EFC on NYSE
Ellington Financial Inc.
American real estate company based in Old Greenwich, incorporated in Delaware2
In its 2026 annual report the company says: “We conduct all of our operations and business activities through our Operating Partnership.”7 Its shares trade on NYSE under the symbol EFC.2
Price unavailable
Last updated Oct 21, 2026.
Overview
- TickerEFC on NYSE2
- IndustryReal Estate2
- HeadquartersOld Greenwich, United States2
- Incorporated inDE3
- Business address53 Forest Ave, Greenwich, Ct 068703
- Filer categoryLarge accelerated filer3
- Legal formCorporation2
- LEI60GS1D1R1YY5G1W7IT742
- StatusActive2
- LEI statusIssued and current2
- Registered addressC/O Cogency Global Inc., 19904 Dover, United States2
- Registered withDivision of Corporations, Department of State, 43849972
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Except where the context suggests otherwise, references in this Annual Report on Form 10-K to "EFC," "we," "us," and "our" refer to Ellington Financial Inc. and its consolidated subsidiaries, including Ellington Financial Operating Partnership LLC, our operating partnership subsidiary, which we refer to as our "Operating Partnership." References in this Annual Report on Form 10-K to (1) "common shares" refer to shares of our common stock, $0.001 par value per share and (2) "common stockholders" refer to holders of shares of our common stock. We conduct all of our operations and business activities through our Operating Partnership. Our "Manager" refers to Ellington Financial Management LLC, our external manager, "Ellington" refers to Ellington Management Group, L.L.C. and its affiliated investment advisory firms, including our Manager, and "Manager Group" refers collectively to officers …7 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.12
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Interest income | $494.5M | $416.0M | $370.2M |
| Interest expense | -$304.5M | -$279.6M | -$262.5M |
| Total net interest income | $190.0M | $136.4M | $107.7M |
| Realized gains (losses) on securities and loans, net | $11.7M | -$51.0M | -$94.0M |
| Realized gains (losses) on financial derivatives, net | -$5.7M | -$16.2M | $40.1M |
| Realized gains (losses) on real estate owned, net | -$7.7M | -$5.5M | -$5.2M |
| Realized Gains (Losses) on Unsecured Borrowings, at fair value, net | -$1.4M | $0 | $0 |
| Unrealized gains (losses) on securities and loans, net | $134.0M | $109.4M | $171.3M |
| Unrealized gains (losses) on financial derivatives, net | -$50.5M | $56.9M | -$15.1M |
| Unrealized gains (losses) on real estate owned, net | -$5.2M | $632.0K | $2.2M |
| Unrealized gains (losses) on other secured borrowings, at fair value, net | -$92.7M | -$35.9M | -$51.6M |
| Unrealized gains (losses) on unsecured borrowings, at fair value, net | -$11.5M | -$9.1M | $146.0K |
| Net change from HECM reverse mortgage loans, at fair value | $708.3M | $637.0M | $503.8M |
| Net change related to HMBS obligations, at fair value | -$585.3M | -$545.7M | -$451.6M |
| Business Combination, Bargain Purchase, Gain Recognized, Amount | $0 | $0 | $28.2M |
| Other, net | $52.4M | $28.6M | $41.0M |
| Total other income (loss) | $146.5M | $169.2M | $169.2M |
| Base management fee to affiliate (Net of fee rebates of $744, $297, and $473, respectively)(1) | $25.4M | $23.5M | $20.4M |
| Incentive Fee Expense | $4.5M | $0 | $0 |
| Servicing expense | $28.6M | $24.2M | $20.4M |
| Debt issuance costs related to Other secured borrowings, at fair value | $10.1M | $7.3M | $0 |
| Debt Related Commitment Fees and Debt Issuance Costs | $6.0M | $0 | $0 |
| Debt Issuance Costs Related to Unsecured Borrowings, at Fair Value | $6.0M | $0 | $0 |
| Other | $36.1M | $25.6M | $16.9M |
| Professional fees | $13.1M | $11.2M | $21.2M |
| Compensation and benefits | $83.6M | $68.7M | $78.4M |
| Other expenses | $31.1M | $28.9M | $30.5M |
| Total expenses | $238.5M | $189.4M | $187.7M |
| Net Income (Loss) before Income Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities | $97.9M | $116.3M | $89.2M |
| Income tax expense (benefit) | $3.8M | $612.0K | $457.0K |
| Earnings (losses) from investments in unconsolidated entities | $56.7M | $32.4M | -$855.0K |
| Net Income (Loss) | $150.8M | $148.1M | $87.9M |
| Net income (loss) attributable to non-controlling interests | $3.9M | $2.2M | $3.8M |
| Dividends on preferred stock | $28.1M | $27.7M | $23.2M |
| Preferred Stock Redemption Premium | $335.0K | $0 | |
| Net Income (Loss) Attributable to Common Stockholders | $118.7M | $117.8M | $60.9M |
| Basic and Diluted (USD per share) | $1.19 | $1.36 | $0.89 |
| Preferred Stock Redemption Discount | $0 | $335.0K | |
| Base management fee to affiliate (Net of fee rebates of $744, $297, and $473, respectively)(1) | $744.0K | $297.0K | $473.0K |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.12
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $201.9M | $192.4M | $228.9M | $217.1M |
| Restricted cash | $136.3M | $16.6M | $1.6M | $4.8M |
| Securities, at fair value(1)(2) | $1.0B | $962.3M | ||
| Loans, at fair value(1)(2) | $16.6B | $14.0B | ||
| Loan commitments, at fair value | $9.1M | $6.7M | ||
| Forward MSR-related investments, at fair value(1) | $77.9M | $77.8M | $163.3M | $177.4M |
| Mortgage servicing rights, at fair value | $28.9M | $29.8M | ||
| Investments in unconsolidated entities, at fair value(1) | $312.4M | $220.1M | ||
| Real estate owned(1)(2) | $75.5M | $46.7M | ||
| Financial derivativesassets, at fair value | $142.7M | $184.4M | ||
| Reverse repurchase agreements | $453.0M | $336.7M | ||
| Due from brokers | $35.9M | $22.2M | ||
| Investment related receivables(1) | $177.2M | $189.1M | ||
| Other assets(1) | $26.4M | $32.8M | ||
| Total Assets | $19.4B | $16.3B | ||
| Securities sold short, at fair value | $272.7M | $293.6M | ||
| Repurchase agreements(1) | $2.7B | $2.6B | ||
| Financial derivativesliabilities, at fair value | $53.1M | $71.0M | ||
| Due to brokers | $48.1M | $55.4M | ||
| Investment related payables | $36.1M | $22.7M | ||
| Other secured borrowings(1) | $296.4M | $253.3M | ||
| Other secured borrowings, at fair value(1) | $2.9B | $1.9B | ||
| HMBS-related obligations, at fair value | $10.4B | $9.2B | ||
| Unsecured borrowings, at fair value | $659.8M | $281.9M | ||
| Base management fee payable to affiliate | $6.9M | $5.9M | ||
| Dividends payable | $19.4M | $16.6M | $11.5M | |
| Interest payable(1) | $26.8M | $18.0M | ||
| Accrued expenses and other liabilities(1) | $55.1M | $38.6M | ||
| Total Liabilities | $17.5B | $14.7B | ||
