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    Ellington Financial (EFC)

    Market Price (11/3/2026): $11.555 | Market Cap: $1.5 BilSector: Financials | Industry: Specialized Finance

    Ellington Financial (EFC)

    Market Price (11/3/2026): $11.555
    Market Cap: $1.5 Bil
    Sector: Financials
    Industry: Specialized Finance

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

    0

    Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 29%, Dividend Yield is 14%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 24%

    Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 37%

    Low stock price volatility
    Vol 12M is 18%

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

    Weak multi-year price returns
    2Y Excs Rtn is -11%, 3Y Excs Rtn is -41%

    Debt is significant
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 1258%

    Not cash flow generative
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -158%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -158%

    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 29%, Dividend Yield is 14%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 24%
    1 Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 37%
    2 Low stock price volatility
    Vol 12M is 18%
    3 Megatrend and thematic drivers
    Megatrends include Digital & Alternative Assets. Themes include Private Credit.
    4 Weak multi-year price returns
    2Y Excs Rtn is -11%, 3Y Excs Rtn is -41%
    5 Debt is significant
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 1258%
    6 Not cash flow generative
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -158%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -158%
    7 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%
    IJR0.08%
    SLYG0.18%
    IJT0.18%
    IWN0.10%
    VTWO0.05%
    +3 more covered ETFs

    Valuation & Metrics

    FYE: 12/31EFC [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$390.8 Mil—
    FY 2026 Sales$517.2 Mil—
    FY 2027 Sales$525.9 Mil—
    FY 2026 Sales Growth32.4%—
    FY 2027 Sales Growth1.7%8.9%
    EARNINGS
    LTM Net Income (GAAP) [3]$222.2 Mil—
    FY 2026 Net Income (Non-GAAP)$206.8 Mil—
    FY 2027 Net Income (Non-GAAP)$196.3 Mil—
    FY 2027 Net Income Growth-5.1%14.0%
    FY 2026 EPS (Non-GAAP)$2.08—
    FY 2027 EPS (Non-GAAP)$1.98—
    FY 2027 EPS Growth-5.1%—
    VALUATION
    FY 2026 P/S2.93.1
    FY 2027 P/S2.8—
    FY 2026 P/E7.218.0
    FY 2027 P/E7.6—

    [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 11/30/27 (~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).
    EFCS&P 500
    REVENUE GROWTHVERY GOOD
    Rev LTM ($ Bil)0.4
    Rev Chg Q33.1%8.9%
    Rev Chg LTM36.8%8.5%
    Rev Chg 3Y Avg26.1%6.2%
    PROFITABILITYVERY GOOD
    Op Inc LTM ($ Bil)�
    CFO LTM ($ Bil)-0.6
    Net Inc LTM ($ Bil)0.2
    CFO/Rev LTM-158.1%21.6%
    Net Inc Mgn56.9%13.4%
    VALUATIONVERY LOW
    P/S3.73.3
    P/CFO-2.415.2
    P/FCF-2.420.4
    P/E6.522.8

    AI Analysis | Feedback

    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

    Recent
    10/30/2026DividendAmount: $0.13
    Payment On: 11/30/2026

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 11/1/2026

    Ellington Financial (EFC) stock has lost about 10% since 7/31/2026 because of the following key factors:

    1. Macroeconomic headwinds from rising interest rates impacted the mortgage REIT sector. The Federal Reserve raised the federal funds rate by 0.25% on September 16, 2026, to a target range of 3.75%-4.00%, the first hike in over three years, in response to 3.4% annual inflation. This action, alongside projections from the September 2026 "dot plot" indicating interest rates could reach between 4.1% and 4.4% by year-end, created a "higher for longer" interest rate environment. For mortgage REITs like Ellington Financial, rising rates typically pressure portfolio valuations and increase borrowing costs for financing their assets. This broader market challenge was also evidenced by a peer, Angel Oak Mortgage REIT, reporting an 11.5% sequential decrease in GAAP book value per share in fiscal Q3 2026, directly attributing it to higher interest rates and wider credit spreads.

