Latest news with #EJF
Business Wire
6 days ago
- Business
- Business Wire
EJF Capital Closes Securitization of a $150 Million Commercial Real Estate Loan Originated by Third Coast Bank
ARLINGTON, Va.--(BUSINESS WIRE)--EJF Capital LLC ('EJF Capital'), a global alternative asset management firm with approximately $5.3 billion of assets under management, today announced that it has completed a $150 million securitization transaction for Third Coast Bank, a Texas banking association and wholly owned bank subsidiary of Third Coast Bancshares, Inc. (NASDAQ: TCBX). The transaction follows EJF Capital's April 9, 2025 announcement of the completion of a separate $100 million securitization transaction for Third Coast Bank. The April transaction was secured by interests in a portfolio of eleven Residential Master Planned Communities under development in the Houston, Dallas and Austin metropolitan areas of Texas. Manny Friedman, Co-Founder and Co-Chief Executive Officer of EJF, said, 'We are pleased to once again structure and sponsor a securitization transaction for Third Coast Bank that will reduce the bank's risk-weighted assets under applicable risk-based capital rules, while helping to further diversify the bank's on-balance sheet loan portfolio. We are proud to serve as the flexible capital solution provider of choice to Third Coast Bank and other U.S. bank management teams seeking innovative de-risking solutions.' Mayer Brown LLP acted as legal counsel to EJF Capital and its affiliates on the transactions. Cadwalader, Wickersham & Taft LLP acted as legal counsel to Third Coast Bank on the transactions. About EJF Capital EJF Capital LLC ('EJF') is a global alternative asset management firm focused primarily on regulatory event-driven investing within the financial sector. EJF was founded by Manny Friedman and Neal Wilson in 2005 and is headquartered just outside of Washington, D.C., with an additional research office in London. As of March 31, 2025, EJF manages approximately $5.3 billion, including $2.9 billion in CDO assets through affiliates, across a diverse group of alternative asset strategies. EJF's approach combines investment expertise across the capital structure with a corporate finance focus to unearth creative solutions for investing in complex, mispriced securities and other assets. To learn more, please visit and please read additional Risks and Limitations located here. About Third Coast Bancshares, Inc. Third Coast Bancshares, Inc. is a commercially focused, Texas-based bank holding company operating primarily in the Greater Houston, Dallas-Fort Worth, and Austin-San Antonio markets through its wholly owned subsidiary, Third Coast Bank. Founded in 2008 in Humble, Texas, Third Coast Bank conducts banking operations through 19 branches encompassing the four largest metropolitan areas in Texas. Please visit for more information.
Yahoo
6 days ago
- General
- Yahoo
Tenants say church took down Pride decorations at DC apartment building
WASHINGTON (DC News Now) — The District is decorated for WorldPride with rainbow bunting and banners everywhere. But there's conflict and confusion at an apartment building in Northwest. Renters at 2014 13th Street said they got a reprieve to keep their decorations, only to see them ripped down. 'We just decided it's WorldPride. So I asked the girls–it's a three-unit building–I asked them if they were interested in doing it. They were really excited about it. So I bought some decorations and I put them up,' said tenant Jay Richards. Confusion, concern around Dupont Circle ahead of big WorldPride weekend Hours after Richards put them up, management company EJF Rentals told the renters they had to take them down by June 1 because the decorations were not 'in line with property guidelines.' Richards pushed back, but EJF said there was a provision in the lease that they couldn't decorate in shared exterior spaces. They were given a deadline of Tuesday, June 3, at 1 p.m. to take down the decorations or have them removed. 'I want to be a good neighbor. You know, we are willing to take them down right after Pride,' Richards said. 