The company maintains a strained capital structure with a debt-to-equity ratio of 9.03x and total debt reaching $17.7 billion against a $1.9 billion equity base.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|
| Total Assets | 20.23B | 19.35B | 16.32B | 15.32B | 14.09B | 5.18B | 3.41B | 4.34B | 3.97B | 2.99B | 2.41B | 2.99B | 3.95B | 2.98B | 2.15B | 1.97B | 2.33B | 1.53B | 699.98M |
| Asset Growth % | 65.14% | 18.61% | 6.54% | 8.73% | 172.06% | 51.66% | -21.31% | 9.23% | 32.68% | 24.04% | -19.33% | -24.18% | 32.61% | 38.25% | 9.35% | -15.69% | 52.5% | 118.67% | - |
| Real Estate & Other Assets | -19.73B | -18.78B | -15.48B | 23.13M | -8.11M | 4.87B | 0 | 0 | -3.91B | -2.99B | -2.41B | -1.82B | -2.25B | -1.79B | -1.42B | -1.21B | -1.25B | -755.44M | -429.88M |
| PP&E (Net) | 0 | 0 | 0 | 4.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investment Securities | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Total Current Assets | 163.22M | 201.89M | 0 | 13.46B | 0 | 0 | 0 | 0 | 934.95M | 76.92M | 144.98M | 204.35M | 134.75M | 183.49M | 64.8M | 68.86M | 41.7M | 649.05M | 123.56M |
| Cash & Equivalents | 163.22M | 201.89M | 192.39M | 228.93M | 221.87M | 92.84M | 111.82M | 72.48M | 44.66M | 47.23M | 123.27M | 183.91M | 114.14M | 183.49M | 59.08M | 96.9M | 56.18M | 125.93M | 84.35M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | -288.9M | -213.13M | -403.65M | 12.62B | -398.04M | -308.56M | -224.29M | -275.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 30.19M | 28.91M | 29.77M | 29.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 18.28B | 17.48B | 14.73B | 13.78B | 12.87B | 3.85B | 2.49B | 3.47B | 3.38B | 2.37B | 1.77B | 2.25B | 3.16B | 2.35B | 1.65B | 1.6B | 1.93B | 1.23B | 458.9M |
| Total Debt | 17.69B | 16.96B | 14.2B | 13.33B | 12.4B | 3.64B | 2.39B | 3.28B | 2B | 1.48B | 1.06B | 1.17B | 1.67B | 1.24B | 907.05M | 896.2M | 777.8M | 0 | 0 |
| Net Debt | 17.53B | 16.76B | -192.39M | 13.1B | 12.18B | 3.54B | 2.28B | 3.2B | 1.95B | 1.43B | 934.39M | 990.28M | 1.56B | 1.05B | 847.97M | 799.3M | 721.62M | -125.93M | -84.35M |
| Long-Term Debt | 12.79B | 14.31B | 14.2B | 8.73B | 7.74B | 641.68M | 614.86M | 634M | 497.08M | 267.79M | 24.09M | 0 | 774K | 983K | 1.33M | 0 | 0 | 0 | 0 |
| Short-Term Borrowings | 4.9B | 2.66B | 4.25B | 4.61B | 4.66B | 2.99B | 1.77B | 2.64B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 3.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 4.9B | 2.66B | 118.6M | 5.09B | 5.07B | 3.2B | 1.85B | 2.81B | 495.57M | 212.49M | 91.95M | 170.8M | 103.93M | 196.38M | 61.4M | 1M | 167.27M | 107.23M | 125.47M |
| Accounts Payable | 92.22M | 0 | 57.28M | 71.86M | 0 | 0 | 0 | 0 | 495.57M | 208.61M | 91.95M | 170.8M | 103.93M | 196.38M | 60.06M | 130.36M | 167.27M | 107.23M | 125.47M |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1B | -996.82M | -941.63M | -1B | -1.48B | -1.08B | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 586.05M | 518.17M | 403.16M | -8.73B | -7.74B | -641.68M | -614.86M | -634M | -497.08M | -267.79M | -24.09M | 0 | -774K | -983K | -1.33M | 0 | 0 | 0 | 0 |
| Total Equity | 1.96B | 1.87B | 1.59B | 1.54B | 1.22B | 1.32B | 921.57M | 868.7M | 595.17M | 620.96M | 644.78M | 738.95M | 788.54M | 626.05M | 506.36M | 370.92M | 403.67M | 299.79M | 241.08M |
| Equity Growth % | 55% | 17.62% | 3.6% | 25.78% | -7.76% | 43.62% | 6.09% | 45.96% | -4.15% | -3.69% | -12.74% | -6.29% | 25.96% | 23.64% | 36.51% | -8.11% | 34.65% | 24.36% | - |
| Shareholders Equity | 1.92B | 1.83B | 1.57B | 1.52B | 1.2B | 1.29B | 885.22M | 829.26M | 563.83M | 600.1M | 637.66M | 732.05M | 782.15M | 620.4M | 506.36M | 370.92M | 403.67M | 299.79M | 241.08M |
| Minority Interest | 37.85M | 36.9M | 20.35M | 18.54M | 24.92M | 32.23M | 36.36M | 39.43M | 31.34M | 20.86M | 7.12M | 6.9M | 6.39M | 5.65M | 0 | 0 | 0 | 0 | 0 |
| Common Stock | 125K | 113K | 91K | 83K | 64K | 58K | 44K | 39K | 563.83M | 589.72M | 627.62M | 722.36M | 772.81M | 611.28M | 497.37M | 362.05M | 0 | 0 | 0 |
| Additional Paid-in Capital | 2.07B | 1.92B | 1.61B | 1.51B | 1.26B | 1.16B | 915.66M | 821.75M | 0 | 10.38M | 10.04M | 9.69M | 9.34M | 9.12M | 8.98M | 8.87M | 403.67M | 299.79M | 241.08M |
