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Ellington Financial Inc. logo

Ellington Financial Inc. Cash Flow Statement

Operating, investing, and financing cash movements

Ellington Financial Inc. generated -$809.0M in operating cash flow over the trailing twelve months. After -$168.0K in capital expenditures, free cash flow was -$419.0M. Free cash flow decreased 0.4% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)-$809.0MNet Cash From Investing (TTM)-$5.3BNet Cash From Financing (TTM)$6.1BCapital Expenditures (TTM)-Net Change In Cash (TTM)-$25.8M
Latest FilingQ1 2026
Report Date2026-05-11
Market Cap$1.7B
P/E Ratio9.32
ROE10.33%

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Sales of short-term available-for-sale investments$556.4M$276.9M$289.3M$301M$95.6M$193.1M
Cash acquired from acquisition$0$0$0$0$0—
Capital expenditures$0$0———-$168K
Payments for Derivative Instruments (Investing)$72.7M$106.7M$89.6M$103.7M$58.6M$88.5M
Payments for Hedge, Investing Activities$72.7M$106.7M$89.6M$103.7M$58.6M$88.5M
Proceeds from Derivative Instrument Investing Activities$95M$111.6M$76.8M$100.2M$48.6M$79M
Payments for Capital Improvements$0$0———-$168K
Payments For Securities Purchased Under Agreements To Resell$16.7B$16.4B$16.6B$14.4B$16.8B$17B
Payments to Acquire Equity Method Investments$30.3M$62.3M$75.2M$90M$5.2M$24.7M
Payments To Brokers, Investing Activities—$430K$22.3M$5.2M—-$29.3M
Due from brokers, net$2.6M-$26M-$172K——$8.2M
Proceeds from disposition of real estate owned$4.8M$10.8M$27.8M$17.6M$2.4M$15.9M
Proceeds from securities sold short$545.1M$424.1M$181M$233.1M$64.9M$324.4M
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-Sale$42.4M$40.4M$45M$42.4M$40.4M$49.9M
Sale of investments$556.4M$276.9M$289.3M$301M$95.6M$193.1M
Proceeds from Sale of Forward MSR-related Investments$82.6M$8M$6.1M$7M$2M$7.3M
Loans$70M$76.2M$381.2M$22.7M$30.9M$104M
Proceeds From Securities Purchased Under Agreements To Resell$16.7B$16.4B$16.6B$14.4B$16.7B$17B
Proceeds from FHA insurance claims and other receivables on HECM loans$22.5M$24.6M$29.5M$34.7M$45.4M$60.8M
Repurchase Of Securities Sold Short, Investing Activities$542.8M$459.5M$183.4M$263.9M$26.6M$297M
Change in mortgage loans$596.4M$553.7M$543.1M$626.5M$565.9M$565.7M
Net cash from investing activities-$621.4M-$633.8M-$495.7M-$1B-$1.9B-$1.9B
Dividend Received from Consumer Healthcare JV$60.5M$88.1M$68.9M$201.8M$141.4M$157M
Proceeds from maturities/sales of investments$556.4M$276.9M$289.3M$301M$95.6M$193.1M
Purchases of equity securities$30.3M$62.3M$75.2M$90M$5.2M$24.7M
Purchases of investments$302.3M$252.2M$270.9M$268.7M$185.9M$347.9M
Investing Cash Flows from Derivatives$95M$111.6M$76.8M$100.2M$48.6M$79M
Distributions from DIRECTV in Excess of Earnings$60.5M$88.1M$68.9M$201.8M$141.4M$157M
Cash acquired from acquisition$0$0$0$0$0—

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Proceeds from minority shareholders$3.3M$5.3M$6.6M$10.6M$12.9M$11.9M
Contributions from noncontrolling interests$3.3M$5.3M$6.6M$10.6M$12.9M$11.9M
Distributions to noncontrolling interests$1.7M$6.1M$6.7M$5.4M$7.3M$17.9M
Dividends paid$42.4M$42.9M$44.7M$46.6M$49.5M$55.3M
Borrowings under repurchase agreements$17.6B$18B$12.2B$10.1B$8.1B$11B
Payments for Repurchase of Preferred Stock and Preference Stock$6M$0———$115M
Payments Of Stock Issuance Costs$211K$10K$30K$36K$368K$198K
Payments To Brokers, Financing Activities$565K-$447K-$755K$1.4M-$219K$263K
Payments to Noncontrolling Interests$1.7M$6.1M$6.7M$5.4M$7.3M$17.9M
Principal Payment on Securitized Debt$622.7M$561.7M$589M$588.5M$542.3M$682.3M
Principal payments on HMBS related obligations, at fair value$190.1M$181.2M$218.5M$228.2M$230.6M$234.8M
Due from brokers, net-$6.8M$2.4M-$2.8M-$1M-$1.6M-$4.2M
Proceeds from Issuance of HMBS-$444.7M-$383.5M-$394M-$364.3M-$402.8M-$393.9M
Proceeds from issuance of other secured borrowings$591.1M$576.6M$661.1M$514.7M$649.5M$650.4M
Repayment of unsecured borrowings, at fair value$0-$34.9M———$0
Repayments of Reverse Repurchase Agreements$17B$17.5B$11.8B$8.9B$6.8B$9.4B
Proceeds from Secured Long-Term Debt$46.2M$0$46.4M$16M$292.7M$58.5M
Net proceeds from sales of subsidiary shares$3.3M$5.3M$6.6M$10.6M$12.9M$11.9M
Proceeds from Minority Shareholders$3.3M$5.3M$6.6M$10.6M$12.9M$11.9M
Proceeds from Sale of Noncontrolling Interests$3.3M$5.3M$6.6M$10.6M$12.9M$11.9M
Net cash from financing activities$742.8M$768.5M$719.6M$1.3B$2.3B$1.8B
Proceeds from Minority Shareholders$3.3M$5.3M$6.6M$10.6M$12.9M$11.9M
Redemption of preferred stock$6M$0———$115M
Proceeds from issuance of common stock—$51M$44.6M$110.1M$96.5M$155M
Proceeds from Minority Shareholders$3.3M$5.3M$6.6M$10.6M$12.9M$11.9M
Payments of Stock Issuance Costs$211K$10K$30K$36K$368K$198K
Proceeds from Issuance of Secured Debt$46.2M$0$46.4M$16M$292.7M$58.5M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow-$140.8M-$126.4M———-$10.1M

