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Ellington Financial Inc. Reports Fourth Quarter 2020 Results

EFC

Ellington Financial Inc. (NYSE: EFC) (the "Company") today reported financial results for the quarter ended December 31, 2020.

Highlights

  • Net income of $63.2 million, or $1.44 per common share; full year 2020 net income of $17.2 million, or $0.39 per common share.
  • Core Earnings 1 of $16.0 million, or $0.37 per share.
  • Book value per common share as of December 31, 2020 of $17.59, including the effects of dividends of $0.29 per common share for the quarter.
  • Credit strategy gross income of $75.0 million for the quarter, or $1.69 per share.
  • Agency strategy gross income of $6.3 million for the quarter, or $0.13 per share.
  • Dividend yield of 7.5% based on the February 17, 2021 closing stock price of $15.92 per share, and dividend of $0.10 per common share declared on February 5, 2021.
  • Debt-to-equity ratio of 2.6:1 and recourse debt-to-equity ratio of 1.6:1 2 as of December 31, 2020.
  • Cash and cash equivalents of $111.6 million as of December 31, 2020, in addition to other unencumbered assets of $442.5 million.

Fourth Quarter 2020 Results

"Ellington Financial fired on all cylinders in the fourth quarter, with broad-based contributions across our diversified credit and Agency portfolios. EFC generated Core Earnings of $0.37 per share, and a non-annualized quarterly economic return of 8.7% for the quarter," said Laurence Penn, Chief Executive Officer and President. "The fourth quarter's strong results brought our economic return and net income positive for the full year, despite the extreme volatility encountered earlier in the year. I am extremely proud of this result, which I believe confirms yet again the importance and effectiveness of our risk and liquidity management. Notably, EFC is one of the only publicly traded hybrid mortgage REITs to post a profit in 2020.

"During the fourth quarter, our loan origination businesses again led the way. In the non-QM space, our affiliate LendSure had a record quarter for origination volume, and our affiliate Longbridge concluded an outstanding year in the reverse mortgage space. We also closed on our second non-QM securitization of the year, and we securitized a pool of our unsecured consumer loans. We had strong performance across our short-duration loan portfolios, particularly residential transition mortgage loans, consumer loans, and small-balance commercial mortgage loans. In addition, our credit securities performed very well, most notably CLOs, CMBS, non-Agency RMBS, and European RMBS, as prices continued to recover from the March selloff. Finally, our Agency portfolio delivered another quarter of excellent results.

"Moving into 2021, our focus continues to be on growing our proprietary loan origination businesses, including potentially adding more strategic equity investments and loan flow purchase agreements. We will also continue to be opportunistic in our securities strategies, and plan to continue to extend and diversify our financings. We still hold ample liquidity and employ low leverage, which means that we have plenty of dry powder to add assets and grow earnings. As always, our disciplined hedging and risk management should continue to be critical in protecting book value, as we tackle the challenges and opportunities of the year ahead."

Financial Results

The Company's total long credit portfolio 3 increased by approximately 2% in the fourth quarter, to $1.434 billion from $1.405 billion. The quarter-over-quarter increase was driven by larger non-QM and residential transition loan acquisitions, which more than offset significant pay-offs on the Company's small balance commercial mortgage loan and consumer loan portfolios, as well as the completion of two loan securitizations during the quarter. In addition, the Company's total long Agency RMBS portfolio increased approximately 4% to $959.4 million as of December 31, 2020, from $919.9 million as of September 30, 2020.

The Company's debt-to-equity ratio decreased to 2.6:1 as of December 31, 2020, as compared to 2.7:1 as of September 30, 2020, primarily as a result of the completion during the quarter of a consumer loan securitization, which the Company did not consolidate, as well as an increase in the Company's total equity. The Company's recourse debt-to-equity ratio, adjusted for unsettled purchases and sales, also decreased over the course of the quarter to 1.6:1 from 1.7:1, driven by the increase in the Company's total equity. As of December 31, 2020, the Company had cash and cash equivalents of approximately $111.6 million, along with other unencumbered assets of $442.5 million.

During the fourth quarter, the Company's credit strategy generated total gross income of $75.0 million, or $1.69 per share, and its Agency strategy generated total gross income of $6.3 million, or $0.13 per share.

