Ellington Financial Inc.

Listed Company

EFCCIK 0001411342NYSELarge AcceleratedReal EstateDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$118.74M

Total Assets

$19.35B

Equity

$1.83B

Shares Out

124.65M

Op. Cash Flow

$-925.46M

Business

Ellington Financial Inc. acquires, manages, and finances a diversified portfolio of mortgage-related, consumer-related, corporate-related, and other financial assets on behalf of its stockholders. It invests in and trades residential and commercial mortgage loans, Agency and non‑Agency RMBS, CMBS, retained securitization tranches, reverse mortgage loans and MSRs, consumer ABS, CLOs, corporate debt and equity, derivatives, and strategic equity/debt stakes in loan originators. The company operates through two reportable segments: the Investment Portfolio Segment and the Longbridge Segment (originations and servicing of reverse mortgage products). Its activities are primarily conducted in the United States and Europe and sourced through capital markets, securitizations, repo financing, flow agreements with originators, and direct origination and servicing channels.

Summary from filing dated 2025-03-03

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Interest income	494	416	370	282	176
Interest expense	−305	−280	−262	−142	−44
Total net interest income	190	136	108	140	131
Realized gains (losses) on securities and loans, net	12	−51	−94	−105	5
Realized gains (losses) on financial derivatives, net	−6	−16	40	120	12
Realized gains (losses) on real estate owned, net	−8	−6	−5	490,000	2
Realized Gains (Losses) on Unsecured Borrowings, at fair value, net	−1	0	0	—	—
Unrealized gains (losses) on securities and loans, net	134	109	171	−476	−31
Unrealized gains (losses) on financial derivatives, net	−51	57	−15	54	10
Unrealized gains (losses) on real estate owned, net	−5	632,000	2	−485,000	−1
Unrealized gains (losses) on other secured borrowings, at fair value, net	−93	−36	−52	258	16
Unrealized gains (losses) on unsecured borrowings, at fair value, net	−11	−9	146,000	18	0
Net change from HECM reverse mortgage loans, at fair value	708	637	504	199	0
Net change related to HMBS obligations, at fair value	−585	−546	−452	−162	0
Business Combination, Bargain Purchase, Gain Recognized, Amount	0	0	28	8	0
Other, net	52	29	41	5	7
Total other income (loss)	146	169	169	−80	20
Base management fee to affiliate (Net of fee rebates of $744, $297, and $473, respectively)(1)	25	24	20	17	13
Incentive Fee Expense	5	0	0	0	16
Servicing expense	29	24	20	8	4
Debt issuance costs related to Other secured borrowings, at fair value	10	7	0	6	5
Debt Related Commitment Fees and Debt Issuance Costs	6	0	0	—	—
Debt Issuance Costs Related to Unsecured Borrowings, at Fair Value	6	0	0	4	0
Other	36	26	17	13	9
Professional fees	13	11	21	6	5
Compensation and benefits	84	69	78	21	7
Other expenses	31	29	30	10	7
Total expenses	239	189	188	85	65
Net Income (Loss) before Income Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities	98	116	89	−25	86
Income tax expense (benefit)	4	600,000	500,000	−18	3
Earnings (losses) from investments in unconsolidated entities	57	32	−900,000	−64	58
Net Income (Loss)	151	148	88	−71	141
Net income (loss) attributable to non-controlling interests	4	2	4	−822,000	7
Dividends on preferred stock	28	28	23	15	8
Preferred Stock Redemption Premium	—	335,000	0	—	—
Net Income (Loss) Attributable to Common Stockholders	119	118	61	−85	125
Basic and Diluted (USD per share)	1.19	1.36	0.89	−1.43	2.58
Preferred Stock Redemption Discount	0	335,000	0	0	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2023 2023-11-30	FY 2022 2022-12-31
Cash and cash equivalents	202	192	229	—	217
Restricted cash	136	17	2	—	5
Securities, at fair value(1)(2)	1,035	962	1,518	—	1,459
Loans, at fair value(1)(2)	16,641	14,000	12,307	—	11,626
Loan commitments, at fair value	9	7	3	—	3
Forward MSR-related investments, at fair value(1)	78	78	163	177	177
Mortgage servicing rights, at fair value	29	30	30	—	8
Investments in unconsolidated entities, at fair value(1)	312	220	116	—	127
Real estate owned(1)(2)	76	47	22	—	28
Financial derivativesassets, at fair value	143	184	144	—	133
Reverse repurchase agreements	453	337	173	—	226
Due from brokers	36	22	52	—	37
Investment related receivables(1)	177	189	480	—	139
Other assets(1)	26	33	77	—	77
Total Assets	19,353	16,317	15,316	—	14,086
Securities sold short, at fair value	273	294	154	—	209
Repurchase agreements(1)	2,655	2,584	2,967	—	2,610
Financial derivativesliabilities, at fair value	53	71	62	—	54
Due to brokers	48	55	62	—	35
Investment related payables	36	23	37	—	49
Other secured borrowings(1)	296	253	246	—	276
Other secured borrowings, at fair value(1)	2,946	1,934	1,425	—	1,540
HMBS-related obligations, at fair value	10,406	9,151	8,423	—	7,787
Unsecured borrowings, at fair value	660	282	273	—	192
Base management fee payable to affiliate	7	6	6	—	5
Dividends payable	19	17	12	—	12
Interest payable(1)	27	18	23	—	22
Accrued expenses and other liabilities(1)	55	39	90	—	74
Total Liabilities	17,482	14,726	13,780	—	12,865
Commitments and contingencies	—	—	—	—	—
Preferred stock, 100,000,000 shares authorized; 13,800,089 and 13,800,089 shares issued and outstanding, and $345,002 and $345,002 aggregate liquidation preference, respectively	332	332	356	—	227
Common stock, par value $0.001 per share, 300,000,000 shares authorized; 113,138,860 and 90,678,492 shares issued and outstanding, respectively	113,000	91,000	83,000	—	64,000
Additional paid-in-capital	1,915	1,614	1,515	—	1,259
Retained earnings (accumulated deficit)	−413	−375	−353	—	−291
Total Stockholders' Equity	1,834	1,570	1,517	—	1,196
Non-controlling interests(1)	37	20	19	—	25
Total Equity	1,871	1,591	1,536	—	1,221
Total Liabilities and Equity	19,353	16,317	15,316	—	14,086

