Ellington Financial Inc.
For the period ended Feb 25, 2026. Filed Feb 26, 2026.
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Feb 25, 2026 · Filed Feb 26, 2026
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Contents
EX-99.1 · Financing
Financing
Key Highlights:
Recourse Debt-to-Equity Ratio: 1.9:1 as of December 31, 2025, compared to 1:8.1 as of September 30, 2025. We issued $400 million of unsecured notes during the quarter, a portion of which replaced repo borrowings; however, the overall ratio increased slightly as the remaining proceeds from that offering, along with incremental borrowings, funded new investments, outweighing the combined impact of repo paydowns, securitizations, and higher total equity.
Overall Debt-to-Equity Ratio: 9.0:1 and 8.6:1 as of December 31, 2025 and September 30, 2025, respectively.
The following table summarizes our outstanding borrowings and debt-to-equity ratios as of December 31, 2025 and September 30, 2025:
| December 31, 2025 · September 30, 2025 | ||||||
|---|---|---|---|---|---|---|
| Outstanding Borrowings(1) · Debt-to-Equity Ratio(2) · Outstanding Borrowings(1) · Debt-to-Equity Ratio(2) | ||||||
| (In thousands) · (In thousands) | ||||||
| Recourse borrowings(3) | $3,614,592 | 1.9:1 | $3,252,917 | 1.8:1 | ||
| Non-recourse borrowings(3) | 13,351,910 | 7.1:1 | 12,331,643 | 6.9:1 | ||
| Total Borrowings | $16,966,502 | 9.1:1 | $15,584,560 | 8.7:1 | ||
| Total Equity | $1,871,155 | $1,795,820 | ||||
| Recourse borrowings excluding borrowings collateralized by U.S. Treasury securities, adjusted for unsettled purchases and sales | 1.9:1 | 1.8:1 | ||||
| Total borrowings excluding borrowings collateralized by U.S. Treasury securities, adjusted for unsettled purchases and sales | 9.0:1 | 8.6:1 | ||||
(1)Includes borrowings under repurchase agreements, other secured borrowings, other secured borrowings, at fair value, and unsecured debt, at par.
(2)Recourse and overall debt-to-equity ratios are computed by dividing outstanding recourse and overall borrowings, respectively, by total equity. Debt-to-equity ratios do not account for liabilities other than debt financings.
(3)All of our non-recourse borrowings are secured by collateral. In the event of default under a non-recourse borrowing, the lender has a claim against the collateral but not any of the other assets held by us or our consolidated subsidiaries. In the event of default under a recourse borrowing, the lender's claim is not limited to the collateral (if any).
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