News

Ellington Financial Inc. Reports Fourth Quarter 2019 Results

OLD GREENWICH, Conn.–(BUSINESS WIRE)–Ellington Financial Inc. (NYSE: EFC) (the “Company”) today reported financial results for the quarter ended December 31, 2019.

Highlights

  • Net income of $11.1 million, or $0.31 per common share.
  • Core Earnings1 of $15.8 million, or $0.44 per share.
  • Book value per common share as of December 31, 2019 of $18.48, including the effects of dividends of $0.42 per common share for the quarter, and the effects of common and preferred equity offerings completed during the quarter.
  • Credit strategy gross income of $9.9 million for the quarter, or $0.28 per share.
  • Agency strategy gross income of $11.2 million for the quarter, or $0.32 per share.
  • Declared monthly dividend of $0.15 per common share on January 8, 2020, an increase of 7.1% from the previous monthly dividend amount of $0.14 per common share. Dividend yield of 9.7% based on the February 11, 2020 closing stock price of $18.64 per share.
  • Debt-to-equity ratio of 3.8:1 and total recourse debt-to-equity ratio of 2.6:12 as of December 31, 2019.
  • Issued 4.83 million shares of common stock and 4.60 million shares of preferred stock, increasing our total equity by $197.6 million, or approximately 30%.

Fourth Quarter 2019 Results

In the fourth quarter, we had strong performance from our small-balance commercial mortgage loan, residential transition loan, and consumer loan portfolios, as well as from our non-QM mortgage business, where we successfully completed our second securitization of the year,” said Laurence Penn, Chief Executive Officer and President of Ellington Financial. “Our Agency strategy also had an excellent quarter, and in particular we benefited from the significant capital allocation that we had made to the sector after the market selloff in August.

In October, we raised additional capital through our inaugural preferred equity raise, which saw strong participation from both institutional and retail investors. The offering priced at a dividend rate that is among the lowest in our sector thanks to its investment-grade rating, which we believe rightly reflects Ellington Financial’s long track record of book value stability, disciplined and dynamic hedging, effective risk management, and prudent leverage. In mid-November, having deployed most of the proceeds from the preferred equity offering, we were able to complete a follow-on common equity offering at attractive levels.

During the fourth quarter, we invested the proceeds from our preferred equity and common equity offerings across our diversified investment portfolio. This included not only substantial growth in our loan portfolios, but also tactical increases in various sectors of our securities portfolios, where we took advantage of some compelling entry points. I was extremely pleased with the pace and quality of our capital deployment, which enabled us to avoid a material drag on Core Earnings per common share even during a quarter where we grew our equity base by approximately 30%.

2019 was a transformational year for EFC. We successfully completed our REIT conversion, which triggered EFC’s inclusion in several stock indices, improved our stock’s trading volume and the breadth and diversity of our investor base, and enabled us to grow our capital base considerably. Our capital raises have allowed us to continue to take advantage of our ongoing high-yielding loan pipelines, while also significantly lowering our expense ratio. The steady growth of our investment portfolio, along with the consistency with which our Core Earnings covered our dividend in recent quarters, culminated in a 7% dividend raise, which we announced in early January 2020.

In 2020, we continue to focus on the growth of our proprietary loan portfolios, which we believe are critical in manufacturing and controlling our sources of return, while at the same time not hesitating to pursue opportunities across the diverse sectors of our securities portfolios. Coming off of our common equity raise last month, and with lots of liquid Agency assets on our balance sheet that we can easily monetize, we are in a strong position to play offense. At the same time, we will continue to rely on our disciplined hedging and liquidity management to protect and preserve book value.”

