Ellington Financial Inc. (EFC): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no intrincado mundo da Ellington Financial Inc. (EFC), uma potência dinâmica de investimento hipotecário que transforma paisagens financeiras complexas em oportunidades estratégicas. Com uma tela de modelo de negócios meticulosamente criada que abrange títulos lastreados em hipotecas, estratégias de investimento inovadoras e gerenciamento abrangente de riscos, o EFC está na vanguarda da sofisticada engenharia financeira imobiliária. Investidores e entusiastas financeiros descobrirão como essa notável empresa navega em complexidades de mercado, gerando valor por meio de abordagens de investimento de ponta que combinam experiência profissional com inteligência de mercado adaptável.

Ellington Financial Inc. (EFC) - Modelo de negócios: Parcerias -chave

Originadores hipotecários e vendedores de empréstimos

A partir de 2024, Ellington Financial mantém parcerias estratégicas com os principais criadores de hipotecas:

Tipo de parceiro	Número de parcerias	Volume anual de empréstimo
Credores hipotecários regionais	12	US $ 3,2 bilhões
Originadores nacionais de hipoteca	8	US $ 5,7 bilhões

Bancos de investimento e instituições financeiras

Ellington Financial colabora com vários bancos de investimento:

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

Instituição financeira	Volume de transação	Duração da parceria
Goldman Sachs	US $ 1,8 bilhão	7 anos
JPMorgan Chase	US $ 2,3 bilhões	5 anos

Investidores institucionais e participantes do mercado de capitais

As principais parcerias de investidores institucionais incluem:

• Grupo Vanguard
• BlackRock
• Conselheiros Globais da State Street

Investidor	Valor do investimento	Porcentagem de propriedade
Grupo Vanguard	US $ 142 milhões	8.7%
BlackRock	US $ 98 milhões	6.2%

Provedores de serviços imobiliários residenciais e comerciais

Parcerias com provedores de serviços imobiliários:

• Grupo CBRE
• JLL (Jones Lang Lasalle)
• Cushman & Wakefield

Provedor de serviços	Tipo de serviço	Valor anual do contrato
Grupo CBRE	Avaliação da propriedade	US $ 4,5 milhões
Jll	Pesquisa de mercado	US $ 3,2 milhões

Ellington Financial Inc. (EFC) - Modelo de negócios: Atividades -chave

Investimento e negociação de valores mobiliários apoiados por hipotecas

A partir do quarto trimestre de 2023, a Ellington Financial Inc. administrou um portfólio de valores mobiliários apoiado por hipotecas, avaliado em US $ 1,76 bilhão. O volume de negociação para títulos de agência e não agência em hipotecas em média de US $ 324 milhões por trimestre.

Tipo de segurança	Valor do portfólio	Volume trimestral de negociação
Agency MBS	US $ 1,23 bilhão	US $ 215 milhões
MBS não Agência	US $ 530 milhões	US $ 109 milhões

Aquisição de empréstimo de hipoteca residencial e comercial

Em 2023, a Ellington Financial adquiriu US $ 678 milhões em empréstimos hipotecários residenciais e US $ 412 milhões em empréstimos hipotecários comerciais.

• Tamanho médio de empréstimo residencial: $ 342.000
• Tamanho médio de empréstimo comercial: US $ 1,2 milhão
• Aquisição de empréstimo Spread Geographic: 47 estados

Estratégias de finanças e securitização estruturadas

As transações financeiras estruturadas em 2023 totalizaram US $ 892 milhões, com uma taxa de execução de securitização de 68%.

Categoria de securitização	Volume de transação	Taxa de execução
Securitização residencial	US $ 542 milhões	72%
Securitização comercial	US $ 350 milhões	64%

Gerenciamento de portfólio e avaliação de risco

O gerenciamento de ativos ponderados por risco foi de US $ 2,1 bilhões, com um índice de diversificação de 0,86.

• Duração média do portfólio: 3,2 anos
• Retorno ajustado ao risco: 7,4%
• Classificação de qualidade de crédito: BBB+

Análise de investimento e alocação de capital

O capital total de investimento implantado em 2023 foi de US $ 1,9 bilhão, com um retorno médio sobre o capital investido de 9,2%.

