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Ellington Financial
(NYSE:EFC)
Ellington Financial (EFC) vs. SPDR S&P 500 ETF (SPY)
Ellington Financial Business Overview & Revenue Model
Ellington Financial Earnings Call Summary
Ellington Financial Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 674.54M | 282.19M | 256.50M | 43.15M | 216.80M |
| Gross Profit | 568.37M | 282.19M | 256.50M | 43.15M | 174.46M |
| EBITDA | 459.09M | 0.00 | 0.00 | 0.00 | 216.80M |
| Net Income | 146.87M | 145.86M | 84.08M | -70.05M | 133.46M |
Balance Sheet | |||||
| Total Assets | 19.35B | 16.32B | 15.32B | 14.09B | 5.18B |
| Cash, Cash Equivalents and Short-Term Investments | 201.89M | 192.39M | 230.54M | 221.87M | 92.84M |
| Total Debt | 16.96B | 0.00 | 13.33B | 12.40B | 3.64B |
| Total Liabilities | 17.48B | 14.73B | 13.78B | 12.87B | 3.85B |
| Stockholders Equity | 1.83B | 1.57B | 1.52B | 1.20B | 1.29B |
Cash Flow | |||||
| Free Cash Flow | 0.00 | -430.53M | -241.86M | 3.58M | 224.13M |
| Operating Cash Flow | 0.00 | -430.53M | -241.86M | 42.69M | 51.29M |
| Investing Cash Flow | -402.46M | -728.26M | 174.91M | -1.75B | -2.03B |
| Financing Cash Flow | 5.12B | 1.14B | 75.63M | 1.84B | 1.95B |
Ellington Financial Technical Analysis
Ellington Financial Risk Analysis
Ellington Financial Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
60 Neutral | $1.47B | 10.61 | 6.66% | 9.89% | 0.29% | ― | |
57 Neutral | $1.41B | 2.89 | 15.59% | 20.03% | 72.30% | -54.02% | |
55 Neutral | $1.53B | 9.19 | 8.65% | 11.37% | 70.94% | 2.95% | |
55 Neutral | $1.05B | 8.54 | 6.67% | 12.69% | -15.48% | -36.45% | |
54 Neutral | $1.32B | 21.49 | 4.25% | 8.21% | -17.18% | -17.16% | |
53 Neutral | $1.14B | 4.43 | 9.04% | 11.40% | 9.46% | -111.44% |
Ellington Financial Corporate Events
Ellington Financial reported fourth-quarter 2025 net income attributable to common shareholders of $14.7 million, or $0.14 per share, and Adjusted Distributable Earnings of $51.4 million, or $0.47 per share, driven by strong contributions from its credit, Agency, and Longbridge businesses. As of December 31, 2025, book value per share stood at $13.16, the credit portfolio grew 15% to $4.11 billion, and the firm ended the year with $201.9 million of cash and $1.57 billion of other unencumbered assets.
Management highlighted that the October 6, 2025 closing of a $400 million unsecured notes offering allowed Ellington to replace short-term repo funding, ramp up securitizations, and expand its investment portfolio by 9% even after loan sales into securitizations. These moves materially increased the share of long-term, non-mark-to-market borrowings, boosted unencumbered assets by more than $500 million, and, together with strong loan origination and reverse mortgage performance, are intended to strengthen the balance sheet and support a more resilient earnings and dividend profile for shareholders.
The most recent analyst rating on (EFC) stock is a Buy with a $15.00 price target. To see the full list of analyst forecasts on Ellington Financial stock, see the EFC Stock Forecast page.
On February 9, 2026, Ellington Financial Inc. announced that its board of directors declared a monthly cash dividend of $0.13 per share on its common stock. The dividend will be paid on March 31, 2026, to shareholders of record as of February 27, 2026, underscoring the company’s continued commitment to providing regular income distributions to its equity investors.
By maintaining its monthly dividend, Ellington Financial signals stability in its cash flow generation from its diversified portfolio of mortgage-related and other credit assets. The payout decision is likely to be closely watched by income-focused shareholders, as it reflects management’s assessment of current earnings power and balance-sheet flexibility amid broader market and interest-rate uncertainties.