The Company's credit portfolio generated excellent results for the quarter, driven by strong net interest income 4 and significant mark-to-market gains across the portfolio. The Company benefited from strong performance in all of its credit strategies, as prices and liquidity continued to improve following the substantial market selloff earlier in the year. The Company also had notable strong performance from its equity investments in mortgage originators. Finally, with credit spreads tightening across most asset classes, credit hedges were the sole detractor of results during the quarter.

The Company's Agency strategy delivered another quarter of strong performance, as Agency RMBS yield spreads tightened significantly. The primary drivers of these results were strong net interest income on the Company's Agency RMBS investments, net realized and unrealized gains on its long TBA holdings, driven by Federal Reserve purchasing activity, and net realized and unrealized gains on interest rate hedges as long-term interest rates rose. A portion of this income was offset by net realized and unrealized losses on the Company's Agency RMBS investments, driven largely by elevated prepayment activity. Average pay-ups on the Company's specified pools declined to 2.05% as of December 31, 2020, from 2.25% as of September 30, 2020, primarily because its new purchases during the quarter consisted mainly of lower-pay-up pools. Pay-ups are price premiums for specified pools relative to their TBA counterparts.

During the fourth quarter the Company continued to hedge interest rate risk, primarily through the use of interest rate swaps, and to a lesser extent through the use of short positions in TBAs, U.S. Treasury securities, and futures. In addition, the Company continued to hold a portfolio of long TBAs for investment during the quarter.

1 Core Earnings is a non-GAAP financial measure. See "Reconciliation of Net Income (Loss) to Core Earnings" below for an explanation regarding the calculation of Core Earnings.
2 Excludes repo borrowings at certain unconsolidated entities that are recourse to us. Including such borrowings, the Company's debt-to-equity ratio based on total recourse borrowings was 1.6:1 as of December 31, 2020.
3 Includes REO at the lower of cost or fair value. Excludes hedges and other derivative positions, as well as tranches of the Company's consolidated non-QM securitization trusts that were sold to third parties, but that are consolidated for U.S. GAAP reporting purposes. Including such tranches, the Company's total long credit portfolio was $2.173 billion and $2.095 billion, as of December 31, 2020 and September 30, 2020, respectively.
4 Excludes any interest income and interest expense items from Interest rate hedges, net and Credit hedges and other activities, net.

The following table summarizes the Company's investment portfolio (1) holdings as of December 31, 2020 and September 30, 2020:

Fair Value

(In thousands)

December 31, 2020

September 30, 2020

Long:

Credit:

Dollar Denominated:

CLO (2)

$

181,229

$

165,954

CMBS

117,652

105,015

Commercial Mortgage Loans and REO (3)(4)

269,287

304,698

Consumer Loans and ABS backed by Consumer Loans (2)

112,077

200,857

Corporate Debt and Equity and Corporate Loans

12,606

10,257

Equity Investments in Loan Origination Entities

79,536

57,009

Non-Agency RMBS

154,492

166,787

Residential Mortgage Loans and REO (3)

1,188,731

1,033,481

Non-Dollar Denominated:

CLO (2)

6,108

2,693

Consumer Loans and ABS backed by Consumer Loans

306

333

Corporate Debt and Equity

28

27

RMBS (5)

51,388

47,663

Agency:

Fixed-Rate Specified Pools

807,704

756,580

Floating-Rate Specified Pools

6,454

7,046

IOs

47,656

51,705

Reverse Mortgage Pools

97,629

104,524

Total Long

$

3,132,883

$

3,014,629

Short:

Credit:

Dollar Denominated:

Corporate Debt and Equity

$

(218)

$

(461)

Government Debt:

Dollar Denominated

(14,310)

Non-Dollar Denominated

(38,424)

(36,722)

Total Short

$

(38,642)

$

(51,493)

(1)

This information does not include financial derivatives.

(2)

Includes equity investments in securitization-related vehicles.

(3)

In accordance with U.S. GAAP, REO is not considered a financial instrument and as a result is included at the lower of cost or fair value.

(4)

Includes equity investments in unconsolidated entities holding small balance commercial mortgage loans and REO.

(5)

Includes an equity investment in an unconsolidated entity holding European RMBS.

