Senior Portfolio Manager

Mr. Ruggiero joined EJF at its founding in 2005 and is a member of the Executive Committee. Mr. Ruggiero serves as the primary portfolio manager for EJF’s equity focused strategies as well as the Co-Chief Investment Officer for EJF’s capital markets products. Mr. Ruggiero also serves as a member of EJF’s Risk Committee and ESG Committee. Mr. Ruggiero currently serves on the Board of Directors of Arlington Food Assistance Center and formerly served on the Board of Directors of FB Corporation in St. Louis, MO and TIG Bancorp in Denver, CO. He also formerly served as a member of the JMU College of Education Executive Advisory Council. Prior to joining EJF, Mr. Ruggiero was an equity trader in FBR’s Alternative Asset Investment Group, where he assisted Mr. Friedman in the day-to-day operations of FBR Ashton, L.P., a long/short hedge fund. In 2004, Mr. Ruggiero assumed co-portfolio manager responsibilities for FBR Ashton, L.P. Before joining FBR, Mr. Ruggiero was an auditor for Deloitte and Touche in Washington, DC, where he focused on the financial services industry. He holds a BBA in accounting from James Madison University and an MBA in finance from the University of Maryland.

Prior to joining EJF, Mr. Ruggiero was an equity trader in FBR’s Alternative Asset Investment Group, where he assisted Mr. Friedman in the day-to-day operations of FBR Ashton, L.P., a long/short hedge fund. In 2004, Mr. Ruggiero assumed co-portfolio manager responsibilities for FBR Ashton, L.P. Before joining FBR, Mr. Ruggiero was an auditor for Deloitte and Touche in Washington, DC, where he focused on the financial services industry. He holds a BBA in accounting from James Madison University and an MBA in finance from the University of Maryland.

Kevin Peterkin

Director,
Real Estate Development

Mr. Peterkin joined EJF in 2018 and is responsible for market, site and development feasibility analysis and is the primary point of contact for developer oversight during the predevelopment, construction, and turnover phases of real estate portfolio projects. He has over 30 years of real estate industry experience.

Prior to joining EJF, Mr. Peterkin was a Director of Multifamily Development at Kettler Inc., where he focused on market feasibility, site feasibility, underwriting, due diligence and development project management. Mr. Peterkin received his BA and MA in Geography from the University of Illinois and an MS in Real Estate from John Hopkins University.

David Gallagher

Director,
Business Development

Mr. Gallagher joined EJF in 2025 and serves as a Director of Business Development. In this role, he is responsible for cultivating relationships with existing and prospective institutional investors. He brings over a decade of experience in financial services, with a focus on institutional equity sales, policy and regulatory research, and capital markets distribution. Prior to joining EJF, Mr. Gallagher was a Managing Director at Compass Point Research & Trading, where he worked in the Institutional Sales group. Before that, he served as Director and Head of Capital Markets at Capstone LLC, advising institutional asset managers on policy and regulatory developments affecting the public securities markets. Earlier in his career, he served in institutional sales roles at FBR & T. Rowe Price. Since 2015, Mr. Gallagher has served on the Board of the Marion I. & Henry J. Knott Foundation and is currently a member of its Investment and Finance Committee. He holds a B.A. in Political Science from the University of the South: Sewanee.

Manny Friedman

Co-Chief Executive Officer &
Co-Chief Investment Officer

Mr. Friedman co-founded EJF Capital (“EJF”), a global institutional alternative asset management firm that has been at the forefront of regulatory, event-driven investing in financials and real estate.

Mr. Friedman received his BA in Education from the University of North Carolina at Chapel Hill and his JD from Georgetown University.