| 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 | $332.0M | $332.0M | ||
| 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 | $113.0K | $91.0K | ||
| Additional paid-in-capital | $1.9B | $1.6B | ||
| Retained earnings (accumulated deficit) | -$413.0M | -$375.1M | ||
| Total Stockholders' Equity | $1.8B | $1.6B | ||
| Non-controlling interests(1) | $36.9M | $20.3M | ||
| Total Equity | $1.9B | $1.6B | $1.5B | $1.2B |
| Total Liabilities and Equity | $19.4B | $16.3B | ||
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | ||
| Common stock, shares authorized | 300.0M shares | 300.0M shares | ||
| Common stock, shares issued | 113.1M shares | 90.7M shares | ||
| Common stock, shares outstanding | 113.1M shares | 90.7M shares | 83.0M shares | 63.8M shares |
| Preferred Stock, Par or Stated Value Per Share | $0.00 | $0.00 | ||
| Preferred Stock, Shares Authorized | 100.0M shares | 100.0M shares | ||
| Preferred Stock, Shares Issued | 13.8M shares | 13.8M shares | ||
| Preferred Stock, Shares Outstanding | 13.8M shares | 13.8M shares | ||
| Preferred Stock, Liquidation Preference, Value | $345.0K | $345.0K |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $201.9M | $192.4M | $228.9M | $217.1M |
| Restricted cash | $136.3M | $16.6M | $1.6M | $4.8M |
| Securities, at fair value(1)(2) | $1.0B | $962.3M | ||
| Loans, at fair value(1)(2) | $16.6B | $14.0B | ||
| Loan commitments, at fair value | $9.1M | $6.7M | ||
| Forward MSR-related investments, at fair value(1) | $77.9M | $77.8M | $163.3M | $177.4M |
| Mortgage servicing rights, at fair value | $28.9M | $29.8M | ||
| Investments in unconsolidated entities, at fair value(1) | $312.4M | $220.1M | ||
| Real estate owned(1)(2) | $75.5M | $46.7M | ||
| Financial derivativesassets, at fair value | $142.7M | $184.4M | ||
| Reverse repurchase agreements | $453.0M | $336.7M | ||
| Due from brokers | $35.9M | $22.2M | ||
| Investment related receivables(1) | $177.2M | $189.1M | ||
| Other assets(1) | $26.4M | $32.8M | ||
| Total Assets | $19.4B | $16.3B | ||
| Securities sold short, at fair value | $272.7M | $293.6M | ||
| Repurchase agreements(1) | $2.7B | $2.6B | ||
| Financial derivativesliabilities, at fair value | $53.1M | $71.0M | ||
| Due to brokers | $48.1M | $55.4M | ||
| Investment related payables | $36.1M | $22.7M | ||
| Other secured borrowings(1) | $296.4M | $253.3M | ||
| Other secured borrowings, at fair value(1) | $2.9B | $1.9B | ||
| HMBS-related obligations, at fair value | $10.4B | $9.2B | ||
| Unsecured borrowings, at fair value | $659.8M | $281.9M | ||
| Base management fee payable to affiliate | $6.9M | $5.9M | ||
| Dividends payable | $19.4M | $16.6M | $11.5M | |
| Interest payable(1) | $26.8M | $18.0M | ||
| Accrued expenses and other liabilities(1) | $55.1M | $38.6M | ||
| Total Liabilities | $17.5B | $14.7B | ||
| 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 | $332.0M | $332.0M | ||
| 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 | $113.0K | $91.0K | ||
| Additional paid-in-capital | $1.9B | $1.6B | ||
| Retained earnings (accumulated deficit) | -$413.0M | -$375.1M | ||
| Total Stockholders' Equity | $1.8B | $1.6B | ||
| Non-controlling interests(1) | $36.9M | $20.3M | ||
| Total Equity | $1.9B | $1.6B | $1.5B | $1.2B |
| Total Liabilities and Equity | $19.4B | $16.3B | ||
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | ||
| Common stock, shares authorized | 300.0M shares | 300.0M shares | ||
| Common stock, shares issued | 113.1M shares | 90.7M shares | ||
| Common stock, shares outstanding | 113.1M shares | 90.7M shares | 83.0M shares | 63.8M shares |
| Preferred Stock, Par or Stated Value Per Share | $0.00 | $0.00 | ||
| Preferred Stock, Shares Authorized | 100.0M shares | 100.0M shares | ||
| Preferred Stock, Shares Issued | 13.8M shares | 13.8M shares | ||
| Preferred Stock, Shares Outstanding | 13.8M shares | 13.8M shares | ||
| Preferred Stock, Liquidation Preference, Value | $345.0K | $345.0K |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.12
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $150.8M | $148.1M | $87.9M |
| Realized (gains) losses on financial derivatives, net | $5.7M | $16.2M | -$40.1M |
| Realized gains (losses) on real estate owned, net | $7.7M | $5.5M | $5.2M |
| Unrealized gains (losses) on securities and loans, net | -$134.0M | -$109.4M | -$171.3M |
| Foreign currency translation | -$1.7M | $1.1M | -$777.0K |
| Non-cash Compensation Expense related to Merger | $0 | $0 | |
| Net change from reverse mortgage loans held for investment, at fair value | -$708.3M | -$637.0M | -$503.8M |
| Valuation adjustment and deletions of mortgage servicing rights | $853.0K | -$187.0K | -$21.5M |
| Shares Issued in Connection with Incentive Fee Payment | $444.0K | $0 | $0 |
| Interest income related to consolidated securitization trust | -$46.9M | -$55.5M | -$54.6M |
| Increase (Decrease) in Mortgage Loans Held-for-sale | -$946.6M | -$419.4M | -$210.1M |
| (Increase) decrease in interest and principal receivable | -$7.1M | -$2.9M | -$6.0M |
| Increase (Decrease) in Other Operating Assets | $6.7M | -$627.0K | -$1.5M |
| Increase (Decrease) in Accrued Liabilities and Other Operating Liabilities | $543.0K | -$8.4M | $9.6M |
| Net cash provided by (used in) operating activities | -$925.5M | -$430.5M | -$241.9M |
| Purchase of securities | -$977.6M | -$947.1M | -$2.4B |
| Purchase and origination of loans | -$7.3B | -$4.8B | -$3.1B |
| Proceeds from disposition of loans | $511.0M | $264.1M | $155.3M |
| Contributions to investments in unconsolidated entities | -$232.7M | -$120.0M | -$56.0M |
| Distributions from investments in unconsolidated entities | $500.1M | $254.1M | $152.9M |
| Proceeds from FHA insurance claims and other receivables on HECM loans | $134.1M | $67.7M | $94.4M |
| Proceeds from principal payments of loans | $2.3B | $2.5B | $2.6B |
| Proceeds from securities sold short | $903.1M | $880.6M | $449.3M |
| Repurchase of securities sold short | -$933.3M | -$731.3M | -$508.1M |
| Due from brokers, net | -$13.3M | $37.4M | -$18.2M |
| Due to brokers, net | -$15.6M | $6.1M | $12.8M |
| Net cash provided by (used in) investing activities | -$4.1B | -$728.3M | $174.9M |
| Proceeds from Issuance of Preferred Stock and Preference Stock | $0 | $0 | $96.8M |
| Dividends paid | -$183.6M | -$163.5M | -$149.3M |
| Contributions from non-controlling interests | $35.4M | $12.9M | $7.2M |
| Principal payments on other secured borrowings | -$2.3B | -$1.9B | -$1.8B |
| Borrowings under repurchase agreements | $48.4B | $65.8B | $37.6B |
