Ellington Financial (EFC) Financials

$13.44 +0.16 (+1.17%)

Closing price 03:59 PM Eastern

Extended Trading

$13.46 +0.02 (+0.15%)

As of 07:55 PM Eastern

Annual Income Statements for Ellington Financial

This table shows Ellington Financial's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	59	38	-16	34	47	56	17	125	-85	61	118
Consolidated Net Income / (Loss)	60	38	-16	36	50	63	28	141	-71	88	148
Net Income / (Loss) Continuing Operations	60	42	-10	32	170	63	28	140	-71	88	148
Total Pre-Tax Income	60	42	-10	32	0.00	55	1.82	86	-25	89	116
Total Revenue	88	132	69	60	225	93	47	151	60	277	306
Net Interest Income / (Expense)	84	98	66	56	214	81	112	131	140	108	136
Total Interest Income	94	105	80	94	266	160	174	176	282	370	416
Investment Securities Interest Income	94	105	80	94	266	160	174	176	282	370	416
Total Interest Expense	9.93	7.00	14	38	52	78	62	44	142	262	280
Long-Term Debt Interest Expense	-	-	-	-	57	-	62	-	142	262	280
Total Non-Interest Income	4.16	34	2.73	3.92	0.00	12	-65	20	-80	169	169
Other Service Charges	-	-	-	-	4.01	5.35	7.02	7.19	5.38	41	29
Net Realized & Unrealized Capital Gains on Investments	4.16	34	2.73	3.92	7.61	6.49	-72	12	-86	128	141
Total Non-Interest Expense	25	26	28	28	34	39	45	66	85	188	189
Salaries and Employee Benefits	1.45	1.90	2.50	2.59	2.65	3.65	3.78	6.71	21	78	69
Other Operating Expenses	22	24	26	25	31	31	37	39	58	109	113
Other Special Charges	-	-	-	-	-	3.54	3.89	5.29	6.29	0.00	7.31
Income Tax Expense	-	-	-	-	0.00	1.56	11	3.14	-18	0.46	0.61
Other Gains / (Losses), net	-	-	-	-	0.00	10	38	58	-64	-0.86	32
Preferred Stock Dividends Declared	-	-	-	-	0.00	1.47	7.76	8.12	15	23	28
Net Income / (Loss) Attributable to Noncontrolling Interest	0.78	0.34	0.31	1.98	3.24	5.24	3.37	7.09	-0.82	3.81	2.24
Basic Earnings per Share	$2.09	$1.13	($0.48)	$1.04	$1.52	$1.76	$0.39	$2.58	($1.43)	$0.89	$1.36
Weighted Average Basic Shares Outstanding	27.96M	33.70M	32.24M	30.55M	30.70M	44.07M	43.78M	57.48M	68.25M	85.10M	90.68M
Weighted Average Diluted Shares Outstanding	27.96M	33.70M	32.24M	30.55M	30.70M	44.07M	43.78M	57.48M	68.25M	85.10M	90.68M
Weighted Average Basic & Diluted Shares Outstanding	27.96M	33.70M	32.24M	30.55M	30.70M	44.07M	43.78M	57.48M	68.25M	85.10M	90.68M
Cash Dividends to Common per Share	-	$2.45	$1.95	$1.76	$1.64	$1.81	$1.26	$1.64	-	-	$1,600.00

This table shows Ellington Financial's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-33	23	39	2.90	6.59	12	27	52	16	22	32
Consolidated Net Income / (Loss)	-30	27	45	11	13	19	34	60	23	31	39
Net Income / (Loss) Continuing Operations	-30	27	45	11	13	19	34	60	23	31	39
Total Pre-Tax Income	-4.30	33	41	17	14	17	32	48	16	20	31
Total Revenue	10	71	79	59	54	85	76	91	67	72	84
Net Interest Income / (Expense)	37	30	28	25	28	28	31	34	34	38	43
Total Interest Income	79	90	87	88	96	99	102	100	107	107	116
Investment Securities Interest Income	79	90	87	88	96	99	102	100	107	107	116
Total Interest Expense	42	60	60	63	69	71	70	67	74	69	73
Long-Term Debt Interest Expense	-	-	60	63	69	71	70	67	74	69	73
Total Non-Interest Income	-26	41	52	35	26	57	44	58	33	34	40
Other Service Charges	-0.03	4.36	3.50	5.69	29	2.99	7.51	7.65	1.58	12	24
Net Realized & Unrealized Capital Gains on Investments	-26	37	48	29	-2.55	54	37	50	32	22	17
Total Non-Interest Expense	14	38	38	43	39	68	44	43	51	52	52
Salaries and Employee Benefits	1.88	15	15	16	15	33	15	16	19	19	17
Insurance Policy Acquisition Costs	0.00	-	-	-	-	-	0.00	-	-	-	4.53
Other Operating Expenses	11	26	23	27	25	35	26	27	30	31	31
Other Special Charges	1.94	-3.62	0.00	0.00	0.00	-	3.11	0.00	1.99	2.21	0.00
Nonoperating Income / (Expense), net	0.00	-	-	-	-	-	0.00	-	-	-	-1.38
Income Tax Expense	-0.08	-2.85	0.02	0.08	0.22	0.13	0.06	0.14	0.01	0.40	-0.10
Other Gains / (Losses), net	-26	-9.33	3.44	-5.87	-0.98	2.55	2.23	12	7.28	11	8.30
Preferred Stock Dividends Declared	3.82	3.82	5.12	5.98	5.98	6.11	6.65	6.83	6.83	7.39	7.04
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.26	0.25	0.72	1.86	0.51	0.72	0.48	0.90	0.32	0.55	0.64
Basic Earnings per Share	($0.55)	$0.37	$0.58	$0.04	$0.10	$0.17	$0.32	$0.62	$0.19	$0.23	$0.35
Weighted Average Basic Shares Outstanding	60.44M	68.25M	67.16M	68.02M	68.23M	85.10M	85.04M	86.93M	90.66M	90.68M	94.51M
Weighted Average Diluted Shares Outstanding	60.44M	68.25M	67.16M	68.02M	68.23M	85.10M	85.04M	86.93M	90.66M	90.68M	94.51M
Weighted Average Basic & Diluted Shares Outstanding	60.44M	68.25M	67.16M	68.02M	68.23M	85.10M	85.04M	86.93M	90.66M	90.68M	94.51M
Cash Dividends to Common per Share	$0.45	-	$0.45	$0.45	-	-	-	$0.39	$0.39	-	$390.00