William J. Walsh

Managing Director
Head of Business Development

Mr. Walsh joined EJF in 2017 and brings with him 22 years of financial services experience. Mr. Walsh oversees EJF’s business development efforts and is responsible for building constructive relationships with existing and prospective investors. Prior to joining EJF, Mr. Walsh was a Managing Director in the Equity Sales Group at FBR for 18 years. While at FBR, Mr. Walsh served as a member of the Investment Committee that evaluated potential banking transactions and reviewed financial projections. While at FBR Capital Markets, Mr. Walsh was a senior member of the team responsible for raising approximately $22 billion of capital in over 70 private and public transactions since 2001. He previously worked on the trading floor of the Chicago Mercantile Exchange, focusing on Eurodollar futures. Mr. Walsh received his BA in Economics from the University of North Carolina.

Kevin Peterkin

Director,
Real Estate Development

News

EJF Capital Closes On $80 Million Loan to Support Nashville Multifamily Property in Qualified Opportunity Zone

www.businesswire.com

EJF Capital and North Signal Capital Secure $102 Million Refinancing for RiverPort Industrial Portfolio

www.businesswire.com

Crop growth firm plots new manufacturing facility with 52 workers

www.bizjournals.com

CBRE Arranges $32,840,000 Refinancing of New 226-Unit, on behalf of the borrower, an affiliate of Chance Partners and EJF OpZone Fund II

www.cbre.com

EJF Capital and Crimson Canyon Refinance Buckeye Warehouse Outside Phoenix, AZ

www.businesswire.com

EJF Capital and North Signal Capital Refinance RiverPort Building 4 at the RiverPort Commerce Park Near the Port of Savannah, GA

www.businesswire.com

EJF Capital and the NRP Group Close $61M Construction Loan for Hyattsville, Maryland Multifamily Development

www.businesswire.com

EJF Capital and North Signal Capital Close $75 Million in Construction Financing for Warehouses at RiverPort Commerce Park in Opportunity Zone

www.businesswire.com

EJF Capital and Toll Brothers Apartment Living Announce Joint Venture to Create 313-Unit Multifamily Community in Downtown Phoenix Opportunity Zone

www.businesswire.com

EJF Capital and Chance Partners Break Ground on 295-Unit Multifamily Community in Jacksonville, FL

www.businesswire.com

EJF Capital and Crimson Canyon Close $23.4 Million Construction Loan for a Warehouse in the Accelerating Phoenix Market

www.businesswire.com

EJF Capital and Chartwell Residential Close on $67 Million Construction Loan for Multifamily Development in Nashville, TN

www.businesswire.com

EJF Capital and Green Street Real Estate Ventures Partner to Develop Three Warehouse Buildings in St. Louis

www.businesswire.com

EJF Capital and Chance Partners Announce Plans for 295-Unit Multifamily Community in Jacksonville Opportunity Zone

www.businesswire.com

EJF Capital and Toll Brothers Apartment Living Announce Joint Venture to Develop Two-building, 218-unit Multifamily Community in Santa Ana, CA

www.businesswire.com

EJF Capital and Chance Partners Break Ground On 226-Unit Multifamily Community In Jacksonville, FL Opportunity Zone

www.businesswire.com

EJF Capital and North Signal Capital Complete $32 Million Construction Financing on Two Buildings at RiverPort Commerce Park in Opportunity Zone

www.businesswire.com

EJF Capital and Chartwell Residential Joint Venture to Develop Multifamily Apartments in Downtown Nashville Opportunity Zone

www.businesswire.com

EJF Capital, Chartwell to Invest $80M in Nashville OZ

www.multihousingnews.com

EJF Capital Raises Approximately $280 Million for Inaugural OpZone Fund

bizjournals.com

EJF Capital and Holland Partner Group Joint Venture to Acquire and Operate Two Buildings in Downtown Vancouver, WA

bizjournals.com

EJF Capital and Holland Partner Group to Develop 110-Unit Multi-Family, Mixed-Use Project in Downtown Vancouver, WA Opportunity Zone

bizjournals.com

Construction underway for San Marco Crossing apartments

jaxdailyrecord.com

EJF Capital and Chance Partners Acquire 284-unit Multifamily Housing Community in Jacksonville Opportunity Zone

