Ellington Financial Q3 GAAP net income $0.29, adj. distributable earnings $0.53, BV $13.40

Ellington Financial Inc.

2025-Q3 EPS reported $1.08

GAAP net income to common fell to $29.5M ($0.29/share) from $42.9M ($0.45) in Q2; adjusted distributable earnings $54.2M ($0.53) covered $0.39 dividend.
Book value per share $13.40 as of Sep 30; total portfolio grew 12% sequentially, with credit portfolio up 11% to $3.56B.
Longbridge portfolio rose 37% to $750M on record proprietary reverse mortgage originations; segment net income $8.6M.
Priced $400M of 7.375% senior unsecured notes (5-yr) and seven securitizations, shifting toward long-term non-mark-to-market financing.
Recourse debt-to-equity 1.8:1; total debt-to-equity 8.6:1; cash plus unencumbered assets $1.22B as of Sep 30.

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