This table details how cash moves in and out of Ellington Financial's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-69	70	-61	-76	-2.58	27	39	-19	129	8.68	-22
Net Cash From Operating Activities	-604	654	70	-463	-494	79	120	51	43	-242	-431
Net Cash From Continuing Operating Activities	-598	654	70	-461	1,842	90	21	94	-41	87	114
Net Income / (Loss) Continuing Operations	60	38	-16	36	0.00	63	28	141	-71	88	148
Consolidated Net Income / (Loss)	60	38	-16	36	-	63	28	141	-71	88	148
Amortization Expense	-9.13	22	25	33	46	-48	-41	-32	-25	-13	4.16
Non-Cash Adjustments to Reconcile Net Income	15	-167	12	-544	1,720	53	32	-86	-12	1.34	-30
Changes in Operating Assets and Liabilities, net	-670	761	48	13	77	22	1.49	71	67	11	-7.81
Net Cash From Investing Activities	0.00	0.00	0.00	0.00	0.00	-1,665	507	-2,025	-1,753	175	-728
Net Cash From Continuing Investing Activities	0.00	0.00	0.00	0.00	0.00	-1,545	507	-2,025	-1,675	97	134
Purchase of Property, Leasehold Improvements and Equipment	-	-	-	-	0.00	-0.24	-0.15	-2,020	-3,591	-0.04	0.00
Purchase of Investment Securities	-	-	-	-	0.00	-11,280	-9,935	-21,962	-40,002	-56	-120
Sale and/or Maturity of Investments	-	-	-	-	0.00	9,733	10,426	21,948	41,848	153	254
Net Cash From Financing Activities	535	-584	-130	387	492	1,613	-587	1,955	1,839	76	1,137
Net Cash From Continuing Financing Activities	535	-584	-130	387	492	1,492	-587	2,178	1,821	58	49
Issuance of Debt	23,414	9,758	5,804	10,223	8,281	9,395	4,625	6,780	14,229	0.00	113
Issuance of Preferred Equity	-	-	-	-	0.00	111	0.00	116	0.51	97	0.00
Issuance of Common Equity	188	-	-	-	0.00	157	96	245	99	122	100
Repayment of Debt	-22,981	-10,254	-5,855	-9,777	-7,713	-8,106	-5,238	-4,825	-12,420	0.00	0.00
Repurchase of Common Equity	0.00	-5.64	-14	-15	-23	-0.78	-3.06	0.00	-1.66	-12	-0.69
Payment of Dividends	-86	-83	-65	-58	-51	-54	-65	-86	-123	-149	-164
Cash Interest Paid	9.54	12	15	28	56	79	66	43	125	263	285
Cash Income Taxes Paid	-	-	-	-	0.00	0.19	0.54	2.85	-1.61	-0.32	0.71

This table details how cash moves in and out of Ellington Financial's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	-49	47	-32	6.04	-20	54	-37	11	24	-19	8.37
Net Cash From Operating Activities	-11	-28	-49	-43	-71	-79	-59	-89	-142	-141	-126
Net Cash From Continuing Operating Activities	1.02	-42	101	-2.88	-51	40	17	59	70	-31	56
Net Income / (Loss) Continuing Operations	-	-71	45	11	13	19	34	60	23	31	39
Consolidated Net Income / (Loss)	-	-	45	11	13	19	34	60	23	31	39
Amortization Expense	-	-	0.00	-	-	-13	0.00	-	-	4.16	0.00
Non-Cash Adjustments to Reconcile Net Income	1.02	-13	56	-14	-64	22	-17	-1.41	47	-58	17
Changes in Operating Assets and Liabilities, net	-	-	0.00	-	-	11	0.00	-	-	-7.81	0.00
Net Cash From Investing Activities	-277	-167	-19	-117	14	296	393	76	-576	-621	-634
Net Cash From Continuing Investing Activities	-277	-89	-19	-181	-3.66	300	381	57	-597	293	-658
Purchase of Property, Leasehold Improvements and Equipment	-0.06	-3,591	-676	-777	-828	2,281	-905	-885	-1,275	3,066	-1,345
Purchase of Investment Securities	-10,619	-9,431	-11,158	-9,365	-9,708	30,175	-8,721	-6,057	-11,350	26,008	-17,269
Divestitures	-	23	-	-	-	-	0.00	-	-	-	0.00
Sale and/or Maturity of Investments	10,311	12,939	11,820	9,939	10,492	-32,098	9,956	6,994	12,041	-28,736	17,982
Other Investing Activities, net	31	-29	-4.50	21	41	-	51	4.91	-12	-	-26
Net Cash From Financing Activities	239	241	36	166	37	-163	-370	23	742	743	769
Net Cash From Continuing Financing Activities	411	51	-35	96	35	-39	-385	-53	644	-157	601
Issuance of Debt	4,064	4,075	10,186	10,905	9,172	-30,263	15,634	15,736	18,286	-49,543	18,609
Issuance of Preferred Equity	-	-	97	-	-	-	0.00	-	-	-	0.00
Issuance of Common Equity	8.04	46	61	-	15	47	27	-	73	-	51
Repayment of Debt	-3,640	-4,086	-10,348	-10,756	-9,098	30,202	-15,990	-15,752	-17,673	49,415	-18,018
Repurchase of Common Equity	-0.50	-	-12	-0.28	-	-	-0.52	-0.16	-	-	0.00
Payment of Dividends	-31	-32	-34	-36	-37	-42	-40	-40	-41	-42	-43
Other Financing Activities, Net	10	48	16	-17	-16	-	-16	3.71	-1.32	-	2.06
Cash Interest Paid	41	50	67	59	68	69	68	75	70	72	76
Cash Income Taxes Paid	0.06	-1.76	-0.52	0.05	0.01	0.14	0.23	0.03	0.03	0.41	0.01

