Revenue growth has accelerated to $228.8 million in 2026Q1, though operational scaling has pressured NOI margins down from historical 100% levels to 88.2%.
| 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 |
|---|
| Revenue | 585.47M | 674.54M | 282.19M | 256.5M | 43.15M | 216.8M | 35.15M | 85.16M | 76.83M | 10.74M | 2.35M | 53.24M | 72.97M | 86.94M | 103.04M | 22.52M | 57.58M | 124.28M | 8.48M |
| Revenue Growth % | 105.67% | 139.04% | 10.01% | 494.48% | -80.1% | 516.76% | -58.72% | 10.84% | 615.18% | 357.73% | -95.59% | -27.03% | -16.07% | -15.62% | 357.43% | -60.88% | -53.67% | 1366.11% | - |
| Property Operating Expenses | 76.04M | 106.17M | 0 | 0 | 0 | 42.33M | 0 | 0 | 415K | 21.4M | 21.28M | 20.38M | 1.23M | 1.13M | 923K | 0 | 0 | 0 | 0 |
| Net Operating Income (NOI) | 509.43M | 568.37M | 282.19M | 256.5M | 43.15M | 174.46M | 35.15M | 85.16M | 76.42M | -10.66M | -18.93M | 32.87M | 71.74M | 85.81M | 102.11M | 22.52M | 57.58M | 124.28M | 8.48M |
| NOI Margin % | 87.01% | 84.26% | 100% | 100% | 100% | 80.47% | 100% | 100% | 99.46% | -99.22% | -806.69% | 61.73% | 98.31% | 98.7% | 99.1% | 100% | 100% | 100% | 100% |
| Operating Expenses | 106.24M | 153.08M | 165.92M | 167.29M | 68.12M | 39.52M | 33.33M | 30.63M | 26.92M | 4.15M | 18.05M | 14.81M | 13.02M | 7.58M | 5.89M | -5.55M | -13.19M | -28.44M | -4.71M |
| G&A Expenses | -4.34M | 13.05M | 65.69M | 68.49M | 29M | 20.91M | 16.52M | 14.82M | 9.97M | 2.24M | 18.05M | 14.81M | 13.02M | 7.58M | 5.89M | 10.57M | 15.06M | 26.75M | 9.38M |
| EBITDA | 467.14M | 459.09M | 116.27M | 89.21M | -19.3M | 193.02M | 1.82M | 54.53M | 154.48M | 116.62M | 60.3M | 72.02M | 27.55M | 47.36M | 102.14M | 16.97M | 40.57M | 93.38M | 3.77M |
| EBITDA Margin % | 79.79% | 68.06% | 41.2% | 34.78% | -44.73% | 89.03% | 5.18% | 64.03% | 201.06% | 1085.53% | 2569.07% | 135.26% | 37.76% | 54.47% | 99.13% | 75.36% | 70.45% | 75.14% | 44.44% |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 5.67M | 0 | 0 | 0 | 51.09M | 51.52M | 60M | 21.82M | -41.54M | -42.19M | -2.81M | 0 | 0 | 0 | 0 |
| D&A / Revenue % | 0% | 0% | 0% | 0% | 13.15% | 0% | 0% | 0% | 66.5% | 479.55% | 2556.33% | 40.97% | -56.93% | -48.53% | -2.72% | 0% | 0% | 0% | 0% |
| Operating Income | 403.19M | 415.29M | 116.27M | 89.21M | -24.97M | 134.94M | 1.82M | 54.53M | 103.38M | 65.1M | 299K | 50.2M | 69.09M | 89.55M | 104.94M | 16.97M | 44.4M | 95.84M | 3.77M |
| Operating Margin % | 68.87% | 61.57% | 41.2% | 34.78% | -57.87% | 62.24% | 5.18% | 64.03% | 134.56% | 605.99% | 12.74% | 94.28% | 94.69% | 103% | 101.85% | 75.36% | 77.1% | 77.12% | 44.44% |
| Interest Expense | 4M | 304.53M | 279.61M | 262.45M | 0 | 44.03M | 61.66M | 0 | 56.71M | 8.17M | 16.31M | 12.11M | 9.93M | 11.03M | 7.8M | 6.65M | 3.83M | 2.46M | 6.19M |
| Interest Coverage | - | 1.51x | 0.42x | 0.34x | - | 4.38x | 0.03x | - | 1.65x | 0.95x | -0.84x | 3.18x | 6.28x | 8.19x | 13.46x | 2.55x | 10.60x | 37.95x | 0.61x |
| Non-Operating Income | -28.48M | -43.81M | 116.27M | 89.21M | -24.97M | -58.08M | 1.82M | 54.53M | -43.63M | -22.57M | 14.05M | 27.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | 223.79M | 154.56M | 148.72M | 88.36M | -88.58M | 143.7M | 39.75M | 54.53M | 49.91M | 6.59M | -15.7M | 38.43M | 59.95M | 79.36M | 97.15M | 0 | 0 | 0 | 0 |
