Ellington Financial Inc. Reports Fourth Quarter 2024 Results

About this update from Ellington Financial Inc.

[{"type":"image","alt":"","displaySize":"","headline":null,"caption":"","credit":null,"className":"","disableSlideshowImg":false,"size":{"original":{"width":1024,"height":512,"url":"https://media.zenfs.com/en/business-wire.com/47d576f4a8bcb677702f312ce26846fc"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/Lz9POzc8PVx2E_1GKcSuOg--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTQ4MDtjZj13ZWJw/https://media.zenfs.com/en/business-wire.com/47d576f4a8bcb677702f312ce26846fc","width":960,"height":480},"lightbox":{"url":"https://s.yimg.com/ny/api/res/1.2/9DxcvfJEwR26Bg5PIZ_Hmg--/YXBwaWQ9aGlnaGxhbmRlcjt3PTIwNDg7aD0xMDI0O2NmPXdlYnA-/https://media.zenfs.com/en/business-wire.com/47d576f4a8bcb677702f312ce26846fc","width":1024,"height":512}},"lazy":false},{"type":"text","content":" OLD GREENWICH, Conn., February 27, 2025 --( BUSINESS WIRE )--Ellington Financial Inc. (NYSE: EFC) ("we") today reported financial results for the quarter ended December 31, 2024.","length":185,"tagName":"p"},{"type":"text","content":" Highlights ","length":10,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Net income attributable to common stockholders of $22.4 million, or $0.25 per common share. 1 ","length":92,"tagName":"p","attribs":{}},{"type":"list","items":[{"val":[{"type":"text","content":"$25.3 million, or $0.28 per common share, from the investment portfolio.","length":72,"tagName":"p","attribs":{}},{"type":"list","items":[{"val":[{"type":"text","content":"$29.3 million, or $0.32 per common share, from the credit strategy.","length":67,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"$(4.0) million, or $(0.04) per common share, from the Agency strategy.","length":70,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":137,"olType":false}]},{"val":[{"type":"text","content":"$26.8 million, or $0.30 per common share, from Longbridge.","length":58,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":267,"olType":false}]},{"val":[{"type":"text","content":"Adjusted Distributable Earnings 2 of $40.6 million, or $0.45 per common share.","length":77,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Book value per common share as of December 31, 2024 of $13.52, including the effects of dividends of $0.39 per common share for the quarter.","length":140,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Dividend yield of 11.7% based on the February 26, 2025 closing stock price of $13.33 per share, and monthly dividend of $0.13 per common share declared on February 10, 2025.","length":173,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Recourse debt-to-equity ratio 3 of 1.8:1 as of December 31, 2024. Including all recourse and non-recourse borrowings, which primarily consist of securitization-related liabilities, debt-to-equity ratio of 8.8:1 4 .","length":211,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Cash and cash equivalents of $192.4 million as of December 31, 2024, in addition to other unencumbered assets of $619.8 million.","length":128,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Redeemed Series E Preferred Stock on December 13, 2024.","length":55,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":1143,"olType":false},{"type":"text","content":" Fourth Quarter 2024 Results ","length":27,"tagName":"p"},{"type":"text","content":""Our results for the fourth quarter highlight excellent performance from our loan originator affiliates, including our reverse mortgage loan platform Longbridge Financial, as well as securitization-related gains," said Laurence Penn, Chief Executive Officer and President. "Supported by another quarter of strong performance at Longbridge, our adjusted distributable earnings increased by another $0.05 per share sequentially to $0.45, again covering our $0.39 of dividends for the quarter.","length":505,"tagName":"p"},{"type":"text","content":""On the asset side of the balance sheet, we grew our closed-end second/HELOC mortgage, proprietary reverse mortgage, and commercial mortgage loan portfolios by a combined 39% during the quarter, excluding the impact of securitizations. This growth continues to reflect the expansion of our proprietary loan origination businesses, where we closed on yet another mortgage originator investment in the fourth quarter, which as usual included an agreement to provide us with forward flow.","length":490,"tagName":"p"},{"type":"text","content":""Meanwhile, we strengthened the liability side of our balance sheet in three key ways. First, we capitalized on favorable market conditions by completing four securitization transactions across three different product lines. With each of these securitizations, we generated gains, we secured non-market-to-market term financing on the underlying assets, and we retained the highest-yielding tranches for our investment portfolio. Second, we capitalized on increased competition in the loan financing markets, both negotiating improved terms on several existing loan financing facilities and adding facilities with two new counterparties. And third, we refinanced some of our outstanding higher-cost debt and preferred stock with lower-cost debt, which were immediately accretive to earnings.","length":796,"tagName":"p"},{"type":"readMore"},{"type":"text","content":""We are committed to building on these achievements throughout 2025, including maintaining the securitization momentum we have built across multiple business lines, and further expanding our asset sourcing channels and sources of financing to drive additional portfolio and earnings growth."","length":301,"tagName":"p"},{"type":"text","content":" Financial Results ","length":17,"tagName":"p"},{"type":"text","content":" Investment Portfolio Segment ","length":28,"tagName":"p"},{"type":"text","content":"The investment portfolio segment generated net income attributable to common stockholders of $25.3 million in the fourth quarter, consisting of $29.3 million from the credit strategy and $(4.0) million from the Agency strategy.","length":227,"tagName":"p"},{"type":"text","content":" Credit Performance ","length":18,"tagName":"p"},{"type":"text","content":"The total adjusted long credit portfolio 5 increased by 5% to $3.42 billion as of December 31, 2024, compared to $3.26 billion as of September 30, 2024. This growth was driven primarily by net purchases of closed-end second lien loans, HELOCs, commercial mortgage bridge loans and non-Agency RMBS.","length":296,"tagName":"p"},{"type":"text","content":"A portion of the increase was offset by smaller residential transition loan and non-QM loan portfolios, driven by paydowns, and the impact of three securitizations (two of non-QM loans and one of closed-end second lien loans) that we completed during the quarter.","length":263,"tagName":"p"},{"type":"text","content":" Key Highlights 