This table presents Ellington Financial's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	3,945	2,992	2,413	2,993	3,971	4,338	3,414	5,177	14,086	15,316	16,317
Cash and Due from Banks	114	184	123	47	45	72	112	93	217	229	192
Restricted Cash	0.00	4.86	0.66	0.43	0.43	0.18	0.18	0.18	4.82	1.62	17
Interest Bearing Deposits at Other Banks	147	142	94	140	72	80	63	94	37	52	22
Trading Account Securities	252	269	36	28	20	2,467	1,530	2,106	1,592	1,662	1,147
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	3,432	2,393	2,160	2,777	5,984	1,719	1,709	2,885	12,235	13,371	14,939
Total Liabilities & Shareholders' Equity	3,945	2,992	2,413	2,993	3,971	4,338	3,414	5,177	14,086	15,316	16,317
Total Liabilities	3,157	2,253	1,768	2,372	3,376	3,470	2,492	3,854	12,865	13,780	14,726
Short-Term Debt	1,834	1,515	1,150	1,450	494	96	34	41	84	162	149
Accrued Interest Payable	-	-	-	-	0.00	7.32	3.23	4.57	22	23	18
Other Short-Term Payables	2.80	3.63	3.33	3.89	-	6.98	5.74	-	-	12	17
Long-Term Debt	0.77	0.00	24	268	497	830	892	1,167	2,008	1,943	2,470
Other Long-Term Liabilities	1,319	734	591	651	2,385	2,529	1,557	2,641	10,751	11,641	12,073
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	789	739	645	621	595	869	922	1,324	1,221	1,536	1,591
Total Preferred & Common Equity	782	732	638	600	564	829	885	1,291	1,196	1,517	1,570
Preferred Stock	-	-	-	-	0.00	111	111	227	227	356	332
Total Common Equity	782	732	638	600	564	718	774	1,064	969	1,162	1,239
Common Stock	782	732	638	600	564	822	916	0.06	0.06	0.08	0.09
Retained Earnings	-	-	-	-	0.00	-104	-142	-97	-291	-353	-375
Other Equity Adjustments	-	-	-	-	-	-	-	1,162	1,259	1,515	1,614
Noncontrolling Interest	6.39	6.90	7.12	21	31	39	36	32	25	19	20

This table presents Ellington Financial's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	6/30/2022	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	6,179	6,343	14,112	14,303	14,445	15,133	15,093	15,953	16,644
Cash and Due from Banks	224	175	189	195	175	187	199	218	203
Restricted Cash	0.00	0.00	1.60	1.60	1.60	6.34	6.10	11	14
Interest Bearing Deposits at Other Banks	94	87	24	33	39	17	22	16	43
Trading Account Securities	1,839	1,683	1,494	1,632	1,700	1,479	1,290	1,213	1,101
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	4,022	4,398	12,403	12,441	12,530	13,443	13,576	14,495	15,283
Total Liabilities & Shareholders' Equity	6,179	6,343	14,112	14,303	14,445	15,133	15,093	15,953	16,644
Total Liabilities	4,944	5,162	12,737	12,958	13,108	13,579	13,519	14,328	15,007
Short-Term Debt	86	111	84	108	155	135	158	130	146
Accrued Interest Payable	10	12	15	19	20	25	17	21	20
Other Short-Term Payables	12	-	-	-	14	15	15	16	17
Long-Term Debt	1,782	1,870	2,084	1,901	1,895	2,021	2,072	2,377	2,442
Other Long-Term Liabilities	3,054	3,169	10,554	10,931	11,022	11,383	11,256	11,784	12,381
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,234	1,181	1,375	1,345	1,337	1,553	1,574	1,626	1,638
Total Preferred & Common Equity	1,208	1,155	1,350	1,323	1,313	1,533	1,553	1,607	1,614
Preferred Stock	227	227	324	324	324	356	356	356	332
Total Common Equity	981	928	1,026	999	990	1,178	1,197	1,252	1,282
Common Stock	0.06	0.06	0.07	0.07	0.07	0.09	0.09	0.09	0.09
Retained Earnings	-225	-286	-282	-310	-334	-363	-344	-362	-379
Other Equity Adjustments	1,206	1,213	1,308	1,308	1,323	1,541	1,541	1,614	1,662
Noncontrolling Interest	26	25	25	22	24	20	21	18	23