Financial Results

In the fourth quarter, the Company’s credit and Agency portfolios both grew, as it deployed the proceeds from its preferred equity and common equity offerings that closed during the quarter. The Company’s total long credit portfolio3 increased by 18.6%, to $1.444 billion as of December 31, 2019, from $1.218 billion as of September 30, 2019, as it added to its non-QM loan, residential transition loan, and consumer loan portfolios, and also opportunistically increased the size of its secondary CLO and CMBS portfolios significantly. The Company’s total long Agency RMBS portfolio increased by 23.8%, to $1.937 billion as of December 31, 2019, from $1.565 billion as of September 30, 2019.

The Company’s debt-to-equity ratio decreased to 3.8:1 as of December 31, 2019, compared to 4.0:1 as of September 30, 2019. Although the Company added financing during the quarter to accommodate its larger credit and Agency portfolios, its equity also increased significantly over the course of the quarter as a result of two equity offerings, causing the debt-to-equity ratio to decline slightly. The Company’s recourse debt-to-equity ratio also decreased over the course of the quarter, to 2.6:12 from 2.9:12.

During the fourth quarter, the Company’s credit strategy generated total gross income of $9.9 million, or $0.28 per share, and its Agency strategy generated total gross income of $11.2 million, or $0.32 per share.

Strong net interest income was the primary driver of earnings in the Company’s credit portfolio during the fourth quarter. Net interest income4 increased to $23.0 million for the quarter, driven by the larger investment portfolio. The credit portfolio also generated net realized and unrealized losses on the long investment portfolio of $(8.4) million, net realized and unrealized gains on interest rate hedges of $1.7 million, net realized and unrealized losses of $(3.8) million on credit hedges and other activities, other investment related expenses of $(5.9) million, and $3.3 million in earnings from investments in unconsolidated entities.

The Company had strong performance in several of its loan-related strategies, including small-balance commercial mortgage loans, residential transition mortgage loans, consumer loans, and the non-QM mortgage business. The small-balance commercial mortgage loan strategy benefited from several favorable resolutions during the quarter. The Company also had excellent results from secondary CLO notes and non-Agency RMBS. For most of 2019, including the fourth quarter, CLO equity underperformed high yield corporate indices, which led to net realized and unrealized losses on the Company’s long investment portfolio and credit hedges during the quarter. While the Company’s UK non-conforming RMBS portfolio generated gains for the quarter, the Company’s Euro-denominated RMBS portfolio generated losses for the quarter.

In the fourth quarter, the Company also benefited from excellent performance in its Agency portfolio, as actual and implied volatility was low, and as Agency RMBS yield spreads tightened with moderating prepayments. The Agency strategy generated net interest income5 of $2.1 million, and net realized and unrealized gains of $1.9 million. Average pay-ups on the Company’s specified pools decreased slightly to 1.36% as of December 31, 2019, from 1.43% as of September 30, 2019. Pay-ups are price premiums for specified pools relative to their TBA counterparts. Additionally, the increase in medium- and long-term interest rates during the quarter generated net realized and unrealized gains on interest rate hedges of $7.2 million.

For the fourth quarter, the Company accrued income tax expense of $1.2 million, related to taxable income in its domestic taxable REIT subsidiaries.

1

Core Earnings is a non-GAAP financial measure. See “Reconciliation of Net Income (Loss) to Core Earnings” below for an explanation regarding the calculation of Core Earnings.

2

Excludes repo borrowings on U.S. Treasury securities and borrowings at certain unconsolidated entities that are recourse to us. Including such borrowings, our debt-to-equity ratio based on total recourse borrowings is 2.7:1 as of December 31, 2019.

3

Includes REO at the lower of cost or fair value. Excludes hedges and other derivative positions, as well as tranches of the Company’s consolidated non-QM securitization trusts that were sold to third parties, but that are consolidated for U.S. GAAP reporting purposes. Including such tranches, the Company’s total long credit portfolio was $2.028 billion and $1.652 billion, as of December 31, 2019 and September 30, 2019, respectively.

4

Excludes any interest income and interest expense items from Interest rate hedges, net and Credit hedges and other activities, net.

5

Excludes any interest income and interest expense items from Interest rate hedges and other activities, net.