The following table summarizes the Company's operating results for the three-month periods ended December 31, 2020 and September 30, 2020 and the year ended December 31, 2020:

Three-Month Period Ended
December 31, 2020

Per Share

Three-Month Period Ended
September 30, 2020

Per Share

Year Ended
December 31, 2020

Per Share

(In thousands, except per share amounts)

Credit:

Interest income and other income (1)

$

34,089

$

0.77

$

37,764

$

0.85

$

150,266

$

3.41

Realized gain (loss), net

(3,984)

(0.09)

(645)

(0.01)

(14,458)

(0.33)

Unrealized gain (loss), net

41,270

0.93

26,802

0.60

(44,322)

(1.00)

Interest rate hedges, net (2)

18

(21)

(7,938)

(0.18)

Credit hedges and other activities, net (3)

(7,363)

(0.17)

(7,944)

(0.18)

(1,289)

(0.03)

Interest expense (4)

(11,016)

(0.25)

(11,866)

(0.27)

(48,223)

(1.09)

Other investment related expenses

(5,337)

(0.12)

(3,578)

(0.08)

(18,144)

(0.41)

Earnings (losses) from investments in unconsolidated entities

27,344

0.62

11,443

0.26

37,933

0.86

Total Credit profit (loss)

75,021

1.69

51,955

1.17

53,825

1.23

Agency RMBS:

Interest income

5,896

0.13

6,663

0.15

28,011

0.63

Realized gain (loss), net

166

2,062

0.05

12,695

0.29

Unrealized gain (loss), net

(1,678)

(0.04)

(2,276)

(0.05)

18,081

0.41

Interest rate hedges and other activities, net (2)

2,801

0.06

1,748

0.04

(33,672)

(0.76)

Interest expense (4)

(854)

(0.02)

(1,057)

(0.02)

(12,830)

(0.29)

Total Agency RMBS profit (loss)

6,331

0.13

7,140

0.17

12,285

0.28

Total Credit and Agency RMBS profit (loss)

81,352

1.82

59,095

1.34

66,110

1.51

Other interest income (expense), net

(29)

1

338

0.01

Income tax (expense) benefit

(7,888)

(0.18)

(2,494)

(0.06)

(11,377)

(0.26)

Other expenses

(6,857)

(0.15)

(6,900)

(0.16)

(26,694)

(0.61)

Net income (loss) (before incentive fee)

66,578

1.49

49,702

1.12

28,377

0.65

Incentive fee

Net income (loss)

$

66,578

$

1.49

$

49,702

$

1.12

$

28,377

$

0.65

Less: Dividends on preferred stock

1,941

0.04

1,940

0.04

7,763

0.18

Less: Net income (loss) attributable to non-participating non-controlling interests

562

0.01

912

0.02

3,372

0.08

Net income (loss) attributable to common stockholders and participating non-controlling interests

64,075

1.44

46,850

1.06

17,242

0.39

Less: Net income (loss) attributable to participating non-controlling interests

913

647

(3)

Net income (loss) attributable to common stockholders

$

63,162

$

1.44

$

46,203

$

1.06

$

17,245

$

0.39

Weighted average shares of common stock and convertible units (5) outstanding

44,415

44,392

44,122

Weighted average shares of common stock outstanding

43,782

43,779

43,486

(1)

Other income primarily consists of rental income on real estate owned and loan origination fees.

(2)

Includes U.S. Treasury securities, if applicable.

(3)

Other activities include certain equity and other trading strategies and related hedges, and net realized and unrealized gains (losses) on foreign currency.

(4)

Includes allocable portion of interest expense on the Company's Senior notes.

(5)

Convertible units include Operating Partnership units attributable to participating non-controlling interests.

About Ellington Financial

Ellington Financial invests in a diverse array of financial assets, including residential and commercial mortgage loans, residential and commercial mortgage-backed securities, consumer loans and asset-backed securities backed by consumer loans, collateralized loan obligations, non-mortgage and mortgage-related derivatives, equity investments in loan origination companies, and other strategic investments. Ellington Financial is externally managed and advised by Ellington Financial Management LLC, an affiliate of Ellington Management Group, L.L.C.