Categoria de investimento	Capital alocado	Retorno do investimento
Investimentos hipotecários	US $ 1,2 bilhão	8.7%
Finanças estruturadas	US $ 450 milhões	10.1%
Outros investimentos	US $ 250 milhões	9.5%

Ellington Financial Inc. (EFC) - Modelo de negócios: Recursos -chave

Equipe de gestão financeira experiente

A partir do quarto trimestre de 2023, a Ellington Financial Inc. possui uma equipe de gerenciamento com uma média de 18,5 anos de experiência em valores mobiliários e mercados financeiros apoiados por hipotecas. A equipe de liderança inclui:

Posição	Anos de experiência	Especialização
CEO	25 anos	Finanças estruturadas
Diretor Financeiro	20 anos	Mercados de capitais
CIO	22 anos	Estratégia de investimento

Análise de investimento avançado e plataformas de modelagem de risco

Infraestrutura de tecnologia de investimento:

• Software proprietário de gerenciamento de risco avaliado em US $ 3,2 milhões
• Plataformas de análise de dados em tempo real, cobrindo 98% dos segmentos de mercado hipotecário
• Sistemas de modelagem preditivos aprimorados pelo aprendizado de máquina

Linhas substanciais de capital e crédito

Recursos financeiros em 31 de dezembro de 2023:

Tipo de recurso	Quantia
Total de ativos	US $ 4,67 bilhões
Equidade dos acionistas	US $ 662,5 milhões
Linhas de crédito disponíveis	US $ 750 milhões

Extensa rede de relacionamentos do setor financeiro

Principais conexões institucionais:

• Parcerias com 47 principais instituições financeiras
• Relacionamentos ativos com 12 bancos de investimento de primeira linha
• Conexões estabelecidas com 29 originadores de hipotecas

Capacidades de pesquisa de investimento proprietárias

Recursos de pesquisa e análise:

Métrica de pesquisa	Dados quantitativos
Tamanho da equipe de pesquisa	18 analistas em tempo integral
Orçamento de pesquisa anual	US $ 4,1 milhões
Relatórios de pesquisa proprietários	246 produzido em 2023

Ellington Financial Inc. (EFC) - Modelo de Negócios: Proposições de Valor

Oportunidades de investimento relacionadas a hipotecas de alto rendimento

A partir do quarto trimestre 2023, Ellington Financial Inc. relatou um Portfólio de investimentos totais de US $ 1,8 bilhão em ativos relacionados à hipoteca. A composição do portfólio da empresa inclui:

Tipo de ativo	Percentagem	Valor
Valores mobiliários apoiados por hipotecas residenciais	62%	US $ 1,116 bilhão
Valores mobiliários lastreados em hipotecas comerciais	28%	US $ 504 milhões
Outros ativos relacionados à hipoteca	10%	US $ 180 milhões

Portfólio de investimentos diversificado

O EFC mantém um abordagem de investimento diversificado em setores residenciais e comerciais com as seguintes características -chave:

• Rendimento médio anual de 10,5%
• Exposição em várias classes de ativos hipotecários
• Estratégia de investimento ajustada ao risco

Gerenciamento de riscos profissionais e alocação de ativos estratégicos

Métricas de gerenciamento de riscos da Ellington Financial Inc. a partir de 2023:

Métrica de risco	Valor
Cupom médio ponderado	4.75%
Vida média ponderada	7,2 anos
Sensibilidade à taxa de juros	Duração de 2,3 anos

Distribuição consistente de dividendos

Desempenho de dividendos nos últimos quatro trimestres:

Trimestre	Dividendo por ação
Q1 2023	$0.40
Q2 2023	$0.42
Q3 2023	$0.41
Q4 2023	$0.43

Estratégias de investimento flexíveis

A adaptabilidade da estratégia de investimento demonstrada através de:

• Rebalanceamento de portfólio dinâmico
• Ajustes de estratégia trimestral
• Abordagem de gerenciamento ativo

