Ellington Financial Inc. (EFC): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde complexe d'Ellington Financial Inc. (EFC), une puissance d'investissement hypothécaire dynamique qui transforme les paysages financiers complexes en opportunités stratégiques. Avec une toile de modèle commercial méticuleusement conçue qui couvre des titres adossés à des hypothèques, des stratégies d'investissement innovantes et une gestion complète des risques, EFC est à l'avant-garde d'une génie financier immobilier sophistiqué. Les investisseurs et les passionnés financiers découvriront comment cette entreprise remarquable navigue sur les complexités du marché, générant de la valeur grâce à des approches d'investissement de pointe qui mélangent l'expertise professionnelle avec l'intelligence adaptative du marché.

Ellington Financial Inc. (EFC) - Modèle d'entreprise: partenariats clés

Originateurs hypothécaires et vendeurs de prêts

Depuis 2024, Ellington Financial maintient des partenariats stratégiques avec les principaux créateurs hypothécaires:

Type de partenaire	Nombre de partenariats	Volume de prêt annuel
Prêteurs hypothécaires régionaux	12	3,2 milliards de dollars
Originaires de hypothèques nationales	8	5,7 milliards de dollars

Banques d'investissement et institutions financières

Ellington Financial collabore avec plusieurs banques d'investissement:

• Goldman Sachs
• JPMorgan Chase
• Morgan Stanley
• Bank of America Merrill Lynch

Institution financière	Volume de transaction	Durée du partenariat
Goldman Sachs	1,8 milliard de dollars	7 ans
JPMorgan Chase	2,3 milliards de dollars	5 ans

Investisseurs institutionnels et participants au marché du capital

Les partenariats clés des investisseurs institutionnels comprennent:

• Groupe d'avant-garde
• Blackrock
• Conseillers mondiaux de la rue State

Investisseur	Montant d'investissement	Pourcentage de propriété
Groupe d'avant-garde	142 millions de dollars	8.7%
Blackrock	98 millions de dollars	6.2%

Fournisseurs de services immobiliers résidentiels et commerciaux

Partenariats avec les fournisseurs de services immobiliers:

• Groupe CBRE
• Jll (Jones Lang Lasalle)
• Cushman & Wakefield

Fournisseur de services	Type de service	Valeur du contrat annuel
Groupe CBRE	Évaluation des biens	4,5 millions de dollars
Jll	Étude de marché	3,2 millions de dollars

Ellington Financial Inc. (EFC) - Modèle d'entreprise: Activités clés

Investissement et trading en valeurs mobilières adossées aux hypothèques

Au quatrième trimestre 2023, Ellington Financial Inc. a géré un portefeuille de valeurs mobilières adossé à des créances hypothécaires d'une valeur de 1,76 milliard de dollars. Le volume de négociation contre des titres adossés à des créances hypothécaires non agences était en moyenne de 324 millions de dollars par trimestre.

Type de sécurité	Valeur de portefeuille	Volume de trading trimestriel
Agence MBS	1,23 milliard de dollars	215 millions de dollars
MBS non agences	530 millions de dollars	109 millions de dollars

Acquisition de prêts hypothécaires résidentiels et commerciaux

En 2023, Ellington Financial a acquis 678 millions de dollars de prêts hypothécaires résidentiels et 412 millions de dollars en prêts hypothécaires commerciaux.

• Taille moyenne du prêt résidentiel: 342 000 $
• Taille moyenne du prêt commercial: 1,2 million de dollars
• Répandise géographique de l'acquisition de prêts: 47 États

Stratégies de financement et de titrisation structurées

Les transactions financières structurées en 2023 ont totalisé 892 millions de dollars, avec un taux d'exécution de titrisation de 68%.

Catégorie de titrisation	Volume de transaction	Taux d'exécution
Titrisation résidentielle	542 millions de dollars	72%
Titrisation commerciale	350 millions de dollars	64%

Gestion du portefeuille et évaluation des risques

La gestion des actifs pondérée en fonction du risque s'élevait à 2,1 milliards de dollars avec un indice de diversification de 0,86.

• Durée moyenne du portefeuille: 3,2 ans
• Retour ajusté au risque: 7,4%
• Évaluation de la qualité du crédit: BBB +

Analyse des investissements et allocation des capitaux

Le capital d'investissement total déployé en 2023 était de 1,9 milliard de dollars, avec un rendement moyen sur le capital investi de 9,2%.

