Ellington Financial Inc.

Longbridge Segment

The Longbridge segment reported net income of $16.4 million for the fourth quarter. The Longbridge portfolio (excluding non-retained tranches of consolidated securitization trusts) decreased by 18% sequentially to $617.2 million as of December 31, 2025, as continued strong proprietary reverse mortgage loan origination volume was more than offset by the completion of two securitizations.

•Positive contribution from originations, supported by sequentially higher overall origination volumes, continued strong origination margins, and net gains related to the proprietary reverse mortgage loan securitizations completed during the quarter.

5 Excludes non-retained tranches of consolidated securitization trusts.

6 Sector-level results include associated financing costs and hedging gains/losses where applicable.

7 Net interest margin represents the weighted average asset yield less the weighted average secured financing cost of funds on such assets. It also includes the effect of actual and accrued periodic payments on interest rate swaps used to hedge the assets.

•Strong positive contribution from servicing, reflecting strong tail securitization executions, a net gain on the HMBS MSR Equivalent, driven primarily by improved profits from tail securitizations, along with steady base servicing net income.

•Net gains on interest rate hedges.