The company maintains a highly leveraged capital structure with a 9.03x debt-to-equity ratio and $17.7 billion in total debt, creating significant sensitivity to market liquidity.
| 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 leverage liquidity sensitivity
According to recent financial statements, EFC has expanded its total assets from $15.3 billion in 2023Q4 to $20.2 billion by 2026Q1, representing a significant growth trajectory that appears to be driven by debt-funded acquisitions rather than organic capital accumulation or retained earnings.
The rapid growth in the asset base suggests a management team focused on scaling the portfolio to capture wider spreads, yet this expansion has not been matched by a proportional increase in equity. This trajectory implies that the company is increasingly reliant on external financing to maintain its competitive position in the mortgage credit market.
Based on reported figures, EFC maintains a high Debt/Equity ratio of 9.03x as of 2026Q1, a level that has remained consistently elevated above 8.5x for the past ten quarters, indicating a structural reliance on high leverage to generate returns on its credit-sensitive portfolio.
This degree of leverage leaves the balance sheet highly sensitive to repo market volatility and margin calls. Investors should monitor whether this leverage profile limits the company's ability to pivot during periods of market stress, as the current debt load provides minimal cushion against asset valuation declines.
As reported in quarterly filings, EFC’s cash position of $163.2 million against $17.7 billion in total debt as of 2026Q1 suggests a thin liquidity buffer, which may complicate the funding of its complex investment pipeline during periods of market dislocation.
The limited cash-to-debt ratio appears to indicate that the company operates with minimal idle capital, prioritizing full deployment of funds into its credit strategies. This approach may necessitate frequent reliance on revolving credit facilities or capital markets, which could prove costly if financing conditions tighten unexpectedly.
Analysis of the balance sheet reveals that the vast majority of the $17.7 billion in total liabilities is comprised of repo and securitized debt, which, as noted in recent SEC filings, creates a significant maturity mismatch risk for the underlying mortgage assets.
The reliance on short-term financing to fund long-term, idiosyncratic credit assets suggests a potential vulnerability to liquidity shocks that standard leverage ratios may not fully capture. This structure warrants further investigation into the specific terms of the company's financing agreements and the potential for forced asset liquidations.
Quick answers to the most common questions about buying EFC stock.
As of 2025, Ellington Financial Inc. (EFC) had total assets of $19.35B including $201.9M in current assets.
Ellington Financial Inc. (EFC) 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) 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) 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.