| Proceeds from Issuance of Unsecured Debt | $394.0M | $0 | $0 |
| Income tax paid | $1.6M | $706.0K | -$323.0K |
| Share-based Payment Arrangement, Noncash Expense | $3.6M | $1.1M | $1.3M |
| Transfers from mortgage loans to other sales and claims receivable (non-cash) | $134.2M | $69.9M | $93.3M |
| Transfers from corporate loans to investments in unconsolidated entities (non-cash) | $0 | $0 | $665.0K |
| Transfers from Other Secured Borrowings to Reverse Repurchase Agreements (Non-Cash) | $0 | $0 | $45.4M |
| Contributions to investments in non-consolidated entities (non-cash) | -$200.5M | -$38.1M | -$8.0M |
| Purchase of Loans Non Cash | $1.8B | $580.5M | $0 |
| Proceeds from principal payments of investments (non-cash) | $204.8M | $173.1M | $167.9M |
| Principal payments on Other secured borrowings, at fair value (non-cash) | -$205.2M | -$172.8M | -$167.9M |
| Proceeds received from Other secured borrowings, at fair value (non-cash) | $764.2M | $480.1M | $0 |
| Proceeds from issuance of Other secured borrowings (non-cash) | $0 | $0 | $69.6M |
| Principal payments on Other secured borrowings (non-cash) | -$77.3M | $0 | $0 |
| Repayments of repurchase agreement (non-cash) | -$3.5B | -$1.1B | -$141.5M |
| Transfers from Securities to Corporate Loans (Non-Cash) | $0 | $500.0K | $0 |
| Transfers from Securities to Residential Mortgage Loans (Non-Cash) | $0 | $60.0K | $0 |
| Increase in cash resulting from consolidation of securitization trust, net | $0 | $6.8M | $0 |
| Other secured borrowings, at fair value assumed in consolidation of securitization trust (non-cash) | $0 | -$58.2M | $0 |
| Loans acquired in consolidation of securitization trust, net (non-cash) | $0 | -$52.4M | $0 |
| Proceeds from the disposition of loans (non-cash) | $5.0B | $1.3B | $174.2M |
| Proceeds from borrowings under repurchase agreements (non-cash) | $77.3M | $0 | $0 |
| Transfers of HMBS obligations to third-party, at fair value (non-cash) | -$16.0M | $0 | $0 |
| Payments to Acquire Non-Controlling Interests, Financing Activities | $0 | -$729.0K | $0 |
| Payments on cancellation of employee stock options | $0 | -$3.6M | $0 |
| Debt issuance costs related to Other secured borrowings, at fair value (non-cash) | -$10.1M | -$7.3M | $0 |
| Net Amortization | -$1.8M | -$4.2M | $13.2M |
| Realized gains (losses) on securities and loans, net | $11.7M | -$51.0M | -$94.0M |
| Unrealized gains (losses) on financial derivatives, net | -$50.5M | $56.9M | -$15.1M |
| Unrealized gains (losses) on real estate owned, net | -$5.2M | $632.0K | $2.2M |
| Unrealized gains (losses) other, net | -$104.2M | -$44.9M | -$51.4M |
| Foreign currency transactions | $1.8M | -$16.0K | -$23.0K |
| Business Combination, Bargain Purchase, Gain Recognized, Amount | $0 | $0 | -$28.2M |
| Net change related to HMBS obligations, at fair value | -$585.3M | -$545.7M | -$451.6M |
| Net Change from Forward MSR-related Investments, at fair value | -$12.5M | -$5.8M | $1.3M |
| Unrealized (gains) losses on loan commitments, net | -$2.4M | -$4.1M | $476.0K |
| Equity-based compensation expense | $3.6M | $2.9M | $1.4M |
| Interest expense related to consolidated securitization trust | $46.9M | $51.0M | $54.6M |
| Cash Outflow for Debt Issuance Costs Related to Other Secured Borrowings, at Fair Value | $10.1M | $7.3M | $0 |
| Debt Issuance Costs Related to Unsecured Borrowings, at Fair Value | $6.0M | $0 | $0 |
| Earnings (losses) from investments in unconsolidated entities | $56.7M | $32.4M | -$855.0K |
| Increase (decrease) in accrued management fee | $981.0K | $228.0K | $1.0M |
| Increase (Decrease) in Interest Payable, Net | $7.0M | -$6.9M | -$900.0K |
| Proceeds from Sale and Collection, Loan, Held-for-Sale | $12.2M | $40.0M | $7.5M |
| Cash Acquired from Acquisition | $0 | $0 | $34.2M |
| Proceeds from Sale of Forward MSR-related Investments | $23.2M | $105.8M | $13.5M |
| Payments for Capital Improvements | $0 | $0 | -$37.0K |
| Proceeds from Sale of Debt Securities, Available-for-sale | $962.8M | $1.7B | $2.5B |
| Proceeds from disposition of real estate owned | $58.7M | $41.2M | $36.8M |
| Proceeds from principal payments of securities | $168.3M | $158.5M | $172.0M |
| Payments for Derivative Instrument, Investing Activities | $358.7M | $288.5M | $232.7M |
| Proceeds from financial derivatives | $337.1M | $297.7M | $245.6M |
| Payments for Securities Purchased under Agreements to Resell | $64.2B | $41.6B | $38.2B |
| Proceeds from reverse repurchase agreements | $64.1B | $41.5B | $38.2B |
| Proceeds from Issuance of Other Secured Borrowings, at fair value | $355.2M | $112.7M | $0 |
| Principal Payment on Securitized Debt, at fair value | $0 | -$5.7M | $0 |
| Repayment of unsecured borrowings, at fair value | -$34.9M | $0 | $0 |
| Proceeds from issuance of HMBS | -$1.5B | -$1.4B | -$1.5B |
| Principal payments on HMBS related obligations, at fair value | $858.5M | $1.0B | $1.3B |
| Due from brokers, net | -$3.0M | -$5.3M | $19.1M |
| Payments To Brokers, Financing Activities | $0 | $15.1M | -$13.8M |
| Net Cash Provided by (Used in) Financing Activities | $5.1B | $1.1B | $75.6M |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $129.2M | -$21.6M | $8.7M |
| Net proceeds from issuance of common stock | $302.2M | $100.2M | $122.3M |
| Payments of Stock Issuance Costs | $444.0K | $899.0K | $927.0K |
| Payments for Repurchase of Common Stock | $0 | $685.0K | $12.4M |
| Payments for Repurchase of Preferred Stock and Preference Stock | $0 | $23.9M | $0 |
| Payments to Noncontrolling Interests | $25.5M | $10.8M | $15.2M |
| Proceeds from issuance of other secured borrowings | $2.4B | $1.9B | $1.7B |
| Repayments of Reverse Repurchase Agreements | $44.9B | $65.1B | $37.7B |
| Interest paid | $295.7M | $284.6M | $263.4M |
| Common Stock Issued During Period, Acquisitions, Value | $0 | $0 | $144.0M |
| Preferred Stock Issued During Period, Acquisitions, Value | $0 | $0 | $31.6M |
| Shares issued in connection with incentive fee payment (non-cash) | $444.0K | $0 | $0 |
| Transfers from mortgage loans to real estate owned (non-cash) | $100.4M | $70.8M | $33.5M |
| Transfers from mortgage loans to investments in non-consolidated entities (non-cash) | $136.9M | $167.2M | $78.5M |
| Transfers from investments in unconsolidated entities to mortgage loans (non-cash) | $34.3M | $0 | $0 |
| Purchase of Investments Non Cash | $202.0M | $43.8M | $25.6M |
| Average price per share (USD per share) | $11.00 | $11.39 | |
| Realized Gains (Losses) on Unsecured Borrowings, at fair value, net | $1.4M | $0 | $0 |
No quarter-by-quarter statement was filed.