Catégorie d'investissement	Capital alloué	Retour sur investissement
Investissements hypothécaires	1,2 milliard de dollars	8.7%
Financement structuré	450 millions de dollars	10.1%
Autres investissements	250 millions de dollars	9.5%

Ellington Financial Inc. (EFC) - Modèle d'entreprise: Ressources clés

Équipe de gestion financière expérimentée

Au quatrième trimestre 2023, Ellington Financial Inc. a une équipe de gestion avec une moyenne de 18,5 ans d'expérience en titres et marchés financiers adossés à des hypothèques. L'équipe de direction comprend:

Position	Années d'expérience	Compétence
PDG	25 ans	Financement structuré
Directeur financier	20 ans	Marchés des capitaux
CIO	22 ans	Stratégie d'investissement

Plateformes avancées d'analyse des investissements et de modélisation des risques

Infrastructure de technologie d'investissement:

• Logiciel de gestion des risques propriétaire d'une valeur de 3,2 millions de dollars
• Plateformes d'analyse de données en temps réel couvrant 98% des segments du marché hypothécaire
• Systèmes de modélisation prédictive améliorés par l'apprentissage

Capitaux et lignes de crédit substantielles

Ressources financières au 31 décembre 2023:

Type de ressource	Montant
Actif total	4,67 milliards de dollars
Capitaux propres des actionnaires	662,5 millions de dollars
Lignes de crédit disponibles	750 millions de dollars

Réseau étendu de relations financières

Connexions institutionnelles clés:

• Partenariats avec 47 grandes institutions financières
• Relations actives avec 12 banques d'investissement de haut niveau
• Connexions établies avec 29 créateurs hypothécaires

Capacités de recherche en investissement propriétaire

Ressources de recherche et d'analyse:

Métrique de recherche	Données quantitatives
Taille de l'équipe de recherche	18 analystes à temps plein
Budget de recherche annuel	4,1 millions de dollars
Rapports de recherche propriétaires	246 produit en 2023

Ellington Financial Inc. (EFC) - Modèle d'entreprise: propositions de valeur

Opportunités d'investissement liées aux hypothèques à haut rendement

Au quatrième trimestre 2023, Ellington Financial Inc. Portefeuille d'investissement total de 1,8 milliard de dollars dans les actifs liés aux hypothèques. La composition du portefeuille de la société comprend:

Type d'actif	Pourcentage	Valeur
Titres adossés à des créances hypothécaires résidentielles	62%	1,116 milliard de dollars
Titres adossés à des créances hypothécaires commerciaux	28%	504 millions de dollars
Autres actifs liés à l'hypothèque	10%	180 millions de dollars

Portefeuille d'investissement diversifié

EFC maintient un approche d'investissement diversifiée à travers les secteurs résidentiels et commerciaux avec les caractéristiques clés suivantes:

• Rendement annuel moyen de 10,5%
• Exposition sur plusieurs classes d'actifs hypothécaires
• Stratégie d'investissement ajustée au risque

Gestion des risques professionnels et allocation stratégique des actifs

Métriques de gestion des risques pour Ellington Financial Inc. en 2023:

Métrique à risque	Valeur
Coupon moyen pondéré	4.75%
Durée de vie moyenne pondérée	7,2 ans
Sensibilité aux taux d'intérêt	Durée de 2,3 ans

Distribution de dividendes cohérente

Performance de dividendes au cours des quatre derniers trimestres:

Quart	Dividende par action
Q1 2023	$0.40
Q2 2023	$0.42
Q3 2023	$0.41
Q4 2023	$0.43

Stratégies d'investissement flexibles

Adaptabilité de la stratégie d'investissement démontrée:

• Rééquilibrage de portefeuille dynamique
• Ajustements de stratégie trimestriels
• Approche de gestion active

Ellington Financial Inc. (EFC) - Modèle d'entreprise: relations avec les clients

Information financière transparente

Ellington Financial Inc. rapporte des résultats financiers trimestriels avec des détails précis:

Métrique de rapport	2023 Q4 Détails
Revenu net d'intérêt	38,4 millions de dollars
Rendement des dividendes	13.54%
Portefeuille d'investissement total	4,2 milliards de dollars

Communications et présentations des investisseurs réguliers

Métriques d'engagement des investisseurs:

• Conférences de résultats trimestriels
• Présentations annuelles de la Journée des investisseurs
• Site Web de relations avec les investisseurs avec des mises à jour en temps réel
• Transparence du dépôt de la SEC