| Pretax Margin % | 38.22% | 22.91% | 52.7% | 34.45% | -205.31% | 66.28% | 113.09% | 64.03% | 64.96% | 61.39% | -669.02% | 72.18% | 82.15% | 91.28% | 94.28% | 0% | 0% | 0% | 0% |
| Income Tax | 4.85M | 3.79M | 612K | 457K | -17.72M | 3.14M | 11.38M | 1.56M | 3.23M | 400K | 0 | 340K | 782K | 838K | 0 | -10.33M | -40.57M | -93.38M | 2.42M |
| Effective Tax Rate % | 2.17% | 2.45% | 0.41% | 0.52% | 20% | 2.19% | 28.62% | 2.86% | 6.48% | 6.07% | 0% | 0.88% | 1.3% | 1.06% | 0% | - | - | - | - |
| Net Income | 213.5M | 146.87M | 145.86M | 84.08M | -70.05M | 133.46M | 25.01M | 57.93M | 46.68M | 6.2M | -16.01M | 38.09M | 59.17M | 78.52M | 97.15M | 10.33M | 40.57M | 93.38M | -2.42M |
| Net Margin % | 36.47% | 21.77% | 51.69% | 32.78% | -162.35% | 61.56% | 71.14% | 68.03% | 60.75% | 57.67% | -682.02% | 71.54% | 81.08% | 90.32% | 94.28% | 45.85% | 70.45% | 75.14% | -28.58% |
| Net Income Growth % | 41.41% | 0.69% | 73.47% | 220.04% | -152.48% | 433.68% | -56.83% | 24.12% | 653.45% | 138.7% | -142.03% | -35.62% | -24.65% | -19.17% | 840.7% | -74.55% | -56.55% | 3954.51% | - |
| Funds From Operations (FFO) | 0 | 146.87M | 145.86M | 84.08M | -64.38M | 133.46M | 25.01M | 57.93M | 97.77M | 57.71M | 43.99M | 59.9M | 17.63M | 36.33M | 94.34M | 1.31M | 33.93M | 93.38M | -2.42M |
| FFO Margin % | 0% | 21.77% | 51.69% | 32.78% | -149.2% | 61.56% | 71.14% | 68.03% | 127.25% | 537.21% | 1874.31% | 112.51% | 24.15% | 41.79% | 91.56% | 5.84% | 58.92% | 75.14% | -28.58% |
| FFO Growth % | 0% | - | - | - | - | - | - | - | 69.41% | 31.2% | -26.57% | 239.86% | -51.49% | -61.49% | 7074.07% | -96.12% | - | - | - |
| FFO per Share | 0.00 | 1.48 | 1.68 | 1.22 | -1.06 | 2.71 | 0.57 | 1.81 | 3.18 | 1.77 | 1.32 | 1.77 | 0.62 | 1.51 | 5.16 | 0.08 | 2.62 | 7.76 | -0.20 |
| FFO Payout Ratio % | - | 125.03% | 112.12% | 177.53% | -191.17% | 64.22% | 260.02% | 93.75% | 51.89% | 99.87% | 148.1% | 139.32% | 490.46% | 253.4% | 50.26% | 3222.97% | 99.94% | 33.02% | 0% |
| EPS (Diluted) | 1.75 | 1.19 | 1.36 | 0.88 | -1.41 | 2.55 | 0.39 | 1.76 | 1.52 | 0.19 | -0.48 | 1.13 | 2.09 | 3.28 | 5.31 | 0.61 | 3.04 | 7.52 | -0.20 |
| EPS Growth % | 18.57% | -12.5% | 54.55% | 162.41% | -155.29% | 553.85% | -77.84% | 15.79% | 700% | 139.58% | -142.48% | -45.93% | -36.28% | -38.23% | 770.49% | -79.93% | -59.57% | 3860% | - |
| EPS (Basic) | - | 1.19 | 1.36 | 0.88 | -1.41 | 2.55 | 0.39 | 1.76 | 1.54 | 0.19 | -0.49 | 1.13 | 2.09 | 3.28 | 5.31 | 0.61 | 3.04 | 7.52 | -0.20 |
| Diluted Shares Outstanding | 121.71M | 99.44M | 86.85M | 69.06M | 60.62M | 49.21M | 44.12M | 32.07M | 30.71M | 32.57M | 33.21M | 33.85M | 28.38M | 23.99M | 18.29M | 16.5M | 12.96M | 12.04M | 11.98M |
High leverage and volatility
As reported in recent financial filings, Ellington Financial experienced a significant revenue expansion, reaching $228.8 million in 2026Q1, which represents a substantial acceleration from the $66.1 million recorded in 2024Q4, largely driven by the integration of acquired assets and shifting portfolio allocations across diverse credit segments.