6 : ","length":16,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Overall positive performance driven by higher net interest income and net gains from non-Agency RMBS, HELOCs, Forward MSR-related investments, and ABS.","length":151,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Net gains on our equity investments in loan originators, driven by strong origination volumes and gain-on-sale margins.","length":119,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Net losses on non-QM loans and retained tranches, commercial mortgage loans, and consumer loans, in each case driven by a decline in credit performance, and negative operating income on REO workouts.","length":199,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":469,"olType":false},{"type":"text","content":"During the quarter, the net interest margin 7 on our credit portfolio increased to 3.02% from 2.64%, driven by a lower overall cost of funds. We continued to benefit from positive carry on our interest rate swap hedges, where we overall receive a higher floating rate and pay a lower fixed rate.","length":294,"tagName":"p"},{"type":"text","content":" Agency Performance ","length":18,"tagName":"p"},{"type":"text","content":"The long Agency RMBS portfolio decreased by 25% quarter over quarter to $296.7 million as of December 31, 2024, driven primarily by net sales.","length":142,"tagName":"p"},{"type":"text","content":" Key Highlights 6 : ","length":16,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Rising interest rates and intra-quarter volatility drove underperformance of Agency RMBS relative to hedging instruments.","length":121,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Net losses on Agency RMBS exceeded hedging-related gains, delivering negative results in the Agency strategy.","length":109,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Pay-ups on specified pools decreased slightly to 0.67% as of December 31, 2024, from 0.68% as of September 30, 2024.","length":116,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":346,"olType":false},{"type":"text","content":"The net interest margin 7 on our Agency portfolio (excluding the Catch-up Amortization Adjustment) increased to 2.22% as of December 31, 2024 from 2.03% as of September 30, 2024.","length":177,"tagName":"p"},{"type":"text","content":" Longbridge Segment ","length":18,"tagName":"p"},{"type":"text","content":"The Longbridge segment reported a net gain to common stockholders of $26.8 million for the fourth quarter. The Longbridge portfolio (excluding non-retained tranches of consolidated securitization trusts) decreased by 15% sequentially to $420.2 million as of December 31, 2024, as the impact of a proprietary reverse mortgage securitization completed during the quarter exceeded the impact of new originations in that sector.","length":424,"tagName":"p"},{"type":"text","content":" Key Highlights 6 : ","length":16,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Positive contribution from originations, driven by higher volumes and improved origination margins in HECM, and net gains related to a securitization in proprietary reverse.","length":173,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Net gain on the HMBS MSR Equivalent, driven by tighter HMBS yield spreads.","length":74,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Net gains on interest rate hedges.","length":34,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":281,"olType":false},{"type":"text","content":" Corporate/Other Summary ","length":23,"tagName":"p"},{"type":"text","content":"Results for the quarter also reflect a net unrealized loss on our unsecured borrowings, driven by tighter credit spreads and shorter duration, as well as net losses on the fixed receiver interest rate swaps used for hedging fixed payments on long-term debt and preferred equity, due to rising interest rates.","length":308,"tagName":"p"},{"type":"text","content":"________________________ 1 Includes $(29.8) million of preferred dividends accrued and certain corporate/other income and expense items not attributed to either the investment portfolio or Longbridge segments. 2 Adjusted Distributable Earnings is a non-GAAP financial measure. See "Reconciliation of Net Income (Loss) to Adjusted Distributable Earnings" below for an explanation regarding the calculation of Adjusted Distributable Earnings. 3 Excludes U.S. Treasury securities and repo borrowings at certain unconsolidated entities that are recourse to us. Including such borrowings, our debt-to-equity ratio, adjusted for unsettled purchases and sales, based on total recourse borrowings was 2.0:1 as of December 31, 2024. 4 Excludes U.S. Treasury securities and repo borrowings at certain unconsolidated entities. 5 Excludes non-retained tranches of consolidated securitization trusts. The adjusted long credit portfolio also includes the proceeds from financings related to the MSRs underlying our Forward MSR-related investments. Forward MSR-related investments, at fair value are presented on our Consolidated Balance Sheet net of such financings; as of December 31, 2024 and September 30, 2024, such borrowings were $93.5 million and $13.5 million, respectively. 6 Sector level results include associated financing costs and hedging gains/losses where applicable. 7 Net interest margin represents the weighted average asset yield less the weighted average secured financing cost of funds on such assets. It also includes the effect of actual and accrued periodic payments on interest rate swaps used to hedge the assets.","length":1636,"tagName":"p"},{"type":"text","content":" Credit Portfolio (1) ","length":19,"tagName":"p"},{"type":"text","content":"The following table summarizes our credit portfolio holdings as of December 31, 2024 and September 30, 2024:","length":108,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:44%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:1%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"5","rowspan":"1","style":"vertical-align:bottom;border-bottom:solid black 1.0pt;padding-left:0.0px;","val":[{"type":"text","content":" December 31, 2024 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Upon securitization, the HECMs remain on our balance sheet under GAAP, and Longbridge retains the mortgage servicing rights associated with the HMBS, or the "HMBS MSR Equivalent." Longbridge also originates "proprietary reverse mortgage loans," which are not insured by the FHA, and Longbridge has typically retained the associated MSRs. We have securitized some of the proprietary reverse mortgage loans originated by Longbridge, and we have retained certain of the securitization tranches in compliance with credit risk retention rules. The following table summarizes loan-related assets (1) in the Longbridge segment as of December 31, 2024 and Septe...

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