Ellington Financial Inc. 10-Q

Financial Statements (unaudited)

Item 1. Condensed Consolidated Financial Statements (Unaudited) ELLINGTON FINANCIAL INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) June 30, 2026 December 31, 2025 (In thousands, except share amounts) Expressed in U.S. Dollars Assets Cash and cash equivalents (1) $ 247,473 $ 201,893 Restricted cash (1) 42,373 136,297 Securities, at fair value (1)(2) 1,230,743 1,034,882 Loans, at fair value (1)(2) 17,874,430 16,640,647 Loan commitments, at fair value 10,191 9,124 Forward MSR-related investments, at fair value (1) 75,901 77,852 Mortgage servicing rights, at fair value 30,040 28,913 Investments in unconsolidated entities, at fair value (1) 402,259 312,421 Real estate owned (1)(2) 81,042 75,548 Financial derivatives—assets, at fair value 174,889 142,723 Reverse repurchase agreements 577,691 453,037 Due from brokers 59,396 35,919 Investment related receivables (1) 190,166 177,208 Other assets (1) 32,953 26,446 Total Assets $ 21,029,547 $ 19,352,910 Liabilities Securities sold short, at fair value $ 252,118 $ 272,702 Repurchase agreements (1) 3,064,277 2,655,444 Financial derivatives—liabilities, at fair value 80,793 53,073 Due to brokers 59,791 48,104 Investment related payables 40,721 36,092 Other secured borrowings (1) 256,988 296,398 Other secured borrowings, at fair value (1) 3,451,333 2,945,578 HMBS-related obligations, at fair value 11,057,752 10,406,332 Unsecured borrowings, at fair value 654,962 659,832 Base management fee payable to affiliate 7,355 6,869 Incentive fee payable to affiliate 920 — Dividends payable 19,491 19,428 Interest payable (1) 25,680 26,798 Accrued expenses and other liabilities (1) 57,930 55,105 Total Liabilities 19,030,111 17,481,755 Commitments and contingencies (Note 24) Equity Preferred stock, 100,000,000 shares authorized; 9,200,089 and 13,800,089 shares issued and outstanding, and $230,002 and $345,002 aggregate liquidation preference, respectively 220,924 331,958 Common stock, par value $0.001 per share, 300,000,000 shares authorized; 127,593,315 and 113,138,860 shares issued and outstanding, respectively 128 113 Additional paid-in-capital 2,106,033 1,915,152 Retained earnings (accumulated deficit) ( 360,933 ) ( 412,964 ) Total Stockholders' Equity 1,966,152 1,834,259 Non-controlling interests (1) 33,284 36,896 Total Equity 1,999,436 1,871,155 Total Liabilities and Equity $ 21,029,547 $ 19,352,910 (1) Ellington Financia