bizjournals.com

Donatelli, Blue Skye Land Equity Partner for Hill East Opportunity Zone Project

bizjournals.com

Major Opportunity Zone Fund Invests in San Marco Crossing

bizjournals.com

Industrial park set for RiverPort

savannahnow.com

Exclusive: Tapping into opportunity zone, second Uptown Oakland hotel to break ground

bizjournals.com

Real estate investors see riches in a tax break meant to help the poor

bloomberg.com

Opportunity Zones offer powerful potential for investors and communities

forbes.com

Opportunity Zones are transforming places and people that have been capital starved for decades

thehill.com

Hogan to bolster “opportunity zones” with state investments

washingtonpost.com

Sen. Tim Scott Leads Bipartisan Effort Encouraging Treasury To Deliver On Opportunity Zone Rules Clarification

bisnow.com

Questions and Answers

blank

When is my tax liability due on the original capital gains I invested in EJF OpZone Fund I or Fund II?

All deferred capital gains invested in Qualified Opportunity Funds are subject to taxation in tax year 2026. Payment of this liability will be due in April 2027. Please consult with your tax adviser for details on your individual situation.

When will the Funds begin selling properties in the portfolios?

EJF OpZone Fund I: The Fund’s final close was on January 15, 2021, and its term ends in January 2031. At that time, the Fund will become eligible to sell assets. We anticipate the disposition process will take 1–2 years in order to maximize value and sell assets in an orderly manner.

EJF OpZone Fund II: The Fund’s final close was on August 1, 2023, and its term ends in August 2033. At that time, the Fund will become eligible to sell assets. We anticipate the disposition process will take 1–2 years in order to maximize value and sell assets in an orderly manner

What are the benefits of investing in Opportunity Zones under the TCJA legislation?

Investors in Qualified Opportunity Funds under the Tax Cuts and Jobs Act (“TCJA”) may benefit in three ways:

Tax deferral: Recognition of original capital gains is deferred until year-end 2026 (taxes payable in April 2027).
Partial tax forgiveness on original gains:
15% reduction if the investment was made by December 31, 2019 (held for 7 years).
10% reduction if the investment was made by December 31, 2021 (held for 5 years).
Tax-free appreciation: Capital gains from Qualified Opportunity Fund investments are exempt from federal tax if held for 10 years or longer (including potential elimination of depreciation recapture on real property).

When will I receive distributions?

Distributions vary by fund and depend on property performance and broader market conditions. Please refer to your most recent performance report for EJF’s outlook on future distributions specific to your fund.

How can I view the performance of my investment?

Your investor statement, capital balance, and capital activity are available on the EJF Investor Portal. If you require login assistance, please contact administration@ejfcap.com.

Do recent legislative updates (the “One Big Beautiful Bill”) impact my EJF OpZone investment?

No. The proposed legislation does not affect existing EJF OpZone Funds I or II. It only applies to Qualified Opportunity Funds formed under the new framework going forward.

Can I roll my gains from an existing EJF OpZone Fund into another OpZone Fund under the new legislation?

No. Gains realized within EJF OpZone Funds are not considered capital gains and therefore cannot be reinvested into a future Qualified Opportunity Fund.

When does the new Opportunity Zone legislation become effective?

Opportunity Zones 2.0 will take effect on January 1, 2027, and remain in place for a ten-year period.

Does EJF plan to launch another OpZone Fund under the new legislation?

EJF is currently evaluating its plans for future Opportunity Zone funds. If you would like to receive updates, please email ir@ejfcap.com to be added to our distribution list.

Learn, Share, Invest.

Please fill in the form below if you want to: learn more about opportunity zones, share an investment opportunity or invest.

If you are a current investor, please reach out to InvestorRelations@ejfcap.com.

Disclosures

This information shall not constitute a solicitation or an offer to buy or sell any security or service, or an endorsement of any particular investment strategy. Nothing in this material constitutes investment, legal, or other advice nor is it to be relied upon in making investment decisions. Offering of funds managed by EJF Capital LP (“EJF”) is made by private placement memorandum only.

