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Ellington Financial (EFC)

Market Price (6/19/2026): $13.445 | Market Cap: $1.6 BilSector: Financials | Industry: Specialized Finance

Ellington Financial (EFC)

Market Price (6/19/2026): $13.445
Market Cap: $1.6 Bil
Sector: Financials
Industry: Specialized Finance

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 25%, Dividend Yield is 12%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 21%

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 27%

Low stock price volatility
Vol 12M is 18%

Megatrend and thematic drivers
Megatrends include Digital & Alternative Assets. Themes include Private Credit.

Trading close to highs
Dist 52W High is -1.8%, Dist 3Y High is -1.8%

Weak multi-year price returns
3Y Excs Rtn is -27%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 1065%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -223%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -223%

Key risks
EFC key risks include [1] a high 8.6:1 leverage ratio contributing to a distress-level bankruptcy risk score and [2] a recent doubling in its portfolio of non-performing loans.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 25%, Dividend Yield is 12%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 21%
1 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 27%
2 Low stock price volatility
Vol 12M is 18%
3 Megatrend and thematic drivers
Megatrends include Digital & Alternative Assets. Themes include Private Credit.
4 Trading close to highs
Dist 52W High is -1.8%, Dist 3Y High is -1.8%
5 Weak multi-year price returns
3Y Excs Rtn is -27%
6 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 1065%
7 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -223%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -223%
8 Key risks
EFC key risks include [1] a high 8.6:1 leverage ratio contributing to a distress-level bankruptcy risk score and [2] a recent doubling in its portfolio of non-performing loans.

EFC in ETFs

Weight = EFC's share of each fund

VTI0.00%
ITOT0.00%
IWM0.05%
IJR0.10%
IJT0.20%
SLYG0.20%
IWN0.10%
VTWO0.05%
+3 more covered ETFs

Valuation & Metrics

FYE: 12/31EFC [1]S&P 500 [2]
REVENUE GROWTH
LTM Revenue [3]$362.2 Mil—
FY 2026 Sales$482.7 Mil—
FY 2027 Sales$492.8 Mil—
FY 2026 Sales Growth33.3%—
FY 2027 Sales Growth2.1%7.7%
EARNINGS
LTM Net Income (GAAP) [3]$213.5 Mil—
FY 2026 Net Income (Non-GAAP)$191.7 Mil—
FY 2027 Net Income (Non-GAAP)$193.9 Mil—
FY 2027 Net Income Growth1.1%15.0%
FY 2026 EPS (Non-GAAP)$1.93—
FY 2027 EPS (Non-GAAP)$1.95—
FY 2027 EPS Growth1.1%—
VALUATION
FY 2026 P/S3.43.2
FY 2027 P/S3.3—
FY 2026 P/E8.620.5
FY 2027 P/E8.5—

[1] EFC forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
[2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 6/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
[3] LTM = reported trailing-twelve-month actuals (GAAP).
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MetricValueDateSource
Adjusted long credit portfolio$3.56 billion9302025Link
Long Agency portfolio$256.1 million3312025Link
Longbridge portfolio$549.0 million3312025Link
Pay-ups on specified pools0.69%3312025Link
Number of securitizations priced711052025Link

Price Chart

Upcoming
6/30/2026DividendAmount: $0.13
Payment On: 7/31/2026
8/06/2026Earnings ReleaseRev: $118 Mil (E)
EPS: $0.46 (E)

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 6/1/2026

Ellington Financial (EFC) stock has gained about 10% since 2/28/2026 because of the following key factors:

1. Ellington Financial significantly exceeded analyst expectations with its first-quarter 2026 earnings report.

The company reported adjusted distributable earnings of $0.55 per share, surpassing the consensus forecast of $0.4341 by 26.7%. Furthermore, GAAP net income attributable to common stockholders rose to $95.5 million, or $0.78 per common share, driven by higher net interest income and fair value gains. This robust performance translated into an annualized economic return of 26%.

2. The company demonstrated strong book value growth and strategic expansion of its loan portfolios.

Ellington Financial's book value per common share increased 3% to $13.56 at the end of Q1 2026 from year-end 2025. The adjusted long credit portfolio grew 4% sequentially to $4.27 billion as of March 31, 2026, fueled by purchases of non-qualified mortgage (non-QM) loans, Agency-eligible loans, and residential transition loans. The Longbridge segment, focusing on reverse mortgage loan origination, notably contributed $57.5 million to net income in Q1 2026, with new loan originations increasing by 52% compared to the same period in 2025.

Show more
Updated on 6/1/2026

Ellington Financial (EFC) stock has gained about 10% since 2/28/2026 because of the following key factors:

1. Ellington Financial significantly exceeded analyst expectations with its first-quarter 2026 earnings report.

The company reported adjusted distributable earnings of $0.55 per share, surpassing the consensus forecast of $0.4341 by 26.7%. Furthermore, GAAP net income attributable to common stockholders rose to $95.5 million, or $0.78 per common share, driven by higher net interest income and fair value gains. This robust performance translated into an annualized economic return of 26%.

