Ellington Financial Inc. EFC
Except where the context suggests otherwise, references in this Annual Report on Form 10-K to "EFC," "we," "us," and "our" refer to Ellington Financial Inc. and its consolidated subsidiaries, including Ellington Financial Operating Partnership LLC, our operating partnership subsidiary, which we refer to as our "Operating Partnership." References in this Annual Report on Form 10-K to (1) "common shares" refer to shares of our common stock, $0.001 par value per share and (2) "common stockholders" refer to holders of shares of our common stock. We conduct all of our operations and business activities through our Operating Partnership. Our "Manager" refers to Ellington Financial Management LLC, our external manager, "Ellington" refers to Ellington Management Group, L.L.C. and its affiliated investment advisory firms, including our Manager, and "Manager Group" refers collectively to officers and directors of EFC, and partners and affiliates of Ellington (including families and family trusts of the foregoing). In certain instances, references to our Manager and services to be provided to us by our Manager may also include services provided by Ellington and its other affiliates from time to time.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | — | — | — | — | — | — | — | — | — | $1.1M |
| Total operating expenses | $238.5M | $189.4M | $187.7M | $85.0M | $65.4M | $44.8M | $38.7M | $91.9M | $58.8M | $44.4M |
| Operating income | — | — | — | — | — | — | — | $43.1M | $35.2M | $35.8M |
| Interest expense | $304.5M | $279.6M | $262.5M | $141.8M | $44.0M | $61.7M | $78.5M | $56.7M | $31.1M | $16.3M |
| Pre-tax income | $97.9M | $116.3M | $89.2M | -$25.0M | $85.6M | $1.8M | $54.5M | — | — | — |
| Income tax | $3.8M | $612.0K | $457.0K | $17.7M | $3.1M | $11.4M | $1.6M | — | — | — |
| Net income | $150.8M | $148.1M | $87.9K | -$70.9M | $140.6M | $17.2M | $56.5M | $46.7M | $34.0M | -$16.0M |
| EPS, basic | 1.19 | 1.36 | 0.89 | -1.43 | 2.58 | 0.39 | 1.76 | 1.52 | 1.04 | -0.48 |
| EPS, diluted | 1.19 | 1.36 | 0.89 | -1.43 | 2.58 | 0.39 | 1.76 | 1.52 | 1.04 | -0.48 |
| Shares, diluted (wtd. avg.) | $100.5M | $87.7M | $69.1M | $60.6M | $49.2M | — | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $201.9M | $192.4M | $228.9M | $217.1M | $92.7M | $111.6M | $72.3M | $45.1M | $47.7M | $123.9M |
| Property, plant and equipment | $868.0K | $1.4M | $1.1M | $1.4M | $0 | — | — | — | — | — |
| Other intangibles | $1.8M | $2.2M | $2.7M | $3.3M | $0 | — | — | — | — | — |
| Total assets | $19.35B | $16.32B | $15.32B | $14.09B | $5.18B | $3.41B | $4.34B | $3.97B | $2.99B | $2.41B |
| Long-term debt | — | — | — | $0 | $85.8M | $85.6M | $85.3M | $85.0M | $84.8M | $0 |
| Total liabilities | $17.48B | $14.73B | $13.78B | $12.87B | $3.85B | $2.49B | $3.47B | $3.38B | $2.37B | $1.77B |
| Retained earnings | -$413.0M | -$375.1M | -$353.4M | -$290.9M | -$97.3M | -$141.5M | -$103.6M | — | — | — |
| Total equity | $1.83B | $1.57B | $1.54B | $1.22B | $1.32B | $921.6M | $868.7M | $595.2M | $621.0M | $644.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$925.5M | -$430.5M | -$241.9M | $42.7M | $51.3M | $119.5M | $79.2M | -$494.2M | -$462.9M | $69.7M |
| Depreciation and amortisation | $992.0K | $1.5M | $1.1M | $330.0K | — | — | — | — | — | — |
| Stock-based compensation | $3.6M | $1.1M | $1.3M | $1.4M | $971.0K | $722.0K | $475.0K | — | — | — |
| Capital expenditure | $0 | $0 | $37.0K | $222.0K | $2.2M | $153.0K | $240.0K | — | — | — |
| Investing cash flow | -$4.07B | -$728.3M | $174.9M | -$1.75B | -$2.03B | $507.3M | -$1.66B | — | — | — |
| Financing cash flow | $5.12B | $1.14B | $75.6M | $1.84B | $1.95B | -$587.4M | $1.61B | $491.6M | $386.7M | -$130.3M |
| Dividends paid | $183.6M | $163.5M | $149.3M | $123.1M | $85.7M | $65.0M | $54.3M | $50.7M | $57.6M | $65.1M |
| Buybacks | $0 | $685.0K | $12.4M | $1.7M | $0 | $3.1M | $782.0K | $23.1M | $14.6M | $14.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-024281.
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