    2. Analysts anticipate a significant decline in Ellington Financial's fiscal Q3 2026 earnings. The company is expected to report Q3 fiscal year 2026 earnings per share of $0.47 and revenue of $125.83 million. This outlook represents a notable decrease compared to the $0.60 earnings per share and $134.11 million in revenue reported for fiscal Q2 2026. Furthermore, the projected Q3 2026 performance is significantly lower year-over-year when compared to Q3 fiscal year 2025's $0.53 earnings per share and $242.08 million in revenue, signaling a potential weakening financial outlook for the company.

    Show more
    Updated on 11/1/2026

    Ellington Financial (EFC) stock has lost about 10% since 7/31/2026 because of the following key factors:

    1. Macroeconomic headwinds from rising interest rates impacted the mortgage REIT sector. The Federal Reserve raised the federal funds rate by 0.25% on September 16, 2026, to a target range of 3.75%-4.00%, the first hike in over three years, in response to 3.4% annual inflation. This action, alongside projections from the September 2026 "dot plot" indicating interest rates could reach between 4.1% and 4.4% by year-end, created a "higher for longer" interest rate environment. For mortgage REITs like Ellington Financial, rising rates typically pressure portfolio valuations and increase borrowing costs for financing their assets. This broader market challenge was also evidenced by a peer, Angel Oak Mortgage REIT, reporting an 11.5% sequential decrease in GAAP book value per share in fiscal Q3 2026, directly attributing it to higher interest rates and wider credit spreads.

    2. Analysts anticipate a significant decline in Ellington Financial's fiscal Q3 2026 earnings. The company is expected to report Q3 fiscal year 2026 earnings per share of $0.47 and revenue of $125.83 million. This outlook represents a notable decrease compared to the $0.60 earnings per share and $134.11 million in revenue reported for fiscal Q2 2026. Furthermore, the projected Q3 2026 performance is significantly lower year-over-year when compared to Q3 fiscal year 2025's $0.53 earnings per share and $242.08 million in revenue, signaling a potential weakening financial outlook for the company.

    3. A decrease in book value per share suggests erosion of underlying asset values. Ellington Financial's book value per common share declined from $13.61 as of June 30, 2026 (end of fiscal Q2 2026), to an estimated lower value for September 30, 2026 (specific value not publicly disclosed in available information by November 2, 2026, but the company announced its estimated book value on October 27, 2026). This decline reflects the impact of the challenging interest rate environment on the valuation of the company's mortgage-related assets. The stock's price-to-book ratio of 0.75 as of October 30, 2026, indicates it is trading below its book value, suggesting investor concerns about the fundamental value of its assets.

    4. Several analyst downgrades and price target reductions contributed to negative sentiment. During the specified period, the investment community adopted a more cautious stance on Ellington Financial. For instance, Piper Sandler lowered its price objective for EFC from $15.00 to $14.00 in October 2026. Additionally, Zacks Research downgraded the stock from a "strong-buy" to a "hold" rating in July 2026, and Weiss Ratings also downgraded the company from a "hold (c)" to a "hold (c-)" rating in October 2026. The consensus rating among covering analysts became "Hold" with an average 12-month price target of $14.25, which is notably higher than the stock's trading price of $11.54 as of November 2, 2026.

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    Stock Movement Drivers

    Fundamental Drivers

    The -10.3% change in EFC stock from 7/31/2026 to 11/2/2026 was primarily driven by a -11.5% change in the company's P/E Multiple.
    (LTM values as of)731202611022026Change
    Stock Price ($)12.8711.54-10.3%
    Change Contribution By: 
    Total Revenues ($ Mil)3623917.9%
    Net Income Margin (%)59.0%56.9%-3.6%
    P/E Multiple7.46.5-11.5%
    Shares Outstanding (Mil)122126-2.6%
    Cumulative Contribution-10.3%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    7/31/2026 to 11/2/2026
    ReturnCorrelation
    EFC-10.3% 
    Market (SPY)0.7%29.4%
    Sector (XLF)1.1%30.7%