2. The company demonstrated strong book value growth and strategic expansion of its loan portfolios.

Ellington Financial's book value per common share increased 3% to $13.56 at the end of Q1 2026 from year-end 2025. The adjusted long credit portfolio grew 4% sequentially to $4.27 billion as of March 31, 2026, fueled by purchases of non-qualified mortgage (non-QM) loans, Agency-eligible loans, and residential transition loans. The Longbridge segment, focusing on reverse mortgage loan origination, notably contributed $57.5 million to net income in Q1 2026, with new loan originations increasing by 52% compared to the same period in 2025.

3. Ellington Financial sustained an attractive and well-covered monthly dividend, appealing to income-focused investors.

The company consistently declared a monthly dividend of $0.13 per common share throughout the period, including declarations in February, April, and May 2026. This dividend payment was well-supported by the adjusted distributable earnings of $0.55 per share for Q1 2026, which substantially outpaced the quarterly dividend of $0.39 per share. The dividend yield remained attractive, noted at 11.9% based on the May 5, 2026 closing price and 11.48% as of late May 2026.

4. A constructive macroeconomic environment for Real Estate Investment Trusts (REITs) provided a supportive backdrop for the stock's performance.

Entering 2026, resilient economic activity and easing financial conditions were seen as creating a supportive environment for REITs. Forecasts anticipated above-average Funds From Operations (FFO) growth of approximately 6.5% for REITs in 2026. Furthermore, stabilizing interest rates and reduced construction pipelines were expected to create a favorable setup for earnings-driven returns within the global REIT market. The prospect of lower borrowing costs could also boost future earnings per share growth estimates and support valuations for rate-sensitive assets like REITs.

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Stock Movement Drivers

Fundamental Drivers

The 11.6% change in EFC stock from 2/28/2026 to 6/18/2026 was primarily driven by a 20.2% change in the company's Total Revenues ($ Mil).
(LTM values as of)22820266182026Change
Stock Price ($)12.0513.4411.6%
Change Contribution By: 
Total Revenues ($ Mil)30136220.2%
Net Income Margin (%)51.6%59.0%14.3%
P/E Multiple8.07.7-3.3%
Shares Outstanding (Mil)103122-16.1%
Cumulative Contribution11.6%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 6/18/2026
ReturnCorrelation
EFC11.6% 
Market (SPY)9.2%52.1%
Sector (XLF)4.7%52.2%

Fundamental Drivers

The 4.2% change in EFC stock from 11/30/2025 to 6/18/2026 was primarily driven by a 20.2% change in the company's Total Revenues ($ Mil).
(LTM values as of)113020256182026Change
Stock Price ($)12.9013.444.2%
Change Contribution By: 
Total Revenues ($ Mil)30136220.2%
Net Income Margin (%)51.6%59.0%14.3%
P/E Multiple8.57.7-9.7%
Shares Outstanding (Mil)103122-16.1%
Cumulative Contribution4.2%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 6/18/2026
ReturnCorrelation
EFC4.2% 
Market (SPY)9.9%37.1%
Sector (XLF)1.3%34.8%

Fundamental Drivers

The 20.4% change in EFC stock from 5/31/2025 to 6/18/2026 was primarily driven by a 27.2% change in the company's Total Revenues ($ Mil).
(LTM values as of)53120256182026Change
Stock Price ($)11.1613.4420.4%
Change Contribution By: 
Total Revenues ($ Mil)28536227.2%
Net Income Margin (%)53.0%59.0%11.1%
P/E Multiple6.77.715.3%
Shares Outstanding (Mil)90122-26.1%
Cumulative Contribution20.4%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2025 to 6/18/2026
ReturnCorrelation
EFC20.4% 
Market (SPY)28.1%30.3%
Sector (XLF)6.7%31.4%

Fundamental Drivers

The 56.9% change in EFC stock from 5/31/2023 to 6/18/2026 was primarily driven by a 229.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)53120236182026Change
Stock Price ($)8.5713.4456.9%
Change Contribution By: 
Total Revenues ($ Mil)110362229.0%
P/S Multiple5.24.5-12.5%
Shares Outstanding (Mil)67122-45.5%
Cumulative Contribution56.9%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2023 to 6/18/2026
ReturnCorrelation
EFC56.9% 
Market (SPY)85.7%49.1%
Sector (XLF)77.0%48.0%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
EFC Return26%-18%18%9%26%4%74%
Peers Return16%-20%20%4%22%-4%37%
S&P 500 Return27%-19%24%23%16%8%98%