This table displays calculated financial ratios and metrics derived from Ellington Financial's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-4.99%	49.83%	-47.63%	-13.46%	276.90%	-58.63%	-49.97%	223.70%	-60.28%	361.58%	10.37%
EBITDA Growth	9.67%	137.05%	-48.56%	-0.87%	264.83%	-97.19%	-694.82%	232.11%	-195.32%	252.35%	58.54%
EBIT Growth	-7.01%	67.97%	-61.20%	-21.61%	494.18%	-71.45%	-96.66%	4,547.17%	-129.51%	457.25%	30.33%
NOPAT Growth	-7.01%	67.97%	-72.84%	11.99%	-53.20%	252.06%	-118.04%	962.83%	-121.20%	607.75%	30.32%
Net Income Growth	-24.46%	-35.90%	-140.86%	329.04%	38.78%	26.58%	-55.08%	395.32%	-150.42%	224.03%	68.50%
EPS Growth	-36.28%	-45.93%	-142.48%	316.67%	46.15%	15.79%	-77.84%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Growth	-147.22%	208.29%	-89.35%	-764.25%	-6.75%	116.04%	50.80%	-57.08%	-16.78%	-666.60%	-78.01%
Free Cash Flow Firm Growth	77.39%	203.45%	-2.55%	-205.21%	257.44%	-120.26%	59.90%	-864.55%	-32.76%	70.04%	-89.49%
Invested Capital Growth	24.87%	-14.10%	-19.29%	28.57%	-32.18%	13.14%	2.94%	37.02%	30.85%	9.90%	15.63%
Revenue Q/Q Growth	35.10%	14.96%	-21.50%	-31.23%	168.98%	-54.65%	259.33%	-17.36%	304.33%	5.13%	-3.98%
EBITDA Q/Q Growth	76.28%	36.35%	-18.94%	-18.24%	90.65%	-96.15%	-25.94%	-57.32%	1.66%	-28.06%	6.55%
EBIT Q/Q Growth	58.55%	18.99%	-14.26%	-36.91%	141.01%	-66.32%	105.79%	-30.96%	50.75%	-15.52%	2.88%
NOPAT Q/Q Growth	58.55%	18.99%	-14.26%	-36.91%	634.27%	20.15%	60.84%	-27.13%	49.79%	-17.91%	2.65%
Net Income Q/Q Growth	-17.06%	-2.28%	0.44%	21.10%	-15.66%	35.27%	224.46%	-16.48%	-20.46%	-7.85%	8.29%
EPS Q/Q Growth	-18.04%	10.78%	-2.13%	20.93%	-15.56%	23.94%	145.88%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	-178.96%	416.13%	-83.74%	-112.22%	34.96%	565.86%	13.16%	-46.49%	-31.88%	-27.01%	-16.77%
Free Cash Flow Firm Q/Q Growth	83.54%	-20.28%	13.21%	-1,112.11%	179.35%	-110.15%	81.98%	-116.29%	17.45%	-102.13%	28.21%
Invested Capital Q/Q Growth	-7.35%	-3.03%	-6.64%	14.67%	-47.20%	18.36%	0.52%	13.56%	4.77%	7.45%	1.87%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	61.06%	96.60%	94.88%	108.67%	105.19%	7.14%	-84.86%	34.63%	-83.11%	27.43%	39.40%
EBIT Margin	71.42%	80.07%	59.33%	53.74%	84.72%	58.46%	3.90%	56.03%	-41.62%	32.22%	38.04%
Profit (Net Income) Margin	68.06%	29.12%	-22.72%	60.12%	22.14%	67.74%	60.82%	93.06%	-118.13%	31.74%	48.46%
Tax Burden Percent	100.00%	92.60%	155.39%	111.97%	0.00%	115.87%	1,558.32%	164.21%	283.81%	98.53%	127.38%
Interest Burden Percent	95.29%	39.27%	-24.64%	99.92%	0.00%	100.00%	100.00%	101.15%	100.00%	100.00%	100.00%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	2.86%	624.77%	3.67%	0.00%	0.51%	0.53%
Return on Invested Capital (ROIC)	2.66%	4.33%	1.41%	1.55%	0.77%	3.13%	-0.52%	3.77%	-0.60%	2.55%	2.95%
ROIC Less NNEP Spread (ROIC-NNEP)	2.48%	0.32%	-1.89%	1.81%	3.34%	4.20%	3.57%	9.21%	-3.83%	2.51%	4.32%
Return on Net Nonoperating Assets (RNNOA)	5.81%	0.70%	-3.68%	4.14%	7.44%	5.50%	3.69%	8.76%	-4.97%	3.82%	6.53%
Return on Equity (ROE)	8.48%	5.03%	-2.27%	5.68%	8.21%	8.63%	3.17%	12.52%	-5.57%	6.38%	9.47%
Cash Return on Invested Capital (CROIC)	-19.46%	19.50%	22.76%	-23.45%	39.11%	-9.20%	-3.42%	-27.47%	-27.33%	-6.88%	-11.55%
Operating Return on Assets (OROA)	1.82%	3.05%	1.52%	1.19%	5.48%	1.31%	0.05%	1.97%	-0.26%	0.61%	0.74%
Return on Assets (ROA)	1.73%	1.11%	-0.58%	1.33%	1.43%	1.52%	0.73%	3.27%	-0.74%	0.60%	0.94%
Return on Common Equity (ROCE)	8.40%	4.99%	-2.25%	5.56%	7.86%	7.56%	2.64%	10.25%	-4.45%	4.93%	7.27%
Return on Equity Simple (ROE_SIMPLE)	7.66%	5.25%	-2.46%	5.99%	8.85%	7.62%	3.21%	10.88%	-5.93%	5.79%	9.43%
Net Operating Profit after Tax (NOPAT)	63	106	29	32	15	53	-9.56	82	-17	89	116
NOPAT Margin	71.42%	80.07%	41.53%	53.74%	6.67%	56.79%	-20.48%	54.59%	-29.14%	32.05%	37.84%
Net Nonoperating Expense Percent (NNEP)	0.18%	4.01%	3.30%	-0.26%	-2.57%	-1.07%	-4.10%	-5.45%	3.24%	0.04%	-1.37%
SG&A Expenses to Revenue	1.65%	1.44%	3.61%	4.32%	1.17%	3.91%	8.09%	4.45%	35.16%	28.32%	22.49%
Operating Expenses to Revenue	28.58%	19.93%	40.67%	46.26%	15.28%	41.54%	96.10%	43.97%	141.62%	67.78%	61.96%
Earnings before Interest and Taxes (EBIT)	63	106	41	32	191	55	1.82	85	-25	89	116
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	54	127	66	65	237	6.66	-40	52	-50	76	120
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.29	0.29	0.34	0.37	0.43	0.50	0.54	0.66	0.58	0.64	0.87
Price to Tangible Book Value (P/TBV)	0.29	0.29	0.34	0.37	0.43	0.50	0.54	0.66	0.58	0.64	0.87
Price to Revenue (P/Rev)	2.54	1.62	3.11	3.68	1.08	3.88	9.04	4.63	9.32	2.69	3.52
Price to Earnings (P/E)	3.78	5.60	0.00	6.48	5.21	6.41	24.46	5.58	0.00	12.24	9.14
Dividend Yield	46.07%	38.38%	29.48%	25.50%	20.26%	16.88%	13.08%	13.48%	19.46%	16.47%	13.47%
Earnings Yield	26.46%	17.85%	0.00%	15.43%	19.21%	15.59%	4.09%	17.94%	0.00%	8.17%	10.94%
Enterprise Value to Invested Capital (EV/IC)	0.69	0.62	0.65	0.76	0.72	0.72	0.71	0.78	0.80	0.81	0.91
Enterprise Value to Revenue (EV/Rev)	20.48	10.64	17.06	29.60	5.09	13.79	28.29	13.11	44.08	10.63	12.49
Enterprise Value to EBITDA (EV/EBITDA)	33.54	11.02	17.98	27.24	4.84	193.22	0.00	37.84	0.00	38.73	31.69
Enterprise Value to EBIT (EV/EBIT)	28.67	13.29	28.75	55.09	6.01	23.59	724.91	23.39	0.00	32.98	32.83