Private funds may be deemed to be highly speculative investments and are not intended as a complete investment program. They are designed only for sophisticated investors who can bear the economic risk of the loss of their investment in a fund and who have limited need for liquidity of their investment. There can be no assurance that a private fund will achieve its investment objective.

It should be noted that a significant component of the investment opportunity described herein centers on rules and regulations relating to certain provisions of the United States internal revenue code, some of which are not finalized, and subject to change, and may not be applicable to certain investors. Nothing in this material constitutes tax, investment, legal, or other advice nor is it to be relied upon in making investment decisions. EJF does not provide legal or tax advice to investors. Prior to investing, prospective investors should consult with legal counsel and a tax adviser. We expressly disclaim any liability whatsoever for any loss arising from or in reliance upon the whole or any part of the content herein. The views expressed herein represent the opinions of EJF, and are not intended as a forecast or guarantee of future results.

The information herein may include statements of future expectations, estimates, projections, models, forecasts, scenarios, and other forward-looking statements (collectively “Statements”). The Statements provided are based on EJF’s beliefs, assumptions and information available at the time of issuance. As a result, all the information contained in this website, including the Statements, is inherently speculative and actual results or events may differ materially from those expressed or implied in such Statements. Therefore, this information, as well as the Statements, cannot be relied upon for any purpose other than the current illustrative one.

Certain information contained herein has been provided by outside parties or vendors. Although every effort has been made to ensure the information herein contained is, or is based on, sources believed by EJF to be reliable, no guarantee is made as to its accuracy or completeness. Accordingly, EJF has relied upon and assumed, without independent verification, the accuracy and completeness of all information available to it. EJF expressly disclaims any liability whatsoever for any loss arising from or in reliance upon the whole or any part of the content herein.

The information herein may include figures, statements, opinions, analysis, or other information (collectively, “Information”) that paraphrase, summarize, abbreviate, or are otherwise reductive to the complete set of facts and events that transpired. The Information provided are based on EJF’s beliefs, assumptions and information available at the time of issuance, and are subject to change. Accordingly you are encouraged to conduct your own independent review of the Information before making any investment decisions. EJF expressly disclaims any liability whatsoever for any loss arising from or in reliance upon the whole or any part of the content herein.

The Information and Statements presented in this website are not comprehensive of the investments and strategies referenced, and are solely for illustrative purposes. Therefore, this website, as well as the Statements and Information, cannot be relied upon for any purpose other than the current illustrative one.

EJF cannot guarantee that the investments and/or transactions described in this website will be purchased or effected as described. EJF clients may already own investments that advance or conflict with any strategies described herein. The specific securities identified and described in this website do not represent all of the securities purchased, sold, or recommended by EJF to the Fund, and the reader should not assume that investments in the securities identified and discussed were or will be profitable. This website shall not in any event be deemed to be complete and exhaustive information on the subjects covered.

The illustrative examples contained in this presentation attempt to portray the potential performance differential between an investment of capital gains placed in a qualified opportunity zone contrasted with an investment of available capital gains into a non-qualified opportunity zone. All examples assume a 10% annualized gross performance return at the investment level that is reinvested into the project for the life of the investment (2020-2028), federal long-term and short-term capital gains tax rates of 23.8% and a state capital gains tax rate of 5%. The models reflect current regulations, which require gains that have been previously deferred through an investment in a qualified opportunity fund, to be recognized on or before December 31, 2026. For ease of presentation and calculation, we have reflected this as a reduction in the value of the qualified opportunity fund investment in the returns portrayed. It should be noted rules and regulations surrounding qualified opportunity zones are subject to change and nothing in this material constitutes tax, investment, legal, or other advice nor is it to be relied upon in making investment decisions. EJF does not provide legal or tax advice to investors. Prior to investing, prospective investors should consult with legal counsel and a tax adviser.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS, WHICH MAY VARY

Privacy Policy

EJF Capital LP (“EJF”) chooses how it shares your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

Collection of Information

EJF collects your personal information when you invest in a product managed by the firm and complete account opening documents for an investment management agreement or a fund subscription form. We may also collect your personal information from credit bureaus and other forms completed by you.