Monthly Win Rates [3]
EFC Win Rate75%50%42%50%58%33% 
Peers Win Rate55%50%53%60%63%37% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
EFC Max Drawdown-14%-34%-23%-14%-19%-18% 
Peers Max Drawdown-15%-37%-29%-13%-18%-16% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: AGNC, NLY, RITM, STWD, BXMT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/18/2026 (YTD)

How Low Can It Go

EventEFCS&P 500
2025 US Tariff Shock
  % Loss-10.2%-18.8%
  % Gain to Breakeven11.4%23.1%
  Time to Breakeven15 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-12.2%-9.5%
  % Gain to Breakeven13.9%10.5%
  Time to Breakeven37 days24 days
2023 SVB Regional Banking Crisis
  % Loss-20.2%-6.7%
  % Gain to Breakeven25.2%7.1%
  Time to Breakeven82 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-30.6%-24.5%
  % Gain to Breakeven44.0%32.4%
  Time to Breakeven639 days427 days
2020 COVID-19 Crash
  % Loss-79.0%-33.7%
  % Gain to Breakeven377.2%50.9%
  Time to Breakeven377 days140 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-12.2%-12.2%
  % Gain to Breakeven13.9%13.9%
  Time to Breakeven32 days62 days

Compare to AGNC, NLY, RITM, STWD, BXMT

In The Past

Ellington Financial's stock fell -10.2% during the 2025 US Tariff Shock. Such a loss loss requires a 11.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventEFCS&P 500
2023 SVB Regional Banking Crisis
  % Loss-20.2%-6.7%
  % Gain to Breakeven25.2%7.1%
  Time to Breakeven82 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-30.6%-24.5%
  % Gain to Breakeven44.0%32.4%
  Time to Breakeven639 days427 days
2020 COVID-19 Crash
  % Loss-79.0%-33.7%
  % Gain to Breakeven377.2%50.9%
  Time to Breakeven377 days140 days
2014-2016 Oil Price Collapse
  % Loss-26.9%-6.8%
  % Gain to Breakeven36.8%7.3%
  Time to Breakeven905 days15 days

Compare to AGNC, NLY, RITM, STWD, BXMT

In The Past

Ellington Financial's stock fell -10.2% during the 2025 US Tariff Shock. Such a loss loss requires a 11.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Ellington Financial (EFC)

Ellington Financial Inc. (EFC) is an investment company that primarily acquires and manages a diverse portfolio of financial assets through its subsidiary, Ellington Financial Operating Partnership LLC. The company's main objective is to generate income and capital appreciation from these investments by strategically investing across various credit and asset classes within the U.S. financial markets.

A core part of EFC's strategy involves mortgage-related assets. This includes a wide range of residential mortgage-backed securities (RMBS), which can be backed by loans like prime jumbo, Alt-A, manufactured housing, or subprime mortgages, as well as those guaranteed by U.S. government entities. The company also directly invests in residential mortgage loans, commercial mortgage-backed securities, and commercial mortgage loans and other real estate debt.

Beyond mortgages, Ellington Financial diversifies its investments into other financial instruments. These include collateralized loan obligations (CLOs), corporate debt and equity securities, corporate loans, and derivatives used for hedging or strategic purposes. Additionally, EFC has exposure to consumer finance by acquiring consumer loans and asset-backed securities backed by consumer and commercial assets, broadening its investment focus primarily within the United States.

AI Analysis | Feedback

Ellington Financial is like a landlord, but for financial assets instead of buildings. They own and collect income from a diverse portfolio of things like mortgage-backed securities and various types of loans.

Think of them as a specialized investment arm, similar to a division within a big bank like Goldman Sachs or JPMorgan, focused on buying and managing a wide range of mortgage-backed securities and other financial debt.

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  • Mortgage-Backed Securities (MBS): The company acquires and manages residential mortgage-backed securities (RMBS) and commercial mortgage-backed securities.
  • Mortgage Loans: This includes both residential mortgage loans and commercial mortgage loans.
  • Commercial Real Estate Debt: The company invests in other debt instruments related to commercial real estate.
  • Collateralized Loan Obligations (CLOs): These are structured finance products backed by a pool of corporate loans.
  • Derivatives: The company utilizes both mortgage-related and non-mortgage-related derivatives.
  • Corporate Securities: This category includes investments in corporate debt and equity securities.
  • Corporate Loans: The company provides direct loans to corporations.
  • Consumer Loans: Ellington Financial offers direct loans to consumers.
  • Asset-Backed Securities (ABS): These are securities backed by pools of consumer and commercial assets.

AI Analysis | Feedback

Ellington Financial (EFC) operates as an investment firm that acquires and manages various financial assets and originates loans. Therefore, its "customers" are primarily the borrowers and entities to whom it provides financing.

The company primarily serves the following categories of customers:

  • Individuals: Ellington Financial provides residential mortgage loans and consumer loans directly to individual borrowers.
  • Businesses and Corporations: The company offers commercial mortgage loans, corporate loans, and finances other commercial real estate debt for various businesses and corporations.