Corporate structure
Ellington Financial Inc. sits at the top of its group. 69 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Ellington Financial Inc.
- VANGUARD CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G on Ellington Financial Inc., latest Jul 31, 2026
- BlackRock Filed SCHEDULE 13G/A on Ellington Financial Inc., latest Jul 28, 2026 (6 filings since Jan 26, 2022)
- VANGUARD GROUP INC Filed SCHEDULE 13G/A on Ellington Financial Inc., latest Mar 26, 2026 (4 filings since Feb 9, 2022)
- Michael W. Vranos Filed SC 13D/A on Ellington Financial Inc., latest Dec 13, 2023 (2 filings since Oct 19, 2021)
- Bay Pond Partners, L.P. Filed SC 13G/A on Ellington Financial Inc., latest Feb 4, 2022
- Wellington Management Company Filed SC 13G/A on Ellington Financial Inc., latest Feb 4, 2022
- Ellington Financial Inc. Old Greenwich, Connecticut, United States
- ELLINGTON FINANCIAL OPERATING PARTNERSHIP LLC Old Greenwich, Connecticut, United States
- EF Cayman Non-MTM Ltd. Old Greenwich, Connecticut, United States
- EF Securities LLC Old Greenwich, Connecticut, United States
- EF Cayman Holdings Ltd. Subsidiary · Old Greenwich, Connecticut, United States
- EF CORPORATE HOLDINGS LLC Subsidiary · Greenwich, Connecticut, United States
- EF HOLDCO INC. Subsidiary · Old Greenwich, Connecticut, United States
- Armstrong Securities Holdings LLC Subsidiary · Delaware, United States
- ARMSTRONG SECURITIES LLC Subsidiary · Old Greenwich, Connecticut, United States
- EF Cayman Holdings Ltd. Subsidiary · Cayman Islands
- EF CH 5 LLC Subsidiary · Delaware, United States
- EF CH LLC Subsidiary · Delaware, United States
- EF CH2 LLC Subsidiary · Delaware, United States
- EF CH3 LLC Subsidiary · Delaware, United States
- EF CH4 LLC Subsidiary · Delaware, United States
- EF CMO LLC Subsidiary · Delaware, United States
- EF Corporate Holdings LLC Subsidiary · Delaware, United States
- EF Edgewood SBC 2016-1 LLC Subsidiary · Delaware, United States
- EF Holdco AL Assets LLC Subsidiary · Delaware, United States
- EF Holdco II LLC Subsidiary · Dover, Delaware, United States
- EF Holdco Inc. Subsidiary · Delaware, United States
- EF Holdco RER Assets LLC Subsidiary · Delaware, United States
- EF Holdco WRE Assets II LLC Subsidiary · Delaware, United States
- EF Holdco WRE Assets LLC Subsidiary · Delaware, United States
- EF Holdco WRE Assets REO LLC Subsidiary · Delaware, United States
- EF Holdco WRE Servicing LLC Subsidiary · Delaware, United States
- EF MBS/ABS Holdings LLC Subsidiary · Delaware, United States
- EF MERGER SUB INC. Subsidiary · Old Greenwich, Connecticut, United States
- EF Mortgage Depositor II LLC Subsidiary · Delaware, United States
- EF Mortgage Depositor III LLC Subsidiary · Delaware, United States
- EF Mortgage Depositor LLC Subsidiary · Delaware, United States
- and 32 more
- ELLINGTON FINANCIAL OPERATING PARTNERSHIP LLC Old Greenwich, Connecticut, United States
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Ellington Financial Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Property and equipment, net | $868.0K12 Dec 31, 2025 | $1.4M12 Dec 31, 2024 | −36.2% |
| Operating-lease assets (leased space) | $4.0M12 Dec 31, 2025 | $5.2M12 Dec 31, 2024 | −22.7% |
Real estate and locations
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $201.9M12 Dec 31, 2025 | $192.4M12 Dec 31, 2024 | +4.9% |
| Debt securities available for sale | $1.0B12 Dec 31, 2025 | $962.3M12 Dec 31, 2024 | +7.5% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Intangible assets, net (excluding goodwill) | $1.8M12 Dec 31, 2025 | $2.2M12 Dec 31, 2024 | −17.7% |
| Accumulated amortization | -$1.5M12 Dec 31, 2025 | -$1.1M12 Dec 31, 2024 | −34.1% |
| Finite-lived intangibles, net | $586.0K12 Dec 31, 2025 | $971.0K11 Dec 31, 2024 | −39.6% |
Properties, in its own words
Our principal offices are located in leased space at 53 Forest Avenue, Old Greenwich, CT 06870. The offices of our Manager and Ellington are at the same location. As part of our management agreement, our Manager is responsible for providing offices necessary for all operations, and accordingly, all lease responsibilities related to our office spaces in Old Greenwich, CT belong to our Manager.
For an overview of our real estate owned (“REO”), see Note 9—Real Estate Owned, of the Notes to Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K.