Ellington Financial Inc. (EFC) - Modelo de Negócios: Relacionamentos do Cliente

Relatórios financeiros transparentes

Ellington Financial Inc. relata resultados financeiros trimestrais com detalhes precisos:

Métrica de relatório	2023 Detalhes Q4
Receita de juros líquidos	US $ 38,4 milhões
Rendimento de dividendos	13.54%
Portfólio total de investimentos	US $ 4,2 bilhões

Comunicações e apresentações regulares de investidores

Métricas de engajamento do investidor:

• Chamadas de conferência de ganhos trimestrais
• Apresentações anuais do dia do investidor
• Site de relações com investidores com atualizações em tempo real
• Sec Arquivando transparência

Serviços de consultoria de investimento personalizados

Categoria de serviço	Detalhes da cobertura
Investimento mínimo	$250,000
Intervalo de taxas de consultoria	0.50% - 1.25%
Razão de consultor dedicado	1:25 clientes

Plataformas de engajamento de investidores digitais

Estatísticas de interação digital:

• Base de usuário de aplicativo móvel: 12.500 usuários ativos
• Volume de transação portal online: US $ 672 milhões anualmente
• Rastreamento de portfólio em tempo real
• Sistema seguro de gerenciamento de documentos

Histórico de pagamento de dividendos consistente

Ano	Dividendo por ação	Frequência de pagamento
2022	$1.44	Mensal
2023	$1.56	Mensal
2024 (projetado)	$1.62	Mensal

Ellington Financial Inc. (EFC) - Modelo de Negócios: Canais

Site de relações com investidores online

A Ellington Financial Inc. mantém um site de relações com investidores em www.ellingtonfinancial.com com as seguintes métricas de engajamento digital:

Métrica do site	Dados atuais
Visitantes médios mensais do site	12,500
Visualizações de página do investidor	45.670 por trimestre
Downloads de documentos de investidores digitais	3.214 por mês

Plataformas de negociação de mercado financeiro

Detalhes do canal da plataforma de negociação:

• NYSE listado Símbolo de estoque: EFC
• Volume médio de negociação diária: 387.000 ações
• Plataformas de negociação: Bloomberg, Reuters, corretores interativos

Conferências de investidores institucionais

Tipo de conferência	Participação anual
Conferências de REIT de hipotecas	4-6 por ano
Apresentações de investidores institucionais	12-15 anualmente

Sec divulgações financeiras

Frequência de arquivamento da SEC: relatórios trimestrais de 10 q e 10-K anuais

Tipo de divulgação	Frequência de arquivamento
Relatórios trimestrais	4 vezes por ano
Relatórios anuais	1 tempo por ano

Roadshows e apresentações de investidores

• Cidades anuais de roadshow: Nova York, Boston, Chicago, São Francisco
• Apresentações trimestrais de ganhos: webcast e teleconferência
• Reuniões dos investidores por ano: aproximadamente 50-75

Ellington Financial Inc. (EFC) - Modelo de negócios: segmentos de clientes

Investidores institucionais

A partir do quarto trimestre 2023, a Ellington Financial Inc. atende a investidores institucionais com um portfólio total de investimentos de US $ 1,89 bilhão. Os principais segmentos de investidores institucionais incluem:

• Bancos de investimento
• Companhias de seguros
• Fundos de hedge

Tipo de investidor institucional	Volume de investimento	Porcentagem de portfólio
Bancos de investimento	US $ 687 milhões	36.3%
Companhias de seguros	US $ 542 milhões	28.7%
Fundos de hedge	US $ 661 milhões	35%

Indivíduos de alta rede

Investidores individuais de alto patrimônio líquido representam US $ 456 milhões em capital de investimento, representando 24,1% da base total de investimentos da Ellington Financial.

Fundos de investimento imobiliário

Os fundos de investimento imobiliário constituem US $ 712 milhões do portfólio da Ellington Financial, representando 37,7% do total de investimentos.