The following table summarizes the Company’s investment portfolio(1) holdings as of December 31, 2019 and September 30, 2019:

 

 

Fair Value

 

 

December 31, 2019

 

September 30, 2019

Long:

 

(In thousands)

Credit:

 

 

 

 

Dollar Denominated:

 

 

 

 

CLO(2)

 

$

 

172,802

 

 

$

 

70,762

 

CMBS

 

 

124,693

 

 

 

39,522

 

Commercial Mortgage Loans and REO(3)(4)

 

 

320,926

 

 

 

322,371

 

Consumer Loans and ABS backed by Consumer Loans(2)

 

 

238,193

 

 

 

193,293

 

Corporate Debt and Equity and Corporate Loans

 

 

20,987

 

 

 

23,178

 

Equity Investments in Loan Origination Entities

 

 

41,393

 

 

 

37,715

 

Non-Agency RMBS

 

 

113,342

 

 

 

109,594

 

Residential Mortgage Loans and REO(3)(5)

 

 

933,870

 

 

 

800,834

 

Non-Dollar Denominated:

 

 

 

 

CLO(2)

 

 

5,722

 

 

 

4,256

 

CMBS

 

 

175

 

 

 

51

 

Consumer Loans and ABS backed by Consumer Loans

 

 

549

 

 

 

578

 

Corporate Debt and Equity

 

 

30

 

 

 

30

 

RMBS(6)

 

 

55,156

 

 

 

49,439

 

Agency:

 

 

 

 

Fixed-Rate Specified Pools

 

 

1,758,882

 

 

 

1,382,313

 

Floating-Rate Specified Pools

 

 

10,002

 

 

 

11,180

 

IOs

 

 

35,279

 

 

 

37,048

 

Reverse Mortgage Pools

 

 

132,800

 

 

 

134,466

 

Total Long

 

$

 

3,964,801

 

 

$

 

3,216,630

 

Short:

 

 

 

 

Credit:

 

 

 

 

Dollar Denominated:

 

 

 

 

Corporate Debt and Equity

 

$

 

(471

)

 

$

 

(473

)

Government Debt:

 

 

 

 

Dollar Denominated

 

 

(62,994

)

 

 

(26,730

)

Non-Dollar Denominated

 

 

(9,944

)

 

 

(9,706

)

Total Short

 

$

 

(73,409

)

 

$

 

(36,909

)

(1)

This information does not include financial derivatives.

(2)

Includes equity investments in securitization-related vehicles.

(3)

In accordance with U.S. GAAP, REO is not considered a financial instrument and as a result is included at the lower of cost or fair value.

(4)

Includes equity investments in unconsolidated entities holding small balance commercial mortgage loans and REO.

(5)

As of September 30, 2019, includes an equity investment in an unconsolidated entity holding residential mortgage loans.

(6)

Includes an equity investment in an unconsolidated entity holding European RMBS.

The following table summarizes the Company’s operating results for the three-month periods ended December 31, 2019 and September 30, 2019 and the year ended December 31, 2019:

 

 

Three-Month

Period Ended

December 31,

2019

 

Per

Share

 

Three-Month

Period Ended

September 30,

2019(1)

 

Per

Share(1)

 

Year Ended

December 31,

2019

 

Per

Share

(In thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

Credit:

 

 

 

 

 

 

 

 

 

 

 

 

Interest income and other income(2)

 

$

 

35,505

 

 

$

 

0.97

 

 

$

 

31,194

 

 

$

 

0.93

 

 

$

 

126,526

 

 

$

 

3.86

 

Realized gain (loss), net

 

 

(9,618

)

 

 

(0.26

)

 

 

1,142

 

 

 

0.04

 

 

 

(13,966

)

 

 

(0.43

)

Unrealized gain (loss), net

 

 

1,223

 

 

 

0.03

 

 

 

(1,089

)

 

 

(0.03

)

 

 

15,863

 

 

 

0.48

 

Interest rate hedges, net(3)