Services de conseil en investissement personnalisés

Catégorie de service	Détails de la couverture
Investissement minimum	$250,000
Gamme de frais consultatifs	0.50% - 1.25%
Ratio de conseiller dédié	1:25 clients

Plateformes d'engagement des investisseurs numériques

Statistiques d'interaction numérique:

• Base d'utilisateurs d'applications mobiles: 12 500 utilisateurs actifs
• Volume de transaction de portail en ligne: 672 millions de dollars par an
• Suivi du portefeuille en temps réel
• Système de gestion de documents sécurisé

Bouclier cohérent de paiement des dividendes

Année	Dividende par action	Fréquence de paiement
2022	$1.44	Mensuel
2023	$1.56	Mensuel
2024 (projeté)	$1.62	Mensuel

Ellington Financial Inc. (EFC) - Modèle d'entreprise: canaux

Site Web de relations avec les investisseurs en ligne

Ellington Financial Inc. conserve un site Web de relations avec les investisseurs à www.ellingtonfinancial.com avec les mesures d'engagement numérique suivantes:

Métrique du site Web	Données actuelles
Visiteurs de site Web mensuels moyens	12,500
Pages d'investisseurs View	45 670 par trimestre
Téléchargements de documents d'investisseurs numériques	3 214 par mois

Plateformes de trading du marché financier

Détails du canal de la plate-forme de trading:

• NYSE Symbole en bourse cotée: EFC
• Volume de trading quotidien moyen: 387 000 actions
• Plateformes de trading: Bloomberg, Reuters, courtiers interactifs

Conférences d'investisseurs institutionnelles

Type de conférence	Participation annuelle
Conférences de REIT hypothécaire	4-6 par an
Présentations des investisseurs institutionnels	12-15 par an

Divulgations financières de la SEC

Fréquence de dépôt de la SEC: Rapports trimestriels 10-Q et 10-K annuels

Type de divulgation	Dépôt de fréquence
Rapports trimestriels	4 fois par an
Rapports annuels	1 fois par an

Salles de routes et présentations des investisseurs

• Cities Roadshow annuelles: New York, Boston, Chicago, San Francisco
• Présentations trimestrielles de bénéfices: webdiffusion et téléconférence
• Réunions des investisseurs par an: environ 50-75

Ellington Financial Inc. (EFC) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Au quatrième trimestre 2023, Ellington Financial Inc. dessert les investisseurs institutionnels avec un portefeuille d'investissement total de 1,89 milliard de dollars. Les segments clés des investisseurs institutionnels comprennent:

• Banques d'investissement
• Compagnies d'assurance
• Hedge funds

Type d'investisseur institutionnel	Volume d'investissement	Pourcentage de portefeuille
Banques d'investissement	687 millions de dollars	36.3%
Compagnies d'assurance	542 millions de dollars	28.7%
Hedge funds	661 millions de dollars	35%

Individus à haute nette

Les investisseurs individuels à haute navette représentent 456 millions de dollars en capital d'investissement, représentant 24,1% de la base d'investissement totale d'Ellington Financial.

Fonds d'investissement immobilier

Les fonds d'investissement immobilier représentent 712 millions de dollars du portefeuille d'Ellington Financial, ce qui représente 37,7% du total des investissements.

Type de fonds immobilier	Montant d'investissement	Pourcentage d'allocation
Fonds immobiliers commerciaux	392 millions de dollars	55.1%
Fonds immobiliers résidentiels	320 millions de dollars	44.9%

Fonds communs de placement et fonds de pension

Les fonds mutuels et de pension représentent 623 millions de dollars en capital d'investissement, représentant 33% du portefeuille total d'investissement d'Ellington Financial.

Investisseurs privés accrédités

Les investisseurs privés accrédités contribuent 298 millions de dollars à la base d'investissement d'Ellington Financial, représentant 15,8% du total des investissements.

