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OLD GREENWICH, Conn.–(BUSINESS WIRE)–Ellington Financial Inc. (NYSE: EFC) (the “Company”) today reported financial results for the quarter ended June 30, 2023.
Highlights
Second Quarter 2023 Results
“In the second quarter, steady performance from our non-QM, residential transition loan, commercial mortgage bridge loan, and credit risk transfer portfolios offset net losses on our loan originator investments and other investments, and EFC generated a modestly positive economic return overall,” said Laurence Penn, Chief Executive Officer and President of Ellington Financial.
“During the quarter, we signed definitive agreements for strategic acquisitions of two public mortgage REITs, Arlington Asset Investment Corp. and Great Ajax Corp. Each of these transactions will add assets that complement and further diversify Ellington Financial’s existing investment strategies and align with our expertise, while also substantially increasing our capital base. As important components of these transactions, we will assume more than $100 million of term, non-mark-to-market unsecured debt and perpetual preferred stock, with attractive costs of capital, as well as a strategic equity investment in a mortgage loan servicer.
“These acquisitions represent important milestones for Ellington Financial. By significantly increasing our scale, they should enhance liquidity for our shareholders and reduce our operating expense ratios, and we project that each of these transactions will be accretive to our earnings within the coming year. We expect to close both transactions later in 2023, at which time EFC’s equity base should exceed $1.7 billion.
“We took several other steps during the quarter that should position us to drive earnings while continuing to navigate market volatility. We took advantage of some attractive entry points to add Agency RMBS and CRT investments, while we also incrementally grew our portfolio of high-yielding RTLs and proprietary reverse mortgage loans. At the same time, we continued to keep duration short on our loan portfolios and dynamically adjust our interest rate and credit hedges, all while maintaining high levels of liquidity and additional borrowing capacity. While Longbridge’s gain-on-sale margins compressed during the quarter, which was the primary driver of the sequential decline in our Adjusted Distributable Earnings, Longbridge’s gain-on-sale margins have recovered somewhat after quarter end. Notably, shortly after quarter end Longbridge was able to acquire, out of a bankruptcy proceeding, a reverse mortgage servicing rights portfolio at a distressed price, which should be immediately accretive to our earnings and Adjusted Distributable Earnings going forward.”
Financial Results
Investment Portfolio Summary
The Company’s investment portfolio generated net income attributable to common stockholders of $30.7 million, consisting of $27.0 million from the credit strategy and $3.7 million from the Agency strategy.
Credit Performance
The Company’s total long credit portfolio, excluding non-retained tranches of consolidated non-QM securitization trusts, increased by 1% sequentially, to $2.45 billion as of June 30, 2023. This slight increase was driven by larger non-QM and RTL loan portfolios quarter over quarter, as net purchases exceeded principal paydowns, and by net purchases of CRT investments. A portion of the increase was offset by a smaller commercial bridge loan portfolio, as loan paydowns in that portfolio again significantly exceeded new originations during the quarter.
Net interest income5 on the Company’s loan portfolios, net gains on its CRT portfolio, and net gains on its interest rate hedges were the primary drivers of the positive results in the Company’s credit strategy. A portion of these gains were offset by negative results in the Company’s investments in unconsolidated entities, including net losses on equity investments in loan originators and commercial mortgage loan-related entities, as well as net realized and unrealized losses on consumer loans and credit hedges. The Company’s residential and commercial mortgage loan portfolios continue to experience low levels of credit losses and strong overall credit performance, although the Company has seen an uptick in delinquencies in these portfolios year-to-date.
During the quarter, borrowing costs on the Company’s credit investments increased, driven by sharply higher short-term interest rates. At the same time, the Company’s asset yields also increased, and it continued to benefit from positive carry on its interest rate swap hedges, where it overall receives a higher floating rate and pays a lower fixed rate. As a result, the net interest margin6 on the Company’s credit portfolio increased quarter over quarter to 2.91% from 2.49%.
Agency Performance
With Agency RMBS yield spreads still wide on a historical basis, the Company opportunistically added to its Agency portfolio during the quarter. As a result, the Company’s total long Agency RMBS portfolio increased by approximately 8% quarter over quarter to $918.5 million.
The second quarter began with elevated interest rate volatility and widening Agency MBS yield spreads, as the market prepared for sales by the FDIC of MBS from failed regional banks. Later in the quarter, with the FDIC sales well absorbed and with the debt ceiling dispute resolved, volatility declined and Agency MBS yield spreads tightened. Accordingly, the Company experienced moderate losses in its Agency strategy in April, but these were reversed in May and June. On balance, the Agency strategy had positive income for the quarter as net gains on interest rate hedges exceeded net losses on Agency RMBS and negative net interest income, which was driven by sharply higher financing costs.
Average pay-ups on the Company’s specified pools decreased slightly to 0.78% as of June 30, 2023, as compared to 0.89% as of March 31, 2023.
As was the case with its credit portfolio, higher borrowing costs on the Company’s Agency portfolio were more than offset by higher asset yields and greater positive carry on its interest rate swap hedges, quarter over quarter. As a result, the net interest margin5 on its Agency RMBS, excluding the Catch-up Premium Amortization Adjustment, increased to 1.31% from 1.14%.