Item 2 of the 10-K filed Mar 2, 2026.7
Leadership
Who has led Ellington Financial Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
President
Chief financial officer
201520202025
- Chief executive officerLaurence Penn Oct 7, 2010 to Mar 4, 202016
- PresidentLaurence Penn Oct 7, 2010 to Mar 4, 202016
- Chief financial officerJohn Herlihy Apr 2, 2018 to now17
- Chief financial officerLisa Mumford Oct 7, 2010 to Dec 14, 201718
Board members and other officers (11)
- Chief Accounting OfficerChris Smernoff Apr 2, 2018 to now19
- SecretaryDaniel R. Margolis Oct 7, 2010 to Oct 12, 201020
- Co-Chief Investment OfficerMark Tecotzky Oct 7, 2010 to Mar 26, 201821
- Co-Chief Investment OfficerMichael W. Vranos Oct 7, 2010 to now22
- Board memberStephen J. Dannhauser Feb 3, 2021 to now23
- Board memberLisa Mumford Aug 9, 2018 to now24
- Board memberEdward Resendez Oct 7, 2010 to now25
- Board memberLaurence Penn Oct 7, 2010 to Mar 4, 202016
- Board memberMichael W. Vranos Oct 7, 2010 to Nov 2, 201822
- Board memberRonald I. Simon Oct 7, 2010 to now26
- Board memberThomas F. Robards Oct 7, 2010 to Sep 14, 202027
Subsidiaries and ownership
Also consolidated
Subsidiaries (Exhibit 21)
- Armstrong Securities Holdings LLC Delaware4
- Armstrong Securities LLC Connecticut4
- EF CH 5 LLC Delaware4
- EF CH LLC Delaware4
- EF CH2 LLC Delaware4
- EF CH3 LLC Delaware4
- EF CH4 LLC Delaware4
- EF CMO LLC Delaware4
- EF Cayman Holdings Ltd. Cayman Islands4
- EF Corporate Holdings LLC Delaware4
- EF Edgewood SBC 2016-1 LLC Delaware4
- EF Holdco AL Assets LLC Delaware4
- EF Holdco Inc. Delaware4
- EF Holdco RER Assets LLC Delaware4
- EF Holdco WRE Assets II LLC Delaware4
- EF Holdco WRE Assets LLC Delaware4
- EF Holdco WRE Assets REO LLC Delaware4
- EF Holdco WRE Servicing LLC Delaware4
- EF MBS/ABS Holdings LLC Delaware4
- EF MS 2017-RKT LLC Delaware4
- EF Merger Sub Inc. Virginia4
- EF Mortgage Depositor II LLC Delaware4
- EF Mortgage Depositor III LLC Delaware4
- EF Mortgage Depositor LLC Delaware4
All 55 listed subsidiaries
- EF Mortgage LLC Delaware4
- EF NM 2015-1 LLC Delaware4
- EF PW 2019-SENS LLC Delaware4
- EF Residential Loans LLC Delaware4
- EF SBC 2013-1 REO Holdings LLC Delaware4
- EF SBC 2015-1 LLC Delaware4
- EF SBC 2015-2 LLC Delaware4
- EF SBC 2015-2 REO 1631342 LLC Delaware4
- EF SBC 2015-2 REO 1831947 LLC Delaware4
- EF SBC 2015-2 REO 2086644 LLC Delaware4
- EF SBC 2016-1 LLC Delaware4
- EF SBC FM Holdings LLC Delaware4
- EF Securities LLC Delaware4
- EFC Loan Depositor 2017-1 LLC Delaware4
- EFM Lubbock Square LLC Delaware4
- EFM Transfer Agent LLC Delaware4
- EFMORT REO 1221195 LLC Delaware4
- EFMT Depositor LLC Delaware4
- EFMT Holdings LLC Delaware4
- EFMT Sponsor II LLC Delaware4
- EFMT Sponsor LLC Delaware4
- EFQ LLC Delaware4
- Ellington Financial Operating Partnership LLC Delaware4
- Ellington Financial REIT Maryland4
- Ellington Financial REIT Cayman Ltd. Cayman Islands4
- Ellington Financial REIT QLH LLC Delaware4
- Ellington Financial REIT TRS LLC Delaware4
- LendSure Mortgage Corp. Delaware4
- Longbridge Financial, LLC Delaware4
- McLean MSR Investment, LLC Delaware4
- McLean Mortgage Investment, LLC Delaware4
Ownership links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); each one cites its LEI record. The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Former names
- Ellington Financial LLCAug 28, 2007 to Mar 4, 20193
Timeline
- Oct 7, 20268-K Other events28
- Sep 24, 20268-K Regulation FD disclosure29
- Sep 17, 20268-K Entered a material agreement; New debt or obligation; Other events30
- Sep 14, 20268-K Other events31
- Sep 14, 20268-K Other events32
- Sep 8, 20268-K Other events33
- Aug 24, 20268-K Regulation FD disclosure34
- Aug 10, 20268-K Other events35
- Aug 7, 20268-K Results of operations; Regulation FD disclosure36
- Jul 23, 20268-K Regulation FD disclosure37
- Jul 8, 20268-K Other events38
- Jun 25, 20268-K Regulation FD disclosure39
- Oct 7, 2010New chief executive Laurence Penn becomes CEO16
- Jul 9, 2007Founded Ellington Financial Inc. is founded2
Calendar
Coming up
- Nov 4, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.53 a share, on Nov 5, 2025.40
When it reported results
- Aug 7, 2026Reported quarterly or annual results36
- May 5, 2026Reported quarterly or annual results41
- Feb 26, 2026Reported quarterly or annual results42
- Nov 5, 2025Reported quarterly or annual results43
- Aug 7, 2025Reported quarterly or annual results44
- Jul 22, 2025Reported quarterly or annual results45
- May 7, 2025Reported quarterly or annual results46
- Feb 28, 2025Reported quarterly or annual results47
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
312 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 180 major events, 41 insider forms, 15 large holders, 56 other. The latest 20:
- Oct 7, 20268-K EDGAR
- Sep 24, 20268-K EDGAR
- Sep 17, 20268-K EDGAR
- Sep 14, 20268-K EDGAR
- Sep 14, 20268-K EDGAR
- Sep 10, 20264 EDGAR
- Sep 10, 20264 EDGAR
- Sep 10, 20264 EDGAR
- Sep 10, 20264 EDGAR
- Sep 8, 20268-K EDGAR
- Aug 24, 20268-K EDGAR
- Aug 10, 20268-K EDGAR
- Aug 10, 202610-Q EDGAR
- Aug 7, 20268-K EDGAR
- Aug 6, 20264 EDGAR
- Jul 31, 2026SCHEDULE 13G EDGAR
- Jul 28, 2026SCHEDULE 13G/A EDGAR
- Jul 23, 20268-K EDGAR
- Jul 8, 20268-K EDGAR
- Jun 25, 20268-K EDGAR
The 312 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
7 open-market trades by officers, directors and large owners since October 2021: 1 buys and 6 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 11, 2025 | SIMON RONALD IDirector | Buy | 5,544 | $13.56 | $75.2K | Form 4 |
| Oct 15, 2024 | Vranos Michael WCo-Chief Investment Officer | Sale | 14,361 | $12.58 | $180.7K | Form 4 |
| Oct 14, 2024 | Vranos Michael WCo-Chief Investment Officer | Sale | 14,000 | $12.48 | $174.7K | Form 4 |
| Jul 2, 2024 | Vranos Michael WCo-Chief Investment Officer | Sale | 5,900 | $12.12 | $71.5K | Form 4 |
| Jun 17, 2024 | Vranos Michael WCo-Chief Investment Officer | Sale | 8,300 | $12.15 | $100.8K | Form 4 |
| Jun 14, 2024 | Vranos Michael WCo-Chief Investment Officer | Sale | 8,300 | $12.11 | $100.5K | Form 4 |
| Dec 14, 2023 | Mumford LisaDirector | Sale | 21,180 | $13.06 | $276.6K | Form 4 |
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- VANGUARD CAPITAL MANAGEMENT LLCSCHEDULE 13G, 1 filing Jul 31, 202648
- BlackRockSCHEDULE 13G/A, 6 filings Jan 26, 2022 to Jul 28, 202649
- VANGUARD GROUP INCSCHEDULE 13G/A, 4 filings Feb 9, 2022 to Mar 26, 202650
- Michael W. VranosSC 13D/A, 2 filings Oct 19, 2021 to Dec 13, 202351
- Bay Pond Partners, L.P.SC 13G/A, 1 filing Feb 4, 202252
- Wellington Management CompanySC 13G/A, 1 filing Feb 4, 202253
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2025 | JR HerlihyChief Financial Officer | 44 | $249.4K | $1.2M54 |
| 2025 | Christopher SmernoffChief Accounting Officer | 49 | $223.0K | $677.9K54 |
| 2024 | JR HerlihyChief Financial Officer | 44 | $206.2K | $1.1M54 |
| 2024 | Christopher SmernoffChief Accounting Officer | 49 | $215.8K | $683.0K54 |
| 2023 | JR HerlihyChief Financial Officer | 44 | $249.0K | $1.1M54 |
| 2023 | Christopher SmernoffChief Accounting Officer | 49 | $226.6K | $623.9K54 |
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| BlackRock, Inc. | 20,877,584 | $284.1M | 0.0% | +1,176,614 |
| Vanguard Capital Management LLC | 5,339,974 | $72.7M | 0.0% | +292,408 |
| State Street Corp | 4,952,930 | $68.0M | 0.0% | +347,567 |
| Geode Capital Management, LLC | 3,180,748 | $43.3M | 0.0% | +255,628 |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | 2,245,858 | $30.6M | 0.0% | +70,205 |
| Vanguard Portfolio Management LLC | 2,159,940 | $29.4M | 0.0% | +166,178 |
| Invesco Ltd. | 1,839,150 | $25.0M | 0.0% | +256,739 |
| Jpmorgan Chase & Co | 1,480,642 | $20.2M | 0.0% | +549,957 |
| Northern Trust Corp | 1,486,781 | $20.2M | 0.0% | +123,912 |
| Delphi Financial Group, Inc. | 1,408,396 | $19.2M | 9.6% | No change |
| Van Eck Associates Corp | 1,253,122 | $17.1M | 0.0% | −111,539 |
| Charles Schwab Investment Management Inc | 1,152,852 | $15.7M | 0.0% | +43,747 |
| EMG Holdings, L.P. | 1,122,952 | $15.3M | 25.5% | +161,934 |
| Victory Capital Management Inc | 860,613 | $11.7M | 0.0% | +22,779 |
| Morgan Stanley | 854,436 | $11.6M | 0.0% | −65,372 |
| Vanguard Fiduciary Trust Co | 820,680 | $11.2M | 0.0% | +23,526 |
| Bank of New York Mellon Corp | 818,015 | $11.1M | 0.0% | +7,130 |
| D. E. Shaw & Co., Inc. | 735,331 | $10.0M | 0.0% | +197,821 |
| Two Sigma Investments, LP | 689,244 | $9.4M | 0.0% | +656,544 |
| Principal Financial Group Inc | 606,012 | $8.2M | 0.0% | +331 |
| Dana Investment Advisors, Inc. | 534,767 | $7.3M | 0.2% | −8,654 |
| Bank Of America Corp /de/ | 445,443 | $6.1M | 0.0% | −91,756 |
| Public Sector Pension Investment Board | 430,819 | $5.9M | 0.0% | −15,149 |
| Goldman Sachs Group Inc | 386,890 | $5.3M | 0.0% | −15,429 |
| First Trust Advisors LP | 346,909 | $4.7M | 0.0% | −246,831 |
13F reports cover disclosed long positions in U.S. stocks only.
Members of Congress who traded it
4 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.
| Date | Member | Trade | Amount | Vs S&P since | Filing |
|---|---|---|---|---|---|
| Dec 30, 2025 | Virginia FoxxRepublican, House | Buy | $1,001 - $15,000 | −27.6% | Report |
| Jun 30, 2025 | Virginia FoxxRepublican, House | Buy | $1,001 - $15,000 | −35.2% | Report |
| Mar 31, 2025 | Virginia FoxxRepublican, House | Buy | $1,001 - $15,000 | −50.1% | Report |
| Sep 30, 2024 | Virginia FoxxRepublican, House | Buy | $1,001 - $15,000 | −44.1% | Report |
Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).