 

 

1,679

 

 

 

0.05

 

 

 

(549

)

 

 

(0.02

)

 

 

(1,345

)

 

 

(0.04

)

Credit hedges and other activities, net(4)

 

 

(3,751

)

 

 

(0.10

)

 

 

(193

)

 

 

(0.01

)

 

 

(11,237

)

 

 

(0.34

)

Interest expense(5)

 

 

(12,533

)

 

 

(0.34

)

 

 

(11,365

)

 

 

(0.34

)

 

 

(46,936

)

 

 

(1.43

)

Other investment related expenses

 

 

(5,861

)

 

 

(0.16

)

 

 

(3,287

)

 

 

(0.10

)

 

 

(17,777

)

 

 

(0.54

)

Earnings from investments in unconsolidated entities

 

 

3,262

 

 

 

0.09

 

 

 

2,796

 

 

 

0.08

 

 

 

10,209

 

 

 

0.31

 

Total Credit profit (loss)

 

 

9,906

 

 

 

0.28

 

 

 

18,649

 

 

 

0.55

 

 

 

61,337

 

 

 

1.87

 

Agency RMBS:

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

10,573

 

 

 

0.29

 

 

 

9,736

 

 

 

0.29

 

 

 

37,371

 

 

 

1.14

 

Realized gain (loss), net

 

 

928

 

 

 

0.03

 

 

 

3,815

 

 

 

0.11

 

 

 

4,083

 

 

 

0.12

 

Unrealized gain (loss), net

 

 

988

 

 

 

0.03

 

 

 

7,361

 

 

 

0.22

 

 

 

37,424

 

 

 

1.14

 

Interest rate hedges and other activities, net(3)

 

 

7,214

 

 

 

0.20

 

 

 

(8,452

)

 

 

(0.25

)

 

 

(25,309

)

 

 

(0.77

)

Interest expense

 

 

(8,495

)

 

 

(0.23

)

 

 

(8,351

)

 

 

(0.25

)

 

 

(30,703

)

 

 

(0.94

)

Total Agency RMBS profit (loss)

 

 

11,208

 

 

 

0.32

 

 

 

4,109

 

 

 

0.12

 

 

 

22,866

 

 

 

0.69

 

Total Credit and Agency RMBS profit (loss)

 

 

21,114

 

 

 

0.60

 

 

 

22,758

 

 

 

0.67

 

 

 

84,203

 

 

 

2.56

 

Other interest income (expense), net

 

 

309

 

 

 

0.01

 

 

 

464

 

 

 

0.01

 

 

 

1,492

 

 

 

0.05

 

Income tax (expense) benefit

 

 

(1,180

)

 

 

(0.03

)

 

 

(2

)

 

(0.00

)

 

 

(1,558

)

 

 

(0.05

)

Other expenses

 

 

(5,806

)

 

 

(0.16

)

 

 

(4,508

)

 

 

(0.13

)

 

 

(20,844

)

 

 

(0.64

)

Net income (loss) (before incentive fee)

 

 

14,437

 

 

 

0.42

 

 

 

18,712

 

 

 

0.55

 

 

 

63,293

 

 

 

1.92

 

Incentive fee

 

 

(116

)

 

(0.00

)

 

 

 

 

 

 

(116

)

 

(0.00

)

Net income (loss)

 

$

 

14,321

 

 

$

 

0.42

 

 

$

 

18,712

 

 

$

 

0.55

 

 

$

 

63,177

 

 

$

 

1.92

 

Less: Net income (loss) attributable to non-controlling interests

 

 

1,733

 

 

 

 

 

1,419

 

 

 

 

 

5,244

 

 

 

Less: Dividends on preferred stock

 

 

1,466

 

 

 

 

 

 

 

 

 

1,466

 

 

 

Net income (loss) attributable to common stockholders(6)

 

$

 

11,122

 

 

$

 

0.31

 

 

$

 

17,293

 

 

$

 

0.53

 

 

$

 

56,467

 

 

$

 

1.76

 

Weighted average shares of common stock and convertible units(7) outstanding

 

 

36,594

 

 

 

 

 

33,571

 

 

 

 

 

32,800

 

 

 

Weighted average shares of common stock outstanding(8)

 

 

35,866

 

 

 

 

 

32,836

 

 

 

 

 

32,068

 

 

 

(1)

Conformed to current period presentation.