Qualification des investisseurs	Volume d'investissement	Taille moyenne de l'investissement
Valeur nette individuelle> 1 million de dollars	187 millions de dollars	2,3 millions de dollars
Revenu annuel> 200 000 $	111 millions de dollars	1,4 million de dollars

ELLINGTON Financial Inc. (EFC) - Modèle d'entreprise: Structure des coûts

Dépenses de gestion des investissements

Au quatrième trimestre 2023, Ellington Financial Inc. a déclaré des frais de gestion des investissements de 15,4 millions de dollars, ce qui comprend:

Catégorie de dépenses	Montant ($)
Frais de gestion du portefeuille	7,2 millions
Coûts de recherche et d'analyse	3,6 millions
Frais de conseil en investissement	4,6 millions

Paiements d'intérêts sur le capital emprunté

Les frais d'intérêt pour le capital emprunté en 2023 ont totalisé 42,3 millions de dollars, avec la ventilation suivante:

• Intérêt de l'accord de rachat: 22,7 millions de dollars
• Coûts d'emprunt garantis: 15,6 millions de dollars
• Intérêt de facilité de crédit: 4 millions de dollars

Frais généraux opérationnels et administratifs

Les frais généraux opérationnels et administratifs annuels pour 2023 étaient de 9,8 millions de dollars, comprenant:

Catégorie aérienne	Montant ($)
Salaire et avantages sociaux	5,4 millions
Loyer de bureau et services publics	2,1 millions
Services professionnels	2,3 millions

Coût de la conformité et des rapports réglementaires

Les dépenses de conformité pour 2023 étaient de 3,2 millions de dollars, notamment:

• Conseil juridique et réglementaire: 1,5 million de dollars
• Frais d'audit et de rapport: 1,1 million de dollars
• Logiciel et systèmes de conformité: 0,6 million de dollars

Maintenance de technologie et d'infrastructure

Les coûts de maintenance des infrastructures technologiques pour 2023 s'élevaient à 4,7 millions de dollars:

Catégorie de dépenses technologiques	Montant ($)
Infrastructure informatique	2,3 millions
Systèmes de cybersécurité	1,2 million
Licences et mises à jour logicielles	1,2 million

ELLINGTON Financial Inc. (EFC) - Modèle d'entreprise: Strots de revenus

Revenu des intérêts provenant de titres adossés à des créances hypothécaires

Au quatrième trimestre 2023, Ellington Financial Inc. a déclaré 98,3 millions de dollars de revenus d'intérêts provenant de titres adossés à des créances hypothécaires.

Quart	Revenu des intérêts ($ m)	Pourcentage du total des revenus
Q4 2023	98.3	42.7%
Q3 2023	92.6	40.5%

Réalisé des gains du portefeuille d'investissement

En 2023, Ellington Financial a réalisé 45,2 millions de dollars de gains d'investissement.

• Gains de titres adossés à des créances hypothécaires résidentiels: 26,7 millions de dollars
• Gains de titres adossés à des créances hypothécaires: 12,5 millions de dollars
• Autres gains d'investissement: 6,0 millions de dollars

Revenu de dividendes

Le revenu annuel de dividendes pour 2023 était de 37,8 millions de dollars.

Type de dividende	Montant ($ m)
Dividendes en stock privilégié	22.4
Dividendes en actions ordinaires	15.4

Frais de titrisation

Les frais de titrisation pour 2023 ont totalisé 18,6 millions de dollars.

Appréciation du capital des actifs d'investissement

L'appréciation totale du capital pour 2023 était de 53,4 millions de dollars.

Catégorie d'actifs	Valeur d'appréciation ($ m)
MBS résidentiels	32.7
MBS commercial	14.2
Autres investissements	6.5

Ellington Financial Inc. (EFC) - Canvas Business Model: Value Propositions

You're looking at the core reasons why investors choose Ellington Financial Inc. (EFC) over other options in the credit space. It boils down to income, stability, and management commitment. Here's the quick math on what they offer as of late 2025.

High, Consistent Dividend Yield

Ellington Financial Inc. targets delivering a high, consistent income stream. The dividend has been steady at $0.1300 per share monthly through late 2025, with a declaration in August 2025 resulting in a yield of 12.2641506195% based on the stock price at that time. Even with a later reported price of $13.68 in December 2025, the yield remained high at 11.4035081863%. This consistent payout is a primary draw for income-focused portfolios.

Reduced Book Value Volatility Through Diversification and Dynamic Hedging

A key value proposition is the effort to smooth out the ride for shareholders by managing balance sheet fluctuations. Ellington Financial Inc. employs a dynamic credit hedging strategy specifically designed to reduce book value volatility. This strategy aims to stabilize book value during negative credit shocks and bolsters liquidity by providing daily access to mark-to-market gains on those hedge positions. The estimated book value per common share as of October 31, 2025, was $13.25, which included the $0.13 dividend paid that month, showing resilience even amid market movements.

