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Ellington Financial (EFC)
NYSE:EFC
Holding EFC?
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Earnings Data
Report Date
Feb 19, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
$0.38Last Year’s EPS
$0.27Same Quarter Last Year
Moderate Buy
Based on 2 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Nov 06, 2024
|% Change Since: 1.81%
|Next Earnings Date:Feb 19, 2025
Earnings Call Sentiment|Neutral
The earnings call reflects a strong quarter for Ellington Financial with significant growth in adjusted distributable earnings, expansion of loan portfolios, and successful securitization executions. However, challenges such as GAAP net income decline, losses on the consumer loan portfolio, and increased commercial mortgage loan delinquencies present notable concerns. Despite these, the positive growth in key segments and strategic financing moves suggest a relatively balanced outlook.Company Guidance
During the Ellington Financial third-quarter 2024 earnings call, the company reported a significant increase in adjusted distributable earnings (ADE) to $0.40 per share, up $0.07 from the previous quarter, effectively covering the $0.39 dividend. This improvement was primarily driven by the Longbridge segment's contribution of $0.12 per share, marking a turnaround from negative ADE in the first quarter. Ellington Financial saw a 26% growth in high-yielding loan portfolios, which increased the overall leverage to 1.8x from 1.6x. The agency portfolio shrank by 14%, while cash and unencumbered assets totaled $765 million, nearly 50% of total equity. The company successfully executed a non-QM securitization with AAA yield spreads near two-year lows and improved financing lines, anticipating further refinements by year-end. Additionally, they announced the redemption of high-cost Series E preferred stock, aiming to enhance earnings by replacing it with more cost-effective debt options.Increase in Adjusted Distributable Earnings
Adjusted distributable earnings increased to $0.40 per share, a $0.07 increase from the second quarter, covering the $0.39 in dividends for the quarter.
Growth in Longbridge Segment
Longbridge segment improved from negative ADE in Q1 to $0.12 per share in Q3, contributing significantly to dividend coverage.
Investment Portfolio Expansion
Non-QM, RTL, commercial mortgage bridge, HELOC, and closed-end second lien loan portfolios increased by a combined 26%.
Successful Securitizations
Completed a non-QM securitization with AAA yield spreads near 2-year lows and a proprietary reverse mortgage securitization with improved execution.
New Financing Lines
Added new financing lines for non-QM loans, closed-end seconds, HELOCs, and consumer loans, aiming to reduce existing higher-cost debt.
Strong Performance in Originator Partnerships
Profits at LendSure and American Heritage Lending contributed positively, driven by strong demand for non-QM loans.
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EFC Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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EFC Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Nov 06, 2024 | $11.91 | $12.30 | +3.27% |
| Aug 06, 2024 | $11.69 | $12.07 | +3.25% |
| May 07, 2024 | $10.81 | $10.93 | +1.11% |
| Feb 26, 2024 | $10.82 | $10.13 | -6.38% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Ellington Financial (EFC) report earnings?
Ellington Financial (EFC) is schdueled to report earning on Feb 19, 2025, TBA Not Confirmed.
What is Ellington Financial (EFC) earnings time?
Ellington Financial (EFC) earnings time is at Feb 19, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is EFC EPS forecast?
EFC EPS forecast for the fiscal quarter 2024 (Q4) is $0.38.
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