Ellington Financial (EFC) FY2025 results: revenue $336 million, up 10.1% on the year
Ellington Financial Inc. (EFC) reported revenue of $336 million for fiscal 2025, the year ended 31 December 2025, up 10.1% on the year before. Net income was $119 million, up 0.8%, and diluted earnings per share $1.19. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2026.
Revenue
$336 million
+10.1% on the year
FY2019FY2025
Operating margin
29.1%
38.0% a year earlier
FY2019FY2025
Net income
$119 million
+0.8% on the year
FY2019FY2025
Diluted EPS
$1.19
-12.5% on the year
FY2019FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Net income per share was $0.14: Net income attributable to common stockholders was $14.7 million, or $0.14 per common share, against $29.5 million, or $0.29 per share, in the third quarter.
Adjusted distributable earnings rose to $0.47: Adjusted Distributable Earnings were $51.4 million, or $0.47 per common share, compared with $54.2 million, or $0.53 per share, in the third quarter.
Credit portfolio grew 15%: Loan purchases and retained RMBS outweighed the loans sold into securitizations, so the total adjusted long credit portfolio reached $4.11 billion.
Longbridge net income reached $16.4 million: Longbridge contributed net income of $16.4 million, citing origination gains, servicing income including a net gain on the HMBS MSR Equivalent, and gains on interest rate hedges.
Credit margin fell to 3.37%: Credit net interest margin decreased to 3.37% from 3.65%, as lower asset yields more than offset a slightly lower cost of funds.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
-925
-431
-242
Capital expenditure
0.0
0.0
0.0
Free cash flow
-925
-431
-242
Free cash flow margin
-275.1%
-140.9%
-87.4%
Cash from investing
-4,066
-728
175
Cash from financing
5,121
1,137
75.6
+350.3%
Depreciation and amortisation
1.4
2.0
1.7
-30.1%
Share-based compensation
3.6
1.1
1.3
+226.6%
Buybacks
0.0
0.7
12.4
Dividends paid
184
164
149
+12.3%
Dividend per share
n/a
n/a
$1.80
Diluted shares, weighted
101m
88m
69m
+14.6%
Shares outstanding at period end
113m
91m
83m
+24.8%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,834
1,570
1,517
+16.8%
Non-controlling interest
36.9
20.3
18.5
+81.3%
Debt
3,605
2,216
1,697
+62.7%
Other liabilities
13,876
12,510
12,083
+10.9%
Total liabilities and equity
19,353
16,317
15,316
+18.6%
Fixed assets
0.9
1.4
1.1
-36.2%
Intangible assets
1.8
2.2
2.7
-17.7%
Securities held for sale or to maturity
1,035
962
1,518
+7.5%
Cash and equivalents
202
192
229
+4.9%
Other assets
18,113
15,159
13,565
+19.5%
Total assets
19,353
16,317
15,316
+18.6%
10-K for the year ended 31 December 2025, filed 2 March 2026: the filing.