EFC FINANCIAL STATEMENTS

Ellington Financial Inc. — balance sheet, income statement and cash flow trends

EFCEllington Financial Inc.

🇺🇸 USA · NYSE · Real Estate · REIT - Mortgage

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue585.5 M $+105.7%

Gross Profit509.4 M $+79.0%

Operating Income403.2 M $+249.7%

EBITDA542 M $+36.3%

Net Income213.5 M $+41.4%

Peer Comparison· REIT - Mortgage

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
EFC	105.7%	87.0%	92.6%	36.5%
UFUK	—	—	—	—
TEHOL	7,651.1%	7.5%	37.7%	80.1%
KMP-UN	4.2%	66.4%	12.4%	-5.7%
EKGYO	30.4%	32.0%	29.6%	4.6%
CQR	-34.9%	55.5%	98.7%	200.5%
Industry median	19.5%	71.0%	61.0%	13.4%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
EFC	105.7%	87.0%	92.6%	36.5%
ARI	7.3%	66.2%	85.9%	17.9%
ARR	67.3%	95.8%	77.0%	24.2%
ORC	548.9%	71.0%	137.8%	36.0%
TWO	-0.2%	88.0%	16.9%	-44.8%
LADR	-13.2%	71.1%	69.0%	13.7%
Industry median	19.5%	71.0%	61.0%	13.4%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity1.9 B $10%
Current Liabilities4.9 B $24%
Long-term Liabilities13.4 B $66%

Key Figures

YoY change

Total Assets20.2 B $+21.6%

Total Liabilities18.3 B $+21.8%

Total Equity1.9 B $+18.9%

Cash & ST Investments163.2 M $-19.7%

Total Debt17.7 B $+21.4%

Net Debt17.5 B $+22.0%

Peer Comparison· REIT - Mortgage

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
EFC	0.03	921.2%	32.33	9.5%
UFUK	90.76	0.0%	4.09	87.9%
TEHOL	1.27	11.5%	-1.20	50.9%
KMP-UN	0.09	76.3%	48.89	55.5%
EKGYO	2.05	38.1%	1.67	41.2%
CQR	0.17	45.3%	7.39	67.0%
Industry median	0.08	461.9%	20.67	15.8%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
EFC	0.03	921.2%	32.33	9.5%
ARI	0.03	450.3%	13.19	18.0%
ARR	—	790.1%	24.07	10.9%
ORC	0.09	806.4%	22.07	11.0%
TWO	0.09	478.5%	60.48	16.4%
LADR	0.04	278.3%	14.39	25.8%
Industry median	0.08	461.9%	20.67	15.8%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow-652 M $—

Capital Expenditures168 K $—

Free Cash Flow-652.1 M $—

Dividends Paid-196.1 M $-217.8%

Peer Comparison· REIT - Mortgage

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
EFC	-111.4%	-111.4%	0.0%	-305.4%
UFUK	—	—	—	-18.9%
TEHOL	75.3%	-25.3%	134.6%	94.0%
KMP-UN	39.0%	18.4%	20.5%	-680.4%
EKGYO	-54.0%	-55.4%	0.3%	-1,175.5%
CQR	103.8%	79.1%	24.7%	51.8%
Industry median	16.3%	14.1%	0.1%	57.6%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
EFC	-111.4%	-111.4%	0.0%	-305.4%
ARI	16.3%	3.9%	12.4%	91.2%
ARR	13.5%	13.5%	0.0%	55.8%
ORC	42.3%	42.3%	0.0%	117.5%
TWO	4.4%	-9.1%	13.5%	-9.8%
LADR	26.9%	26.9%	0.5%	195.9%
Industry median	16.3%	14.1%	0.1%	57.6%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 2, 26. This content is for informational purposes only and is not investment advice.