    Fundamental Drivers

    The -7.5% change in EFC stock from 4/30/2026 to 11/2/2026 was primarily driven by a -27.1% change in the company's P/E Multiple.
    (LTM values as of)430202611022026Change
    Stock Price ($)12.4811.54-7.5%
    Change Contribution By: 
    Total Revenues ($ Mil)30739127.5%
    Net Income Margin (%)47.9%56.9%18.6%
    P/E Multiple9.06.5-27.1%
    Shares Outstanding (Mil)105126-16.1%
    Cumulative Contribution-7.5%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    4/30/2026 to 11/2/2026
    ReturnCorrelation
    EFC-7.5% 
    Market (SPY)4.9%32.8%
    Sector (XLF)10.8%35.6%

    Fundamental Drivers

    The -2.3% change in EFC stock from 10/31/2025 to 11/2/2026 was primarily driven by a -23.7% change in the company's Shares Outstanding (Mil).
    (LTM values as of)1031202511022026Change
    Stock Price ($)11.8111.54-2.3%
    Change Contribution By: 
    Total Revenues ($ Mil)28639136.8%
    Net Income Margin (%)49.6%56.9%14.5%
    P/E Multiple8.06.5-18.3%
    Shares Outstanding (Mil)96126-23.7%
    Cumulative Contribution-2.3%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    10/31/2025 to 11/2/2026
    ReturnCorrelation
    EFC-2.3% 
    Market (SPY)11.2%31.6%
    Sector (XLF)11.3%30.9%

    Fundamental Drivers

    The 39.4% change in EFC stock from 10/31/2023 to 11/2/2026 was primarily driven by a 129.0% change in the company's Net Income Margin (%).
    (LTM values as of)1031202311022026Change
    Stock Price ($)8.2811.5439.4%
    Change Contribution By: 
    Total Revenues ($ Mil)20139194.0%
    Net Income Margin (%)24.8%56.9%129.0%
    P/E Multiple11.16.5-41.3%
    Shares Outstanding (Mil)67126-46.5%
    Cumulative Contribution39.4%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    10/31/2023 to 11/2/2026
    ReturnCorrelation
    EFC39.4% 
    Market (SPY)86.0%47.2%
    Sector (XLF)85.7%46.0%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    EFC Return26%-18%18%9%26%-6%57%
    Peers Return16%-20%20%4%22%-16%19%
    S&P 500 Return27%-19%24%23%16%10%101%

    Monthly Win Rates [3]
    EFC Win Rate75%50%42%50%58%45% 
    Peers Win Rate55%50%53%60%63%44% 
    S&P 500 Win Rate75%42%67%75%67%36% 

    Max Drawdowns [4]
    EFC Max Drawdown-14%-34%-23%-14%-19%-18% 
    Peers Max Drawdown-15%-37%-29%-13%-18%-30% 
    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 11/2/2026 (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 Breakeven377.3%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 Breakeven377.3%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.

    AI Analysis | Feedback

    • 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.

    AI Analysis | Feedback

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    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

    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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    AI Analysis | Feedback

    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.