What Information is Collected

The types of personal information we collect depend on the products or services you have with us. This information may include but is not limited to your: social security number, address, email address, age, home/cell phone numbers, assets, income information, and your net worth.

What We Do With Your Information

All financial companies need to share customers’ personal information to run their everyday business. In the sections below, we list the reasons financial companies can share their customers’ personal information; the reasons EJF chooses to share; and whether you can limit this sharing. EJF may share your personal information for everyday business purposes, such as to process your transactions, maintain your account(s), respond to court orders, subpoenas, legal investigations, and regulatory inquiries. Additionally, the firm may use your personal information to offer our products and services to you. We may also provide your personal information to our third party vendors to process transactions on your behalf or to address other issues related to your account.

Security of Client Information

To protect your personal information from unauthorized access and use, EJF restricts access to your personal information to those employees and third party vendors who must have the information to provide products and services to you. Additionally, EJF maintains physical, electronic, and procedural safeguards that protect your personal information. EJF’s agreements with third party vendors require that they respect the confidentially of your nonpublic personal information.

Can Client Limit All Sharing of Information

Federal and state laws give you the right to limit sharing of your information about your credit-worthiness with our affiliates; and affiliates and non-affiliates from using your information to market to you. We do not collect customer credit information.

Cookie Policy

This is the cookie notice of EJF Capital LP and its affiliates for our website www.ejfopzone.com. We want to ensure that you enjoy browsing our website. In order to enhance your experience, we place cookies onto your computer. Cookies are text files containing small amounts of information which are downloaded to your device when you visit a website.

Cookies are then sent back to the originating website on each subsequent visit, or to another website that recognizes that cookie. Cookies are useful because they allow a website to recognize a user’s device and target the content displayed to the user’s interests.

By using our websites you agree that, unless you have set your device’s browser to reject them, we can place the types of cookies set out below on your device and use that data in accordance with this policy.

You can find more information about cookies at www.allaboutcookies.org.

Do we use cookies on our websites and, if so, why?

Yes. By using our websites you agree that, unless you have set your device’s browser to reject them, we can place the types of cookies set out in the table below on your device, and use that data in accordance with this policy.

We use cookies (including HTTP, HTML5 and Flash cookies) and similar technologies (such as web beacons and JavaScript) to: (i) customize and improve the users’ experience of our websites; (ii) deliver content tailored to the users’ interests and the manner in which they browse our websites; and (iii) manage our websites and other aspects of our business.

Are cookies safe?

Yes, they are. Cookies are small text files. They can’t look into your computer or read any personal information or other material on your hard drive. Cookies can’t transmit viruses or install anything harmful on your computer.

Disclaimer

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE RESULTS. USERS OF THIS WEBSITE SHOULD BE ADVISED THAT THERE IS THE RISK OF LOSS AS WELL AS THE OPPORTUNITY FOR GAIN BY INVESTING WITH EJF CAPITAL LP.

Terms of Use

THE WEBSITE USER SHOULD READ THESE TERMS CAREFULLY BEFORE USING THE SERVICES DESCRIBED HEREIN. BY USING THIS SITE YOU ACKNOWLEDGE THAT YOU HAVE READ THESE TERMS AND THAT YOU AGREE TO BE BOUND BY THEM. AS A RESULT, YOU ARE AN AUTHORIZED USER (“USER”) OF THE INFORMATION LOCATED UNDER THE DOMAIN WWW.EJFCAP.COM (“WEBSITE”). IF YOU DO NOT AGREE TO ALL OF THE TERMS OF THIS AGREEMENT, YOU ARE NOT A USER AND ARE PROHIBITED FROM ACCESSING THE WEBSITE AS WELL AS VIEWING, DISSEMINATING OR USING THE INFORMATION CONTAINED THEREIN.