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Laurence Penn - Chief Executive Officer & President

Laurence Penn has served as Ellington Financial Inc.'s Chief Executive Officer, President, and a board member since August 2007. He is also the Executive Vice President of Ellington Financial's Manager and a Vice Chairman of Ellington Management Group (EMG), where he oversees various functions and serves on EMG's Investment and Risk Management Committee. Mr. Penn also holds the positions of Chief Executive Officer, President, and Trustee for Ellington Residential Mortgage REIT (EARN). Before joining EMG shortly after its inception in 1995, Mr. Penn was a Managing Director and co-head of CMO origination and trading at Lehman Brothers, specializing in CMO derivatives. From 1987 to 1990 at Lehman Brothers, he headed the structured transaction modeling group, responsible for structuring, modeling, and computer system design for MBS and ABS, and co-created "BondTalk," a high-level programming language for Collateralized Mortgage Obligations.

JR Herlihy - Chief Financial Officer

JR Herlihy has been the Chief Financial Officer of Ellington Financial Inc. since April 2018 and its Treasurer since May 2017, having joined Ellington Management Group (EMG) in April 2011. He also serves as the Chief Operating Officer and Treasurer of Ellington Credit Company (NYSE: EARN) since April 2018 and May 2017, respectively. Mr. Herlihy is a Managing Director at EMG, where his roles included serving as Co-Chief Investment Officer of Ellington Housing Inc. ("EHR"), a real estate investment trust focused on residential real estate assets, from its launch in September 2012 through December 2016, and as EHR's Interim Chief Financial Officer from March 2015 to January 2016. Prior to April 2011, Mr. Herlihy held various positions in the real estate industry, including at the real estate private equity firm GTIS Partners LP, Capmark Financial Group (formerly GMAC Commercial Mortgage), and Jones Lang LaSalle.

Michael W. Vranos - Co-Chief Investment Officer

Michael W. Vranos is a Co-Chief Investment Officer at Ellington Financial Inc. He founded Ellington Management Group, L.L.C. in 1994 and has served as its Chief Executive Officer and Co-Chief Investment Officer since its inception. Previously, Mr. Vranos was a senior managing director and the head of the mortgage and asset-backed securities department at Kidder Peabody & Co. He spent eight years at Kidder Peabody, where he oversaw the trading, sales, and research of mortgage-backed securities, whole loans, and other asset-backed securities.

Mark Tecotzky - Co-Chief Investment Officer

Mark Tecotzky serves as Co-Chief Investment Officer at Ellington Financial Inc. He joined Ellington Management Group, L.L.C. ("Ellington") in 1996 and has been a Managing Director and Co-Chief Investment Officer since 2005. Before joining Ellington, Mr. Tecotzky worked at Lehman Brothers from 1989 to 1996, where he was a Senior Vice President in the mortgage department, focusing on the trading of Agency collateralized mortgage obligations and other mortgage derivatives.

Chris Smernoff - Chief Accounting Officer

Chris Smernoff has been the Chief Accounting Officer of Ellington Financial Inc. since April 2018, having joined Ellington in January 2007. Before this role, he served as the company's Controller starting in February 2010. Mr. Smernoff is responsible for managing all finance and accounting operations for Ellington Financial Inc. He has also been the Controller of Ellington Credit Company (NYSE: EARN) since April 2013. From January 2007 to February 2010, he was an Assistant Controller for various private entities managed by Ellington. Prior to joining Ellington, Mr. Smernoff was a manager in the assurance practice at PricewaterhouseCoopers LLP, where he specialized in providing audit and accounting services to clients in the investment management industry.

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Key Risks to Ellington Financial (EFC)

  1. Interest Rate Risk: As a financial company that acquires and manages a diverse portfolio of fixed-income and mortgage-related assets, Ellington Financial is highly susceptible to fluctuations in interest rates. Changes in prevailing interest rates can significantly impact the fair value of its asset portfolio, increase its borrowing costs, and affect its net interest margin and overall profitability.
  2. Credit Risk: The company invests in various credit-sensitive assets, including residential mortgage-backed securities (RMBS) backed by Alt-A, manufactured housing, and subprime loans, as well as commercial mortgage loans, corporate loans, and consumer loans. A deterioration in economic conditions, real estate markets, or the financial health of borrowers could lead to increased defaults, delinquencies, and a decline in the value of these assets, resulting in potential losses for Ellington Financial.
  3. Market Volatility and Liquidity Risk: Ellington Financial's portfolio includes a variety of financial assets, some of which may be illiquid, and it also uses mortgage-related and non-mortgage-related derivatives. Adverse changes in financial market conditions, beyond just interest rates, could lead to significant fluctuations in the value of its investments and derivatives. Furthermore, reduced liquidity in the markets for its assets could hinder the company's ability to sell assets at favorable prices or to obtain financing, potentially impacting its operations and financial performance.