SEC filer profile
How Ellington Financial Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGAREllington Financial Inc.1
- CIK0001411342
- Employer ID (EIN)26-04892897
- Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company7
- Incorporated inDelaware7
- Fiscal year endsDecember 311
- Industry code (SIC)6500 Real Estate1
- SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance1
- Business address53 Forest Ave, Greenwich, CT 068701
- Phone203-698-12001
- Shares outstanding128,887,386 as of Aug 7, 202614
- Public float$1.3B as of Jun 30, 20257
- AuditorPricewaterhouseCoopers LLP, New York, New York PCAOB ID 238; it also attests to the company’s internal control over financial reporting7
- On EDGAR sinceAug 28, 20071
- Filings1,042 in all: 8-K (513), 4 (183), 10-Q (48), SC 13G/A (46), 424B5 (32), CORRESP (20), UPLOAD (19), 10-K (16)1
All 41 form types
DEF 14A (16), DEFA14A (15), 3 (14), SC 13G (14), S-11/A (12), SC 13D/A (12), EFFECT (11), ARS (9), 8-K/A (6), 8-A12B (5), S-3 (5), 425 (4), CERT (4), FWP (4), 25-NSE (3), POS AM (3), S-3ASR (3), S-4 (3), SCHEDULE 13G/A (3), 424B3 (2), 8-A12B/A (2), CERTNYS (2), PRE 14A (2), REGDEX (2), 10-K/A (1), 10-Q/A (1), 424B4 (1), 5 (1), RW (1), S-11 (1), S-4/A (1), SC 13D (1), SCHEDULE 13G (1)
- Latest filingsAnnual report (10-K) Mar 2, 2026
Quarterly report (10-Q) Aug 10, 2026
Proxy statement (DEF 14A) Apr 9, 2026
Latest 8-K (8-K) Oct 7, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Stock, $0.001 par value per share | EFC | The New York Stock Exchange |
| 6.250% Series B Fixed-Rate Reset Cumulative Redeemable Preferred Stock | EFC PR B | The New York Stock Exchange |
| 8.625% Series C Fixed-Rate Reset Cumulative Redeemable Preferred Stock | EFC PR C | The New York Stock Exchange |
| 7.000% Series D Cumulative Perpetual Redeemable Preferred Stock | EFC PRD | The New York Stock Exchange |
From the cover page of the 10-K filed Mar 2, 2026 (Section 12(b) of the Exchange Act).7
Risk factors and legal proceedings
The risks Ellington Financial Inc. names in Item 1A of its 10-K filed Mar 2, 2026: 69 risks under these headings, as written.7
- Risks Related To Our Investments and Investment Activities
- Risks Related to Our Financing, Hedging, and Derivative Activities
- Risks Related to Our Corporate Loans and CLOs
- Risks Related to Certain MSR Investments
- Risks Related to our Loan Origination and Servicing Businesses
- Other Business Risks
- Risks Related to our Relationship with our Manager and Ellington
- Risks Related to Our Common Stock and Preferred Stock
- Risks Related to Our Organization and Structure
- U.S. Federal Income Tax Risks
- Difficult conditions in the mortgage and residential and commercial real estate markets as well as general market concerns may adversely affect the value of the assets in which we invest.
- The federal conservatorship of Fannie Mae and Freddie Mac and related efforts, along with any changes in laws and regulations affecting the relationship between Fannie Mae, Freddie Mac, and Ginnie Mae and the U.S. Government, could materially adversely affect our business, financial condition and results of operations, and our ability to pay dividends to our stockholders.
The other 67 risks
- Mortgage loan modification programs and future legislative action may adversely affect the value of, and the returns on, our assets.
- The principal and interest payments on our residential mortgage whole loans, non-Agency RMBS and CRTs are not guaranteed by any entity, including any government entity or GSE, and therefore are subject to increased risks, including credit risk.
- Less stringent underwriting guidelines and the resultant potential for delinquencies or defaults on certain mortgage loans could lead to losses on many of the non-Agency RMBS and European RMBS that we hold.
- We have invested and may in the future invest in securities in the CRT sector that are subject to mortgage credit risk.
- We rely on analytical models and other data to analyze potential asset acquisition and disposition opportunities and to manage our portfolio. Such models and other data may be incorrect, misleading or incomplete, which could cause us to purchase assets that do not meet our expectations or to make asset management decisions that are not in line with our strategy.
- Prepayment rates can change, adversely affecting the performance of our assets.
- Draw Rates on reverse mortgages can change in ways that adversely affect the value of reverse mortgages pools, IOs and MSRs.
- Valuations of many of our assets are inherently uncertain, may be based on estimates, may fluctuate over short periods of time, and may differ from the values that would have been used if a ready market for these assets existed.
- We depend on service providers, including mortgage servicers, for a variety of services related to our MSRs, MBS, CRTs, European assets, securitizations, and whole mortgage loans and loan pools. We are, therefore, subject to the risks associated with service providers, particularly third-party service providers that we do not control.
- We rely on mortgage servicers to service effectively, including loss mitigation efforts, and we also may engage in our own loss mitigation efforts with respect to whole mortgage loans that we own directly and such loss mitigation efforts may be unsuccessful or not cost effective.
- We may be affected by deficiencies in foreclosure practices of third parties, as well as related delays in the foreclosure process.
- To the extent that due diligence is conducted on potential assets, such due diligence may not reveal all of the risks associated with such assets and may not reveal other weaknesses in such assets, which could lead to losses.
- Sellers of the mortgage loans that we acquire, or that underlie the non-Agency RMBS or European RMBS in which we invest, may be unable to repurchase defective mortgage loans, which could have a material adverse effect on the value of our loans, or the loans held by the trust that issued the RMBS, and could cause shortfalls in the payments due on the RMBS or losses on the mortgage loans.
- Our assets include subordinated and lower-rated securities that generally have greater risk of loss than senior and higher-rated securities.
- Increases in interest rates could negatively affect the value of our assets and increase the risk of default on our assets.
- Changes in market conditions may cause a decrease in the issuance volumes of certain of our targeted assets, which could adversely affect our ability to acquire assets that satisfy our investment objectives, and which could adversely affect the loan originators in which we invest.
- Interest rate mismatches between our assets and our borrowings may reduce our income during periods of changing interest rates, and increases in interest rates could adversely affect the value of our assets.
- Interest rate caps on ARMs and hybrid ARMs, including those that back our RMBS, may reduce our net interest margin during periods of rising or high interest rates.
- Certain actions by the Federal Reserve and other central banks could materially adversely affect our business, financial condition and results of operations, and our ability to pay dividends to our stockholders.
- If we subsequently resell or securitize any whole mortgage loans that we acquire, we may be required to repurchase such loans or indemnify purchasers if we breach representations and warranties.
- The commercial mortgage loans that we acquire or originate, and the mortgage loans underlying our CMBS investments, are subject to the ability of the commercial property owner to generate net income from operating the property as well as to the risks of delinquency and foreclosure.
- Our investments in CMBS are at risk of loss.
- We may not control the special servicing of the mortgage loans included in the CMBS in which we invest and, in such cases, the special servicer may take actions that could adversely affect our interests.
- A portion of our investments currently are, and in the future may be, in the form of non-performing and sub-performing commercial and residential mortgage loans, or loans that may become non-performing or sub-performing, which are subject to increased risks relative to performing loans.
- Our real estate assets and our real estate-related assets (including mortgage loans and MBS) are subject to the risks associated with real property.
- We engage in short selling transactions, which may subject us to additional risks.
- Our investments that are denominated in foreign currencies, domiciled outside the U.S., or that involve non-U.S. assets are subject to risks associated with non-U.S. investing, including in some cases foreign currency risk.
- We use leverage in executing our business strategy, which may adversely affect the return on our assets and may reduce cash available for distribution to our stockholders, as well as increase losses when economic conditions are unfavorable.
- Our access to financing may not be available on favorable terms, or may be limited or completely shut off, and our lenders and derivative counterparties may require us to post additional collateral.
- A failure to comply with restrictive covenants in our financing arrangements would have a material adverse effect on us, and any future financings may require us to provide additional collateral or pay down debt.