The most recent analyst rating on (EFC) stock is a Buy with a $15.00 price target. To see the full list of analyst forecasts on Ellington Financial stock, see the EFC Stock Forecast page.
On January 28, 2026, Ellington Financial Inc. announced that its board had authorized the full redemption of all 4.6 million outstanding shares of its 6.750% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, with the redemption scheduled to occur on February 27, 2026 at $25.00 per share plus accrued and unpaid dividends up to, but excluding, the redemption date. Following the redemption, the Series A preferred shares will cease to be outstanding, dividends will stop accruing, shareholders’ rights tied to the issue will terminate, and the securities will be suspended from trading on the NYSE before the market opens on February 27, 2026, marking a simplification of Ellington Financial’s capital structure and the removal of this preferred series from public markets.
The most recent analyst rating on (EFC) stock is a Hold with a $14.50 price target. To see the full list of analyst forecasts on Ellington Financial stock, see the EFC Stock Forecast page.
On January 26, 2026, Ellington Financial Inc. and its external manager, Ellington Financial Management LLC, entered into an underwriting agreement with Morgan Stanley and Goldman Sachs to offer 8,775,000 shares of Ellington Financial’s common stock, with an additional 1,316,250 shares available to the underwriters under a 30-day option, under an effective shelf registration filed in December 2025. Subject to customary closing conditions, the company expects the main offering to close on January 28, 2026, with the agreement including standard representations, covenants, indemnification and expense-reimbursement provisions in favor of the underwriters, highlighting Ellington Financial’s continued use of equity issuance and established investment banking relationships as part of its capital-raising strategy.
The most recent analyst rating on (EFC) stock is a Hold with a $14.50 price target. To see the full list of analyst forecasts on Ellington Financial stock, see the EFC Stock Forecast page.
On January 8, 2026, Ellington Financial Inc. announced that its board had declared a monthly dividend of $0.13 per share on its common stock, payable on February 27, 2026 to stockholders of record as of January 30, 2026. The move underscores the company’s continued emphasis on providing regular income to shareholders and signals ongoing confidence in its ability to generate distributable cash flow from its diversified portfolio of mortgage-related and other structured finance assets.
The most recent analyst rating on (EFC) stock is a Hold with a $14.50 price target. To see the full list of analyst forecasts on Ellington Financial stock, see the EFC Stock Forecast page.
On December 23, 2025, Ellington Financial Inc. and its external manager amended their existing equity distribution agreements tied to the company’s at-the-market common stock offering program and simultaneously entered into new, substantively identical equity distribution agreements with Citadel Securities Institutional LLC and Moelis & Company LLC, adding them as additional sales agents alongside Citizens JMP, B. Riley Securities, BTIG and Armstrong Securities. The amendments increased the maximum aggregate offering capacity under the program, with up to $500 million of common shares remaining available to be sold from time to time via at-the-market transactions on the New York Stock Exchange and other markets through these agents, who may earn up to 2.0% of gross proceeds, a move that enhances Ellington Financial’s flexibility to raise equity capital and deepens its syndicate of distribution partners without obligating the company to issue any specific amount of stock.
The most recent analyst rating on (EFC) stock is a Buy with a $15.00 price target. To see the full list of analyst forecasts on Ellington Financial stock, see the EFC Stock Forecast page.
On December 4, 2025, Ellington Financial Inc. announced that its Board of Directors declared dividends for various stock categories. These include a monthly dividend for common stock and quarterly dividends for Series A, B, C, and D preferred stocks, with payments scheduled for late January 2026. This announcement highlights Ellington Financial’s commitment to providing returns to its shareholders, potentially enhancing its attractiveness to investors and reinforcing its position in the financial market.
The most recent analyst rating on (EFC) stock is a Buy with a $16.00 price target. To see the full list of analyst forecasts on Ellington Financial stock, see the EFC Stock Forecast page.