AI Analysis | Feedback

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Ellington Financial (EFC) operates within several significant addressable markets in the United States:

  • Residential Mortgage-Backed Securities (RMBS): The U.S. mortgage-backed securities market, which includes residential mortgage-backed securities, had over $11 trillion in outstanding securities as of mid-2023 and 2025. The residential MBS segment dominates the overall mortgage-backed securities market. In 2024, gross agency RMBS issuance was approximately $1.1 trillion, while private-label RMBS new issuance was about $132 billion.
  • Commercial Mortgage-Backed Securities (CMBS): The U.S. CMBS market had a capitalization of approximately $1.8 trillion as of December 31, 2025.
  • Collateralized Loan Obligations (CLOs): The U.S. CLO market has an estimated size of about $1.1 trillion in assets as of September 2025. Other data indicates the CLO market reached $1.4 trillion as of April 2025 and is projected to grow from $1.6 trillion in 2025 to $1.83 trillion in 2026.
  • Corporate Debt (including Corporate Loans and Corporate Debt and Equity Securities): The total outstanding U.S. corporate debt was $11.5 trillion as of Q3 2025. In early March 2020, U.S. corporate debt (excluding financial institutions) stood at about $9.6 trillion.
  • Consumer Loans and Asset-Backed Securities backed by consumer assets: The broader U.S. consumer lending market is substantial, with a market size of $27 trillion and growing. Total U.S. consumer debt was $16.99 trillion as of April 2023, of which $4.66 trillion was non-mortgage debt. The United States Digital Lending Market alone is estimated at $511.57 billion in 2025, with projections to reach $896.34 billion by 2030.

AI Analysis | Feedback

Ellington Financial (EFC) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market dynamics:

  1. Growth in Longbridge Segment and Reverse Mortgage Originations: The company anticipates a significant boost to its Adjusted Distributable Earnings (ADE) from the Longbridge Segment as its origination platform is expected to return to profitability. Ellington Financial aims to increase its market share in loan originations, particularly in reverse mortgages.
  2. Expansion and Enhancement of Securitization Platform: Ellington Financial is actively expanding and enhancing its securitization platform, significantly increasing its securitization activity. This includes diversifying beyond non-qualified mortgage (non-QM) loans to encompass second liens, reverse mortgages, residential transition loans, and agency-eligible loans, which generates attractive long-term, non-mark-to-market financing and high-yielding retained tranches.
  3. Optimization of Capital Structure and Liability Management: Strategic capital restructuring efforts, such as raising common equity to retire high-cost preferred equity and increasing the proportion of unsecured, non-mark-to-market, and long-term financings, are projected to strengthen earnings and enhance earnings stability.
  4. Disciplined Expansion of Credit-Focused Investment Portfolio: The company is focused on disciplined expansion of its investment portfolio, especially in credit-sensitive assets like non-QM and proprietary reverse mortgage loans. This strategy, coupled with a consistent improvement in its net interest margin and an increase in the yield on its credit portfolio, is a key driver for revenue growth.
  5. Favorable Market Conditions from a Normalizing Yield Curve: A normalizing yield curve is expected to improve securitization economics, particularly for residential transition loans and other loan types. This favorable environment enhances the attractiveness of long-term financing and the creation of higher-yielding retained tranches, supporting overall revenue generation.

AI Analysis | Feedback

Share Repurchases

  • Ellington Financial Inc. spent $0 on share buybacks in the fourth quarter of 2025.

Share Issuance

  • In January 2026, Ellington Financial announced an underwritten public offering of 8,775,000 shares of common stock, with net proceeds of approximately $117.2 million, primarily used to redeem its Series A Preferred Stock.
  • In the fourth quarter of 2025, the company completed a $400 million unsecured notes offering (7.375% due 2030) to increase long-term, non-mark-to-market financing.

Inbound Investments

  • In the third quarter of 2025, Vanguard Group increased its stake by 7.2%, holding 6.66% of the company, valued at approximately $86.36 million.
  • During the fourth quarter of 2025, Amundi more than doubled its stake in the company.

Outbound Investments

  • In the fourth quarter of 2025, a portion of the proceeds from the $400 million unsecured notes offering was deployed into new investment opportunities, expanding the portfolio by 9%.
  • The company initiated an agency-eligible loan strategy in 2025, adding approximately $250 million of loans in that sector during the second half of the year.
  • Ellington Financial is pursuing vertical integration by securing margin across the entire loan lifecycle through initiatives like the Longbridge franchise, proprietary loan portals, revolving Residential Transition Loan (RTL) securitizations, and a new servicer acquisition.

Capital Expenditures

  • No information is available regarding traditional capital expenditures for Ellington Financial Inc.

