Ellington Financial (EFC) investor relations material

Executive summary

• Net income for Q1 2026 was $95.5 million ($0.78 per share), with adjusted distributable earnings (ADE) of $66.5 million ($0.55 per share), both exceeding dividends paid.

• Book value per share rose 3% to $13.56 after dividends, and annualized economic return reached 26%.

• Performance was robust across a diversified portfolio, with standout contributions from Longbridge and LendSure.

• Securitization volumes hit a record $2.8 billion across seven transactions, nearly doubling year-over-year.

• Dividend yield reached 11.9% based on the May 5, 2026 closing price.

Financial highlights

• Total stockholders' equity stood at $1.92 billion, with common equity of $1.70 billion and preferred equity of $220.9 million.

• Portfolio grew by 4% sequentially to over $5 billion in assets, with the credit portfolio at $4.27 billion and Longbridge portfolio up 13% to $695.1 million.

• Agency RMBS portfolio declined by 3% to $197.3 million.

• Longbridge originated $550 million in new loans, up 52% year-over-year.

• Total unencumbered assets were $1.92 billion, including $163.2 million in cash.

Outlook and guidance

• Raised quarterly ADE per share guidance to $0.45, well above the dividend run rate.

• Management expects continued strong performance from Longbridge and origination platforms, with a focus on scaling securitization and improving execution.

• Monitoring market for potential additional preferred equity issuance when pricing is attractive.

• Dynamic hedging and portfolio diversification are expected to continue reducing earnings volatility.