Ellington Financial Inc. Reports Third Quarter 2025 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/bc3e192fd5cf70c529d05a46ccc844fe"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/jLuMjvYLlc7PzRHniV0Q4g--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTQ4MDtjZj13ZWJw/https://media.zenfs.com/en/business-wire.com/bc3e192fd5cf70c529d05a46ccc844fe","width":960,"height":480},"lightbox":{"url":"https://s.yimg.com/ny/api/res/1.2/LCJwliV2RZyWvr4qw8x1Vg--/YXBwaWQ9aGlnaGxhbmRlcjt3PTIwNDg7aD0xMDI0O2NmPXdlYnA-/https://media.zenfs.com/en/business-wire.com/bc3e192fd5cf70c529d05a46ccc844fe","width":1024,"height":512}},"lazy":false},{"type":"text","content":" OLD GREENWICH, Conn., November 05, 2025 --( BUSINESS WIRE )--Ellington Financial Inc. (NYSE: EFC) ("we") today reported financial results for the quarter ended September 30, 2025.","length":186,"tagName":"p"},{"type":"text","content":" Highlights ","length":10,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Net income attributable to common stockholders of $29.5 million, or $0.29 per common share. 1 ","length":92,"tagName":"p","attribs":{}},{"type":"list","items":[{"val":[{"type":"text","content":"$46.9 million, or $0.46 per common share, from the investment portfolio.","length":72,"tagName":"p","attribs":{}},{"type":"list","items":[{"val":[{"type":"text","content":"$42.4 million, or $0.42 per common share, from the credit strategy.","length":67,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"$4.5 million, or $0.04 per common share, from the Agency strategy.","length":66,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":133,"olType":false}]},{"val":[{"type":"text","content":"$8.6 million, or $0.09 per common share, from Longbridge.","length":57,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":262,"olType":false}]},{"val":[{"type":"text","content":"Adjusted Distributable Earnings of $54.2 million, or $0.53 per common share. 2 ","length":77,"tagName":"p","attribs":{}},{"type":"list","items":[{"val":[{"type":"text","content":"$59.7 million, or $0.59 per common share, from the investment portfolio.","length":72,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"$16.1 million, or $0.16 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 September 30, 2025 of $13.40, including the effects of dividends of $0.39 per common share for the quarter.","length":141,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Recourse debt-to-equity ratio 3 of 1.8:1 as of September 30, 2025. Including all recourse and non-recourse borrowings, which primarily consist of securitization-related liabilities, debt-to-equity ratio of 8.6:1 3 .","length":212,"tagName":"p","attribs":{}},{"type":"list","items":[{"val":[{"type":"text","content":"Significantly increased long-term, non-mark-to-market financing through pricing of seven securitizations and pricing of $400 million of Moody's- and Fitch-rated senior unsecured notes, which closed subsequent to quarter end.","length":228,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":228,"olType":false}]},{"val":[{"type":"text","content":"Cash and cash equivalents of $184.8 million as of September 30, 2025, in addition to other unencumbered assets of $1.04 billion.","length":128,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":1270,"olType":false},{"type":"text","content":" Third Quarter 2025 Results ","length":26,"tagName":"p"},{"type":"text","content":""Robust securitization activity, excellent results from our securities businesses, and continued solid credit performance across our diversified loan businesses, including Longbridge, drove Ellington Financial’s strong results for the quarter," said Laurence Penn, Chief Executive Officer and President. "We generated GAAP net income of $0.29 per share and adjusted distributable earnings of $0.53 per share — again substantially exceeding our dividends — and our total portfolio holdings 4 grew by 12% sequentially.","length":530,"tagName":"p"},{"type":"text","content":""During the third quarter, we further strengthened our balance sheet by significantly increasing our long-term, non-mark-to-market financings. We priced seven securitizations during the quarter, and including activity subsequent to quarter end, have now priced 20 securitizations year-to-date, more than triple last year’s pace. Notably, we are currently working on our inaugural securitization of residential transition loans, which would reduce reliance on short-term financing in that strategy, unlock capital for redeployment, and create high-yielding retained tranches for our portfolio. Additionally, on the final day of the third quarter, we successfully priced $400 million of five-year senior unsecured notes, rated by Moody's and Fitch and broadly distributed to institutional investors.","length":806,"tagName":"p"},{"type":"readMore"},{"type":"text","content":""We view our shift toward a greater proportion of long-term unsecured financing and securitization financing — and a lesser proportion of shorter-term repo financing — as a fundamental evolution of our capital structure that is fortifying our balance sheet, enhancing risk management, and supporting earnings stability. As of October 31, nearly 20% of our recourse borrowings are unsecured, and we intend to increase that proportion over time. We priced our unsecured notes at a yield of 7.375%, representing a spread of 3.63% to the five-year U.S. Treasury. We were pleased with the execution, and we expect that pricing will improve on our future note offerings as we become a more established unsecured note issuer and as we migrate more of our borrowings to long-term borrowings, creating a virtuous cycle.","length":815,"tagName":"p"},{"type":"text","content":""Looking ahead, with conservative leverage, significant dry powder from our recent unsecured note issuance, and a steady pace of securitizations, we believe that Ellington Financial is well positioned to continue delivering strong and sustainable dividend coverage."","length":276,"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 of $47.7 million in the third quarter, consisting of $43.2 million from the credit strategy and $4.5 million from the Agency strategy.","length":188,"tagName":"p"},{"type":"text","content":" Credit ","length":6,"tagName":"p"},{"type":"text","content":"The total adjusted long credit portfolio 5 increased by 11% to $3.56 billion as of September 30, 2025, compared to $3.22 billion as of June 30, 2025. The increase was driven by net purchases of non-QM loans, commercial mortgage bridge loans, other residential mortgage loans, and CLOs; and a larger portfolio