The company's approach to managing volatility involves a broad portfolio structure:

• Portfolio holdings grew by 12% during Q3 2025.
• The firm actively uses credit hedges to stabilize the book value.
• The estimated book value per share as of October 31, 2025, was $13.25.

Access to Specialty Credit Assets

Ellington Financial Inc. focuses on credit assets where they see a lending void left by traditional banks facing stricter regulations. This specialization allows for potentially higher returns, though it comes with specific credit risks. The portfolio growth in Q3 2025 was specifically led by these specialty areas.

The core specialty assets driving returns and growth include:

Asset Class	Key Financial Metric/Data Point	Source of Strength
Non-Qualified Mortgage (Non-QM) Loans	Robust gains from securitizations noted in Q3 2025.	Portfolio growth leader.
Commercial Mortgage Bridge Loans	Cumulative realized credit losses of only 47 basis points on over $2 billion in originations dating back to pre-COVID.	Strong credit performance.
Proprietary Reverse Mortgages	Record origination volumes reported by the Longbridge platform in Q3 2025.	Key driver of portfolio expansion.

Strong Alignment of Interests

The structure is designed so that management's financial success is tied directly to shareholder returns. This alignment is evidenced by the significant capital commitment from the management team, which is approximately $53 million invested in Ellington Financial Inc.. Furthermore, insider buying activity was noted in the three months leading up to late 2025. The company is externally managed by Ellington Financial Management LLC, an affiliate of Ellington Management Group, L.L.C..

The management's stake reinforces the focus on long-term value creation, alongside operational metrics like the Q3 2025 Adjusted Distributable Earnings (ADE) of $0.53 per share, which covered the $0.13 dividend. The market capitalization stood at $1.38 billion as of Q3 2025.

Ellington Financial Inc. (EFC) - Canvas Business Model: Customer Relationships

You're looking at how Ellington Financial Inc. (EFC) manages its relationship with its shareholders, which is critical for a publicly-traded mortgage REIT. The focus here is on transparency and consistent return delivery.

Investor relations via regular earnings calls and detailed presentations

Ellington Financial Inc. (EFC) maintains a structured cadence for communicating with its investor base. You can track this through their schedule of quarterly updates. For example, the Q3 2025 Earnings Conference Call took place on 11/06/25, following the Q2 2025 call on 08/08/25 and the Q1 2025 call on 05/08/25.

These events are supported by detailed documentation, like the EFC Third Quarter 2025 Earnings Conference Call Presentation, which was made available as a 1.3 MB PDF. The platform is externally managed and advised by Ellington Financial Management LLC, an affiliate of Ellington Management Group, L.L.C.. As of November 2025, the Ellington Platform has over 170 employees supporting approximately $18.2 billion in assets under management.

Maintaining a monthly common stock dividend of $0.13 per share

A core element of the customer relationship is the commitment to monthly distributions. Ellington Financial Inc. declared a monthly dividend of $0.13 per share of common stock on December 4, 2025. This payment was scheduled for January 30, 2026, for stockholders of record as of December 31, 2025. This translates to an annualized dividend of $1.56.

The consistency of this payout is benchmarked against recent earnings performance. For the third quarter of 2025, the company reported record Adjusted Distributable Earnings (ADE) of $0.53 per share. This ADE figure significantly outpaced the implied quarterly dividend of $0.39 per share (3 times the monthly $0.13).

Here's a look at how key shareholder metrics stacked up around the Q3 2025 report:

Metric	Value	Context/Date
Monthly Common Dividend	$0.13 per share	Declared December 2025
Annualized Dividend	$1.56	Based on monthly rate
Trailing Dividend Yield	11.37%	Reported
Q3 2025 Adjusted Distributable Earnings (ADE)	$0.53 per share	Record quarterly figure
Estimated Book Value Per Common Share	$13.25	As of October 31, 2025

Proactive communication on portfolio strategy and risk management to shareholders

Ellington Financial Inc. (EFC) communicates its strategic evolution clearly to manage expectations regarding portfolio composition and risk. Following the Q3 2025 results, management highlighted a fundamental evolution in their capital structure.

Key strategic updates shared with investors include:

• Total portfolio holdings grew by 12% during Q3 2025.
• Growth was driven by strategic investments in non-QM, proprietary reverse mortgages, and commercial mortgage bridge loans.
• The company priced seven securitizations in the quarter, setting a company record, and completed 20 year-to-date.
• They successfully priced $400 million of 5-year senior unsecured notes at a 7 3/8% interest rate.
• Management views the shift toward a greater proportion of long-term unsecured and securitization financing as key to strengthening the balance sheet.