Enterprise Value to NOPAT (EV/NOPAT)	28.67	13.29	41.07	55.09	76.34	24.28	0.00	24.01	0.00	33.15	33.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	2.15	16.92	0.00	0.00	16.23	11.05	38.59	61.95	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	2.95	2.54	0.00	1.50	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.33	2.05	1.82	2.77	1.67	1.07	1.00	0.91	1.71	1.37	1.65
Long-Term Debt to Equity	0.00	0.00	0.04	0.43	0.84	0.96	0.97	0.88	1.64	1.27	1.55
Financial Leverage	2.34	2.19	1.94	2.28	2.23	1.31	1.03	0.95	1.30	1.52	1.51
Leverage Ratio	4.89	4.54	3.91	4.27	5.73	5.68	4.33	3.83	7.57	10.67	10.12
Compound Leverage Factor	4.66	1.78	-0.96	4.27	0.00	5.68	4.33	3.87	7.57	10.67	10.12
Debt to Total Capital	69.94%	67.21%	64.55%	73.45%	62.48%	51.60%	50.12%	47.72%	63.14%	57.82%	62.21%
Short-Term Debt to Total Capital	69.91%	67.21%	63.23%	62.00%	31.14%	5.35%	1.86%	1.63%	2.53%	4.44%	3.54%
Long-Term Debt to Total Capital	0.03%	0.00%	1.32%	11.45%	31.34%	46.25%	48.26%	46.08%	60.61%	53.38%	58.67%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	6.19%	6.01%	8.96%	6.87%	9.77%	7.89%
Noncontrolling Interests to Total Capital	0.24%	0.31%	0.39%	0.89%	1.98%	2.20%	1.97%	1.27%	0.75%	0.51%	0.48%
Common Equity to Total Capital	29.81%	32.48%	35.05%	25.66%	35.55%	40.02%	41.90%	42.05%	29.24%	31.91%	29.42%
Debt to EBITDA	34.12	11.88	17.91	26.42	4.18	139.10	-23.38	23.09	-41.95	27.71	21.75
Net Debt to EBITDA	29.27	9.29	14.59	23.53	3.69	116.22	-18.96	19.53	-36.76	23.99	19.83
Long-Term Debt to EBITDA	0.01	0.00	0.37	4.12	2.10	124.69	-22.52	22.30	-40.27	25.58	20.51
Debt to NOPAT	29.17	14.33	40.91	53.44	65.87	17.48	-96.89	14.65	-119.66	23.72	22.64
Net Debt to NOPAT	25.02	11.21	33.33	47.59	58.10	14.61	-78.58	12.39	-104.86	20.53	20.64
Long-Term Debt to NOPAT	0.01	0.00	0.84	8.33	33.04	15.67	-93.30	14.15	-114.86	21.90	21.35
Noncontrolling Interest Sharing Ratio	0.85%	0.87%	1.01%	2.21%	4.29%	12.42%	16.64%	18.11%	20.10%	22.73%	23.23%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-460	476	463	-488	768	-155	-62	-601	-799	-239	-453
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	33,020.00%	78,108.50%	2.54%	1.19%	-653,670.27%	0.00%
Free Cash Flow to Firm to Interest Expense	-46.30	67.96	33.60	-12.81	14.70	-1.98	-1.01	-13.66	-5.63	-0.91	-1.62
Operating Cash Flow to Interest Expense	-60.86	93.50	5.05	-12.16	-9.46	1.01	1.94	1.17	0.30	-0.92	-1.54
Operating Cash Flow Less CapEx to Interest Expense	-60.86	93.50	5.05	-12.16	-9.46	1.01	1.94	-44.72	-25.03	-0.92	-1.54
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.03	0.04	0.03	0.02	0.06	0.02	0.01	0.04	0.01	0.02	0.02
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,624	2,254	1,819	2,339	1,586	1,795	1,847	2,531	3,312	3,640	4,210
Invested Capital Turnover	0.04	0.05	0.03	0.03	0.11	0.06	0.03	0.07	0.02	0.08	0.08
Increase / (Decrease) in Invested Capital	523	-370	-435	520	-753	208	53	684	781	328	569
Enterprise Value (EV)	1,804	1,405	1,179	1,771	1,149	1,286	1,320	1,979	2,644	2,942	3,817
Market Capitalization	224	213	215	220	243	362	422	699	559	746	1,077
Book Value per Share	$23.38	$21.91	$19.60	$18.81	$18.79	$21.27	$17.68	$18.53	$16.03	$17.02	$13.66
Tangible Book Value per Share	$23.38	$21.91	$19.60	$18.81	$18.79	$21.27	$17.68	$18.53	$16.03	$17.02	$13.66
Total Capital	2,624	2,254	1,819	2,339	1,586	1,795	1,847	2,531	3,312	3,640	4,210
Total Debt	1,835	1,515	1,174	1,718	991	926	926	1,208	2,092	2,105	2,619
Total Long-Term Debt	0.77	0.00	24	268	497	830	892	1,167	2,008	1,943	2,470
Net Debt	1,574	1,184	957	1,530	874	774	751	1,021	1,833	1,822	2,388
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.24	0.15	2,020	3,591	0.04	0.00
Net Nonoperating Expense (NNE)	2.96	67	44	-3.82	-35	-10	-38	-58	53	0.86	-32
Net Nonoperating Obligations (NNO)	1,835	1,515	1,174	1,718	991	926	926	1,208	2,092	2,105	2,619
Total Depreciation and Amortization (D&A)	-9.13	22	25	33	46	-48	-41	-32	-25	-13	4.16
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.09	$1.13	($0.48)	$1.04	$1.52	$1.76	$0.00	$0.00	($1.43)	$0.89	$1.36
Adjusted Weighted Average Basic Shares Outstanding	33.45M	33.05M	32.24M	30.55M	29.75M	44.07M	0.00	0.00	68.25M	85.10M	90.68M
Adjusted Diluted Earnings per Share	$2.09	$1.13	($0.48)	$1.04	$1.52	$1.76	$0.00	$0.00	($1.43)	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	33.45M	33.05M	32.24M	30.55M	29.75M	44.07M	0.00	0.00	68.25M	85.10M	90.68M
Adjusted Basic & Diluted Earnings per Share	$2.09	$1.13	($0.48)	$1.04	$1.52	$1.76	$0.00	$0.00	($1.43)	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	33.45M	33.05M	32.24M	30.55M	29.75M	44.07M	0.00	0.00	68.25M	85.10M	90.68M
Normalized Net Operating Profit after Tax (NOPAT)	44	74	29	23	15	56	4.00	88	-13	89	123
Normalized NOPAT Margin	50.00%	56.05%	41.53%	37.62%	6.67%	60.48%	8.57%	57.96%	-21.80%	32.05%	40.22%
Pre Tax Income Margin	68.06%	31.45%	-14.62%	53.69%	0.00%	58.46%	3.90%	56.67%	-41.62%	32.22%	38.04%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	6.34	15.10	2.97	0.84	3.66	0.69	0.03	1.92	-0.18	0.34	0.42
NOPAT to Interest Expense	6.34	15.10	2.08	0.84	0.29	0.67	-0.16	1.87	-0.12	0.34	0.41
EBIT Less CapEx to Interest Expense	6.34	15.10	2.97	0.84	3.66	0.69	0.03	-43.96	-25.50	0.34	0.42
NOPAT Less CapEx to Interest Expense	6.34	15.10	2.08	0.84	0.29	0.67	-0.16	-44.01	-25.45	0.34	0.41
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	144.20%	217.18%	-414.90%	160.26%	101.65%	85.97%	229.15%	60.98%	-173.65%	169.82%	110.42%
Augmented Payout Ratio	144.20%	231.85%	-504.24%	200.97%	148.00%	87.21%	239.92%	60.98%	-175.99%	183.88%	110.88%

