Ellington Financial (EFC) Company Report

Ellington Financial reported net income of $29.5 million or $0.29 per share and Adjusted Distributable Earnings of $54.2 million or $0.53 per share for Q3 2025.
As of September 30, 2025, the company's book value per common share was $13.40, and it declared a monthly dividend of $0.13 per common share on October 7, 2025, representing an 11.4% dividend yield based on the November 5, 2025 closing stock price.
The adjusted long credit portfolio increased by 11% to $3.56 billion as of September 30, 2025, and the company maintained a recourse debt-to-equity ratio of 1.8:1 and a total debt-to-equity ratio of 8.6:1.

Nov 6, 2025, 4:00 PM

Presentation

Ellington Financial Reports Strong Q3 2025 Performance and Strategic Financing Initiatives

EFC

Earnings

Debt Issuance

New Projects/Investments

Ellington Financial reported GAAP net income of $0.29 per share and Adjustable Distributable Earnings (ADE) of $0.53 per share for Q3 2025, with ADE setting a new quarterly high since 2022 and significantly exceeding the $0.39 per share dividend.
The company's total investment portfolio grew by 12% during the quarter, primarily driven by non-QM, proprietary reverse mortgage, and commercial mortgage bridge loans, with the Longbridge portfolio increasing 37% to $750 million.
EFC significantly strengthened its balance sheet and financing structure by pricing a record seven securitizations in Q3 2025 and issuing $400 million of five-year senior unsecured notes at a 7.38% fixed coupon, which helped reduce repo borrowings.
As of September 30th, the company's book value per share was $13.40, and its recourse debt to equity ratio was 1.8 to 1.
Management noted continued momentum into Q4 2025 with robust securitization activity and strong origination volumes, expecting long-term benefits from its evolving capital structure despite a modest near-term drag on ADE from notes issuance deployment.

Nov 6, 2025, 4:00 PM

Transcript

Ellington Financial Inc. Reports Q3 2025 Results

EFC

Earnings

Debt Issuance

New Projects/Investments

Ellington Financial Inc. reported net income attributable to common stockholders of $29.5 million, or $0.29 per common share, and Adjusted Distributable Earnings of $54.2 million, or $0.53 per common share, for the third quarter of 2025.
The company's book value per common share was $13.40 as of September 30, 2025.
Ellington Financial Inc. significantly increased long-term financing by pricing seven securitizations during the quarter and $400 million of senior unsecured notes subsequent to quarter end.
The total adjusted long credit portfolio increased by 11% to $3.56 billion as of September 30, 2025.

Nov 5, 2025, 10:23 PM

8-K

Ellington Financial Inc. Reports Strong Third Quarter 2025 Results

EFC

Earnings

Debt Issuance

New Projects/Investments

Ellington Financial Inc. reported net income attributable to common stockholders of $29.5 million, or $0.29 per common share, and Adjusted Distributable Earnings of $54.2 million, or $0.53 per common share, for the third quarter ended September 30, 2025.
As of September 30, 2025, the company's book value per common share was $13.40, and its recourse debt-to-equity ratio stood at 1.8:1.
The company significantly increased its long-term, non-mark-to-market financing by pricing seven securitizations during the quarter and $400 million of senior unsecured notes subsequent to quarter end.
The total adjusted long credit portfolio grew by 11% sequentially to $3.56 billion as of September 30, 2025.

Nov 5, 2025, 9:59 PM

Press Release

Ellington Financial Declares October Dividend and Announces Senior Notes Pricing

EFC

Dividends

Debt Issuance

New Projects/Investments

Ellington Financial Inc. (EFC) declared a $0.13 per share monthly dividend for October 2025, which translates to an annual yield of approximately 11.6%. However, analysts express concerns about the dividend's sustainability due to a high payout ratio exceeding net income.
The company recently priced $400 million in senior notes, a strategic move aimed at supporting operations and potentially enhancing financial flexibility.
As of July 2025, Ellington Financial's net asset value (NAV) was $13.46 per share, and its Return on Equity (ROE) stands at 8.85%.
Analyst ratings for Ellington Financial are classified as 'Hold', with a price target of $14.00, indicating a neutral market sentiment.

Oct 7, 2025, 9:46 PM

Morningstar

Ellington Financial Announces Closing of Senior Unsecured Notes Offering

EFC

Debt Issuance

New Projects/Investments

Ellington Financial Inc. (EFC) announced the closing of its offering of $400 million in aggregate principal amount of 7.375% senior unsecured notes due September 30, 2030 on October 6, 2025.
The notes are senior unsecured obligations of EFC's subsidiaries and are fully and unconditionally guaranteed by the company.
The net proceeds from the offering are expected to be used for general corporate purposes, including repaying a portion of borrowings under outstanding repurchase agreements and funding purchases of additional assets.
The indenture for the notes includes covenants, such as requiring the company to maintain a ratio of Consolidated Unencumbered Assets to Unsecured Indebtedness of at least 1.20 to 1.0.

Oct 6, 2025, 8:37 PM

8-K

Ellington Financial Closes Senior Unsecured Notes Offering

EFC

Debt Issuance

New Projects/Investments

Ellington Financial Inc. has closed an offering of $400 million in aggregate principal amount of 7.375% senior unsecured notes due September 30, 2030.
The notes are senior unsecured obligations of the Issuers and are fully and unconditionally guaranteed by Ellington Financial Inc..
The company expects to use the net proceeds for general corporate purposes, including repaying a portion of borrowings under outstanding repurchase agreements and funding purchases of additional assets.
The notes were offered only to qualified institutional buyers under Rule 144A and to non-U.S. persons outside the United States in reliance on Regulation S, as they were not registered under the Securities Act.

Oct 6, 2025, 8:15 PM

Press Release

Ellington Financial Prices Senior Unsecured Notes Offering

EFC

Debt Issuance

New Projects/Investments

Ellington Financial Inc. (EFC) announced the pricing of an offering of $400 million in aggregate principal amount of 7.375% senior unsecured notes due 2030.
The offering is expected to close on October 6, 2025, with net proceeds to be used for general corporate purposes, including repaying existing borrowings and funding additional asset purchases.

Sep 30, 2025, 10:01 PM

8-K

Ellington Financial Prices Senior Unsecured Notes

EFC

Debt Issuance

New Projects/Investments

Ellington Financial (EFC) priced an offering of $400 million in aggregate principal amount of 7.375% senior unsecured notes due 2030.
The offering is expected to close on October 6, 2025.
The company intends to use the net proceeds for general corporate purposes, including repaying a portion of borrowings under repurchase agreements and funding purchases of additional assets.

Sep 30, 2025, 9:48 PM

Press Release

Ellington Financial Announces Proposed Offering of Senior Unsecured Notes

EFC

Debt Issuance

New Projects/Investments

Ellington Financial Inc. (EFC) announced a proposed offering of $400 million in aggregate principal amount of senior unsecured notes due 2030 on September 29, 2025.
The notes will be senior unsecured obligations of the Issuers and will be fully and unconditionally guaranteed by the Company.
The net proceeds from the offering are expected to be used for general corporate purposes, including repaying a portion of borrowings under outstanding repurchase agreements and funding purchases of additional assets.

Sep 29, 2025, 1:02 PM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for Ellington Financial.

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