Ellington Financial Inc., through its subsidiary, Ellington Financial Operating Partnership LLC, acquires and manages mortgage-related, consumer-related, corporate-related, and other financial assets in the United States. It operates in two segments, Investment Portfolio and Longbridge. The company acquires and manages residential mortgage-backed securities (RMBS) backed by prime jumbo, Alt-A, non-QM, manufactured housing, subprime residential, and single-family-rental mortgage loans; RMBS for which the principal and interest payments are guaranteed by the U.S. government agency or the U.S. government-sponsored entity; residential and commercial mortgage loans; residential mortgage-backed securities; commercial mortgage-backed securities; consumer loans and asset-backed securities backed by consumer loans; investments referencing mortgage servicing rights on traditional forward mortgage loans; collateralized loan obligations; non-mortgage- and mortgage-related derivatives; debt and equity investments in loan origination companies; and other strategic investments. It also offers reverse mortgage loans, including associated financial assets, financing, hedging, and allocated expenses. The company qualifies as a real estate investment trust (REIT) for federal income tax purposes that intends to distribute at least 90% of its taxable income as dividends to shareholders. Ellington Financial Inc. was incorporated in 2007 and is headquartered in Old Greenwich, Connecticut.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $307M | - | $147M | $-925M | 9.8% | 8.6% | 0.7% |
| 2024 | $282M | - | $146M | $-431M | 11.8% | 10.0% | 73.5% |
| 2023 | $257M | - | $84M | $-242M | 7.2% | 494.5% | -220.0% |
| 2022 | $43M | - | $-70M | $43M | -7.2% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 43.15 | 256.50 | 282.19 | 306.51 |
| Operating Revenue | - | 43.15 | 256.50 | 282.19 | 306.51 |
| Operating Expense | - | 68.12 | 167.29 | 165.92 | 208.60 |
| Selling General And Administration | - | 29 | 68.49 | 65.69 | 80.31 |
| Interest Income | - | 282.22 | 370.17 | 416.02 | 494.49 |
| Interest Expense | - | 141.78 | 262.45 | 279.61 | 304.53 |
| Net Interest Income | - | 140.44 | 107.72 | 136.41 | 189.96 |
| Pretax Income | - | -24.97 | 89.21 | 116.27 | 97.91 |
| Tax Provision | - | -17.72 | 0.46 | 0.61 | 3.79 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0.10 | -0.03 | -0.02 | -0.19 |
| Net Income Continuous Operations | - | -70.87 | 87.90 | 148.10 | 150.77 |
| Net Income From Continuing And Discontinued Operation | - | -70.05 | 84.08 | 145.86 | 146.87 |
| Net Income From Continuing Operation Net Minority Interest | - | -70.05 | 84.08 | 145.86 | 146.87 |
| Net Income | - | -70.05 | 84.08 | 145.86 | 146.87 |
| Net Income Common Stockholders | - | -85.34 | 60.90 | 117.83 | 118.74 |
| Net Income Including Noncontrolling Interests | - | -70.87 | 87.90 | 148.10 | 150.77 |
| Normalized Income | - | -70.44 | 89.28 | 151.36 | 154.34 |
| Diluted NI Availto Com Stockholders | - | -85.34 | 60.90 | 117.83 | 118.74 |
| Basic Average Shares | - | 59.85 | 68.25 | 86.86 | 99.44 |
| Diluted Average Shares | - | 59.85 | 68.25 | 86.86 | 100.53 |
| Total Unusual Items | - | 0.49 | -5.23 | -5.52 | -7.66 |
| Total Unusual Items Excluding Goodwill | - | 0.49 | -5.23 | -5.52 | -7.66 |
| Preferred Stock Dividends | - | 15.29 | 23.18 | 27.70 | 28.13 |
| Minority Interests | - | 0.82 | -3.81 | -2.24 | -3.90 |
| Gain On Sale Of Security | - | 59.78 | 26.47 | 24.17 | 129 |
| General And Administrative Expense | - | 29 | 68.49 | 65.69 | 80.31 |
| Other Operating Expenses | - | 18.03 | 20.36 | 31.49 | 44.66 |
| Otherunder Preferred Stock Dividend | - | - | - | 0.34 | - |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Ellington Financial Inc.this co. | EFC | $1.7B | 14.28β discount | 0.92 | 6.5% | - |
| Xenia Hotels & Resorts, Inc. | XHR | $1.8B | 28.34 | 1.58 | 5.6% | 10.77 |
| LTC Properties, Inc. | LTC | $1.8B | 15.12 | 1.66 | 11.0% | 13.24 |
| SmartStop Self Storage REIT, Inc. | SMA | $1.7B | -1100.86 | 1.44 | -0.1% | 20.61 |
| Innovative Industrial Properties, Inc. | IIPR |
| - |
| - |
| - |
| - |
| - |
| $1.7B |
| 14.21 |
| 0.93 |
| 6.6% |
| 9.60 |
| Sila Realty Trust, Inc. | SILA | $1.7B | 50.45 | 1.26 | 2.5% | 16.48 |
| Century Communities, Inc. | CCS | $1.6B | 10.95 | 0.62 | 5.7% | 12.52 |
| Empire State Realty Trust, Inc. | ESRT | $1.6B | 33.83 | 1.52 | 4.5% | 10.36 |
| RLJ Lodging Trust | RLJ | $1.6B | 56.45 | 0.89 | 1.6% | 10.81 |
| Peer Median | - | 21.73 | 1.35 | 5.0% | 11.67 | |