This table displays calculated financial ratios and metrics derived from Ellington Financial's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-71.51%	173.89%	582.15%	280.26%	428.67%	18.99%	-4.66%	53.66%	24.65%	-14.96%	11.58%
EBITDA Growth	-122.13%	340.53%	619.74%	136.27%	432.22%	-89.01%	-22.85%	188.63%	12.41%	564.53%	1.32%
EBIT Growth	-122.13%	340.53%	619.74%	136.27%	432.22%	-49.21%	-22.85%	188.63%	12.41%	19.23%	1.32%
NOPAT Growth	-114.04%	323.59%	842.11%	151.56%	567.15%	-53.57%	-22.96%	189.22%	14.11%	17.78%	1.83%
Net Income Growth	-223.98%	-30.99%	788.72%	117.48%	143.99%	-27.92%	-23.91%	459.38%	78.31%	58.64%	15.49%
EPS Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Growth	-175.93%	-265.01%	-247.77%	-189.55%	-536.68%	-186.92%	-22.19%	-104.38%	-99.86%	-78.31%	-112.57%
Free Cash Flow Firm Growth	-152.98%	-10.29%	36.52%	92.55%	77.29%	58.22%	74.03%	-72.53%	-242.78%	-76.48%	-256.47%
Invested Capital Growth	41.83%	30.85%	18.91%	8.07%	7.16%	9.90%	4.73%	13.45%	21.96%	15.63%	13.91%
Revenue Q/Q Growth	130.89%	599.76%	11.40%	-25.13%	-9.42%	57.50%	-10.74%	20.67%	-26.52%	7.45%	17.12%
EBITDA Q/Q Growth	90.66%	874.39%	24.15%	-59.62%	-14.43%	-74.38%	771.44%	51.08%	-66.67%	51.46%	32.87%
EBIT Q/Q Growth	90.66%	874.39%	24.15%	-59.62%	-14.43%	18.39%	88.59%	51.08%	-66.67%	25.57%	60.26%
NOPAT Q/Q Growth	90.66%	1,300.98%	14.30%	-59.80%	-15.35%	19.36%	89.67%	50.92%	-66.60%	23.19%	63.99%
Net Income Q/Q Growth	51.62%	190.18%	66.92%	-76.00%	21.80%	47.75%	76.19%	76.42%	-61.17%	31.45%	28.27%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	-123.00%	-147.13%	-76.84%	10.92%	-63.55%	-11.37%	24.69%	-49.00%	-59.93%	0.64%	10.22%
Free Cash Flow Firm Q/Q Growth	70.16%	20.38%	29.91%	55.25%	9.07%	-46.51%	56.43%	-197.23%	-80.65%	24.57%	11.99%
Invested Capital Q/Q Growth	1.90%	4.77%	6.93%	-5.34%	1.05%	7.45%	1.90%	2.55%	8.63%	1.87%	0.38%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	-42.30%	46.81%	52.16%	28.13%	26.58%	4.32%	42.21%	52.85%	23.97%	33.78%	38.33%
EBIT Margin	-42.30%	46.81%	52.16%	28.13%	26.58%	19.98%	42.21%	52.85%	23.97%	28.01%	38.33%
Profit (Net Income) Margin	-292.51%	37.70%	56.48%	18.10%	24.34%	22.84%	45.08%	65.90%	34.82%	42.60%	46.65%
Tax Burden Percent	691.58%	80.54%	108.28%	64.34%	91.58%	114.30%	106.79%	124.70%	145.28%	152.08%	127.16%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	95.72%
Effective Tax Rate	0.00%	-8.56%	0.05%	0.50%	1.57%	0.76%	0.19%	0.29%	0.07%	1.97%	-0.31%
Return on Invested Capital (ROIC)	-0.16%	1.04%	2.04%	1.91%	2.10%	1.58%	3.17%	4.49%	2.03%	2.14%	3.05%
ROIC Less NNEP Spread (ROIC-NNEP)	-1.88%	0.48%	2.22%	1.60%	2.06%	1.70%	3.28%	5.06%	2.35%	2.60%	3.34%
Return on Net Nonoperating Assets (RNNOA)	-2.57%	0.62%	3.15%	2.41%	3.29%	2.59%	4.84%	7.35%	3.61%	3.93%	4.96%
Return on Equity (ROE)	-2.73%	1.66%	5.19%	4.32%	5.40%	4.17%	8.02%	11.84%	5.64%	6.07%	8.01%
Cash Return on Invested Capital (CROIC)	-35.89%	-27.33%	-16.20%	-4.97%	-3.61%	-6.88%	-2.43%	-9.51%	-16.79%	-11.55%	-10.11%
Operating Return on Assets (OROA)	-0.12%	0.29%	0.67%	0.60%	0.67%	0.38%	0.79%	1.10%	0.50%	0.54%	0.76%
Return on Assets (ROA)	-0.81%	0.23%	0.72%	0.39%	0.62%	0.43%	0.84%	1.37%	0.73%	0.82%	0.92%
Return on Common Equity (ROCE)	-2.26%	1.33%	4.02%	3.31%	4.11%	3.22%	6.03%	8.91%	4.26%	4.66%	6.18%
Return on Equity Simple (ROE_SIMPLE)	-5.09%	0.00%	-1.45%	3.98%	7.26%	0.00%	5.03%	8.15%	8.51%	0.00%	9.50%
Net Operating Profit after Tax (NOPAT)	-3.01	36	41	17	14	17	32	48	16	20	32
NOPAT Margin	-29.61%	50.81%	52.14%	27.99%	26.16%	19.83%	42.13%	52.69%	23.95%	27.46%	38.45%
Net Nonoperating Expense Percent (NNEP)	1.72%	0.57%	-0.18%	0.30%	0.05%	-0.12%	-0.10%	-0.57%	-0.32%	-0.46%	-0.29%
SG&A Expenses to Revenue	18.47%	21.65%	18.99%	26.19%	27.31%	39.20%	19.38%	17.94%	28.35%	26.05%	20.10%
Operating Expenses to Revenue	142.30%	53.19%	47.84%	71.87%	73.42%	80.02%	57.79%	47.15%	76.03%	71.99%	61.67%
Earnings before Interest and Taxes (EBIT)	-4.30	33	41	17	14	17	32	48	16	20	32
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-4.30	33	41	17	14	3.66	32	48	16	24	32
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.57	0.58	0.68	0.80	0.74	0.64	0.75	0.85	0.89	0.87	0.93
Price to Tangible Book Value (P/TBV)	0.57	0.58	0.68	0.80	0.74	0.64	0.75	0.85	0.89	0.87	0.93
Price to Revenue (P/Rev)	35.66	9.32	5.43	3.63	2.78	2.69	3.22	3.33	3.48	3.52	3.79
Price to Earnings (P/E)	0.00	0.00	0.00	25.54	10.31	12.24	17.97	10.34	10.27	9.14	9.71
Dividend Yield	20.40%	19.46%	17.72%	15.14%	16.69%	16.47%	17.24%	14.38%	13.01%	13.47%	11.88%
Earnings Yield	0.00%	0.00%	0.00%	3.92%	9.70%	8.17%	5.57%	9.67%	9.73%	10.94%	10.29%
Enterprise Value to Invested Capital (EV/IC)	0.79	0.80	0.85	0.87	0.86	0.81	0.86	0.89	0.91	0.91	0.92
Enterprise Value to Revenue (EV/Rev)	168.54	44.08	23.47	13.30	11.07	10.63	11.71	11.14	11.77	12.49	12.32
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	123.20	33.60	27.62	38.73	48.10	30.54	33.14	31.69	32.05
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	123.20	33.60	27.62	32.98	40.11	30.54	33.14	32.83	33.19
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	85.46	32.54	26.98	33.15	40.36	30.69	33.24	33.00	33.72
Enterprise Value to Operating Cash Flow (EV/OCF)	39.91	61.95	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.68	1.71	1.58	1.49	1.53	1.37	1.39	1.42	1.54	1.65	1.58