'I wanted to leave them up all month.' After DC News Now reached out, EJF said they could keep it up through Monday as a compromise. EJF Real Estate Services is proud to support the LGBTQ+ community. We've been an official sponsor of the DC Pride Parade for many years and will be out there again this Saturday with our staff and company van, standing for inclusion, respect, and community. We manage 2014 13th Street NW on behalf of the adjacent church, which owns the property. As the property manager, we are responsible for enforcing the lease, which includes a provision restricting decorations in shared exterior spaces. We've heard directly from residents who requested to keep their Pride decorations up through the weekend in celebration of the parade, with a commitment to remove them by Monday. While we remain mindful of our responsibility to both the lease and our client, we believe this is a respectful and reasonable approach. EJF will not be removing the decorations ourselves and is honoring the residents' plan, trusting they will follow through as promised. We respect the rights of our clients and the obligations of the lease, and we also believe in supporting thoughtful, inclusive communities. In this case, we are doing our best to navigate both. EJF stands with our owners, residents, and broader community as we continue to work towards fostering respectful and inclusive environments. Matthew Greeves, Founder, EJF Man seen tearing down Dupont Circle Pride decorations; DC police investigating But the building is owned by Walker Memorial Church, right next door. Tuesday night at 7:20 p.m., the church's custodian walked over and cut down the decorations that extended from the front door to the fence and along the fence. Richards took video as it happened. 'We've been really friendly with the custodian himself. And I just feel awful,' Richards said. 'I feel awful for him. I mean, I guess he had to do his job, but that was, it was just awful to see.' Richards said it's important to celebrate who he is and the community at large, especially when many people in the LGBTQ community are under attack. 'The management company told us that they wouldn't tear it down. But I guess the church decided they had to tear it down and they tore it down,' Richards said. Richards said they also put these American flags in the ground along with the Pride decorations. The American flags were left behind. Richards is looking forward to the weekend with friends from out of town. 'I'm just looking forward to a good energy in a time that feels like a lot of people, including myself, are under attack,' Richards said. Walker Memorial Baptist Church sent an email late Tuesday night to renters: Good evening Tenants of 2014 13th Street, NW: We write to notify you that the decorations placed outside of the property are in the process of being and will be removed. Decorations on the outside of the property or common areas regardless of the event, holiday, season, occasion, or reason violate the lease terms. You were notified of this violation on Thursday, May 29, 2025, and asked to remove the decorations by June 1, 2025. You refused to remove the decorations. You were then provided an extension to remove the decorations by Tuesday, June 3, 2025, by 1 pm. You again refused to comply, and instead interfered with and obstructed the process of removal. This is not about subject matter. The mission of the Walker Memorial Baptist Church is a prayerful congregation, walking in the spirit, bringing souls to Christ. That is our focus. We seek unity, not division, through our lease requirement that there be no decorations on the outside of the property or common areas. In doing so, we avoid arbitrary decision-making and the need to distinguish between the content or subject matter of any decorations. Otherwise, this would necessarily distract from our mission, tenants' peace (including future tenants) at the property, neighbors, and our work and presence in the community. Going forward, we kindly request that you abide by the lease terms. Walker Memorial Baptist Church Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
NBC News
25-02-2025
- Politics
- NBC News
Chinese fishing vessels used North Korean crews in breach of U.N. bans, report says
SEOUL, South Korea — A fleet of Chinese fishing vessels used North Korean crews from 2019 to 2024 in violation of U.N. bans, and many people were apparently subjected to abuses including being trapped at sea for years, a report said Monday. The Environmental Justice Foundation, a London-based group specializing in environmental and human rights issues, said it identified the presence of North Koreans on 12 Chinese tuna long-liners operating in the southwest Indian Ocean. The report was based mostly on interviews with 19 Indonesians and Filipinos who worked alongside them. 'The testimony received from Indonesian and Filipino crew members suggests that concerted efforts were made to hide the presence of North Koreans on these vessels, and that those North Koreans on board were forced to work for as many as 10 years at sea — in some instances without ever stepping foot on land,' the report said. 