(2)

Other income primarily consists of rental income on real estate owned and loan origination fees.

(3)

Includes U.S. Treasury securities, if applicable.

(4)

Other activities include certain equity and other trading strategies and related hedges, and net realized and unrealized gains (losses) on foreign currency.

(5)

Includes interest expense on the Company’s Senior notes.

(6)

Per share information is calculated using weighted average common shares outstanding.

(7)

Convertible units include Operating Partnership units attributable to non-controlling interests.

(8)

Excludes Operating Partnership units attributable to non-controlling interests.

About Ellington Financial

Ellington Financial invests in a diverse array of financial assets, including residential and commercial mortgage loans, residential and commercial mortgage-backed securities, consumer loans and asset-backed securities backed by consumer loans, collateralized loan obligations, non-mortgage and mortgage-related derivatives, equity investments in loan origination companies, and other strategic investments. Ellington Financial is externally managed and advised by Ellington Financial Management LLC, an affiliate of Ellington Management Group, L.L.C.

Conference Call

The Company will host a conference call at 11:00 a.m. Eastern Time on Thursday, February 13, 2020, to discuss its financial results for the quarter ended December 31, 2019. To participate in the event by telephone, please dial (877) 241-1233 at least 10 minutes prior to the start time and reference the conference ID number 6022108. International callers should dial (810) 740-4657 and reference the same conference ID number. The conference call will also be webcast live over the Internet and can be accessed via the “For Our Shareholders” section of the Company’s web site at www.ellingtonfinancial.com. To listen to the live webcast, please visit www.ellingtonfinancial.com at least 15 minutes prior to the start of the call to register, download, and install necessary audio software. In connection with the release of these financial results, the Company also posted an investor presentation, that will accompany the conference call, on its website at www.ellingtonfinancial.com under “For Our Shareholders—Presentations.”

A dial-in replay of the conference call will be available on Thursday, February 13, 2020, at approximately 2 p.m. Eastern Time through Thursday, February 27, 2020 at approximately 11:30 p.m. Eastern Time. To access this replay, please dial (800) 585-8367 and enter the conference ID number 6022108. International callers should dial (404) 537-3406 and enter the same conference ID number. A replay of the conference call will also be archived on the Company’s web site at www.ellingtonfinancial.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve numerous risks and uncertainties. Actual results may differ from the Company’s beliefs, expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements are not historical in nature and can be identified by words such as “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “continue,” “intend,” “should,” “would,” “could,” “goal,” “objective,” “will,” “may,” “seek,” or similar expressions or their negative forms, or by references to strategy, plans, or intentions. Examples of forward-looking statements in this press release include without limitation management’s beliefs regarding the current economic and investment environment and the Company’s ability to implement its investment and hedging strategies, performance of the Company’s investment and hedging strategies, the Company’s exposure to prepayment risk in its Agency portfolio, and statements regarding the drivers of the Company’s returns. The Company’s results can fluctuate from month to month and from quarter to quarter depending on a variety of factors, some of which are beyond the Company’s control and/or are difficult to predict, including, without limitation, changes in interest rates and the market value of the Company’s securities, changes in mortgage default rates and prepayment rates, the Company’s ability to borrow to finance its assets, changes in government regulations affecting the Company’s business, the Company’s ability to maintain its exclusion from registration under the Investment Company Act of 1940; the Company’s ability to qualify and maintain its qualification as a real estate investment trust, or “REIT”; and other changes in market conditions and economic trends. Furthermore, forward-looking statements are subject to risks and uncertainties, including, among other things, those described under Item 1A of the Company’s Annual Report on Form 10-K filed on March 14, 2019 which can be accessed through the Company’s website at www.ellingtonfinancial.com or at the SEC’s website (www.sec.gov). Other risks, uncertainties, and factors that could cause actual results to differ materially from those projected or implied may be described from time to time in reports the Company’s files with the SEC, including reports on Forms 10-Q, 10-K and 8-K. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

ELLINGTON FINANCIAL INC.