Long-Term Debt to Equity	1.58	1.64	1.52	1.41	1.42	1.27	1.30	1.32	1.46	1.55	1.49
Financial Leverage	1.37	1.30	1.42	1.50	1.60	1.52	1.48	1.45	1.54	1.51	1.49
Leverage Ratio	4.73	7.57	7.39	7.94	8.26	10.67	9.99	10.07	10.26	10.12	9.96
Compound Leverage Factor	4.73	7.57	7.39	7.94	8.26	10.67	9.99	10.07	10.26	10.12	9.53
Debt to Total Capital	62.66%	63.14%	61.19%	59.90%	60.53%	57.82%	58.13%	58.63%	60.66%	62.21%	61.24%
Short-Term Debt to Total Capital	3.51%	2.53%	2.37%	3.21%	4.58%	4.44%	3.65%	4.15%	3.14%	3.54%	3.44%
Long-Term Debt to Total Capital	59.15%	60.61%	58.82%	56.69%	55.94%	53.38%	54.48%	54.47%	57.52%	58.67%	57.80%
Preferred Equity to Total Capital	7.19%	6.87%	9.14%	9.66%	9.56%	9.77%	9.58%	9.35%	8.60%	7.89%	7.86%
Noncontrolling Interests to Total Capital	0.80%	0.75%	0.70%	0.66%	0.71%	0.51%	0.53%	0.55%	0.45%	0.48%	0.55%
Common Equity to Total Capital	29.35%	29.24%	28.96%	29.78%	29.21%	31.91%	31.75%	31.47%	30.29%	29.42%	30.35%
Debt to EBITDA	-39.07	-41.95	89.15	23.08	19.42	27.71	32.42	20.05	22.18	21.75	21.41
Net Debt to EBITDA	-33.90	-36.76	80.33	20.44	17.38	23.99	29.25	18.01	20.02	19.83	19.26
Long-Term Debt to EBITDA	-36.88	-40.27	85.70	21.84	17.95	25.58	30.38	18.63	21.03	20.51	20.21
Debt to NOPAT	-56.91	-119.66	61.84	22.35	18.97	23.72	27.20	20.15	22.25	22.64	22.53
Net Debt to NOPAT	-49.37	-104.86	55.72	19.80	16.98	20.53	24.54	18.10	20.08	20.64	20.26
Long-Term Debt to NOPAT	-53.72	-114.86	59.45	21.16	17.53	21.90	25.50	18.72	21.09	21.35	21.26
Noncontrolling Interest Sharing Ratio	17.39%	20.10%	22.43%	23.25%	23.85%	22.73%	24.73%	24.76%	24.36%	23.23%	22.90%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-936	-745	-522	-234	-212	-311	-136	-403	-728	-549	-483
Operating Cash Flow to CapEx	-17,959.68%	-0.77%	-7.20%	-5.58%	-8.56%	0.00%	-6.57%	-10.01%	-11.11%	0.00%	-9.40%
Free Cash Flow to Firm to Interest Expense	-22.23	-12.49	-8.76	-3.68	-3.09	-4.40	-1.92	-6.03	-9.89	-8.01	-6.65
Operating Cash Flow to Interest Expense	-0.26	-0.46	-0.82	-0.68	-1.03	-1.12	-0.84	-1.32	-1.92	-2.05	-1.74
Operating Cash Flow Less CapEx to Interest Expense	-0.27	-60.65	-12.15	-12.93	-13.09	31.14	-13.69	-14.56	-19.24	42.63	-20.25
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.01	0.01	0.02	0.03	0.02	0.02	0.02	0.02	0.02	0.02
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,162	3,312	3,542	3,353	3,388	3,640	3,710	3,804	4,132	4,210	4,225
Invested Capital Turnover	0.01	0.02	0.04	0.07	0.08	0.08	0.08	0.09	0.08	0.08	0.08
Increase / (Decrease) in Invested Capital	933	781	563	250	226	328	167	451	744	569	516
Enterprise Value (EV)	2,501	2,644	2,995	2,923	2,917	2,942	3,199	3,397	3,745	3,817	3,873
Market Capitalization	529	559	693	798	733	746	879	1,017	1,109	1,077	1,191
Book Value per Share	$15.48	$16.03	$15.03	$14.87	$14.55	$17.02	$13.84	$14.08	$14.40	$13.66	$14.14
Tangible Book Value per Share	$15.48	$16.03	$15.03	$14.87	$14.55	$17.02	$13.84	$14.08	$14.40	$13.66	$14.14
Total Capital	3,162	3,312	3,542	3,353	3,388	3,640	3,710	3,804	4,132	4,210	4,225
Total Debt	1,981	2,092	2,167	2,008	2,051	2,105	2,156	2,230	2,507	2,619	2,588
Total Long-Term Debt	1,870	2,008	2,084	1,901	1,895	1,943	2,021	2,072	2,377	2,470	2,442
Net Debt	1,719	1,833	1,953	1,779	1,836	1,822	1,945	2,003	2,262	2,388	2,327
Capital Expenditures (CapEx)	0.06	3,591	676	777	828	-2,281	905	885	1,275	-3,066	1,345
Net Nonoperating Expense (NNE)	27	9.33	-3.44	5.87	0.98	-2.55	-2.23	-12	-7.28	-11	-6.92
Net Nonoperating Obligations (NNO)	1,981	2,092	2,167	2,008	2,051	2,105	2,156	2,230	2,507	2,619	2,588
Total Depreciation and Amortization (D&A)	0.00	0.00	0.00	0.00	0.00	-13	0.00	0.00	0.00	4.16	0.00
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.55)	$0.37	$0.58	$0.04	$0.10	$0.17	$0.32	$0.62	$0.19	$0.23	$0.35
Adjusted Weighted Average Basic Shares Outstanding	60.44M	68.25M	67.16M	68.02M	68.23M	85.10M	85.04M	86.93M	90.66M	90.68M	94.51M
Adjusted Diluted Earnings per Share	($0.55)	$0.00	$0.58	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	60.44M	68.25M	67.16M	68.02M	68.23M	85.10M	85.04M	86.93M	90.66M	90.68M	94.51M
Adjusted Basic & Diluted Earnings per Share	($0.55)	$0.00	$0.58	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	60.44M	68.25M	67.16M	68.02M	68.23M	85.10M	85.04M	86.93M	90.66M	90.68M	94.51M
Normalized Net Operating Profit after Tax (NOPAT)	-1.65	21	41	17	14	17	35	48	18	22	23
Normalized NOPAT Margin	-16.24%	29.21%	52.14%	27.99%	26.16%	19.83%	46.24%	52.69%	26.92%	30.47%	26.83%
Pre Tax Income Margin	-42.30%	46.81%	52.16%	28.13%	26.58%	19.98%	42.21%	52.85%	23.97%	28.01%	36.69%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.10	0.56	0.69	0.26	0.21	0.24	0.45	0.72	0.22	0.29	0.44
NOPAT to Interest Expense	-0.07	0.61	0.69	0.26	0.20	0.24	0.45	0.72	0.22	0.29	0.45
EBIT Less CapEx to Interest Expense	-0.10	-59.63	-10.64	-11.98	-11.85	32.50	-12.40	-12.51	-17.10	44.97	-18.07
NOPAT Less CapEx to Interest Expense	-0.07	-59.59	-10.64	-11.98	-11.85	32.50	-12.40	-12.52	-17.10	44.97	-18.07
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-201.76%	-173.65%	-652.16%	253.45%	145.55%	169.82%	201.10%	125.77%	119.34%	110.42%	108.52%
Augmented Payout Ratio	-204.58%	-175.99%	-722.15%	277.88%	158.50%	183.88%	202.14%	126.31%	119.84%	110.88%	108.63%