'This would constitute forced labor of a magnitude that surpasses much of that witnessed in a global fishing industry already replete with abuse,' it added. The group said the North Koreans were passed from vessel to vessel to prevent them from returning to land. It cited unidentified Asian crew members as saying their North Korean shipmates were not allowed to use mobile phones or leave vessels during port visits. The group said it was unable to estimate the number of North Koreans aboard the Chinese vessels because of the transfers. The use of North Korean crew would be a breach of 2017 U.N. Security Council resolutions that required member states not to issue work permits to North Koreans and to repatriate all remaining North Korean workers from their territories by the end of 2019. The sanctions were adopted after North Korea conducted nuclear and long-range missile tests in violation of earlier council resolutions. The group said the use of North Korean crews also appears to have bypassed legal frameworks in Britain and the European Union designed to prevent goods produced by North Koreans from entering their supply chains. The EJF said that it also found ships that were suspected of collecting fish from the Chinese vessels had entered key markets in Asia including Japan, Taiwan and South Korea. Along with Russia, China is suspected of not fully enforcing U.N. sanctions on North Korea and has vetoed U.S.-led efforts to toughen U.N. sanctions on North Korea despite its banned weapons tests. Asked about the EJF report, Chinese Foreign Ministry spokesperson Lin Jian told a briefing Monday that he was not not familiar with it but said China carries out offshore fishing in accordance with laws and regulations. Lin said China's relevant cooperation with North Korea is also conducted 'within the framework of international law.' The EJF said it was the first time North Korean labor had been publicly documented on a distant-water fishing vessel. Before the 2019 U.N. deadline, tens of thousands of North Koreans were reported to be working abroad, mostly at factories and restaurants in China and logging camps and construction sites in Russia, to bring in much-needed foreign currency. North Korean workers abroad were in general under the constant surveillance of their country's security agents, toiled more than 12 hours a day and took home a fraction of their salaries, with the rest going to their government, according to defectors and experts. Despite the U.N. ban, South Korean officials and experts believe a large number of North Korean workers remain engaged in economic activities around the world and transmit money that is used in the North's nuclear weapons programs.
The Guardian
24-02-2025
- Politics
- The Guardian
Chinese fishing fleets using North Korean forced labour in potential breach of sanctions, report claims
Chinese fishing fleets are allegedly using North Korean forced labour, a potential breach of international sanctions, with workers allegedly kept at sea for up to a decade, according to a new report by the UK-based Environmental Justice Foundation (EJF). The report, published on Monday, has identified at least 12 Chinese deep-water fishing vessels that employed North Korean crew between 2019 and 2024. There are strict international sanctions on United Nations member countries using North Korean labour. Adopted by the UN security council, the sanctions are designed to curtail Pyongyang's program of exporting labour and goods to raise funds for its weapons programs. Some North Korean crew were allegedly kept at sea for up to a decade, transferred from vessel to vessel and often temporarily transferred to other ships to avoid being detected at foreign ports, with their salary given to their government. EJF identified the North Korean crew through photos, video, and interviews with 19 Indonesian and Filipino fishers who worked alongside them in the Indian Ocean. The North Koreans described in the EJF report were likely sent to work on the boats by their government, which is known to export its citizens as labourers. It is one of several forms of forced labour which the UN office of the human rights high commission says has become 'deeply institutionalised' in the closed-off authoritarian country. 'Some of the North Korean crew told me that they work on Chinese fishing vessels to escape from military conscription,' one Indonesian fisher told the Guardian. 'There are only two choices, to support the government by working in plantations or a government enterprise, or to work abroad on Chinese fishing vessels.' 