Ellington Financial Inc. Earnings Recaps
Q1 2026
May 7, 2026
Ellington Financial's shares rose 3.7% following a quarter highlighted by exceptional performance from its Longbridge segment, which delivered record net income and outpaced the prior year's full-year results despite seasonal headwinds. Strong origination volumes, improved securitizations, and solid credit metrics across the portfolio underpinned investor optimism.
Key takeaways
- GAAP net income reached $0.78 per share with an annualized economic return of 26%.
- Adjusted distributable earnings (ADE) of $0.55 per share comfortably exceeded the dividend of $0.39 per share.
- Longbridge posted near-record proprietary reverse mortgage origination volumes and the lowest-ever cost of funds in its PropReverse securitization.
- The company completed seven securitizations totaling $2.8 billion, more than double the volume from Q1 2025.
- Delinquency rates declined for the second consecutive quarter, and realized credit losses remained minimal, supporting portfolio quality.
Q3 2025
Nov 8, 2025
Ellington Financial achieved a robust third quarter, reporting a GAAP net income of $0.29 per share and an adjustable distributable earnings (ADE) of $0.53 per share, marking a new quarterly high. The company's strategic growth initiatives and robust securitization activity significantly strengthened its balance sheet and portfolio.
Key takeaways
- GAAP net income of $0.29 per share and record ADE of $0.53 per share exceeded quarterly dividends of $0.39 per share.
- Securitization activity reached a record of seven deals in the quarter, contributing to a total of 20 year-to-date, over three times last year’s pace.
- Portfolio holdings expanded by 12% driven by growth in proprietary reverse mortgages, non-QM loans, and commercial mortgage bridge loans.
- Successfully priced $400 million of 5-year senior unsecured notes, enhancing long-term financing options and reducing reliance on short-term debt.
- Continued strong credit performance with only 13 basis points of cumulative realized credit losses on $14.7 billion in residential mortgage loan fundings.