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income taxes paid$412K$11K$418K$455K$755K-$43K
Interest paid$71.7M$76.2M$70.6M$68.5M$80.4M$97.4M
Common Stock Issued During Period, Acquisitions, Value$0$0$0$0$0—
Contributions to investments in non-consolidated entities (non-cash)-$27.6M-$38.5M-$35M-$66M-$60.9M-$80.4M
Debt issuance costs related to Other secured borrowings, at fair value (non-cash)-$2.2M$0-$2.3M-$1.4M-$6.5M-$2.3M
Transfers of HMBS obligations to third-party, at fair value (non-cash)—-$5.5M———$6.1M
Preferred Stock Issued During Period, Acquisitions, Value$0$0$0$0$0—
Principal Payments on Other Secured Borrowings, at Fair Value (Non-Cash)$57.1M$39.6M$54.8M$49.8M$61M$62.3M
Proceeds from principal payments of investments (non-cash)$66.7M$39.1M$54.9M$49.8M$61M$62.3M
Proceeds from the disposition of loans (non-cash)$1.1B$663.4M$1.6B$1.5B$1.1B$1.3B
Proceeds received from Other secured borrowings, at fair value (non-cash)$176.9M$0$176.2M$104.8M$483.3M$189M
Purchase of Investments Non Cash$27.3M$33.4M$33.5M$49.6M$85.5M$81M
Repayments of repurchase agreement (non-cash)-$613.1M-$591.5M-$648.9M-$767.2M-$1.5B-$1.4B
Transfers from mortgage loans to investments in non-consolidated entities (non-cash)$23.3M$28M$2M$12.7M$94.2M$71.7M
Transfers from mortgage loans to other sales and claims receivable (non-cash)$23.4M$24.1M$29.9M$34.2M$45.9M$61.6M
Transfers from mortgage loans to real estate owned (non-cash)$22.4M$33.9M$13.9M$23.5M$29.1M$43.2M
Transfers from Other Secured Borrowings to Reverse Repurchase Agreements (Non-Cash)$0$0$0$0$0—

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Loans held for sale activity$1.7B$1.3B$1.5B$1.9B$2.6B$2.7B
Net cash from operating activities-$140.8M-$126.4M-$210.5M-$290.4M-$298.1M-$10M
Business Combination Bargain Purchase Gain Recognized Amount$0$0$0$0$0—
Accrued expenses and other liabilities-$2.1M$135.8K$135.8K$135.8K$135.8K—
Increase (Decrease) in Mortgage Loans Held-for-sale-$104.8M-$236.7M-$236.7M-$236.7M-$236.7M—
Payment for Origination and Purchase, Loan, Held-for-Sale$1.7B$1.3B$1.5B$1.9B$2.6B$2.7B
Unrealized Foreign Currency Gain (Loss)-$262.5K$436.8K$436.8K$436.8K$436.8K—
Proceeds from sale and collection of HFS loans$10M$3M$3M$3M$3M—

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net increase (decrease) in cash-$19.4M$8.4M$13.3M-$25.1M$132.6M-$146.7M
Cash Outflow for Debt Issuance Costs Related to Other Secured Borrowings, at Fair Value$1.8M$2.5M$2.5M$2.5M$2.5M—
Non-cash Compensation Expense related to Merger$0$0$0$0$0—
Equity-based compensation expense$734K$910.5K$910.5K$910.5K$910.5K—
Increase (decrease) in accrued management fee$57K$245.3K$245.3K$245.3K$245.3K—
(Increase) decrease in interest and principal receivable-$720K-$1.8M-$1.8M-$1.8M-$1.8M—
Interest expense related to consolidated securitization trust$12.7M$11.7M$11.7M$11.7M$11.7M—
Interest income related to consolidated securitization trust-$13.9M-$11.7M-$11.7M-$11.7M-$11.7M—
Net Change from Forward MSR-related Investments, at fair value-$1.5M-$3.1M-$3.1M-$3.1M-$3.1M—
Net change from reverse mortgage loans held for investment, at fair value-$159.3M-$177.1M-$177.1M-$177.1M-$177.1M—
Payments on cancellation of employee stock options$897.3K$0$0$0$0—
Principal Payment on Securitized Debt, at fair value-$1.4M$0$0$0$0—
Realized Gains (Losses) on Unsecured Borrowings, at fair value, net$0-$345.8K-$345.8K-$345.8K-$345.8K—
Shares Issued in Connection with Incentive Fee Payment$0$111K$111K$111K$111K—
Unrealized (gains) losses on loan commitments, net-$1M-$608K-$608K-$608K-$608K—
Unrealized gains (losses) other, net-$11.2M-$26M-$26M-$26M-$26M—
Valuation adjustment and deletions of mortgage servicing rights-$46.8K$213.3K$213.3K$213.3K$213.3K—