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EFC

Ellington Financial Inc.

EFC

Ellington Financial Inc. • NYSE
$13.70 ▼ -0.80% (-0.11)
Market Cap $1.30 B
52w High $14.40
52w Low $11.12
Dividend Yield 1.56%
P/E 10.38
Volume 1.54M
Outstanding Shares 94.97M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $76.583M ▼ $50.839M ▲ $36.578M ▼ 47.763% ▼ $0.29 ▼ $0
Q2-2025 $86.272M ▲ $50.796M ▲ $49.959M ▲ 57.909% ▲ $0.45 ▲ $0
Q1-2025 $72.282M ▲ $41.358M ▼ $38.684M ▲ 53.518% ▲ $0.35 ▲ $0
Q4-2024 $66.084M ▲ $45.924M ▲ $30.112M ▲ 45.566% ▲ $0.25 ▲ $0
Q3-2024 $60.947M $44.893M $23.008M 37.751% $0.19 $0

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $184.809M ▼ $17.845B ▲ $16.049B ▲ $1.766B ▲
Q2-2025 $211.013M ▲ $17.072B ▲ $15.382B ▲ $1.666B ▲
Q1-2025 $203.288M ▲ $16.644B ▲ $15.007B ▲ $1.614B ▲
Q4-2024 $192.387M ▼ $16.317B ▲ $14.726B ▲ $1.57B ▼
Q3-2024 $217.725M $15.953B $14.328B $1.607B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $0 $-210.516M ▼ $-495.729M ▲ $719.56M ▼ $13.315M ▲ $-210.516M ▼
Q1-2025 $0 $-126.397M ▲ $-633.773M ▼ $768.537M ▲ $8.367M ▲ $-126.397M ▲
Q4-2024 $0 $-140.782M ▲ $-621.363M ▼ $742.79M ▲ $-19.355M ▼ $-140.782M ▲
Q3-2024 $0 $-141.689M ▼ $-576.161M ▼ $741.542M ▲ $23.692M ▲ $-141.689M ▼
Q2-2024 $0 $-88.595M $76.289M $23.107M $10.801M $-88.595M

Five-Year Company Overview

Income Statement

Income Statement Ellington Financial’s income statement shows a business that has grown its top line meaningfully over the last few years while working through some volatility. Revenue and core profit measures have generally trended higher, with a noticeable setback in the middle of the period when results dipped into a loss, then recovered. The recent years show solid profitability, with net income back in positive territory and earnings per share rebounding from earlier weakness. That said, results remain cyclical and sensitive to interest rates and credit spreads, so investors should view the recent strength as encouraging but not guaranteed to be smooth or linear.

Balance Sheet

Balance Sheet The balance sheet has expanded significantly, with total assets and shareholder equity both rising over time. This reflects growth in the investment portfolio and the overall scale of the business. At the same time, the company makes heavy use of debt financing, which is typical for a mortgage REIT but does mean the model is highly leveraged. Cash on hand is modest relative to the size of the balance sheet, again consistent with a capital‑intensive, market‑funded strategy. The key risk is that high leverage can amplify both gains and losses, especially in stressed markets or sharp interest‑rate moves.

Cash Flow

Cash Flow Reported operating and free cash flow have been negative in the most recent years after being positive earlier in the period. For a financial company like this, cash flow statements can be noisy because loan purchases, securities trading, and funding flows run through operating cash flow, so negative figures do not automatically indicate a weak core business. However, they do highlight that the company is actively deploying capital and relying on external financing rather than organically generating surplus cash. Sustainability of the model depends on continued access to funding markets and disciplined risk management rather than on traditional cash flow strength.

Competitive Edge

Competitive Edge Ellington Financial operates in a specialized corner of the mortgage and credit markets and appears to have carved out a defensible niche. Its edge comes from focusing on less crowded areas such as non‑qualified mortgages and reverse mortgages, where expertise and data matter more than pure scale. The relationship with Ellington Management Group and its proprietary technology platform supports sophisticated underwriting, trading, and risk management, helping the firm compete effectively against larger players. A diversified portfolio across various mortgage and consumer credit assets also gives Ellington flexibility to shift focus as market conditions change, which is an advantage in a volatile rate environment.

Innovation and R&D

Innovation and R&D Innovation for Ellington is less about traditional R&D spending and more about analytics, technology, and product design. The firm benefits from proprietary models and systems that analyze credit, prepayment, and interest‑rate risks in detail, allowing it to target complex assets where strong analytics can create a pricing edge. Its investment in Longbridge Financial deepens capabilities in reverse mortgages, including the ability to design proprietary products for seniors rather than relying only on standard government programs. Ellington also engages directly with non‑QM originators and securitization platforms, effectively running an end‑to‑end pipeline from origination insight to capital markets execution. Future upside likely hinges on further tech‑driven improvements in underwriting, servicing, and niche product development.

Summary

Overall, Ellington Financial looks like a growing but inherently cyclical mortgage REIT with a distinct focus on complex, underserved credit niches. Profitability has recovered after a difficult period, supported by higher revenue and more stable recent earnings, but results remain exposed to swings in interest rates and credit conditions. The balance sheet shows meaningful growth and high leverage, which is standard for the sector but raises sensitivity to funding and market shocks. Cash flow figures reflect an actively managed, capital‑intensive strategy rather than a cash‑rich, mature business. What stands out most is the firm’s competitive positioning: deep data and technology capabilities, a strong presence in non‑QM and reverse mortgages, and a diversified portfolio that can be repositioned as markets evolve. The key questions going forward are how well management continues to navigate rate cycles, maintain disciplined risk controls in a leveraged structure, and keep extending its analytical and product edge in the niches where it competes.

NEWS

November 26, 2025 · 5:56 PM UTC

Ellington Financial Announces Estimated Book Value Per Common Share as of October 31, 2025

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November 10, 2025 · 4:19 PM UTC

Ellington Financial Declares Monthly Common Dividend

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November 6, 2025 · 8:00 AM UTC

EFC Gases & Advanced Materials Announces Agreement to Join Element Solutions Inc.

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November 5, 2025 · 4:59 PM UTC

Ellington Financial Inc. Reports Third Quarter 2025 Results

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November 4, 2025 · 7:30 AM UTC

Element Solutions Inc Announces Agreement to Acquire EFC Gases & Advanced Materials

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