EFC News & Events

"Ellington Financial delivered an exceptionally strong first quarter, generating excellent results even as market volatility rose," said Laurence Penn, Chief Executive Officer and President. "Broad-based contributions across our diversified portfolio drove robust GAAP net income, an annualized economic return of 26%, and book value per share appreciation of 3% net of dividends. Adjusted distributable earnings continued to outpace dividends, supported by high yields and steady credit performance from our loan portfolios, as well as securitization gains at Longbridge. Our Longbridge segment had a tremendous quarter, contributing $0.47 per share to net income and $0.21 per share to ADE for the quarter."

Ellington Financial announced an estimated book value per share of common stock of $13.47 as of February 28. This estimate includes the effect of the previously announced monthly dividend of 13c per share of common stock, to be paid on March 31 to holders of record on February 27, with the same ex-dividend date.

Reports Q4 net interest margin on credit portfolio 3.37% from 3.65% in Q3. Book value per common share was $13.16 from $13.40 at previous quarter end. "Ellington Financial reported another quarter of positive results, driven by our loan origination and securitization businesses, and supported by strengthening credit performance across our diversified loan portfolios," said CEO Laurence Penn. "Once again, our adjusted distributable earnings substantially exceeded our dividends, with particularly strong contributions from our Longbridge segment...As we move into 2026, we remain focused on maintaining strong credit performance and disciplined portfolio growth, while increasing market share in loan originations and scaling our securitization platform. We also continue to optimize our capital structure and balance sheet. Following year-end, we raised common equity on an accretive basis with a highly targeted use of proceeds, namely retiring our highest-cost preferred equity. We will monitor the preferred equity market with an eye toward potentially refinancing that capital at a lower cost. Meanwhile, moving to the debt side of our balance sheet, we expect over time to continue to increase the share of unsecured, non-mark-to-market, and long-term financings. We believe that all these actions will drive an increasingly resilient earnings and dividend stream for shareholders."

The deal range was $13.50-$13.86. Morgan Stanley and Goldman Sachs acted as joint book running managers for the offering.