Financials Breakdown Chart

Key Financial Trends

Ellington Financial Inc. (NYSE:EFC) has demonstrated solid financial performance over the last several quarters, based on the analysis of Q1 2025 through Q2 2022 financial data.

Key Positive Trends and Highlights:

Consistent net income growth: Net income attributable to common shareholders increased from $22.7 million in Q4 2022 to $31.6 million in Q1 2025, indicating improving profitability.
Rising total revenue: Total revenue increased from $71.1 million in Q4 2022 to $84.3 million in Q1 2025, driven by both higher interest income and non-interest income.
Increase in net interest income: Net interest income rose from approximately $30.2 million in Q4 2022 to $43.3 million in Q1 2025, reflecting effective asset-liability management and interest rate growth.
Stable dividend payments: Cash dividends per common share remained steady at $0.39 per quarter through recent quarters, reflecting consistent shareholder returns.
Improved operating cash flow: Net cash provided by continuing operating activities turned strongly positive at $56.2 million in Q1 2025 compared to negative $42.5 million in Q4 2022, signaling improving cash generation capacity.
Issuance of debt and equity capital: The company raised significant amounts of capital via debt ($18.6 billion issuance in Q1 2025) and common equity, which helps strengthen liquidity and fund investment activities.
Reduction in total liabilities as a percentage of assets: Total liabilities to assets ratio improved slightly from about 89% in Q3 2022 to 90.2% in Q1 2025 with increased equity buffers.
Capital investments geared towards property and equipment development: The company invested over $1.3 billion in property and equipment in Q1 2025, supporting long-term growth potential.

Neutral Observations:

Other long-term liabilities remain large (~$12.4 billion in Q1 2025), consistent with the firm's business model involving significant asset-backed liabilities.
Weighted average shares outstanding rose from approximately 67 million in Q1 2023 to 94.5 million in Q1 2025, reflecting some dilution but also equity raises to support growth.

Potential Risks and Negative Factors:

Fluctuations in net realized and unrealized capital gains: Results have shown volatility, with gains swinging from positive $53.6 million in Q4 2023 to negative $6.9 million in Q2 2022, which may affect earnings stability.
High long-term debt levels: Long-term debt exceeded $2.4 billion in Q1 2025, which could pose interest rate or refinancing risks despite ongoing repayments.
Periods of negative net cash from operating activities in some quarters in 2022 and 2023, highlighting potential short-term liquidity management challenges.
Relatively high non-interest expenses consistently near or above $50 million per quarter, which may pressure net margins if revenue growth slows.

Overall, Ellington Financial has shown improving profitability, revenue growth, and stronger operating cash flows in recent quarters, supported by increased capital raising. However, the company faces risks from earnings volatility due to investment gains fluctuations and high leverage levels. Retail investors should weigh EFC's steady dividend payments and growth in net interest income against its debt exposure and capital market sensitivity when considering the stock.

10/08/25 12:32 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Ellington Financial's Financials

When does Ellington Financial's financial year end?

According to the most recent income statement we have on file, Ellington Financial's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Ellington Financial's net income changed over the last 10 years?

Ellington Financial's net income appears to be on an upward trend, with a most recent value of $148.10 million in 2024, rising from $59.95 million in 2014. The previous period was $87.90 million in 2023. See where experts think Ellington Financial is headed by visiting Ellington Financial's forecast page.

How has Ellington Financial's revenue changed over the last 10 years?

Over the last 10 years, Ellington Financial's total revenue changed from $88.09 million in 2014 to $305.65 million in 2024, a change of 247.0%.

How much debt does Ellington Financial have?

Ellington Financial's total liabilities were at $14.73 billion at the end of 2024, a 6.9% increase from 2023, and a 366.5% increase since 2014.

How much cash does Ellington Financial have?

In the past 10 years, Ellington Financial's cash and equivalents has ranged from $44.66 million in 2018 to $228.93 million in 2023, and is currently $192.39 million as of their latest financial filing in 2024.

How has Ellington Financial's book value per share changed over the last 10 years?

Over the last 10 years, Ellington Financial's book value per share changed from 23.38 in 2014 to 13.66 in 2024, a change of -41.6%.

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This page (NYSE:EFC) was last updated on 10/7/2025 by MarketBeat.com Staff

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Ellington Financial (EFC) Financials

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Ellington Financial (EFC) Financials

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