📈 Price History

Ratio Health

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By Category

📊 Sector Averages

About

Ellington Financial Inc., through its subsidiary, Ellington Financial Operating Partnership LLC, acquires and manages mortgage-related, consumer-related, corporate-related, and other financial assets in the United States. It operates in two segments, Investment Portfolio and Longbridge. The company acquires and manages residential mortgage-backed securities (RMBS) backed by prime jumbo, Alt-A, non-QM, manufactured housing, subprime residential, and single-family-rental mortgage loans; RMBS for which the principal and interest payments are guaranteed by the U.S. government agency or the U.S. government-sponsored entity; residential and commercial mortgage loans; residential mortgage-backed securities; commercial mortgage-backed securities; consumer loans and asset-backed securities backed by consumer loans; investments referencing mortgage servicing rights on traditional forward mortgage loans; collateralized loan obligations; non-mortgage- and mortgage-related derivatives; debt and equity investments in loan origination companies; and other strategic investments. It also offers reverse mortgage loans, including associated financial assets, financing, hedging, and allocated expenses. The company qualifies as a real estate investment trust (REIT) for federal income tax purposes that intends to distribute at least 90% of its taxable income as dividends to shareholders. Ellington Financial Inc. was incorporated in 2007 and is headquartered in Old Greenwich, Connecticut.

Key Ratios Snapshot

📈 Growth Pattern

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🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

The tone is strongly confident and specific, with management stating 'Ellington Financial delivered an excellent second quarter with broad-based contributions' and repeatedly citing concrete metrics like GAAP net income of $0.45 per share, ADE of $0.47 (exceeding $0.39 dividend), and book value increase to $13.49. They highlight operational achievements such as six securitizations and record originations at Longbridge without hedging language.

Q3 2025

Confident Specific

Management used precise figures and milestones throughout, e.g., 'ADE of $0.53 per share set a new quarterly high', '12% portfolio growth', 'seven securitizations... a record for us', and 'record quarter for proprietary reverse origination volumes'. The tone is consistently positive and data-driven.

Q4 2025

Confident Specific

Management used language like 'capping a year of consistently strong performance' and 'ADE of $0.47 per share, which once again exceeded our $0.39 per share of dividends' to convey strong, specific results. They also detailed multiple achievements with concrete figures.

Q1 2026 latest

Confident Specific

Management described an 'exceptionally strong first quarter' with GAAP net income of $0.78 per share and ADE of $0.55, both well above the dividend. They used terms like 'outsized', 'standout quarter', and 'firing on all cylinders', repeatedly highlighting strong performance across diversified portfolio and platform scale.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is stronger after this call. Q1 results significantly exceeded expectations with strong GAAP net income, ADE, and book value growth despite market volatility. The standout performance from Longbridge, combined with increased securitization scale and balance sheet optimization, demonstrates successful execution of the diversified vertical integration strategy. However, the presence of one-time items (litigation settlement, exceptional gain-on-sale) and elevated volatility in April (liability mark-to-market offset) warrant caution. Key watch items for next quarter: sustainability of Longbridge's origination volumes and margins, continued improvement in funding costs, and ability of book value to absorb spread volatility.

AI-generated concall tone analysis · Updated 2026-06-09 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED EFC Q1 2026: GAAP net income $0.78, ADE $0.55, book value up 3%

Revenue & Profitability

GAAP net income was $0.78 per common share on a fully mark-to-market basis, with adjusted distributable earnings (ADE) of $0.55 per share. Book value per share rose 3% from $13.16 to $13.56. ADE exceeded the quarterly dividend of $0.39 by a wide margin, and management raised forward ADE guidance to approximately $0.45 per share. The portfolio grew 4% sequentially, and Longbridge's net income more than doubled from the prior quarter.

Outlook

Management sees the non-agency mortgage market growing as the GSE footprint shrinks, driven by G-fees and LLPAs that are disconnected from historical losses. Demographic tailwinds from aging baby boomers support the reverse mortgage sector. However, home price appreciation (HPA) was at its weakest in a decade in 2025, which could pressure borrowers facing income disruption. Higher energy prices may reduce disposable income for lower-end consumers, a risk management is monitoring closely.

Growth Drivers

Key growth levers include Longbridge, which originated $550 million in loans in Q1 2026 (up 52% year-over-year), and the non-QM and closed-end second lien strategies. Agency-eligible loans are highlighted as a key growth area, benefiting from the pullback of GSEs. The securitization platform's increased scale (average deal size nearly doubled to $508 million) improves execution economics and speeds up the conversion of loans into high-yielding retained tranches.

Balance Sheet & CapEx

Not discussed in this earnings call, but management noted ongoing investments in technology at Longbridge, including an AI product for underwriting guidelines access, which improves operational efficiency. No specific CapEx guidance was provided.

Margins

ADE per share increased to $0.55, and forward guidance was raised to $0.45, well above the dividend. Net interest income in the credit portfolio continues to grow as the portfolio expands. Longbridge's origination cost ratios declined with higher volumes, and sub-servicing costs fell due to increased competition. Gain on sale margins in non-QM and reverse mortgage were healthy in the quarter.

Key Risks

Key risks flagged include credit spread widening, which could impact book value (e.g., an estimated $0.13 negative effect in April from liability marks). Weak HPA may reduce borrowers' ability to sell homes to pay off mortgages. Higher energy prices could pressure lower-income renters and borrowers. Additionally, the ongoing uncertain macroeconomic environment and inflation may affect Fed policy and interest rates.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-07

Strong GAAP and ADE earnings exceeded dividends, with robust loan origination, securitization, and credit performance driving book value growth. Longbridge originations surged 38% year-over-year, and the company is expanding special servicing and technology investments. Continued focus on credit, risk management, and diversified funding supports a positive outlook.

Q1 2026 Q1 2026 2026-05-06

Q1 2026 saw strong net income, ADE, and book value growth, with Longbridge and securitization platforms driving record results. Portfolio quality remained high, leverage stable, and capital costs reduced through strategic equity actions.

Q4 2025 Q4 2025 2026-02-26

Q4 2025 saw strong earnings, portfolio growth, and enhanced balance sheet resilience, with ADE of $0.47 per share and a 20% year-over-year portfolio increase. Strategic initiatives included a $400M unsecured notes offering, redemption of high-cost preferred stock, and acquisition of a mortgage servicer.

Q3 2025 Q3 2025 2025-11-06

Third quarter results featured record ADE, strong portfolio growth, and robust securitization activity. The shift to long-term unsecured financing and continued credit discipline enhanced balance sheet resilience and earnings outlook.

Q2 2025 Q2 2025 2025-08-08

Q2 saw robust earnings, higher book value, and strong contributions from loan origination and securitization activities. Liquidity and leverage remain conservative, with new products and technology driving growth. Outlook is positive for continued dividend coverage and book value gains.

📊 Analysis Methodology

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