The strong quarter and rising book value support dividend sustainability. Watch for continued securitization execution and potential preferred equity refinancing, which could further lower cost of capital.
Price Chart
Executive Summary
Ellington Financial reported exceptional Q1 2026 results, with GAAP net income to common stockholders surging to $95.5M ($0.78/share) from $14.7M in Q4 2025, driven by strong securitization activity, credit portfolio performance, and a $17M litigation settlement. Adjusted distributable earnings also rose to $0.55/share, comfortably covering the $0.39 dividend, while book value per share increased 3% to $13.56.
Key Financial Metrics
Key Facts
- Net income attributable to common stockholders: $95.5M, or $0.78 per share (vs. $14.7M, $0.14 in Q4 2025)
- Adjusted Distributable Earnings of $66.5M, or $0.55 per share (vs. $51.4M, $0.47 in Q4 2025)
- Book value per share rose to $13.56 from $13.16 in Q4 2025
- Longbridge segment net income of $57.5M including $17.0M litigation settlement
- Recourse debt-to-equity ratio unchanged at 1.91; total unencumbered assets of $1.92B
Financial Impact
GAAP net income surged 551% sequentially; ADE grew 29% sequentially
Risk Factors
- Securitization gains and litigation settlement are non-recurring; core earnings may revert
- Higher interest rates could pressure asset yields and increase financing costs
- Credit performance deterioration in loan portfolios could reverse gains
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-030664 |
| Document: efc-20260505.htm | 0001628280-26-030664 |
| Document: 0001628280-26-030664-index-headers.html | 0001628280-26-030664 |
| Document: 0001628280-26-030664-index.html | 0001628280-26-030664 |
| Document: 0001628280-26-030664.txt | 0001628280-26-030664 |
| 8-K Data (Synthetic) | 0001628280-26-030664 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 7, 2026 19d ago | 8-K | $11.59 | awaiting T+60 | — | $11.73 (+1.21%) |
Sep 24, 2026 4w ago | 8-K | $12.36 | awaiting T+60 | — | $11.73 (−5.10%) |
Sep 17, 2026 5w ago | 8-K | $12.44 | awaiting T+60 | — | $11.73 (−5.71%) |
Sep 14, 2026 6w ago | 8-K | $12.62 | awaiting T+60 | — | $11.73 (−7.05%) |
Sep 14, 2026 6w ago | 8-K | $12.81 | awaiting T+60 | — | $11.73 (−8.43%) |
Aug 10, 2026 11w ago | 8-K | $13.60 | awaiting T+60 | — | $11.73 (−13.75%) |
Jun 25, 2026 17w ago | 8-K | $13.57 $12.61 | ▼ −7.07% | ▼ −11.56% | $11.73 (−13.56%) |
May 29, 2026 21w ago | 8-K | $23.12 $23.25 | ▲ +0.56% | ▼ −0.67% | $11.73 (−49.26%) |
May 11, 2026 24w ago | 8-K | $25.59 $25.45 | ▼ −0.55% | ▼ −4.94% | $11.73 (−54.16%) |
May 5, 2026 24w ago | 8-K | $23.17 $22.99 | ▼ −0.78% | ▼ −2.84% | $11.73 (−49.37%) |
US Market Status
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