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Ellington Financial (EFC) investor relations material
Ellington Financial Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Net income attributable to common stockholders was $29.5 million ($0.29 per share) for Q3 2025, with adjusted distributable earnings of $54.2 million ($0.53 per share), both exceeding dividends paid.
Portfolio holdings grew 12% quarter-over-quarter, led by non-QM, proprietary reverse mortgage, and commercial mortgage bridge loans.
Priced seven securitizations in the quarter, a company record, and completed $400 million in five-year senior unsecured notes at a 7.375% yield.
Book value per common share was $13.40 after $0.39 in dividends declared.
Total assets increased to $17.8 billion as of September 30, 2025, with equity rising to $1.80 billion.
Financial highlights
Net interest income for Q3 2025 was $49.7 million, up from $33.6 million in Q3 2024.
Credit portfolio income: $0.42 per share; Agency: $0.04; Longbridge: $0.09.
Recourse debt-to-equity ratio was 1.8:1; total debt-to-equity ratio was 8.6:1 as of September 30, 2025.
Long Agency RMBS portfolio decreased by 18% to $220.7 million due to net sales.
Longbridge portfolio grew 37% quarter-over-quarter to $750 million.
Outlook and guidance
Management expects continued strong and sustainable dividend coverage, supported by conservative leverage, recent unsecured note issuance, and ongoing securitizations.
Plans to further increase the proportion of long-term unsecured and securitization financing to enhance balance sheet stability.
Management anticipates sufficient capital resources to meet short- and long-term liquidity needs.
Continued focus on dynamic hedging and portfolio diversification to manage volatility and risk.
The Board declared a $0.13 per share common dividend for Q4 2025.
Unsecured note pricing improvement drivers?
Longbridge retained tranche loss mitigation?
RTL portfolio strategy post-securitization?
Expected credit rating impact from financing shift?
Elaborate on agency-eligible mortgage opportunity.
Non-QM convexity risk mitigation strategy?
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Next Ellington Financial earnings date
Q4 202527 Feb, 2026
Next Ellington Financial earnings date
Q4 202527 Feb, 2026
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Frequently asked questions
Ellington Financial Inc. is a real estate investment trust (REIT) that specializes in acquiring and managing a diversified portfolio of financial assets. The company invests in residential and commercial mortgage-backed securities, loans, and other real estate-related assets. Ellington Financial focuses on generating income and capital appreciation through active portfolio management and leveraging its expertise in structured credit and fixed-income markets. The company is headquartered in Old Greenwich, Connecticut, and its shares are listed on the NYSE.
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