Ellington Financial Inc. Reports Second Quarter 2025 Results

About this update from Ellington Financial Inc.

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(NYSE: EFC) ("we") today reported financial results for the quarter ended June 30, 2025.","length":179,"tagName":"p"},{"type":"text","content":" Highlights ","length":10,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Net income attributable to common stockholders of $42.9 million, or $0.45 per common share. 1 ","length":92,"tagName":"p","attribs":{}},{"type":"list","items":[{"val":[{"type":"text","content":"$56.8 million, or $0.60 per common share, from the investment portfolio.","length":72,"tagName":"p","attribs":{}},{"type":"list","items":[{"val":[{"type":"text","content":"$57.8 million, or $0.61 per common share, from the credit strategy.","length":67,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"$(1.0) million, or $(0.01) per common share, from the Agency strategy.","length":70,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":137,"olType":false}]},{"val":[{"type":"text","content":"$10.7 million, or $0.11 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 of $45.0 million, or $0.47 per common share. 2 ","length":77,"tagName":"p","attribs":{}},{"type":"list","items":[{"val":[{"type":"text","content":"$53.8 million, or $0.56 per common share, from the investment portfolio.","length":72,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"$12.8 million, or $0.13 per common share, from Longbridge.","length":58,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":130,"olType":false}]},{"val":[{"type":"text","content":"Book value per common share as of June 30, 2025 of $13.49, including the effects of dividends of $0.39 per common share for the quarter.","length":136,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Dividend yield of 12.3% based on the August 6, 2025 closing stock price of $12.72 per share, and monthly dividend of $0.13 per common share declared on August 7, 2025.","length":167,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Recourse debt-to-equity ratio 3 of 1.7:1 as of June 30, 2025. Including all recourse and non-recourse borrowings, which primarily consist of securitization-related liabilities, debt-to-equity ratio of 8.7:1 4 .","length":207,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Cash and cash equivalents of $211.0 million as of June 30, 2025, in addition to other unencumbered assets of $708.8 million.","length":124,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":1200,"olType":false},{"type":"text","content":" Second Quarter 2025 Results ","length":27,"tagName":"p"},{"type":"text","content":""Ellington Financial delivered a strong second quarter, with broad-based contributions from our diversified investment portfolio and loan origination platforms. We generated net income of $0.45 per share, equating to an annualized economic return of 13.8% for the quarter, with book value per share increasing quarter over quarter to $13.49. Meanwhile, our adjusted distributable earnings per share increased sharply by $0.08 to $0.47, significantly exceeding our $0.39 of dividends," said Laurence Penn, Chief Executive Officer and President.","length":553,"tagName":"p"},{"type":"text","content":""Our securitization momentum remains strong, as we completed six transactions during the quarter. The size of our investment portfolio was roughly unchanged sequentially, as opportunistic purchases particularly during the April selloff and growth in certain loan portfolios were offset by the impact of securitizations, tactical sales, and steady principal repayments from our short-term loan portfolios.","length":409,"tagName":"p"},{"type":"text","content":""Looking ahead, I believe we are well positioned to continue delivering strong earnings through ongoing portfolio expansion, a faster pace of securitizations—including four priced so far in the third quarter—and continued strong contributions from Longbridge. Longbridge generated a robust $0.13 per share of ADE in the second quarter, and its ADE contributions should be further supported by the recent launch of its HELOC For Seniors program. We are also committed to further strengthening our liability structure, not only through additional securitizations but also by strategically increasing unsecured borrowings over time."","length":640,"tagName":"p"},{"type":"readMore"},{"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 of $57.4 million in the second quarter, consisting of $58.4 million from the credit strategy and $(1.0) million from the Agency strategy.","length":191,"tagName":"p"},{"type":"text","content":" Credit Performance ","length":18,"tagName":"p"},{"type":"text","content":"The total adjusted long credit portfolio 5 increased by 1% to $3.32 billion as of June 30, 2025, compared to $3.30 billion as of March 31, 2025. Our portfolios of commercial mortgage bridge loans, non-QM loans, and non-Agency RMBS all expanded, driven by net purchases. These increases were largely offset by the impact of securitizations, tactical sales of home equity line of