Phh Corp (PHH) Shares Are Way Too Cheap For Emanuel Friedman

1

NAMES OF REPORTING PERSONS

I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

EJF Capital LLC

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)

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(b)

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3

SEC USE ONLY

4

SOURCE OF FUNDS (SEE INSTRUCTIONS)

OO (See Item 3)

5

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)

☐

6

CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH

7

SOLE VOTING POWER

None

8

SHARED VOTING POWER

5,292,329

9

SOLE DISPOSITIVE POWER

None

10

SHARED DISPOSITIVE POWER

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

5,292,329

12

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

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13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

9.9% (1)

14

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

IA

(1)

Based upon 53,612,270 shares of Common Stock, par value $0.01 per share (“Common Stock”) outstanding as of March 10, 2017, as disclosed in the Issuer’s Preliminary Proxy Statement on Schedule 14A filed with the U.S. Securities and Exchange Commission (“SEC”) on March 15, 2017.