- Our securitizations may expose us to additional risks.
- If Longbridge is unable to fund its tail funding commitments or securitize its HECM loans (including tail pools), or if HMBS tail pool prices decline, this could materially adversely affect our business, financial condition and results of operations, and our ability to pay dividends to our stockholders.
- Hedging against credit events, interest rate changes, foreign currency fluctuations, and other risks could materially adversely affect our business.
- Hedging instruments and other derivatives, including some credit default swaps, may not, in many cases, be traded on regulated exchanges, or may not be guaranteed or regulated by any U.S. or foreign governmental authority and involve risks and costs that could result in material losses.
- Our rights under our repos and certain other trading agreements are subject to the effects of the bankruptcy laws in the event of the bankruptcy or insolvency of us or our counterparties.
- We invest in corporate loans and CLOs backed by corporate loans, which exposes us to certain risks.
- We, and the CLOs in which we invest, may be subject to risks associated with syndicated loans.
- Our investments in corporate CLOs involve certain risks.
- Our corporate loans and CLO investments are subject to risks related to the financial leverage employed by the underlying corporate borrowers.
- We are dependent on the collateral managers of the CLOs in which we invest.
- We are subject to risks associated with loan accumulation facilities.
- We may invest in distressed debt and equity, which involve significant risks, including uncertainty of recovery and exposure to bankruptcy proceedings.
- We have made and may in the future make investments in companies that we do not control.
- We have made and may in the future make loans secured by, or invest in structures tied to, legal claims, which subject us to a variety of risks.
- Our investments in certain MSR-related assets expose us to structural, counterparty, regulatory and liquidity risks that could adversely affect us.
- Our Forward MSR-related investments may expose us to additional financing-related risks, and we may be reliant on acknowledgement agreements with the GSEs and a master servicer's cooperation with its financing sources and its compliance with covenants in its MSR financing facility.
- We may have to fund amounts equal to the servicing advances due under our Forward MSR-related investments, which could adversely impact our business, financial condition and results of operations, and our ability to pay dividends to our stockholders.
- We do not have legal title to the Underlying MSRs.
- The value of our MSR-related assets may vary substantially with changes in interest rates.
- Risks Related to Our Loan Origination and Servicing Businesses
- If we, or our loan originator affiliates, are unable to obtain sufficient capital to meet the financing requirements of our loan origination businesses, or if we, or our loan originator affiliates, fail to comply with debt agreements, our business, financing activities, financial condition and results of operations will be adversely affected.
- Longbridge is required to follow specific guidelines and eligibility standards that impact the way it services and originates U.S. government agency loans.
- Failure to comply with FHA guidelines could adversely impact Longbridge’s business.
- Material changes to the laws, regulations or practices applicable to reverse mortgage programs operated by FHA. Ginnie Mae and HUD could adversely affect the reverse mortgage business of Longbridge.
- Longbridge relies on subservicers and other service providers to perform mortgage servicing functions, which presents us with a number of risks.
- Longbridge’s launch of a HELOC product exposes us to additional credit, operational, liquidity, regulatory, and market risks.
- We may change our investment strategy, investment guidelines, hedging strategy, operating, and management policies without notice or stockholder consent, which could materially adversely affect our business, financial condition and results of operations, and our ability to pay dividends to our stockholders. In addition, our Board of Directors may authorize us to revoke or otherwise terminate our REIT election without the approval of our stockholders.
- We operate in a highly competitive market.
- Lack of diversification in the number or types of assets we acquire would increase our dependence on relatively few individual assets or asset types.
- We are highly dependent on Ellington's and Longbridge's information systems and those of third-party service providers, including mortgage servicers, and system failures could significantly disrupt our business, which could materially adversely affect our business, financial condition and results of operations, and our ability to pay dividends to our stockholders.
- Because we are highly dependent on information systems when sharing information with third party service providers, systems failures, breaches or cyber-attacks could significantly disrupt our business, which could have a material adverse effect on our results of operations and cash flows.
- Our acquisitions, equity investments, mergers and the integration of acquired or merged-with businesses and companies subject us to various risks and may not result in all of the cost savings and benefits anticipated, which could adversely affect our financial condition or results of operations.
- The lack of liquidity in our assets may materially adversely affect our business, financial condition and results of operations, and our ability to pay dividends to our stockholders.
- We may be exposed to environmental liabilities with respect to properties in which we have an interest.
- We could be subject to liability for potential violations of various federal, state and local laws and regulations, including predatory lending laws, which could materially adversely affect our business, financial condition and results of operations, and our ability to pay dividends to our stockholders.
- Consumer loans are subject to delinquency and loss, which could have a negative impact on our financial results.
- Increased regulatory attention and potential regulatory action in the consumer credit or reverse mortgage businesses could have a negative impact on our reputation, or cause losses on our investments in consumer loans or our equity investments in loan originators.
- We are dependent on our Manager and certain key personnel of Ellington that are provided to us through our Manager and may not find a suitable replacement if our Manager terminates the management agreement or such key personnel are no longer available to us.
Legal proceedings
Neither we, nor our subsidiaries, nor Ellington nor its affiliates (including our Manager) are currently subject to any legal proceedings that we or our Manager consider material to us. Nevertheless, we, our subsidiaries, and Ellington and its affiliates operate in highly regulated markets that currently are under regulatory scrutiny, and over the years, Ellington and its affiliates have received, and we expect in the future that we and they may receive, inquiries and requests for documents and information from various federal, state and foreign regulators.
In addition, as described in "Note 27 Subsequent Events—Longbridge Settlement Agreement in the notes to Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K, on January 28, 2026, Longbridge entered into a settlement agreement (the “Settlement Agreement”) pursuant to which it is entitled to receive a payment of $17.0 million from one of the other parties to the Settlement Agreement. The timing and amount of any payment to be received under the Settlement Agreement will depend on the other party’s performance of its obligations thereunder.
We and Ellington cannot provide any assurance that, whether the result of regulatory inquiries or otherwise, neither we nor Ellington nor its affiliates will become subject to investigations, enforcement actions, fines, penalties or the assertion of private litigation claims or that, if any such events were to occur, they would not materially adversely affect us. For a discussion of these and other related risks, see "Part I, Item 1A. Risk Factors—We, Ellington, or its affiliates may be subject to regulatory inquiries and proceedings, or other legal proceedings" of this Annual Report on Form 10-K.
The opening of Item 3, Legal Proceedings.7
Sources
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- 20SEC EDGARDaniel R. Margolis, Secretary
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- 23SEC EDGARStephen J. Dannhauser, Board member
- 24SEC EDGARLisa Mumford, Board member
- 25SEC EDGAREdward Resendez, Board member
- 26SEC EDGARRonald I. Simon, Board member
- 27SEC EDGARThomas F. Robards, Board member
- 28SEC EDGAROther events
- 29SEC EDGARRegulation FD disclosure
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