The tap issuance is a routine liability management move that modestly increases leverage while extending duration. Monitor the next quarterly filing for the updated unencumbered asset coverage ratio and any impact on net interest margin from the 7.375% coupon.
Price Chart
Executive Summary
Ellington Financial closed a $150 million add-on to its existing 7.375% senior unsecured notes due 2030, increasing total outstanding under the indenture to $550 million. Proceeds will repay repurchase agreement borrowings and fund asset purchases. The tap issuance increases leverage modestly but at a fixed rate with a 2030 maturity, extending the liability duration.
Key Financial Metrics
Key Facts
- Issued $150 million aggregate principal amount of additional 7.375% senior unsecured notes due 2030
- Notes priced at 99.010% of par, yield to maturity of 7.663%
- Total outstanding under the indenture increases from $400 million to $550 million
- Proceeds to repay repurchase agreement borrowings and fund asset purchases
- Notes mature September 30, 2030; interest payable semi-annually at 7.375%
- Covenant requires Consolidated Unencumbered Assets to Unsecured Indebtedness ratio of at least 1.20x
Financial Impact
New $150 million debt at 7.375% fixed rate; total unsecured notes now $550 million
Risk Factors
- Higher interest expense from additional $150 million at 7.375% could pressure net income
- Covenant requiring 1.20x unencumbered asset coverage may constrain future unsecured borrowing capacity
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-062533 |
| Document: efc-ex42xhynotesofferingxc.htm | 0001628280-26-062533 |
| Document: efc-exxhynotesofferingxclo.htm | 0001628280-26-062533 |
| Document: 0001628280-26-062533-index-headers.html | 0001628280-26-062533 |
| Document: 0001628280-26-062533-index.html | 0001628280-26-062533 |
| Document: 0001628280-26-062533.txt | 0001628280-26-062533 |
Track record builds as more directional reports settle.
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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