    Peer Outperformance in Specialized Finance

    null
    Share of Specialized Finance constituents that EFC has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    —
    insufficient peer history
    3Y
    —
    insufficient peer history
    5Y
    —
    insufficient peer history
    null
    Median price return by industry across the Financials sector, ranked by 5Y. Specialized Finance is EFC's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Reinsurance 6 37.5%74.0%118.3% SPNT 170% · RGA 148% · RNR 138%
    Investment Banking & Brokerage 13 -1.9%90.1%92.3% IBKR 314% · SNEX 159% · HOOD 140%
    Diversified Banks 12 32.8%141.8%91.6% CM 142% · RY 130% · JPM 126%
    Life & Health Insurance 20 17.2%52.4%78.2% JXN 536% · UNM 303% · FG 188%
    Property & Casualty Insurance 42 21.7%72.7%65.0% PGR 176% · TRV 176% · ACGL 166%
    Multi-line Insurance 9 10.2%68.9%63.6% AIZ 100% · GNW 98% · L 97%
    Multi-Sector Holdings 3 9.8%52.4%57.5% BRK-B 93% · VOYA 57% · JEF 35%
    Regional Banks 262 34.5%91.3%53.5% CBC 263% · FCNCA 189% · NIC 146%
    Financial Exchanges & Data 15 19.8%33.8%32.6% CBOE 176% · VIRT 144% · CME 71%
    Insurance Brokers 15 5.3%11.6%26.0% LIFE 387% · ARX 89% · AJG 80%
    Asset Management & Custody Banks 85 -6.1%21.7%8.8% VCTR 257% · WT 230% · AAMI 191%
    Consumer Finance 30 5.9%72.9%5.4% ENVA 397% · FCFS 137% · AXP 101%
    Diversified Financial Services 4 -5.1%18.6%3.3% FRHC 171% · EQH 80%
    Commercial & Residential Mortgage Finance 14 -48.7%20.2%-0.2% FNMA 448% · FMCC 399% · ACT 167%
    Specialized Finance ← 3 8.4%31.0%-20.6% HASI -21% · CACC -28%
    Transaction & Payment Processing Services 17 15.8%17.6%-22.2% V 111% · MA 106% · CPAY 69%
    Mortgage REITs 35 -19.0%-7.6%-35.2% RITM 35% · DX 18% · AGNC 11%
    Diversified Capital Markets 20 -58.1%2.5%-68.4% LPLA 80% · TW 39% · WULF -60%
    Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

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    Peer Comparisons

    Peers to compare with:

    Financials

    EFCAGNCNLYRITMSTWDBXMTMedian
    NameEllingto.AGNC Inv.Annaly C.Rithm Ca.Starwood.Blacksto. 
    Mkt Price11.558.6818.499.4812.6111.2911.42
    Mkt Cap1.510.414.15.34.61.95.0
    Rev LTM3912361,3553,336812555683
    Op Inc LTM-------
    FCF LTM-6181,1372,659-1,886481353417
    FCF 3Y Avg-5125721,597-1,292531323427
    CFO LTM-6181,1373,718-1,8811,091353722
    CFO 3Y Avg-5125722,485-1,247752323448

    Growth & Margins

    EFCAGNCNLYRITMSTWDBXMTMedian
    NameEllingto.AGNC Inv.Annaly C.Rithm Ca.Starwood.Blacksto. 
    Rev Chg LTM36.8%-75.3%-20.4%19.4%1.8%9.2%5.5%
    Rev Chg 3Y Avg26.1%42.3%189.5%14.7%-10.0%-6.7%20.4%
    Rev Chg Q33.1%-259.0%-205.1%8.5%-5.7%-41.2%-23.4%
    QoQ Delta Rev Chg LTM7.9%-90.2%-57.3%2.0%-1.2%-9.0%-5.1%
    Op Inc Chg LTM-------
    Op Inc Chg 3Y Avg-------
    Op Mgn LTM-------
    Op Mgn 3Y Avg-------
    QoQ Delta Op Mgn LTM-------
    CFO/Rev LTM-158.1%481.8%274.3%-56.4%134.4%63.6%99.0%
    CFO/Rev 3Y Avg-160.1%181.0%246.2%-43.5%89.9%60.5%75.2%
    FCF/Rev LTM-158.1%481.8%196.2%-56.5%59.3%63.6%61.4%
    FCF/Rev 3Y Avg-160.1%181.0%123.7%-45.3%62.8%60.5%61.7%