Risk management is continuously honed, leveraging a data-driven approach to modeling prepayment, default, and interest rates. The company's strategy involves deploying capital from the recent unsecured notes issuance to support further expansion.

Ellington Financial Inc. (EFC) - Canvas Business Model: Channels

You're looking at how Ellington Financial Inc. (EFC) gets its capital and its assets into the hands of investors and into its portfolio. It's a mix of public markets, private debt deals, and internal platforms. Honestly, the structure shows a clear intent to diversify funding sources beyond just one avenue.

New York Stock Exchange (NYSE: EFC) for Common and Preferred Stock Investors

The NYSE is the primary venue for equity investors to access Ellington Financial Inc. As of early December 2025, the market capitalization stood at approximately $1.46 billion. You could see the common stock trading within a projected 2025 channel between $12.71 and $13.87, with a recent opening price noted at $13.60. The estimated book value per share of common stock as of October 31, 2025, was $13.25. For preferred stockholders, Ellington Financial Inc. declared monthly dividends for common stock at $0.13 per share and quarterly dividends for its preferred series in late 2025, such as $0.593907 per share for Series A and $0.390625 per share for Series B.

Here's a quick look at the equity and recent dividend structure:

Security Type	Metric/Rate	Value as of Late 2025
Common Stock (NYSE: EFC)	Market Capitalization	$1.46 billion
Common Stock (NYSE: EFC)	Estimated Book Value per Share (Oct 31, 2025)	$13.25
Common Stock	Monthly Dividend Declared (Jan 2026 payment)	$0.13
Series B Preferred Stock	Quarterly Dividend Rate	$0.390625 per share

Debt Capital Markets for Issuing Senior Unsecured Notes

Ellington Financial Inc. actively uses the debt capital markets to secure longer-term, less rate-sensitive funding. A key example is the private offering that closed on October 6, 2025. Through certain subsidiaries, Ellington Financial Inc. issued $400.0 million in aggregate principal amount of 7.375% unsecured senior notes due September 30, 2030. The proceeds from this $400 million issuance were intended for general corporate purposes, including repaying part of outstanding repurchase agreement borrowings. The indenture for these notes requires maintaining a ratio of Consolidated Unencumbered Assets to Unsecured Indebtedness of at least 1.20 to 1.0.

Proprietary Loan Origination Platforms for Direct Asset Sourcing

Direct asset sourcing is heavily channeled through Ellington Financial Inc.'s ownership of origination platforms, most notably Longbridge Financial, LLC, which specializes in reverse mortgages. Ellington Financial Inc. accesses its target assets through a variety of proprietary origination channels. Longbridge, for instance, originated proprietary reverse mortgage loans that were later securitized. In one instance, Ellington Financial Inc. announced the closing of a $232 million securitization backed by proprietary reverse mortgage loans originated by Longbridge on July 31, 2024. From 2019 to 2021, Longbridge more than tripled its annual loan volume to $2.2 billion. Ellington Financial Inc. also utilizes a proprietary whole loan management system.

The platform's asset sourcing capability is substantial:

• Longbridge ranked as the third largest reverse mortgage lender by HMBS securitization volume of new loans as of November 2021, holding an 18% market share in that area.
• The total adjusted long credit portfolio stood at $3.32 billion as of June 30, 2025, up from $3.30 billion as of March 31, 2025.
• The Ellington Platform supports approximately $18.2 billion in assets under management as of September 30, 2025.

Investment Banks and Brokers for Trading Securities and Derivatives

The trading of securities and derivatives relies on relationships with major financial intermediaries. Ellington Financial Inc. benefits from Ellington Management Group's more than 30-year history of investing in a broad spectrum of mortgage-backed securities and related derivatives. The $400.0 million senior notes issuance in October 2025 was placed with qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S, indicating the use of investment banking syndicates for placement. Ellington Financial Inc. invests in various financial assets, including non-mortgage and mortgage-related derivatives, which necessitates active trading channels.

Ellington Financial Inc. (EFC) - Canvas Business Model: Customer Segments

You're looking at the groups Ellington Financial Inc. (EFC) serves, which is key to understanding how they make money in the specialty finance space. These aren't typical retail customers; they are sophisticated financial players and borrowers in specific credit niches.