Conference Call

The Company will host a conference call at 11:00 a.m. Eastern Time on Friday, February 19, 2021, to discuss its financial results for the quarter ended December 31, 2020. To participate in the event by telephone, please dial (877) 241-1233 at least 10 minutes prior to the start time and reference the conference ID number 9333979. International callers should dial (810) 740-4657 and reference the same conference ID number. The conference call will also be webcast live over the Internet and can be accessed via the "For Our Shareholders" section of the Company's web site at www.ellingtonfinancial.com . To listen to the live webcast, please visit www.ellingtonfinancial.com at least 15 minutes prior to the start of the call to register, download, and install necessary audio software. In connection with the release of these financial results, the Company also posted an investor presentation, that will accompany the conference call, on its website at www.ellingtonfinancial.com under "For Our Shareholders—Presentations."

A dial-in replay of the conference call will be available on Friday, February 19, 2021, at approximately 2:15 p.m. Eastern Time through Friday, March 5, 2021 at approximately 11:59 p.m. Eastern Time. To access this replay, please dial (800) 585-8367 and enter the conference ID number 9333979. International callers should dial (404) 537-3406 and enter the same conference ID number. A replay of the conference call will also be archived on the Company's web site at www.ellingtonfinancial.com .

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve numerous risks and uncertainties. Actual results may differ from the Company's beliefs, expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements are not historical in nature and can be identified by words such as "believe," "expect," "anticipate," "estimate," "project," "plan," "continue," "intend," "should," "would," "could," "goal," "objective," "will," "may," "seek," or similar expressions or their negative forms, or by references to strategy, plans, or intentions. Examples of forward-looking statements in this press release include without limitation management's beliefs regarding the current economic and investment environment and the Company's ability to implement its investment and hedging strategies, performance of the Company's investment and hedging strategies, the Company's exposure to prepayment risk in its Agency portfolio, and statements regarding the drivers of the Company's returns. The Company's results can fluctuate from month to month and from quarter to quarter depending on a variety of factors, some of which are beyond the Company's control and/or are difficult to predict, including, without limitation, changes in interest rates and the market value of the Company's securities, changes in mortgage default rates and prepayment rates, the Company's ability to borrow to finance its assets, changes in government regulations affecting the Company's business, the Company's ability to maintain its exclusion from registration under the Investment Company Act of 1940; the Company's ability to qualify and maintain its qualification as a real estate investment trust, or "REIT"; and other changes in market conditions and economic trends, including changes resulting from the ongoing spread and economic effects of the novel coronavirus (COVID-19) pandemic, and associated responses to the pandemic. Furthermore, forward-looking statements are subject to risks and uncertainties, including, among other things, those described under Item 1A of the Company's Annual Report on Form 10-K filed on March 13, 2020 and under Part II, Item IA of the Company's Quarterly Report on Form 10-Q, as amended, for the three-month period ended March 31, 2020 which can be accessed through the Company's website at www.ellingtonfinancial.com or at the SEC's website ( www.sec.gov ). Other risks, uncertainties, and factors that could cause actual results to differ materially from those projected or implied may be described from time to time in reports the Company's files with the SEC, including reports on Forms 10-Q, 10-K and 8-K. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

ELLINGTON FINANCIAL INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(UNAUDITED)

Three-Month Period Ended

Year Ended December 31, 2020

December 31, 2020

September 30, 2020

(In thousands, except per share amounts)

NET INTEREST INCOME

Interest income

$

39,067

$

43,075

$

173,531

Interest expense

(11,952)

(12,937)

(61,665)

Total net interest income

27,115

30,138

111,866

Other Income (Loss)

Realized gains (losses) on securities and loans, net

(3,625)

1,446

(5,960)

Realized gains (losses) on financial derivatives, net

(5,820)

(1,620)

(31,521)

Realized gains (losses) on real estate owned, net

(106)

(18)

15

Unrealized gains (losses) on securities and loans, net

39,635

24,208

(25,783)

Unrealized gains (losses) on financial derivatives, net

3,098

(298)

989

Unrealized gains (losses) on real estate owned, net

(186)

122

(649)

Other, net

(795)

(2,747)

(2,298)

Total other income (loss)

32,201

21,093

(65,207)

EXPENSES

Base management fee to affiliate (Net of fee rebates of $198, $201, and $1,051, respectively)

3,178

2,981

11,508

Incentive fee to affiliate

Investment related expenses:

