Overview
Ellington Financial Q3 adjusted EPS of $0.53 beats analyst expectations
Adjusted distributable earnings for Q3 beat estimates, driven by strong securitization activity
Company increased long-term financing with $400 mln senior unsecured notes
Outlook
Company plans to increase proportion of unsecured borrowings over time
Ellington Financial aims to maintain conservative leverage and strong dividend coverage
Company working on inaugural securitization of residential transition loans
Result Drivers
SECURITIZATION ACTIVITY - Strong securitization activity contributed to robust quarterly results, according to CEO Laurence Penn
LONG-TERM FINANCING - Co significantly increased long-term, non-mark-to-market financing through securitizations and senior unsecured notes
LONGBRIDGE GROWTH - Longbridge segment saw a 37% increase in portfolio driven by record reverse mortgage loan originations
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Adjusted EPS | Beat | $0.53 | $0.44 (6 Analysts) |
Q3 EPS | $0.29 | ||
Q3 Adjusted Net Income | Beat | $54.20 mln | $42.50 mln (5 Analysts) |
Q3 Net Income | $29.50 mln | ||
Q3 Net Interest Margin | 3.65% |
Press Release: ID:nBw8xwDjwa
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)