of retained non-QM RMBS. These increases were partially offset by the impact of loans sold into securitizations, net sales of non-Agency RMBS, and a smaller residential transition loan portfolio, with principal paydowns in that portfolio exceeding new purchases.","length":570,"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 in the credit portfolio, and net realized and unrealized gains from residential transition loans and other loans and ABS.","length":187,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Partially offsetting higher net interest income were net realized and unrealized losses on non-QM retained tranches, CLOs, forward MSR-related investments, and residential REO.","length":176,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Strong credit performance across our loan businesses, with continued exceptionally low life-to-date realized credit losses in both our residential and commercial loan portfolios.","length":178,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Positive results from equity investments in loan originators.","length":61,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":602,"olType":false},{"type":"text","content":"During the quarter, the net interest margin 7 on our credit portfolio increased to 3.65% from 3.11%, driven by an increase in asset yields and 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":318,"tagName":"p"},{"type":"text","content":" Agency ","length":6,"tagName":"p"},{"type":"text","content":"The long Agency RMBS portfolio decreased by 18% quarter over quarter to $220.7 million as of September 30, 2025, compared to $268.5 million as of June 30, 2025, driven by net sales.","length":181,"tagName":"p"},{"type":"text","content":" Key Highlights 6 : ","length":16,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Net gains on our Agency RMBS and interest rate hedges drove the strong results in our Agency strategy. Interest rates and interest rate volatility declined in the quarter, while Agency yield spreads tightened, all of which were supportive of our portfolio.","length":256,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Pay-ups on our specified pools increased to 0.81% as of September 30, 2025, from 0.71% as of June 30, 2025.","length":107,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":363,"olType":false},{"type":"text","content":"The net interest margin 7 on our Agency portfolio (excluding the Catch-up Amortization Adjustment) decreased slightly to 2.27% as of September 30, 2025, from 2.29% as of June 30, 2025. 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":337,"tagName":"p"},{"type":"text","content":" Longbridge Segment ","length":18,"tagName":"p"},{"type":"text","content":"The Longbridge segment reported net income of $8.6 million for the third quarter. The Longbridge portfolio (excluding non-retained tranches of consolidated securitization trusts) increased by 37% sequentially to $750.0 million as of September 30, 2025, driven by a record quarter of proprietary reverse mortgage loan originations at Longbridge, partially offset by the impact of a securitization of proprietary reverse mortgage loans completed during the quarter.","length":463,"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 of proprietary reverse mortgage loans, higher origination margins for HECM loans, and net gains related to the proprietary reverse mortgage loan securitization completed during the quarter.","length":267,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"These gains were partially offset by a net unrealized loss on the retained tranches of consolidated proprietary reverse mortgage loan securitization trusts, due to faster prepayment speed assumptions, lower HPA projections, and higher applied discount rates.","length":258,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Strong positive contribution from servicing, including base servicing net income, strong tail securitization executions, and a net gain on the HMBS MSR Equivalent, driven primarily by tighter HMBS yield spreads.","length":211,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":736,"olType":false},{"type":"text","content":" Corporate/Other Summary ","length":23,"tagName":"p"},{"type":"text","content":"Results for the quarter also reflect an increase in the net unrealized loss on our unsecured borrowings partially offset by a decrease in income tax expense.","length":157,"tagName":"p"},{"type":"text","content":" 1 Represents $55.5 million of aggregate net income from the investment portfolio and Longbridge segments, less $26.0 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 $75.8 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 borrowings collateralized by U.S. Treasury securities. 4 Excludes U.S. Treasury securities and non-retained tranches of consolidated securitization trusts. 5 Excludes non-retained tranches of consolidated securitization trusts. 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":1371,"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 September 30, 2025 and June 30, 2025:","length":104,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;width:64%;padding-left:10.0px;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:2%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"4","rowspan":"1","style":"vertical-align:bottom;border-bottom:solid black 1.0pt;padding-left:0.0px;","val":[{"type":"text","content":" September 30, 2025 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Longbridge also originates home equity lines of credit, or "HELOCs," designed for homeowners aged 62 or older.","length":812,"tagName":"p"},{"type":"text","content":"The following table summarizes loan-related assets (1) in the Longbridge segment as of September 30, 2025 and June 30, 2025:","length":123,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:68%;","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":"3","rowspan":"1","style":"vertical-align:bottom;border-bottom:solid black 1.0pt;padding-left:0.0px;","val":[{"type":"text","content":" September 30, 2025 ","length":18,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:2%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"3","rowspan":"1","style":"vertical-align:bottom;border-bottom:solid black 1.0pt;padding-left:0.0px;","val":[{"type":"text","content":" June 30, 2025 ","length":13,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:68%;","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":"7","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;","val":[{"type":"text","content":" (In thousands) 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