Servicing expense

1,736

2,379

9,139

Debt issuance costs related to Other secured borrowings, at fair value

1,819

3,894

Other

1,782

1,199

5,111

Professional fees

1,186

1,209

5,005

Compensation expense

962

1,085

3,776

Other expenses

1,531

1,625

6,405

Total expenses

12,194

10,478

44,838

Net Income (Loss) before Income Tax Expense (Benefit) and Earnings from Investments in Unconsolidated Entities

47,122

40,753

1,821

Income tax expense (benefit)

7,888

2,494

11,377

Earnings (losses) from investments in unconsolidated entities

27,344

11,443

37,933

Net Income (Loss)

66,578

49,702

28,377

Net Income (Loss) Attributable to Non-Controlling Interests

1,475

1,559

3,369

Dividends on Preferred Stock

1,941

1,940

7,763

Net Income (Loss) Attributable to Common Stockholders

$

63,162

$

46,203

$

17,245

Net Income (Loss) per Common Share:

Basic and Diluted

$

1.44

$

1.06

$

0.39

Weighted average shares of common stock outstanding

43,782

43,779

43,486

Weighted average shares of common stock and convertible units outstanding

44,415

44,392

44,122

ELLINGTON FINANCIAL INC.
CONDENSED CONSOLIDATED BALANCE SHEET
(UNAUDITED)

As of

(In thousands, except share amounts)

December 31, 2020

September 30, 2020

December 31, 2019 (1)

ASSETS

Cash and cash equivalents

$

111,647

$

126,783

$

72,302

Restricted cash

175

175

175

Securities, at fair value

1,514,185

1,451,420

2,449,941

Loans, at fair value

1,453,480

1,442,612

1,412,426

Investments in unconsolidated entities, at fair value

141,620

95,803

71,850

Real estate owned

23,598

24,794

30,584

Financial derivatives–assets, at fair value

15,479

27,864

16,788

Reverse repurchase agreements

38,640

47,041

73,639

Due from brokers

63,147

63,991

79,829

Investment related receivables

49,317

67,540

123,120

Other assets

2,575

2,850

7,563

Total Assets

$

3,413,863

$

3,350,873

$

4,338,217

LIABILITIES

Securities sold short, at fair value

$

38,642

$

51,493

$

73,409

Repurchase agreements

1,496,931

1,439,984

2,445,300

Financial derivatives–liabilities, at fair value

24,553

34,814

27,621

Due to brokers

5,059

7,147

2,197

Investment related payables

4,754

66,133

Other secured borrowings

51,062

142,674

150,334

Other secured borrowings, at fair value

754,921

695,516

594,396

Senior notes, net

85,561

85,495

85,298

Base management fee payable to affiliate

3,178

2,981

2,663

Incentive fee payable to affiliate

116

Dividend payable

5,738

5,299

6,978

Interest payable

3,233

2,074

7,320

Accrued expenses and other liabilities

18,659

11,119

7,753

Total Liabilities

2,492,291

2,478,596

3,469,518

EQUITY

Preferred stock, par value $0.001 per share, 100,000,000 shares authorized; 6.750% Series A Fixed-to-Floating Rate Cumulative Redeemable; 4,600,000 shares issued and outstanding, respectively ($115,000 liquidation preference)

111,034

111,034

111,034

Common stock, par value $0.001 per share, 100,000,000 shares authorized; (43,781,684, 43,781,684, and 38,647,943 shares issued and outstanding, respectively)

44

44

39

Additional paid-in-capital

915,658

916,038

821,747

Retained earnings (accumulated deficit)

(141,521)

(191,986)

(103,555)

Total Stockholders' Equity

885,215

835,130

829,265

Non-controlling interests

36,357

37,147

39,434

Total Equity

921,572

872,277

868,699

TOTAL LIABILITIES AND EQUITY

$

3,413.863

$

3,350,873

$

4,338,217

SUPPLEMENTAL PER SHARE INFORMATION:

Book Value Per Common Share (2)

$

17.59

$

16.45

$

18.48

(1)

Derived from audited financial statements as of December 31, 2019.

(2)

Based on total stockholders' equity less the aggregate liquidation preference of the Company's preferred stock outstanding.