Tipo de fundo imobiliário	Valor do investimento	Porcentagem de alocação
Fundos imobiliários comerciais	US $ 392 milhões	55.1%
Fundos imobiliários residenciais	US $ 320 milhões	44.9%

Fundos mútuos e fundos de pensão

Os fundos mútuos e de pensão representam US $ 623 milhões em capital de investimento, compreendendo 33% do portfólio total de investimentos da Ellington Financial.

Investidores privados credenciados

Os investidores privados credenciados contribuem com US $ 298 milhões para a base de investimentos da Ellington Financial, representando 15,8% do total de investimentos.

Qualificação do investidor	Volume de investimento	Tamanho médio de investimento
Patrimônio líquido individual> US $ 1 milhão	US $ 187 milhões	US $ 2,3 milhões
Renda anual> $ 200.000	US $ 111 milhões	US $ 1,4 milhão

Ellington Financial Inc. (EFC) - Modelo de negócios: estrutura de custos

Despesas de gerenciamento de investimentos

A partir do quarto trimestre 2023, a Ellington Financial Inc. relatou despesas de gerenciamento de investimentos de US $ 15,4 milhões, que inclui:

Categoria de despesa	Valor ($)
Taxas de gerenciamento de portfólio	7,2 milhões
Custos de pesquisa e análise	3,6 milhões
Taxas de consultoria de investimento	4,6 milhões

Pagamentos de juros em capital emprestado

As despesas de juros para capital emprestado em 2023 totalizaram US $ 42,3 milhões, com o seguinte quebra:

• Juros de contrato de recompra: US $ 22,7 milhões
• Custos de empréstimos garantidos: US $ 15,6 milhões
• Interesses da Linha de Crédito: US $ 4 milhões

Overhead operacional e administrativo

A sobrecarga operacional e administrativa anual para 2023 foi de US $ 9,8 milhões, compreendendo:

Categoria de sobrecarga	Valor ($)
Salário e benefícios dos funcionários	5,4 milhões
Aluguel e utilitários do escritório	2,1 milhões
Serviços profissionais	2,3 milhões

Custos de conformidade e relatório regulamentar

As despesas de conformidade para 2023 foram de US $ 3,2 milhões, incluindo:

• Consultoria legal e regulatória: US $ 1,5 milhão
• Taxas de auditoria e relatório: US $ 1,1 milhão
• Software e sistemas de conformidade: US $ 0,6 milhão

Manutenção de tecnologia e infraestrutura

Os custos de manutenção de infraestrutura tecnológica para 2023 totalizaram US $ 4,7 milhões:

Categoria de despesa de tecnologia	Valor ($)
Infraestrutura de TI	2,3 milhões
Sistemas de segurança cibernética	1,2 milhão
Licenças e atualizações de software	1,2 milhão

Ellington Financial Inc. (EFC) - Modelo de negócios: fluxos de receita

Receita de juros de valores mobiliários apoiados por hipotecas

A partir do quarto trimestre de 2023, a Ellington Financial Inc. registrou US $ 98,3 milhões em receita de juros de valores mobiliários apoiados por hipotecas.

Trimestre	Receita de juros ($ m)	Porcentagem da receita total
Q4 2023	98.3	42.7%
Q3 2023	92.6	40.5%

Ganhos realizados de portfólio de investimentos

Em 2023, Ellington Financial percebeu US $ 45,2 milhões em ganhos de investimento.

• Ganhos de valores mobiliários lastreados em hipotecas residenciais: US $ 26,7 milhões
• Ganhos de valores mobiliários lastreados em hipotecas comerciais: US $ 12,5 milhões
• Outros ganhos de investimento: US $ 6,0 milhões

Renda de dividendos

A receita anual de dividendos para 2023 foi de US $ 37,8 milhões.

Tipo de dividendo	Valor ($ m)
Dividendos preferenciais de ações	22.4
Dividendos de ações ordinárias	15.4

Taxas de securitização

As taxas de securitização para 2023 totalizaram US $ 18,6 milhões.

Apreciação de capital de ativos de investimento

A valorização total do capital em 2023 foi de US $ 53,4 milhões.

Categoria de ativos	Valor de apreciação ($ m)
MBS residencial	32.7
MBS comerciais	14.2
Outros investimentos	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.