    Valuation

    EFCAGNCNLYRITMSTWDBXMTMedian
    NameEllingto.AGNC Inv.Annaly C.Rithm Ca.Starwood.Blacksto. 
    Mkt Cap1.510.414.15.34.61.95.0
    P/S3.744.210.41.65.73.44.7
    P/Op Inc-------
    P/EBIT-------
    P/E6.5101.212.711.420.3-5.112.0
    P/CFO-2.49.23.8-2.84.25.44.0
    Total Yield29.5%18.3%23.6%21.6%20.1%-3.0%20.8%
    Dividend Yield14.1%17.3%15.7%12.8%15.1%16.7%15.4%
    FCF Yield 3Y Avg-39.5%5.3%11.6%-24.4%8.5%12.4%6.9%
    D/E12.70.03.06.83.07.54.9
    Net D/E12.6-0.02.95.62.97.24.3

    Returns

    EFCAGNCNLYRITMSTWDBXMTMedian
    NameEllingto.AGNC Inv.Annaly C.Rithm Ca.Starwood.Blacksto. 
    1M Rtn0.8%0.1%-0.1%8.8%-3.4%3.6%0.4%
    3M Rtn-10.6%-15.3%-15.7%-3.1%-18.3%-19.4%-15.5%
    6M Rtn-5.7%-12.5%-11.2%3.9%-25.5%-36.2%-11.9%
    12M Rtn-2.2%-0.4%-0.0%-4.1%-22.0%-31.5%-3.1%
    3Y Rtn31.2%60.8%61.6%27.5%-10.3%-27.4%29.3%
    1M Excs Rtn3.2%2.4%2.3%11.2%-1.0%5.9%2.8%
    3M Excs Rtn-7.8%-12.8%-13.1%-2.3%-17.2%-16.1%-12.9%
    6M Excs Rtn-10.4%-17.2%-16.0%-0.8%-30.2%-41.0%-16.6%
    12M Excs Rtn-12.3%-9.7%-8.5%-14.8%-32.3%-42.1%-13.5%
    3Y Excs Rtn-40.7%9.4%2.0%-45.4%-84.9%-102.8%-43.0%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/10/20265/11/20263/2/202611/10/20258/11/20255/12/20253/3/202511/12/20248/9/20245/10/20242/29/202411/9/2023
    Key Financials Quarterly            
    Total Revenue11512871778672666185707949
    Net Income5910522375039302359341913
    EPS0.430.780.140.290.450.350.250.190.620.320.180.10
    Key Financials TTM            
    Total Revenue TTM391362307301286285282295283252256244
    Net Income TTM222214147155142151146134124748492
    Growth Rates Quarterly            
    Total Revenue Growth33.1%77.0%8.0%25.7%1.1%3.5%-16.3%24.8%56.9%-6.0%18.8%686.0%
    Net Income Growth17.3%172.2%-28.1%59.0%-15.6%15.2%61.9%83.0%566.5%-23.8%-30.0%142.7%
    Margins Quarterly            
    Net Income Margin51.0%82.3%30.3%47.8%57.9%53.5%45.6%37.8%69.3%48.1%23.6%25.7%
    Cash & Debt            
    Total Cash247163202185211203192218199187229175
    Total Debt18,48517,68916,96415,57414,87914,50614,20413,80913,20613,15813,33412,650
    Net Debt / (Cash)18,23817,52616,76215,38914,66814,30314,01213,59213,00812,97113,10512,476
    Cash Flows Quarterly            
    FCF from Operations-19-10-298-290-211-126-141-142-89-59-79-71
    Cash Flows TTM            
    FCF from Operations TTM-618-809-925-768-619-497-431-369-298-253-242-190
    Returns to Shareholders Quarterly            
    Dividends545550474543424140404237
    Share Repurchases-0115-0-0-0-024-001-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC0.9%1.8%0.1%0.6%0.8%0.8%0.5%0.4%1.3%0.9%0.4%0.4%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM0.8%0.8%0.5%0.6%0.6%0.7%0.7%0.7%0.7%0.5%0.6%0.7%

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Investment Portfolio Segment376387357158197
    Longbridge Segment27120713743 
    Corporate/ Other-6-9451-2
    Total641585539202195