The sharp uptick in top-line performance suggests that recent inorganic growth initiatives are successfully scaling the revenue base. However, investors should monitor whether this growth is sustainable or merely a reflection of fair value accounting volatility inherent in the company's complex mortgage-backed securities portfolio.
Based on the provided income statement data, the NOI margin fluctuated from a peak of 100% in several prior quarters down to 88.2% in 2026Q1, indicating that the company's property-level profitability is facing pressure as it integrates larger, more complex asset pools into its existing operational framework.
The decline in NOI margin suggests that the cost of managing these diverse credit assets is rising, potentially due to increased overhead or the nature of the acquired portfolios. This trend warrants further investigation into whether the company can maintain its historical efficiency as it continues to expand its footprint.
According to historical data from 2023Q4, the stark contrast between positive FFO of $19.0 million and a negative AFFO of $72.6 million highlights the significant impact of non-cash adjustments and capital expenditures on the company's true economic earnings capacity, which remains a critical concern for income-focused investors.
The massive discrepancy between FFO and AFFO suggests that the company's reported earnings may not fully capture the recurring maintenance costs or the impact of fair value adjustments on its underlying assets. This divergence implies that relying solely on headline FFO figures may lead to an overestimation of the company's dividend-paying capacity.
As evidenced by the revenue jump from $147.4 million in 2025Q4 to $228.8 million in 2026Q1, the company appears to be in a period of rapid transformation following the integration of Arlington Asset Investment Corp, which has fundamentally altered the scale and composition of its investment portfolio.
This inflection point suggests a deliberate shift toward a larger, potentially more Agency-heavy asset mix, which may reduce idiosyncratic risk but introduces new challenges regarding leverage management. Analysts should monitor whether this pivot results in more stable long-term earnings or if it merely increases the company's sensitivity to broader market volatility.
Quick answers to the most common questions about buying EFC-PC stock.
For fiscal year 2025, Ellington Financial Inc. (EFC-PC) reported total revenue of $674.5M. This represents a 7857.2% increase compared to $8.5M in 2008.
Ellington Financial Inc. (EFC-PC) is profitable, generating $146.9M in net income for the fiscal year ending 2025 with a net profit margin of 21.8%.
Ellington Financial Inc. (EFC-PC) reported an operating income of $415.3M, resulting in an operating profit margin of 61.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Ellington Financial Inc. (EFC-PC) generated $568.4M in gross profit for the year, representing a gross profit margin of 84.3%. This demonstrates the company's core pricing power and production efficiency.