Modification of Terms

This Website is owned and operated by EJF Capital LP (“EJF”). EJF reserves the right, in its sole discretion, to modify, change, add, or remove portions of these terms at any time. EJF suggests that the User of the Website periodically check these terms for modifications. Any changes, modifications, or additions to, or deletions from these terms shall be effective upon posting on this Website. If the User accesses this Website after EJF posts changes to the terms, the User accepts the terms as changed. EJF reserves the right to monitor any use of this Website. The terms can be accessed from the link at the bottom of the Website page.

Intended Audience

This information was prepared exclusively for the benefit and internal use of the party to whom EJF has provided it, and may not be published or disclosed, in whole or in part, to any other party. The information provided on the Website is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation, or which would subject EJF or its affiliates to any registration requirement within such jurisdiction or country.

Disclaimer

Nothing reflected on this Website shall constitute tax, legal, insurance, or investment advice. Neither the information, nor any opinion, contained on this Website constitutes a solicitation or offer by EJF or its affiliates to buy or sell any fund or other financial instruments, nor shall any such fund or other financial instrument be offered or sold to any User in any jurisdiction in which such offer, solicitation, purchase, or sale would be unlawful under the securities laws of such jurisdiction. Decisions based on information reflected on this Website are the sole responsibility of the User viewing the site. In exchange for the ability to use this Website, the User viewing the information on the site agrees to indemnify and hold EJF, its officers, directors, employees, affiliates, agents, licensors and suppliers harmless against any and all claims, losses, liability, costs and expenses (including but not limited to attorneys’ fees) arising from the use of this Website, from the violation of these terms or from any decisions that the User viewing the Website makes based on such information. Furthermore, information contained on this Website is subject to change and are as of the date listed therein.

No Offer or Advice

This Website does not constitute an offer to sell or a solicitation of an offer to buy any fund that may be referenced on or through this Website. Nor does this Website constitute an offering or recommendation by EJF of any security, investment management service, or advisory service. EJF does not provide investment advice, tax advice, or legal advice through this Website, and the User agree that this Website will not be used by the User for such purposes. EJF does not represent that the funds, or services discussed on this Website are suitable for any particular investor. The User acknowledges that its requests for information are unsolicited, and the provision of any information through this Website shall not constitute or be considered investment advice, or an offer to buy or sell a particular fund. The strategies presented are not comprehensive. For a full list of funds, services, products offered by EJF, please consult with EJF’s Form ADV and contact EJF.

Links to Other Internet Sites

At certain places on this site, live “links” to other Internet addresses can be accessed (“Linked Sites”). Such Linked Sites contain information created, published, maintained, or otherwise posted by institutions or organizations independent of EJF. EJF does not endorse, approve, certify or control these Linked Sites and does not guarantee the accuracy, completeness, efficacy, timeliness or correct sequencing of information that they contain. Use of Linked Sites is voluntary, and should only be undertaken after an independent review of the accuracy, completeness, efficacy and timeliness of information contained therein. In addition, it is the user’s responsibility to take precautions to ensure that material selected from such Linked Sites is free of such items as viruses, worms, Trojan horses and other items of a destructive nature. EJF is not responsible for, and expressly disclaims all liability for, damages of any kind arising out of the use of such Linked Sites, or reference to or reliance on information contained therein.

Password Security

To gain access to the Website, the User must enter a User ID and password. The User may not obtain unauthorized access to such parts of the Website, or to any other protected materials or information, through any means not intentionally made available by EJF for the User’s specific use. If the User has a password to access non-public areas of the Website, the User is solely responsible for all activities that occur in connection with the User’s password. Additionally, the User should take steps to protect the confidentiality of its password. After receiving authorization from the User, EJF will provide parties such as the User’s accountant, tax professional, etc. with a different password that will allow them to view their information. The User should contact EJF immediately if it becomes aware of any disclosure, loss, theft or unauthorized use of its password.