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net Amortization	−2	−4	13	25	33
Unrealized Gains (Losses) Other, Net	104	45	51	−276	−15
Foreign currency transactions	−2	16,000	23,000	−150,000	224,000
Foreign currency translation	−2	1	−777,000	882,000	−487,000
Non-cash Compensation Expense related to Merger	0	0	—	0	0
Net change from reverse mortgage loans held for investment, at fair value	−708	−637	−504	−199	0
Net Change from Forward MSR-related Investments, at fair value	−13	−6	1	0	0
Valuation adjustment and deletions of mortgage servicing rights	853,000	−187,000	−21	66,000	0
Unrealized (gains) losses on loan commitments, net	−2	−4	476,000	30,000	0
Shares Issued in Connection with Incentive Fee Payment	444,000	0	0	325,000	1
Equity-based compensation expense	4	3	1	1	971,000
Interest income related to consolidated securitization trust	−47	−55	−55	−47	−20
Interest expense related to consolidated securitization trust	47	51	55	44	19
Cash Outflow for Debt Issuance Costs Related to Other Secured Borrowings, at Fair Value	10	7	0	2	2
Increase (Decrease) in Mortgage Loans Held-for-sale	−947	−419	−210	−52	0
(Increase) decrease in interest and principal receivable	−7	−3	−6	−8	−63
Increase (Decrease) in Other Operating Assets	7	−627,000	−2	−8	−76,000
Increase (decrease) in accrued management fee	981,000	228,000	1	2	−63,000
Increase (Decrease) in Interest Payable, Net	7	−7	−900,000	17	1
Increase (Decrease) in Accrued Liabilities and Other Operating Liabilities	543,000	−8	10	−14	3
Net cash provided by (used in) operating activities	−925	−431	−242	43	51
Purchase of securities	−978	−947	−2,387	−1,348	−2,523
Purchase and origination of loans	−7,307	−4,807	−3,077	−3,591	−2,018
Proceeds from Sale of Forward MSR-related Investments	23	106	14	0	0
Proceeds from disposition of securities	963	1,710	2,480	1,454	1,485
Proceeds from disposition of loans	511	264	155	27	1
Contributions to investments in unconsolidated entities	−233	−120	−56	−33	−24
Distributions from investments in unconsolidated entities	500	254	153	224	173
Proceeds from disposition of real estate owned	59	41	37	11	16
Proceeds from FHA insurance claims and other receivables on HECM loans	134	68	94	0	0
Proceeds from principal payments of securities	168	158	172	309	472
Proceeds from principal payments of loans	2,289	2,501	2,553	1,048	381
Proceeds from securities sold short	903	881	449	945	577
Repurchase of securities sold short	−933	−731	−508	−836	−493
Payments on financial derivatives	−359	−289	−233	−131	−66
Proceeds from financial derivatives	337	298	246	241	71
Payments made on reverse repurchase agreements	−64,169	−41,648	−38,166	−37,693	−19,349
Proceeds from reverse repurchase agreements	64,054	41,483	38,220	37,589	19,265
Due from brokers, net	−13	37	−18	18	8
Due to brokers, net	−16	6	13	30	331,000
Net cash provided by (used in) investing activities	−4,066	−728	175	−1,753	−2,025
Net proceeds from issuance of common stock	302	100	122	99	245
Proceeds from Issuance of Preferred Stock and Preference Stock	0	0	97	511,000	116
Offering costs paid	−444,000	−899,000	−927,000	−769,000	−587,000
Payments for Repurchase of Common Stock	0	−685,000	−12	−2	0
Dividends paid	−184	−164	−149	−123	−86
Contributions from non-controlling interests	35	13	7	10	15
Distributions to non-controlling interests	−26	−11	−15	−20	−27
Proceeds from issuance of other secured borrowings	2,402	1,923	1,726	513	80
Principal payments on other secured borrowings	−2,282	−1,916	−1,780	−508	−35
Borrowings under repurchase agreements	48,392	65,811	37,575	12,652	5,912