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VOYGVoyager Technologies2.2-21.5%43.7%

Top Gainers

TickerCompanyMkt Cap (B)1M RtnYTD Rtn
NVRIEnviri1.8314.1%343.2%
BFLYButterfly Network2.3117.1%134.2%
REPLReplimune0.9116.8%4.8%
AMCAMC Entertainment1.5108.1%81.4%
APPSDigital Turbine1.0106.5%72.2%
HYLNHyliion1.498.0%340.2%
QUREuniQure2.987.5%93.4%
UMACUnusual Machines0.982.9%96.1%
TWSTTwist Bioscience5.476.9%176.0%
SHAZSharonAI1.376.6%0.2%

Top Losers

TickerCompanyMkt Cap (B)1M RtnYTD Rtn
VRRMVerra Mobility0.7-66.6%-80.2%
ADCTADC Therapeutics0.2-65.3%-69.1%
CDChaince Digital0.4-49.8%-3.1%
LILAKLiberty Latin America1.0-38.4%-35.8%
SATLSatellogic0.8-37.6%222.5%
FULCFulcrum Therapeutics0.3-37.4%-67.3%
LILALiberty Latin America1.0-37.1%-35.0%
BKSYBlackSky Technology1.0-35.8%54.6%
TMCRMetals Royalty0.5-35.8%-40.4%
SOCSable Offshore1.5-33.6%12.2%

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons

Peers to compare with:

Financials

EFCAGNCNLYRITMSTWDBXMTMedian
NameEllingto.AGNC Inv.Annaly C.Rithm Ca.Starwood.Blacksto. 
Mkt Price13.4410.3822.219.1916.7018.0915.07
Mkt Cap1.611.716.15.16.13.15.6
Rev LTM3621,6052,3903,2648225851,213
Op Inc LTM-------
FCF LTM-809848-1,581-2,615420345-232
FCF 3Y Avg-5203271,115-1,355603387357
CFO LTM-809848-552-2,613833345-104
CFO 3Y Avg-5203271,996-1,310758387357

Growth & Margins

EFCAGNCNLYRITMSTWDBXMTMedian
NameEllingto.AGNC Inv.Annaly C.Rithm Ca.Starwood.Blacksto. 
Rev Chg LTM27.2%174.8%173.2%18.3%-2.7%22.5%24.9%
Rev Chg 3Y Avg56.4%127.2%290.4%10.0%-9.3%-2.4%33.2%
Rev Chg Q77.0%-246.2%85.4%80.9%-4.2%25.5%51.2%
QoQ Delta Rev Chg LTM18.2%-10.7%6.8%13.9%-0.9%5.8%6.3%
Op Inc Chg LTM-------
Op Inc Chg 3Y Avg-------
Op Mgn LTM-------
Op Mgn 3Y Avg-------
QoQ Delta Op Mgn LTM-------
CFO/Rev LTM-223.4%52.8%-23.1%-80.1%101.3%59.0%14.9%
CFO/Rev 3Y Avg-166.1%27.5%--44.9%84.2%68.8%27.5%
FCF/Rev LTM-223.4%52.8%-66.2%-80.1%51.1%59.0%-7.5%
FCF/Rev 3Y Avg-166.1%27.5%--46.5%65.6%68.8%27.5%

Valuation

EFCAGNCNLYRITMSTWDBXMTMedian
NameEllingto.AGNC Inv.Annaly C.Rithm Ca.Starwood.Blacksto. 
Mkt Cap1.611.716.15.16.13.15.6
P/S4.57.36.71.67.45.26.0
P/Op Inc-------
P/EBIT-------
P/E7.77.97.37.117.429.57.8
P/CFO-2.013.7-29.1-2.07.48.92.7
Total Yield24.9%12.6%13.6%14.1%16.9%13.9%14.0%
Dividend Yield11.9%0.0%0.0%0.0%11.2%10.5%5.2%
FCF Yield 3Y Avg-40.9%2.9%12.8%-25.7%9.3%11.4%6.1%
D/E10.80.02.16.92.15.23.7
Net D/E10.7-0.02.15.62.15.03.6

Returns

EFCAGNCNLYRITMSTWDBXMTMedian
NameEllingto.AGNC Inv.Annaly C.Rithm Ca.Starwood.Blacksto. 
1M Rtn1.6%3.6%4.4%2.1%-0.8%1.7%1.9%
3M Rtn17.9%4.4%4.7%4.5%-2.9%-2.4%4.5%
6M Rtn3.4%5.0%4.8%-14.0%-4.4%-5.5%-0.5%
12M Rtn18.3%29.0%32.5%-10.0%-7.7%3.3%10.8%
3Y Rtn45.5%58.3%61.3%31.1%15.7%25.0%38.3%
1M Excs Rtn-0.4%1.6%2.4%0.1%-2.8%-0.3%-0.1%
3M Excs Rtn4.4%-9.1%-8.8%-9.0%-16.4%-15.9%-9.1%
6M Excs Rtn-5.0%-2.9%-3.2%-22.9%-13.6%-16.1%-9.3%
12M Excs Rtn-5.9%4.6%8.2%-34.5%-32.2%-20.4%-13.2%
3Y Excs Rtn-26.6%-12.3%-11.4%-39.0%-55.8%-44.8%-32.8%