Termination

EJF reserves the right to terminate a User’s access to the Website for any reason, without prior notice.

GOVERNING LAW

These terms will be governed and construed under the laws of the state of Delaware without regard to its conflict of law principles, regardless of whether the User resides in Delaware or transacts business with EJF in Delaware or elsewhere. Nothing in these terms creates any rights or protections that the User is not already entitled to by law. If any part of these terms is held invalid or unenforceable, that part will be deemed modified as necessary to make it effective, and the remaining provisions of these terms will remain in effect.

This website is intended solely for the use of the party to whom EJF Capital LP (“EJF”) has provided it, and is not to be reprinted or redistributed without the express permission of EJF. This document is intended for informational purposes only, and shall not constitute a solicitation or an offer to buy or sell any security or service, or an endorsement of any particular investment strategy. Offering of any EJF fund is made by private placement memorandum only, which contains certain terms, risk factors and material disclosures associated with an investment in such fund. The funds and strategies presented are those focused on illiquid strategies and are not comprehensive. For a full list of funds, services, products offered by EJF, please consult with EJF’s Form ADV and contact EJF.

EJF Opportunity Zone Strategy

Private Capital Making a Difference in Emerging Neighborhoods

Investing in OpZones May Defer and Reduce Current Capital Gains Tax and Eliminate Future Capital Gains Tax

Investments

blank

What is a Qualified Opportunity Zone?

What Are the Potential Tax Benefits?

What Are the Differences Between OpZone 1.0 (TCJA) and OpZone 2.0 (OBBB)?

Current Portfolio

Moxy Hotel

Oakland, CA

Riverport

Savannah, GA

Park Kennedy

Washington, D.C.

The Exchange

Jacksonville, FL

San Marco Promenade

Jacksonville, FL

Block 10

Vancouver, WA

Coen & Columbia

Vancouver, WA

Barlow

Jacksonville, FL

Rafferty

Santa Ana, CA

Eastborough

Jacksonville, FL

The Jack on Beach

Jacksonville, FL

Samara

Nashville, TN

The Bellevue

Hyattsville, MD

EJF – A Trusted Partner

Seasoned Team

Real Estate Investment Expertise

Regulatory Specialists

Capital Markets Knowledge

Established Partnerships

Bank Network

Firm & Investment Leadership

Manny Friedman*

Manny Friedman

Neal Wilson

Neal Wilson

Jason Ruggiero

Jason Ruggiero

Asheel Shah

Asheel Shah

Regina Richardson

Regina Richardson

Kevin Peterkin

Kevin Peterkin

Steve Stelmach

Steve Stelmach

Investor Relations & Business Development

William Walsh

William J. Walsh

Derrick Preuss

Derrick G. Preuss

David Gallagher

David Gallagher

Derrick Preuss,

Managing DirectorBusiness Development

Steve Stelmach

Senior Managing Director, Portfolio Manager

Regina A. Richardson

President, Senior Portfolio Manager

Neal J. Wilson

Co-Chief Executive Officer & Co-Chief Investment Officer

Asheel Shah

Senior Managing Director,Head of Real Estate Development

Jason M. Ruggiero

Co-Chief Investment Officer,Senior Portfolio Manager

Kevin Peterkin

Director,Real Estate Development

David Gallagher

Director,Business Development

Managing Director
Business Development

Senior Managing Director,
Portfolio Manager

President,
Senior Portfolio Manager

Co-Chief Executive Officer &
Co-Chief Investment Officer

Senior Managing Director,
Head of Real Estate Development

Co-Chief Investment Officer,
Senior Portfolio Manager

Director,
Real Estate Development

Director,
Business Development

Co-Chief Executive Officer &
Co-Chief Investment Officer

Managing Director
Head of Business Development

Director,
Real Estate Development