Repayments of repurchase agreements	−44,917	−65,121	−37,712	−11,998	−4,900
Proceeds from Issuance of Unsecured Debt	394	0	0	206	0
Proceeds from Issuance of Other Secured Borrowings, at fair value	355	113	0	858	788
Proceeds from issuance of HMBS	1,545	1,448	1,461	425	0
Principal payments on HMBS related obligations, at fair value	859	1,004	1,275	235	0
Due from brokers, net	−3	−5	19	47	−39
Due to brokers, net	0	−15	14	2	−2
Net cash provided by (used in) financing activities	5,121	1,137	76	1,839	1,955
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash	129	−22	9	129	−19
Interest paid	296	285	263	125	43
Income tax paid	2	706,000	−323,000	−2	3
Common Stock Issued During Period, Acquisitions, Value	0	0	144	0	0
Preferred Stock Issued During Period, Acquisitions, Value	0	0	32	0	0
Shares issued in connection with incentive fee payment (non-cash)	444,000	0	0	325,000	1
Share-based Payment Arrangement, Noncash Expense	4	1	1	1	971,000
Transfers from mortgage loans to real estate owned (non-cash)	100	71	34	2	14
Transfers from mortgage loans to other sales and claims receivable (non-cash)	134	70	93	3	0
Transfers from mortgage loans to investments in non-consolidated entities (non-cash)	137	167	78	217	145
Transfers from corporate loans to investments in unconsolidated entities (non-cash)	0	0	665,000	1	0
Transfers from Other Secured Borrowings to Reverse Repurchase Agreements (Non-Cash)	0	0	45	0	0
Contributions to investments in non-consolidated entities (non-cash)	−200	−38	−8	−7	0
Purchase of investments (non-cash)	−202	−44	−26	−38	0
Purchase of Loans Non Cash	1,830	581	0	0	800,000
Proceeds from the disposition of loans (non-cash)	4,963	1,263	174	339	0
Proceeds from principal payments of investments (non-cash)	205	173	168	308	472
Principal payments on Other secured borrowings, at fair value (non-cash)	−205	−173	−168	−300	−472
Proceeds received from Other secured borrowings, at fair value (non-cash)	764	480	0	256	41
Proceeds from issuance of Other secured borrowings (non-cash)	0	0	70	0	800,000
Principal payments on Other secured borrowings (non-cash)	−77	0	0	−44	0
Repayments of repurchase agreement (non-cash)	−3,481	−1,074	−141	−514	−40
Transfers from Securities to Corporate Loans (Non-Cash)	0	500,000	0	0	—
Transfers from Securities to Residential Mortgage Loans (Non-Cash)	0	60,000	0	0	—
Increase in cash resulting from consolidation of securitization trust, net	0	7	0	0	—
Other secured borrowings, at fair value assumed in consolidation of securitization trust (non-cash)	0	−58	0	0	—
Loans acquired in consolidation of securitization trust, net (non-cash)	0	−52	0	0	—
Proceeds from borrowings under repurchase agreements (non-cash)	77	0	0	—	—
Transfers of HMBS obligations to third-party, at fair value (non-cash)	−16	0	0	0	—
Payments to Acquire Non-Controlling Interests, Financing Activities	0	−729,000	0	0	—
Payments on cancellation of employee stock options	0	−4	0	0	—
Debt issuance costs related to Other secured borrowings, at fair value (non-cash)	−10	−7	0	0	—
Proceeds from Sale and Collection, Loan, Held-for-Sale	12	40	8	223,000	—
Cash Acquired from Acquisition	0	0	34	23	0
Payments for Capital Improvements	0	0	−37,000	−222,000	−2
Principal Payment on Securitized Debt, at fair value	0	−6	0	0	—
Repayment of unsecured borrowings, at fair value	−35	0	0	—	—
Payments for Repurchase of Preferred Stock and Preference Stock	0	24	0	0	—
Transfers from investments in unconsolidated entities to mortgage loans (non-cash)	34	0	0	—	—
Average price per share (USD per share)	—	11	11.39	—	—

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