Income-focused investors seeking high dividend yields (mREIT shareholders)

This group is primarily interested in the regular cash distributions Ellington Financial Inc. provides. They are the equity base that supports the entire structure, seeking attractive, risk-adjusted total returns. The monthly dividend has been set at $0.13 per share, with the Q3 2025 Adjusted Distributable Earnings (ADE) coming in at a record $0.53 per common share, significantly outpacing the $0.39 per common share in dividends paid for that quarter. This strong coverage is what keeps income-focused investors interested. The book value per common share was reported as $13.40 as of September 30, 2025, and estimated at $13.25 as of October 31, 2025.

• Retail investors hold between 35.71% and 62.20% of the stock, depending on the reporting source.
• The company's market capitalization was approximately $1.5 billion as of late 2025.

Institutional investors and debt holders of unsecured notes and securitizations

Institutional investors are a powerful segment, owning a substantial portion of Ellington Financial Inc. equity, reported at around 57% or 47.75%. These large funds, like BlackRock, Inc., the largest shareholder with a holding of 14.55% to 17%, influence governance. Separately, debt holders are crucial for long-term, non-mark-to-market financing. Ellington Financial Inc. recently priced $400.0 million in senior unsecured notes in October 2025, carrying a 7.375% coupon and maturing in 2030. This issuance was intended to repay part of outstanding borrowings.

Here's a look at the debt structure as of early 2025 and recent activity:

Debt Instrument/Metric	Amount/Ratio	Date/Context
Outstanding Secured Borrowings (Repos, etc.)	$4.8 billion	As of March 31, 2025
Total Unsecured Borrowings	$262.8 million	As of March 31, 2025
New Senior Unsecured Notes Issued	$400.0 million	October 2025
Recourse Debt-to-Equity Ratio	1.8:1	As of September 30, 2025
Total Debt-to-Equity Ratio (Recourse & Non-Recourse)	8.6:1 or 8.82	As of September 30, 2025

Borrowers of specialty loans, including reverse mortgage and non-QM loans

Ellington Financial Inc. serves borrowers through its credit portfolio, which includes specialty loans. The company's portfolio expanded by 12% in Q3 2025, driven by these areas. The Longbridge Segment, focused on reverse mortgages, contributed $0.09 per common share to net income in Q3 2025. The overall credit strategy generated $0.42 per common share in GAAP net income for the same period. These borrowers are accessing capital through Ellington Financial Inc.'s investments in residential and commercial mortgage loans, non-QM loans, and consumer loans.

• Longbridge Segment ADE contribution in Q3 2025: $0.16 per common share.
• Credit Portfolio ADE contribution in Q3 2025: $0.59 per common share.
• The company's overall portfolio is diversified, with about 73% of its credit portfolio invested in residential mortgages split among various security types.

Counterparties for derivatives and repurchase agreements

This segment involves financial institutions that engage in short-term funding and hedging activities with Ellington Financial Inc. The company utilizes repurchase agreements (repos) as a key source of financing. As of March 31, 2025, outstanding borrowings under repos and other secured financing totaled $4.8 billion. The recent $400 million unsecured note issuance is explicitly aimed at repaying a portion of these repurchase agreement borrowings. Furthermore, Ellington Financial Inc. actively uses mortgage-related and non-mortgage-related derivatives to manage risk exposure, meaning other financial firms are counterparties in these complex hedging trades.

The scale of secured financing activity is substantial:

Financing/Activity Type	Balance	Date/Context
Repurchase Agreements Outstanding	$8,711 (Implied Unit)	November 2025 Presentation Data
Total Secured Borrowings	$4.8 billion	As of March 31, 2025

Ellington Financial Inc. (EFC) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive Ellington Financial Inc.'s operations, which are heavily weighted toward financing costs and management fees, given its structure as a mortgage REIT.

The cost of capital is a primary driver of expense. As of September 30, 2025, the total weighted average borrowing rate on recourse borrowings for Ellington Financial Inc. decreased to 5.99% overall. This compares to a Recourse Debt-to-Equity Ratio of 1.8:1 on that date, which was up from 1.7:1 as of June 30, 2025. The firm also priced $400 million of senior unsecured notes with a fixed coupon of 7.3% in September 2025, though this was immediately swapped to a floating rate.

