Ellington Financial (NYSE: EFC) is the credit trader’s mortgage REIT: a monthly payer running a deliberately diversified book (non-QM loans, reverse mortgages, commercial bridge, agency, and securitization equity) managed by one of the oldest quant credit shops in the business.
| Ellington Financial (EFC) Snapshot | |
|---|---|
| Share Price (delayed) | $13.45 -0.96% |
| Market Cap | $1.7B |
| Annualized Dividend | $1.56 (Monthly) |
| Dividend Yield | 11.60% |
| Sector | Mortgage ยท Diversified Credit |
Market data updates automatically several times daily. Last price refresh: Jul 13, 2026.
Business Model
Where agency mREITs make one big rate bet, Ellington makes dozens of small credit bets: originate-and-securitize non-QM residential loans, own the retained tranches, trade around the edges, and hedge rates aggressively. The Longbridge reverse-mortgage platform adds an origination engine. The result has been steadier book value than the agency crowd through recent shocks, at the cost of credit complexity nobody outside the firm fully models.
Dividend Reality
The monthly dividend has been held steady in recent years with adjusted distributable earnings roughly covering it, after a pandemic-era reduction like nearly everyone in the sector. Coverage is genuine but managed: securitization gains and trading results flex quarter to quarter, so the payout rides a smoothed version of lumpy earnings.
The Honest Risk Section
Credit beta in a downturn: non-QM borrowers and bridge loans feel recessions first, securitization markets can close abruptly (2020), and leverage amplifies both. External management adds fee drag. The diversification is real protection against rate shocks and thinner protection against a genuine credit cycle.
Frequently Asked Questions
Does Ellington Financial pay monthly?
Yes, monthly distributions, held steady in recent years and roughly covered by adjusted distributable earnings.
What does EFC invest in?
A diversified credit book: non-QM residential loans and securitizations, reverse mortgages via Longbridge, commercial bridge loans, and agency MBS with active hedging.
Analysis based on public disclosures through Q1 2026. Live market data updates automatically. Independent research, not investment advice.
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