Comparison Analyses

null

Financials

$ Mil | FY: 12/312026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q2
Period End3/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/2023
Filing Date5/11/20263/2/202611/10/20258/11/20255/12/20253/3/202511/12/20248/9/20245/10/20242/29/202411/9/20238/9/2023
Key Financials Quarterly            
Total Revenue1287177867266618570794954
Net Income105223750393023593419139
EPS0.780.140.290.450.350.250.190.620.320.180.100.04
Key Financials TTM            
Total Revenue TTM362307301286285282295283252256244201
Net Income TTM21414715514215114613412474849250
Growth Rates Quarterly            
Total Revenue Growth77.0%8.0%25.7%1.1%3.5%-16.3%24.8%56.9%-6.0%18.8%686.0%247.5%
Net Income Growth172.2%-28.1%59.0%-15.6%15.2%61.9%83.0%566.5%-23.8%-30.0%142.7%114.5%
Margins Quarterly            
Net Income Margin82.3%30.3%47.8%57.9%53.5%45.6%37.8%69.3%48.1%23.6%25.7%16.3%
Cash & Debt            
Total Cash163202185211203192218199187229175195
Total Debt17,68916,96415,57414,87914,50614,20413,80913,20613,15813,33412,65012,514
Net Debt / (Cash)17,52616,76215,38914,66814,30314,01213,59213,00812,97113,10512,47612,319
Cash Flows Quarterly            
FCF from Operations-10-298-290-211-126-141-142-89-59-79-71-43
Cash Flows TTM            
FCF from Operations TTM-809-925-768-619-497-431-369-298-253-242-190-131
Returns to Shareholders Quarterly            
Dividends555047454342414040423736
Share Repurchases115-0-0-0-024-001-0-00
Return on Invested Capital (ROIC) Quarterly            
ROIC1.8%0.1%0.6%0.8%0.8%0.5%0.4%1.3%0.9%0.4%0.4%0.5%
Return on Invested Capital (ROIC) TTM            
ROIC TTM0.8%0.5%0.6%0.6%0.7%0.7%0.7%0.7%0.5%0.6%0.7%0.6%

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Investment Portfolio Segment376387357  
Longbridge Segment271207137  
Corporate/ Other-6-945  
Single Segment   60151
Total64158553960151


Net Income by Segment
$ Mil202520242023
Investment Portfolio Segment203181113
Longbridge Segment353710
Corporate/ Other-119-101-62
Total11911861


Assets by Segment
$ Mil2025202420232022
Longbridge Segment12,78210,4949,0938,228
Investment Portfolio Segment6,3825,6295,9795,636
Corporate/ Other188194244223
Total19,35316,31715,31614,086


Price Behavior

Price Behavior
Market Price$13.44 
Market Cap ($ Bil)1.6 
First Trading Date10/08/2010 
Distance from 52W High-1.8% 
   50 Days200 Days
DMA Price$13.18$12.60
DMA Trendupup
Distance from DMA1.9%6.7%
 3M1YR
Volatility19.3%17.6%
Downside Capture47.3327.76
Upside Capture82.3339.57
Correlation (SPY)52.8%29.3%
EFC Betas & Captures as of 5/31/2026

 1M2M3M6M1Y3Y
Beta1.090.920.880.610.470.68
Up Beta2.401.140.870.940.810.68
Down Beta0.730.471.210.660.400.71
Up Capture69%93%87%42%34%36%
Bmk +ve Days13283667141432
Stock +ve Days12283666132405
Down Capture79%63%72%51%36%85%
Bmk -ve Days7132757109318
Stock -ve Days7122452110320

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with EFC
EFC19.6%17.6%0.86-
Sector ETF (XLF)8.3%14.6%0.3330.7%
Equity (SPY)26.5%12.4%1.6129.1%
Gold (GLD)24.2%27.5%0.7720.4%
Commodities (DBC)19.8%18.8%0.83-16.3%
Real Estate (VNQ)11.0%13.7%0.5248.0%
Bitcoin (BTCUSD)-38.3%42.4%-1.026.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with EFC
EFC5.4%23.9%0.19-
Sector ETF (XLF)9.3%18.6%0.3752.4%
Equity (SPY)13.5%17.1%0.6253.6%
Gold (GLD)17.1%18.3%0.7613.7%
Commodities (DBC)7.5%19.4%0.2914.0%
Real Estate (VNQ)1.9%18.9%0.0059.7%
Bitcoin (BTCUSD)11.6%54.2%0.4118.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with EFC
EFC9.1%42.2%0.33-
Sector ETF (XLF)13.0%22.2%0.5440.1%
Equity (SPY)15.3%18.0%0.7335.9%
Gold (GLD)12.3%16.1%0.631.5%
Commodities (DBC)5.9%18.0%0.2615.1%
Real Estate (VNQ)5.3%20.7%0.2247.7%
Bitcoin (BTCUSD)60.4%66.8%1.0010.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date5292026
Short Interest: Shares Quantity6.4 Mil
Short Interest: % Change Since 515202611.8%
Average Daily Volume1.2 Mil
Days-to-Cover Short Interest5.5 days
Basic Shares Quantity122.4 Mil
Short % of Basic Shares5.2%