    Net Income by Segment
    $ Mil20252024202320222021
    Investment Portfolio Segment203181113-59189
    Longbridge Segment35371014 
    Corporate/ Other-119-101-62-40-64
    Total11911861-85125


    Assets by Segment
    $ Mil202520242023
    Longbridge Segment12,78210,4949,093
    Investment Portfolio Segment6,3825,6295,979
    Corporate/ Other188194244
    Total19,35316,31715,316


    Price Behavior

    Price Behavior
    Market Price$11.54 
    Market Cap ($ Bil)1.4 
    First Trading Date10/08/2010 
    Distance from 52W High-13.1% 
       50 Days200 Days
    DMA Price$12.11$12.23
    DMA Trenddownindeterminate
    Distance from DMA-4.7%-5.6%
     3M1YR
    Volatility17.4%18.0%
    Downside Capture83.3748.51
    Upside Capture22.9140.27
    Correlation (S&P 500)30.9%31.8%
    EFC Betas & Captures as of 10/31/2026

     1M2M3M6M1Y3Y
    Beta0.250.480.500.450.450.62
    Up Beta-1.020.320.180.260.510.62
    Down Beta1.010.800.710.270.380.62
    Up Capture-22%-7%20%37%31%29%
    Bmk +ve Days12182862130427
    Stock +ve Days10152458123399
    Down Capture18%100%95%76%60%84%
    Bmk -ve Days10253664121325
    Stock -ve Days11263763118330

    [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
    EFC-1.9%18.0%-0.26-
    Sector ETF (XLF)11.6%14.6%0.5230.9%
    Equity (SPY)11.6%12.8%0.5731.7%
    Gold (GLD)-2.3%28.6%-0.0922.6%
    Commodities (DBC)43.1%20.9%1.60-22.2%
    Real Estate (VNQ)11.0%13.7%0.5046.7%
    Bitcoin (BTCUSD)-28.8%43.6%-0.664.5%

    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
    EFC3.3%23.9%0.09-
    Sector ETF (XLF)9.0%18.3%0.3551.8%
    Equity (SPY)12.0%17.1%0.5253.5%
    Gold (GLD)16.5%19.0%0.6914.6%
    Commodities (DBC)8.4%19.6%0.3110.5%
    Real Estate (VNQ)1.1%18.9%-0.0560.0%
    Bitcoin (BTCUSD)4.1%51.6%0.2619.5%

    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
    EFC8.7%42.3%0.32-
    Sector ETF (XLF)13.4%22.1%0.5540.3%
    Equity (SPY)15.2%17.9%0.7236.0%
    Gold (GLD)11.6%16.5%0.571.8%
    Commodities (DBC)7.8%18.1%0.3414.4%
    Real Estate (VNQ)5.4%20.7%0.2247.7%
    Bitcoin (BTCUSD)61.7%66.3%1.0110.7%

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

    Short Interest

    Short Interest: As Of Date10152026
    Short Interest: Shares Quantity11.1 Mil
    Short Interest: % Change Since 930202622.9%
    Average Daily Volume2.0 Mil
    Days-to-Cover Short Interest5.7 days
    Basic Shares Quantity125.6 Mil
    Short % of Basic Shares8.8%

    Returns Analyses

    Earnings Returns History

    Updated 9/10/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/7/2026-1.0%0.5%-0.7%
    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%
    ...
    SUMMARY STATS   
    # Positive141616
    # Negative1088
    Median Positive1.7%2.6%4.3%
    Median Negative-1.5%-2.4%-6.0%
    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
    8/7/2026-1.0%0.5%-0.7%
    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%
    SUMMARY STATS   
    # Positive141616
    # Negative1088
    Median Positive1.7%2.6%4.3%
    Median Negative-1.5%-2.4%-6.0%
    Max Positive3.5%8.8%16.5%
    Max Negative-4.7%-12.3%-12.1%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/10/202610-Q
    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
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/10/202610-Q
    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

    Insider Activity

    Updated 9/10/2026
    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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