Ellington Financial Inc.
For the period ended Nov 4, 2026. Filed Nov 4, 2026.
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A notice of a major event between regular reports, such as results, a deal or a change of executives. It is often the first formal record of the news.
Nov 4, 2026 · Filed Nov 4, 2026
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Contents
EX-99.1 · Financing
Financing
Key Highlights:
Issued $150 million of 7.375% senior unsecured notes due 2030 in an add-on offering, bringing the series to $550 million outstanding.
Repaid $37.75 million of 6% unsecured notes, which matured on August 1, 2026.
Recourse Debt-to-Equity Ratio, excluding borrowings collateralized by U.S. Treasury securities and adjusted for unsettled purchases and sales, increased to 2.2:1 as of September 30, 2026 from 1.9:1 as of June 30, 2026. This increase reflected the net increase in unsecured notes outstanding, as well as an increase in warehouse borrowings for loans awaiting securitization. The effect of higher recourse borrowings on the ratio was partially offset by securitization activity and higher total equity.
Overall Debt-to-Equity Ratio, excluding borrowings collateralized by U.S. Treasury securities and adjusted for unsettled purchases and sales, increased to 9.4:1 as of September 30, 2026 from 9.2:1 as of June 30, 2026.
The following table summarizes our outstanding borrowings and debt-to-equity ratios as of September 30, 2026 and June 30, 2026:
| September 30, 2026 · June 30, 2026 | ||||||
|---|---|---|---|---|---|---|
| Outstanding Borrowings(1) · Debt-to-Equity Ratio(2) · Outstanding Borrowings(1) · Debt-to-Equity Ratio(2) | ||||||
| (In thousands) · (In thousands) | ||||||
| Recourse borrowings(3) | $4,597,082 | 2.3:1 | $3,984,015 | 2.0:1 | ||
| Non-recourse borrowings(3) | 14,567,378 | 7.2:1 | 14,509,085 | 7.3:1 | ||
| Total Borrowings | $19,164,460 | 9.4:1 | $18,493,100 | 9.2:1 | ||
| Total Equity | $2,033,006 | $1,999,436 | ||||
| Recourse borrowings excluding borrowings collateralized by U.S. Treasury securities, adjusted for unsettled purchases and sales | 2.2:1 | 1.9:1 | ||||
| Total borrowings excluding borrowings collateralized by U.S. Treasury securities, adjusted for unsettled purchases and sales | 9.4:1 | 9.2:1 | ||||
(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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