UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM ABS-15G

ASSET-BACKED SECURITIZER
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:

[_] 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): [_]

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

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: 0001353254

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

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

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.

EXHIBIT INDEX

Exhibit 99.1

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:

 

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:

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

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

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

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.

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

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
November 14, 2025