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

(UNAUDITED)

 

 

Three-Month Period Ended

 

Year Ended

December 31,

2019

 

December 31,

2019

 

September 30,

2019

 

(In thousands, except per share amounts)

 

 

 

 

 

NET INTEREST INCOME

 

 

 

 

 

Interest income

$

 

45,353

 

 

$

 

39,985

 

 

$

 

159,901

 

Interest expense

 

(21,205

)

 

 

(19,954

)

 

 

(78,479

)

Total net interest income

 

24,148

 

 

 

20,031

 

 

 

81,422

 

Other Income (Loss)

 

 

 

 

 

Realized gains (losses) on securities and loans, net

 

(9,326

)

 

 

3,368

 

 

 

(12,785

)

Realized gains (losses) on financial derivatives, net

 

938

 

 

 

(9,360

)

 

 

(30,912

)

Realized gains (losses) on real estate owned, net

 

1,122

 

 

 

1,165

 

 

 

2,327

 

Unrealized gains (losses) on securities and loans, net

 

3,084

 

 

 

6,519

 

 

 

54,478

 

Unrealized gains (losses) on financial derivatives, net

 

3,799

 

 

 

1,473

 

 

 

(5,338

)

Unrealized gains (losses) on real estate owned, net

 

(744

)

 

 

(22

)

 

 

(1,279

)

Other, net

 

1,001

 

 

 

539

 

 

 

5,350

 

Total other income (loss)

 

(126

)

 

 

3,682

 

 

 

11,841

 

EXPENSES

 

 

 

 

 

Base management fee to affiliate (Net of fee rebates of $509, $503, and $1,967, respectively)

 

2,663

 

 

 

1,942

 

 

 

7,988

 

Incentive fee to affiliate

 

116

 

 

 

 

 

116

 

Investment related expenses:

 

 

 

 

 

Servicing expense

 

2,055

 

 

 

1,940

 

 

 

8,632

 

Debt issuance costs related to Other secured borrowings, at fair value

 

1,865

 

 

 

 

 

3,536

 

Other

 

1,941

 

 

 

1,347

 

 

 

5,609

 

Professional fees

 

1,021

 

 

 

698

 

 

 

4,853

 

Compensation expense

 

962

 

 

 

712

 

 

 

3,649

 

Other expenses

 

1,160

 

 

 

1,156

 

 

 

4,354

 

Total expenses

 

11,783

 

 

 

7,795

 

 

 

38,737

 

Net Income (Loss) before Income Tax Expense (Benefit) and Earnings from Investments in Unconsolidated Entities

 

12,239

 

 

 

15,918

 

 

 

54,526

 

Income tax expense (benefit)

 

1,180

 

 

 

2

 

 

 

1,558

 

Earnings from investments in unconsolidated entities

 

3,262

 

 

 

2,796

 

 

 

10,209

 

Net Income (Loss)

 

14,321

 

 

 

18,712

 

 

 

63,177

 

Net Income (Loss) Attributable to Non-Controlling Interests

 

1,733

 

 

 

1,419

 

 

 

5,244

 

Dividends on Preferred Stock

 

1,466

 

 

 

 

 

1,466

 

Net Income (Loss) Attributable to Common Stockholders

$

 

11,122

 

 

$

 

17,293

 

 

$

 

56,467

 

Net Income (Loss) per Common Share:

 

 

 

 

 

Basic and Diluted

$

 

0.31

 

 

$

 

0.53

 

 

$

 

1.76

 

Weighted average shares of common stock outstanding

 

35,866

 

 

 

32,836

 

 

 

32,068

 

Weighted average shares of common stock and convertible units outstanding

 

36,594

 

 

 

33,571

 

 

 

32,800

 

ELLINGTON FINANCIAL INC.