credit ("HELOC") and non-QM loans, and a smaller residential transition loan portfolio, with principal paydowns in that portfolio exceeding new purchases.","length":541,"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 realized and unrealized gains from non-QM loans and retained tranches, closed-end second lien loans and retained tranches, and other loans and ABS.","length":221,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Positive results from equity investments in loan originators.","length":61,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Partially offsetting higher net interest income were net unrealized losses on forward MSR-related investments, as well as losses on commercial and residential REO.","length":163,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":445,"olType":false},{"type":"text","content":"During the quarter, the net interest margin 7 on our credit portfolio increased to 3.11% from 2.90%, driven primarily by a lower 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":296,"tagName":"p"},{"type":"text","content":" Agency Performance ","length":18,"tagName":"p"},{"type":"text","content":"The long Agency RMBS portfolio increased by 5% quarter over quarter to $268.5 million as of June 30, 2025, compared to $256.1 million as of March 31, 2025, driven by net purchases.","length":180,"tagName":"p"},{"type":"text","content":" Key Highlights 6 : ","length":16,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Agency RMBS yield spreads widened in early April, driven in part by increased volatility due to tariff-related uncertainty. Yield spreads reversed course in May and June, tightening meaningfully, but still ended the quarter wider overall.","length":238,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Net losses on interest rate hedges drove the overall loss for the quarter.","length":74,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Pay-ups on our specified pools increased slightly to 0.71% as of June 30, 2025, from 0.69% as of March 31, 2025.","length":112,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":424,"olType":false},{"type":"text","content":"The net interest margin 7 on our Agency portfolio (excluding the Catch-up Amortization Adjustment) decreased to 2.29% as of June 30, 2025 from 2.46% as of March 31, 2025, driven primarily by a higher cost of funds.","length":213,"tagName":"p"},{"type":"text","content":" Longbridge Segment ","length":18,"tagName":"p"},{"type":"text","content":"The Longbridge segment reported net income of $10.7 million for the second quarter. The Longbridge portfolio (excluding non-retained tranches of consolidated securitization trusts) decreased by 1% sequentially to $545.6 million as of June 30, 2025, as the impact of a securitization of proprietary reverse mortgage loans completed during the quarter slightly exceeded the impact of new originations in that sector.","length":414,"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 origination volumes in both HECM and proprietary reverse loans, steady origination margins for both products, and net gains related to the proprietary reverse mortgage loan securitization.","length":246,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Positive contribution from servicing, including MSR-related income, strong tail securitization executions, and a net gain on the HMBS MSR Equivalent, driven primarily by tighter HMBS yield spreads.","length":197,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Net losses on interest rate hedges.","length":35,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":478,"olType":false},{"type":"text","content":" Corporate/Other Summary ","length":23,"tagName":"p"},{"type":"text","content":"Results for the quarter also reflect a decrease in incentive fees incurred partially offset by net unrealized loss on our unsecured borrowings and an increase in income tax expense.","length":181,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;","val":[{"type":"text","content":"____________________________________","length":36,"tagName":"p","attribs":{}}]}]}],"length":36},{"type":"text","content":" 1 Represents $67.6 million of aggregate net income from the investment portfolio and Longbridge segments, less $24.6 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. Represents $66.6 million of aggregate Adjusted Distributable Earnings from the investment portfolio and Longbridge segments, less $21.6 million of certain corporate/other items not attributed to either the investment portfolio or Longbridge segments. 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 1.9:1 as of June 30, 2025. 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 both June 30, 2025 and March 31, 2025, such borrowings were $93.5 million. 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":1921,"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 June 30, 2025 and March 31, 2025:","length":100,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:52%;","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":" June 30, 2025 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