Ellington Financial Inc. is externally managed by Ellington Financial Management LLC, which incurs fees based on equity and performance. The Base Management Fee is calculated as 1.50% per annum of total equity of the Operating Partnership. For the second quarter ended June 30, 2025, the reported costs were:

Fee Type	Amount (in thousands)
Base management fee to affiliate, net of rebates	$6,270
Incentive fee to affiliate	$4,533

The Longbridge loan origination platform's direct costs are reflected in its segment contribution and transaction expenses. For the three-month period ended September 30, 2025, the Longbridge segment contributed a net income of $8.6 million. Overall Other Operating Expenses for Ellington Financial Inc. for the report ending September 30, 2025, amounted to -$33.4 million USD.

Costs related to executing securitization transactions and hedging activities are also significant. Ellington Financial Inc. priced seven securitizations during the third quarter of 2025. Non-capitalized transaction costs for the nine-month period ended September 30, 2025, totaled $5.5 million. Furthermore, the firm actively uses dynamic interest rate hedging, which resulted in net losses on interest rate hedges being a drag on results during the third quarter.

• The Longbridge portfolio grew by 37% sequentially to $750 million as of September 30, 2025.
• The firm's credit portfolio net interest margin increased to 3.65% in Q3 2025, partly due to a lower cost of funds.
• The Agency strategy saw net gains on interest rate hedges in Q3 2025, which were supportive of the strategy's results.

Ellington Financial Inc. (EFC) - Canvas Business Model: Revenue Streams

You're looking at how Ellington Financial Inc. (EFC) actually brings in the money, which is key to understanding its dividend coverage and overall valuation. Honestly, for a specialty finance company like EFC, it all boils down to the spread between what they earn on assets and what they pay for funding, plus any asset sales.

Net interest income from the credit portfolio is definitely the engine room here, driving a lot of that Adjusted Distributable Earnings (ADE). The robust performance in Q3 2025, which saw ADE hit a quarterly high of $\$0.53$ per share, was directly fueled by increased net interest income from their loan portfolios and strong credit performance across the board. The company's total portfolio holdings grew by $12\%$ during that quarter, showing they are actively deploying capital into these income-producing assets. To be fair, the credit strategy was a powerhouse in Q3 2025, contributing net income of $\$42.4$ million, or $\$0.42$ per common share, to the overall results.

The Adjusted Distributable Earnings (ADE) metric is what you really want to watch, as it shows the cash flow available for dividends. In Q3 2025, the ADE hit $\$0.53$ per share, which substantially exceeded the $\$0.39$ per common share dividend declared for that quarter. This strong coverage gives you confidence in the near-term sustainability of the payout. For context, the total ADE for Q3 2025 was $\$54.2$ million. The Investment Portfolio segment was the primary contributor to this, generating $\$0.59$ per share in ADE, while the Longbridge segment added $\$0.16$ per share.

When you look at gains from sales of loans and securities, and securitization-related gains, you see the impact of EFC's active capital markets platform. The CEO pointed to excellent results from their securities businesses and robust securitization activity as drivers for the strong Q3 2025 performance. They priced seven securitizations and closed on $\$400$ million of senior unsecured notes during that quarter, which replaces shorter-term repo financing with longer-term, non-mark-to-market debt-that's a structural improvement to the revenue base's stability. While specific gain dollar amounts aren't always broken out separately from net interest income in every summary, the success of these activities is clearly reflected in the overall strong earnings.

To give you a clearer picture of the core earning power, here's how the interest-related income looked in the first quarter of 2025, which is a solid baseline for their asset base:

Metric	Q1 2025 Amount
Interest Income and Other Income	$\$115.987$ million
Interest Expenses	$\$67.227$ million
Net Income Attributable to Common Stockholders	$\$31.6$ million
ADE per Common Share	$\$0.39$

The difference between that interest income and expense in Q1 2025 was the primary component of their net interest margin (NIM) generation. Here's how the segment net income broke down in Q1 2025, showing where the earnings power was concentrated:

• Credit strategy net income: $\$52.9$ million (or $\$0.58$ per share)
• Agency strategy net income: $\$4.2$ million (or $\$0.05$ per share)
• Longbridge Financial segment net loss: $(\$1.0)$ million

You can see the credit strategy was the clear standout performer in Q1 2025. By Q3 2025, the net income from the credit strategy was $\$42.4$ million, still a major driver. The company's ability to generate $\$0.53$ per share in ADE in Q3 2025, despite the Longbridge segment posting a net loss of $\$1.0$ million in Q1 2025 due to hedges, really shows the resilience of the core credit and securities businesses. Finance: draft 13-week cash view by Friday.