Returns Analyses

Earnings Returns History

Updated 6/8/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/5/20263.5%2.8%4.1%
2/26/2026-0.2%-2.0%-7.2%
11/5/20250.8%0.7%0.5%
8/7/20252.5%8.8%9.2%
5/7/20251.3%2.0%0.3%
2/28/2025-3.4%-5.2%-6.7%
11/6/20243.2%1.4%3.0%
8/7/20241.9%2.4%4.7%
...
SUMMARY STATS   
# Positive151617
# Negative987
Median Positive1.8%2.8%4.3%
Median Negative-1.6%-2.4%-6.7%
Max Positive3.5%8.8%16.5%
Max Negative-4.7%-12.3%-12.1%
 Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/5/20263.5%2.8%4.1%
2/26/2026-0.2%-2.0%-7.2%
11/5/20250.8%0.7%0.5%
8/7/20252.5%8.8%9.2%
5/7/20251.3%2.0%0.3%
2/28/2025-3.4%-5.2%-6.7%
11/6/20243.2%1.4%3.0%
8/7/20241.9%2.4%4.7%
5/8/20240.7%2.7%2.6%
2/27/2024-2.1%-0.8%5.4%
11/7/2023-1.7%2.9%2.3%
8/7/2023-0.5%-1.3%-0.5%
5/8/20230.1%2.5%9.5%
2/23/2023-1.6%-3.2%-12.1%
11/7/20221.8%6.9%1.0%
8/4/2022-1.0%-1.0%-9.4%
5/5/2022-4.7%-12.3%-5.4%
2/23/20222.7%6.6%6.9%
11/8/2021-1.5%-2.8%-4.3%
8/5/20211.4%1.7%3.0%
5/5/20210.4%3.7%7.4%
2/18/20211.7%0.1%4.5%
11/6/20203.0%6.9%16.5%
8/6/20201.8%2.8%4.3%
SUMMARY STATS   
# Positive151617
# Negative987
Median Positive1.8%2.8%4.3%
Median Negative-1.6%-2.4%-6.7%
Max Positive3.5%8.8%16.5%
Max Negative-4.7%-12.3%-12.1%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/11/202610-Q
12/31/202503/02/202610-K
09/30/202511/10/202510-Q
06/30/202508/11/202510-Q
03/31/202505/12/202510-Q
12/31/202403/03/202510-K
09/30/202411/12/202410-Q
06/30/202408/09/202410-Q
03/31/202405/10/202410-Q
12/31/202302/29/202410-K
09/30/202311/09/202310-Q
06/30/202308/09/202310-Q
03/31/202305/10/202310-Q
12/31/202203/01/202310-K
09/30/202211/09/202210-Q
06/30/202208/09/202210-Q
 Collapse to Preview
Report DateFiling DateFiling
03/31/202605/11/202610-Q
12/31/202503/02/202610-K
09/30/202511/10/202510-Q
06/30/202508/11/202510-Q
03/31/202505/12/202510-Q
12/31/202403/03/202510-K
09/30/202411/12/202410-Q
06/30/202408/09/202410-Q
03/31/202405/10/202410-Q
12/31/202302/29/202410-K
09/30/202311/09/202310-Q
06/30/202308/09/202310-Q
03/31/202305/10/202310-Q
12/31/202203/01/202310-K
09/30/202211/09/202210-Q
06/30/202208/09/202210-Q
03/31/202205/10/202210-Q
12/31/202103/01/202210-K
09/30/202111/09/202110-Q
06/30/202108/09/202110-Q
03/31/202105/10/202110-Q
12/31/202003/16/202110-K
09/30/202011/09/202010-Q
06/30/202008/10/202010-Q
03/31/202005/21/202010-Q
12/31/201903/13/202010-K
09/30/201911/08/201910-Q
06/30/201908/09/201910-Q

Insider Activity

Updated 5/13/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Simon, Ronald I TrustBuy1002202513.565,54475,1761,084,792Form
 Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Simon, Ronald I TrustBuy1002202513.565,54475,1761,084,792Form

Industry Resources

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Core Cache Last Updated: 6/18/2026