Reconciliation of Net Income (Loss) to Core Earnings

The Company calculates Core Earnings as U.S. GAAP net income (loss) as adjusted for: (i) realized and unrealized gain (loss) on securities and loans, REO, financial derivatives (excluding periodic settlements on interest rate swaps), other secured borrowings, at fair value, and foreign currency transactions; (ii) incentive fee to affiliate; (iii) Catch-up Premium Amortization Adjustment (as defined below); (iv) non-cash equity compensation expense; (v) provision for income taxes; and (vi) certain other income or loss items that are of a non-recurring nature. For certain investments in unconsolidated entities, the Company includes the relevant components of net operating income in Core Earnings. The Catch-up Premium Amortization Adjustment is a quarterly adjustment to premium amortization triggered by changes in actual and projected prepayments on the Company's Agency RMBS (accompanied by a corresponding offsetting adjustment to realized and unrealized gains and losses). The adjustment is calculated as of the beginning of each quarter based on the Company's then-current assumptions about cashflows and prepayments, and can vary significantly from quarter to quarter.

Core Earnings is a supplemental non-GAAP financial measure. The Company believes that the presentation of Core Earnings provides a consistent measure of operating performance by excluding the impact of gains and losses and other adjustments listed above from operating results. The Company believes that Core Earnings provides information useful to investors because it is a metric that the Company uses to assess its performance and to evaluate the effective net yield provided by its portfolio. In addition, the Company believes that presenting Core Earnings enables its investors to measure, evaluate, and compare its operating performance to that of its peers. However, because Core Earnings is an incomplete measure of the Company's financial results and differs from net income (loss) computed in accordance with U.S. GAAP, it should be considered supplementary to, and not as a substitute for, net income (loss) computed in accordance with U.S. GAAP.

The following table reconciles, for the three-month period and year ended December 31, 2020 and the three-month period ended September 30, 2020, the Company's Core Earnings to the line on the Company's Consolidated Statement of Operations entitled Net Income (Loss), which the Company believes is the most directly comparable U.S. GAAP measure:

Three-Month Period Ended

Year Ended December 31, 2020

(In thousands, except per share amounts)

December 31, 2020

September 30, 2020

Net Income (Loss)

$

66,578

$

49,702

$

28,377

Income tax expense (benefit)

7,888

2,494

11,377

Net income (loss) before income tax expense

74,466

52,196

39,754

Adjustments:

Realized (gains) losses on securities and loans, net

3,625

(1,446)

5,960

Realized (gains) losses on financial derivatives, net

5,820

1,620

31,521

Realized (gains) losses on real estate owned, net

106

18

(15)

Unrealized (gains) losses on securities and loans, net

(39,635)

(24,208)

25,783

Unrealized (gains) losses on financial derivatives, net

(3,098)

298

(989)

Unrealized (gains) losses on real estate owned, net

186

(122)

649

Other realized and unrealized (gains) losses, net (1)

1,854

4,217

7,703

Net realized gains (losses) on periodic settlements of interest rate swaps

(139)

(1,150)

(2,038)

Net unrealized gains (losses) on accrued periodic settlements of interest rate swaps

(322)

516

219

Non-cash equity compensation expense

190

186

722

Negative (positive) component of interest income represented by Catch-up Premium Amortization Adjustment

83

(319)

4,523

Debt issuance costs related to Other secured borrowings, at fair value

1,819

3,894

Deferred offering costs expensed

31

143

174

(Earnings) losses from investments in unconsolidated entities (2)

(26,176)

(10,895)

(34,664)

Total Core Earnings

$

18,810

$

21,054

$

83,196

Dividends on preferred stock

1,941

1,940

7,763

Core Earnings attributable to non-controlling interests

849

1,148

4,532

Core Earnings Attributable to Common Stockholders

$

16,020

$

17,966

$

70,901

Core Earnings Attributable to Common Stockholders, per share

$

0.37

$

0.41

$

1.63

(1)

Includes realized and unrealized gains (losses) on foreign currency and unrealized gain (loss) on other secured borrowings, at fair value, included in Other, net, on the Condensed Consolidated Statement of Operations.

(2)

Adjustment represents, for certain investments in unconsolidated entities, the net realized and unrealized gains and losses of the underlying investments of such entities.

Investors:
Ellington Financial Inc.
Investor Relations
(203) 409-3575
info@ellingtonfinancial.com

or

Media:
Amanda Klein or Kevin FitzGerald
Gasthalter & Co.
for Ellington Financial
(212) 257-4170
Ellington@gasthalter.com



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