'My [North Korean] friend told me was that in seven years working on fishing vessels, they and their family were never given the money. The government takes the money and once they return the government builds them a house as compensation. They were not happy about the arrangement but they don't have any option.' The fishers also described multiple at-sea transfers of the North Koreans and alleged attempts to hide them from detection by temporarily moving them to another vessel before going in to port. Sign up for Guardian Australia's breaking news email 'This indicates that vessel captains, and likely vessel owners, were aware that the use of this labour was prohibited,' said EJF. In 2022 six North Koreans and a Chinese boat captain were arrested in Mauritius for allegedly refusing to report the North Koreans' entrance to the country. Sign up to Breaking News Australia Get the most important news as it breaks after newsletter promotion The sanctions against North Korean labour prohibit UN and EU member states from issuing work permits to North Korean nationals and ban UN member states from acquiring seafood originating from North Korea or its nationals, and on UN member states nationals from procuring any. A UN security council resolution also required all UN member states to expel any North Korean workers by 2019. But the use of North Korean labour continues, and China is a key destination for North Korean workers sent abroad. Last year it was revealed tens of thousands had been sent to work in Chinese factories and seafood processing plants, with widespread allegations of abuse and exploitation. China's deep sea fishing fleet is the largest in the world and has been accused of widespread abuse and exploitation of crew members and illegal fishing practices. Steve Trent, chief executive of EJF, said there needed to be more collective responsibility taken for ensuring transparency in supply chains, to avoid products 'tainted by modern slavery'. 'Failure to take the necessary, low- or no-cost steps to end this outlined by the charter for fisheries transparency, from mandatory transmission of AIS signals to the elimination or close monitoring of trans-shipment, means turning a blind eye to extreme, avoidable suffering.' Additional research by Jason Tzu Kuan Lu
The Independent
24-02-2025
- Politics
- The Independent
North Koreans forced to work on Chinese tuna ships for years without seeing land
Chinese distant-water fishing vessels employed North Korean crews between 2019 and 2024, violating UN sanctions, a report has revealed. The Environmental Justice Foundation (EJF) report also alleges the workers were subjected to human rights abuses, including being trapped at sea for years. The London-based group, which focuses on environmental and human rights issues, identified North Korean workers on 12 Chinese tuna long-liners operating in the southwest Indian Ocean. The report was based on interviews with 19 Indonesian and Filipino crew members who worked alongside the North Koreans. The report stated that there were 'concerted efforts to hide the presence of North Koreans on these vessels'. It also said that 'North Koreans on board were forced to work for as many as 10 years at sea – in some instances without ever stepping foot on land'. 'This would constitute forced labour of a magnitude that surpasses much of that witnessed in a global fishing industry already replete with abuse.' The EJF said the North Koreans were transferred between vessels to prevent them from returning to land, and that they were not allowed to use mobile phones or leave their ships during port visits. EJF said it wasn't able to estimate the number of North Koreans aboard the Chinese vessels because they were all transferred to sister vessels. The use of North Korean crew is a breach of a 2017 UN Security Council resolution that required member states not to issue work permits to North Koreans and repatriate all remaining North Korean workers from their territories by the end of 2019. The sanctions were adopted after North Korea tested a long-range missile in violation of other UN Security Council resolutions. EJF said the use of North Korean crew also appears to have bypassed legal frameworks in the US and the European Union designed to prevent goods produced by North Koreans from entering their supply chains. Along with Russia, China is suspected of not fully enforcing UN sanctions on North Korea and has vetoed US-led efforts to toughen UN sanctions on North Korea despite its banned weapons tests. China's Foreign Ministry did not comment immediately. Before the 2019 UN deadline, tens of thousands of North Koreans were working abroad, mostly at factories and restaurants in China and logging camps and construction sites in Russia, to bring in much-needed foreign currency. EJF said it's the first time that North Korean labour has been publicly documented on a distant-water fishing vessel. North Korean workers abroad were in general under the constant surveillance of their country's security agents, toiled more than 12 hours a day and took home only a fraction of their salaries, with the rest going to their government, according to defectors and experts. Despite the UN ban, South Korean officials and experts believe that a large number of North Korean workers remain engaged in economic activities around the world and transmit money that is used in the North's nuclear weapons programs.
