The company maintains a highly levered capital structure with a debt-to-equity ratio of 9.03x as of 2026Q1, supported by $17.7B in total debt against minimal cash reserves of $163.2M.
| 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 |
High repo leverage sensitivity
According to recent financial statements, EFC-PD has expanded its total assets from $15.3B in 2023Q4 to $20.2B in 2026Q1, representing a rapid growth trajectory that appears to be fueled by increased debt utilization rather than organic equity accumulation or retained earnings growth.
The consistent growth in total assets suggests a management strategy focused on scaling the investment portfolio to capture yield spreads. However, the lack of commensurate equity growth implies that this expansion is primarily debt-funded, which may increase the company's sensitivity to market volatility.
Based on reported figures, the company maintains a debt-to-equity ratio consistently hovering near 9.0x, with the 2026Q1 level of 9.03x indicating that the balance sheet remains highly levered and potentially susceptible to margin calls if underlying asset values experience even minor downward adjustments.
This elevated leverage profile suggests that the company is operating with a thin margin of safety. Investors should monitor whether this level of debt is sustainable given the current interest rate environment and the potential for repo market liquidity constraints.
As reported in quarterly filings, cash reserves have fluctuated significantly, reaching $163.2M in 2026Q1, which appears relatively modest when compared against the $17.7B in total debt, suggesting that the company relies heavily on revolving credit facilities to manage its day-to-day liquidity requirements.
The reliance on external financing for liquidity indicates that any disruption in the repo market could severely impact the company's ability to fund operations. The current cash position warrants further investigation into the availability and cost of the company's existing credit lines.
Data from the balance sheet indicates that the company holds zero net property, plant, and equipment, which, as noted in financial disclosures, suggests that the firm's value is almost entirely derived from financial assets that are subject to mark-to-market accounting and significant valuation subjectivity.
The absence of tangible real estate assets implies that the balance sheet is highly sensitive to fluctuations in the fair market value of mortgage-backed securities. This structure may lead to earnings volatility that does not necessarily reflect the underlying credit quality of the mortgage portfolio.
Quick answers to the most common questions about buying EFC-PD stock.
As of 2025, Ellington Financial Inc. (EFC-PD) had total assets of $19.35B including $201.9M in current assets.
Ellington Financial Inc. (EFC-PD) 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-PD) 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-PD) 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.