CONDENSED CONSOLIDATED BALANCE SHEET

(UNAUDITED)

 

 

As of

(In thousands, except share amounts)

December 31, 2019

 

September 30, 2019

ASSETS

 

 

 

Cash and cash equivalents

$

 

72,302

 

 

$

 

33,251

 

Restricted cash

 

175

 

 

 

175

 

Securities, at fair value

 

2,449,941

 

 

 

1,875,929

 

Loans, at fair value

 

1,412,426

 

 

 

1,225,843

 

Investments in unconsolidated entities, at fair value

 

71,850

 

 

 

70,435

 

Real estate owned

 

30,584

 

 

 

44,423

 

Financial derivatives–assets, at fair value

 

16,788

 

 

 

12,740

 

Reverse repurchase agreements

 

73,639

 

 

 

36,473

 

Due from brokers

 

79,829

 

 

 

66,162

 

Investment related receivables

 

123,120

 

 

 

258,608

 

Other assets

 

7,563

 

 

 

3,319

 

Total Assets

$

 

4,338,217

 

 

$

 

3,627,358

 

LIABILITIES

 

 

 

Securities sold short, at fair value

$

 

73,409

 

 

$

 

36,909

 

Repurchase agreements

 

2,445,300

 

 

 

2,056,422

 

Financial derivatives–liabilities, at fair value

 

27,621

 

 

 

25,572

 

Due to brokers

 

2,197

 

 

 

5,978

 

Investment related payables

 

66,133

 

 

 

200,745

 

Other secured borrowings

 

150,334

 

 

 

91,151

 

Other secured borrowings, at fair value

 

594,396

 

 

 

438,629

 

Senior notes, net

 

85,298

 

 

 

85,232

 

Accounts payable and accrued expenses

 

6,846

 

 

 

4,579

 

Base management fee payable to affiliate

 

2,663

 

 

 

1,942

 

Incentive fee payable to affiliate

 

116

 

 

 

Dividend payable

 

6,978

 

 

 

4,833

 

Interest payable

 

7,320

 

 

 

6,135

 

Other liabilities

 

907

 

 

 

264

 

Total Liabilities

 

3,469,518

 

 

 

2,958,391

 

 

 

 

 

EQUITY

 

 

 

Preferred stock, par value $0.001 per share, 100,000,000 shares authorized; 6.750% Series A Fixed-to-Floating Rate Cumulative Redeemable; 4,600,000 and 0 shares issued and outstanding, respectively ($115,000 liquidation preference)

 

111,034

 

 

 

Common stock, par value $0.001 per share, 100,000,000 shares authorized;

38,647,943 and 33,774,386 shares issued and outstanding, respectively

 

39

 

 

 

34

 

Additional paid-in-capital

 

821,747

 

 

 

734,628

 

Retained earnings (accumulated deficit)

 

(103,555

)

 

 

(99,216

)

Total Stockholders’ Equity

 

829,265

 

 

 

635,446

 

Non-controlling interests

 

39,434

 

 

 

33,521

 

Total Equity

 

868,699

 

 

 

668,967

 

TOTAL LIABILITIES AND EQUITY

$

 

4,338,217

 

 

$

 

3,627,358

 

PER SHARE INFORMATION:

 

 

 

Common stock(1)

$

 

18.48

 

 

$

 

18.81

 

Contacts

Investors:

Ellington Financial Inc.

Investor Relations

(203) 409-3775

info@ellington.com
or

Media:

Amanda Klein or Kevin FitzGerald

Gasthalter & Co.

for Ellington Financial

(212) 257-4170

Ellington@gasthalter.com

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