| Retained Earnings | -366.11M | -412.96M | -375.11M | -353.36M | -290.88M | -97.28M | -141.52M | -103.56M | 563.83M | 600.1M | 637.66M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Preferred Stock | 220.92M | 331.96M | 331.96M | 355.55M | 227.43M | 226.94M | 111.03M | 111.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | 1.15% | 0.82% | 0.92% | 0.57% | -0.73% | 3.11% | 0.65% | 1.39% | 1.34% | 0.23% | -0.59% | 1.1% | 1.71% | 3.06% | 4.72% | 0.48% | 2.1% | 8.37% | -0.35% |
| Return on Equity (ROE) | 11.68% | 8.48% | 9.33% | 6.1% | -5.51% | 11.89% | 2.79% | 7.92% | 7.68% | 0.98% | -2.31% | 4.99% | 8.37% | 13.87% | 22.15% | 2.67% | 11.53% | 34.53% | -1% |
| Debt / Assets | 87.43% | 87.65% | 87.05% | 87.06% | 88.06% | 70.23% | 69.96% | 75.5% | 50.26% | 49.35% | 43.83% | 39.25% | 42.33% | 41.58% | 42.15% | 45.54% | 33.32% | - | - |
| Debt / Equity | 9.03x | 9.07x | 8.93x | 8.68x | 10.16x | 2.75x | 2.59x | 3.77x | 3.35x | 2.38x | 1.64x | 1.59x | 2.12x | 1.98x | 1.79x | 2.42x | 1.93x | - | - |
| Net Debt / EBITDA | 37.52x | 36.51x | -1.65x | 146.88x | - | 18.36x | 1250.22x | 58.74x | 12.63x | 12.26x | 15.50x | 13.75x | 56.48x | 22.25x | 8.30x | 47.09x | 17.79x | -1.35x | -22.39x |
| Book Value per Share | 16.09 | 18.82 | 18.32 | 22.23 | 20.14 | 26.89 | 20.89 | 27.09 | 19.38 | 19.07 | 19.42 | 21.83 | 27.79 | 26.10 | 27.68 | 22.48 | 31.15 | 24.91 | 20.12 |
Excessive leverage and volatility
As reported in recent financial statements, Ellington Financial maintains a debt-to-equity ratio of 9.03x as of 2026Q1, reflecting a consistent reliance on high leverage that has remained above 8.5x for the past ten quarters, signaling limited capacity for further balance sheet expansion without additional equity capital.
The company's persistent reliance on high leverage suggests a structural dependency on repo financing to maintain its net interest margin. This level of indebtedness leaves the firm vulnerable to sudden shifts in credit spreads or liquidity constraints in the mortgage financing markets, which could force rapid deleveraging.
Based on the provided balance sheet data, total assets have surged from $15.3 billion in 2023Q4 to $20.2 billion in 2026Q1, indicating an aggressive growth trajectory that has significantly outpaced the growth of the company's equity base over the same period.
This rapid asset accumulation appears to be driven by strategic acquisitions and portfolio diversification, yet the lack of proportional equity growth suggests that the firm is increasingly reliant on debt to fund its expansion. Investors should monitor whether this asset growth translates into sustainable net interest income or merely increases the firm's exposure to market volatility.
According to the latest quarterly figures, the company held $163.2 million in cash against $17.7 billion in total debt as of 2026Q1, highlighting a thin liquidity buffer that warrants close monitoring given the firm's significant exposure to interest rate and credit market fluctuations.
The relatively low cash position relative to the scale of the debt portfolio suggests that the company operates with minimal margin for error in its financing arrangements. Any disruption in the repo market or a sudden requirement for margin calls could necessitate the liquidation of assets at unfavorable prices, potentially impairing book value.
As indicated by the historical data, the company's reliance on fair value accounting for its $20.2 billion asset base creates significant balance sheet volatility, as unrealized gains and losses can mask the underlying credit quality of the residential and commercial loan portfolios.
The reliance on fair value adjustments may obscure the true economic risk of the portfolio, particularly during periods of market stress when liquidity for non-Agency assets dries up. Analysts should be wary that the reported book value may not reflect the actual realizable value of these assets in a forced-sale scenario.
Quick answers to the most common questions about buying EFC-PC stock.
As of 2025, Ellington Financial Inc. (EFC-PC) had total assets of $19.35B including $201.9M in current assets.
Ellington Financial Inc. (EFC-PC) carries total debt of $16.96B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Ellington Financial Inc. (EFC-PC) has total shareholders' equity (book value) of $1.83B ($18.82 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Ellington Financial Inc. (EFC-PC) reported a current ratio of 0.08x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.