Longbridge Summary
Longbridge’s portfolio decreased by 3% sequentially to $429.8 million as of June 30, 2023. The decrease was due to smaller holdings of unsecuritized HECM loans, primarily driven by significant resolutions of HECM buyout loans, and a smaller HMBS MSR Equivalent quarter over quarter, partially offset by increased holdings of proprietary reverse mortgage loans.
Longbridge’s portfolio generated net income attributable to common stockholders of $2.5 million. Longbridge’s net income for the quarter was driven by net gains related to the resolutions of HECM buyout loans, net gains on proprietary reverse mortgage loans, and net gains on interest rate hedges. These gains were partially offset by net losses on the HMBS MSR Equivalent7, which was driven by the combination of higher interest rates and wider yield spreads in the HECM market during the quarter, and a net loss in originations, as reduced gain-on-sale margins on HECM loans more than offset an increase in overall origination volumes.
_______________________________ |
1 Includes ($30.3) million of preferred dividends accrued and certain corporate/other income and expense items not attributed to either the investment portfolio or Longbridge. |
Corporate/Other
The Company’s results for the quarter also reflected a net loss on the interest rate swaps that it uses to hedge its preferred equity and unsecured long-term debt, its “Senior Notes,” which was driven by rising interest rates quarter over quarter, as well as expenses related to the agreed upon, but not yet completed, mergers of Arlington Asset Investment Corp. and Great Ajax Corp.
Credit Portfolio(1)
The following table summarizes the Company’s credit portfolio holdings as of June 30, 2023 and March 31, 2023:
|
|
June 30, 2023 |
|
March 31, 2023 |
||||||
($ in thousands) |
|
Fair Value |
|
% |
|
Fair Value |
|
% |
||
Dollar denominated: |
|
|
|
|
|
|
|
|
||
CLOs(2) |
|
$ |
24,722 |
|
0.6 % |
|
$ |
31,044 |
|
0.8 % |
CMBS |
|
|
20,752 |
|
0.5 % |
|
|
16,422 |
|
0.4 % |
Commercial mortgage loans and REO(3)(4) |
|
|
419,915 |
|
10.7 % |
|
|
455,114 |
|
11.5 % |
Consumer loans and ABS backed by consumer loans(2) |
|
|
93,116 |
|
2.4 % |
|
|
87,976 |
|
2.2 % |
Corporate debt and equity and corporate loans |
|
|
21,907 |
|
0.6 % |
|
|
18,882 |
|
0.5 % |
Debt and equity investments in loan origination entities(5) |
|
|
38,815 |
|
1.0 % |
|
|
40,906 |
|
1.0 % |
Non-Agency RMBS |
|
|
224,075 |
|
5.7 % |
|
|
207,068 |
|
5.2 % |
Non-QM loans and retained non-QM RMBS(6) |
|
|
2,077,870 |
|
53.2 % |
|
|
2,122,561 |
|
53.7 % |
Residential transition loans and other residential mortgage loans and REO(3) |
|
|
963,772 |
|
24.7 % |
|
|
951,811 |
|
24.1 % |
Non-Dollar denominated: |
|
|
|
|
|
|
|
|
||
CLOs(2) |
|
|
1,738 |
|
0.1 % |
|
|
1,674 |
|
0.1 % |
Corporate debt and equity |
|
|
238 |
|
— % |
|
|
213 |
|
— % |
RMBS(7) |
|
|
20,979 |
|
0.5 % |
|
|
19,525 |
|
0.5 % |
Total long credit portfolio |
|
$ |
3,907,899 |
|
100.0 % |
|
$ |
3,953,196 |
|
100.0 % |
Less: Non-retained tranches of consolidated securitization trusts |
|
|
1,458,673 |
|
|
|
|
1,527,527 |
|
|
Total long credit portfolio excluding non-retained tranches of consolidated securitization trusts |
|
$ |
2,449,226 |
|
|
|
$ |
2,425,669 |
|
|
Agency RMBS Portfolio(1)
The following table summarizes the Company’s Agency RMBS portfolio holdings as of June 30, 2023 and March 31, 2023:
|
|
June 30, 2023 |
|
March 31, 2023 |
||||||
($ in thousands) |
|
Fair Value |
|
% |
|
Fair Value |
|
% |
||
Long Agency RMBS: |
|
|
|
|
|
|
|
|
||
Fixed rate |
|
$ |
872,726 |
|
95.0 % |
|
$ |
803,654 |
|
94.2 % |
Floating rate |
|
|
5,329 |
|
0.6 % |
|
|
5,881 |
|
0.7 % |
Reverse mortgages |
|
|
26,928 |
|
2.9 % |
|
|
28,638 |
|
3.4 % |
IOs |
|
|
13,511 |
|
1.5 % |
|
|
14,939 |
|
1.7 % |
Total long Agency RMBS |
|
$ |
918,494 |
|
100.0 % |
|
$ |
853,112 |
|
100.0 % |
Longbridge Portfolio(1)
Longbridge originates reverse mortgage loans, including home equity conversion mortgage loans, or “HECMs,” which are insured by the FHA and which are eligible for inclusion in GNMA-guaranteed HECM-backed MBS, or “HMBS.” Upon securitization, the HECMs remain on the Company’s balance sheet under GAAP, and Longbridge retains the mortgage servicing rights associated with the HMBS, or “HMBS MSR Equivalent.” Longbridge also originates “proprietary reverse mortgage loans,” which are not insured by the FHA, and Longbridge has typically retained the associated MSRs. The following table summarizes Longbridge’s loan-related assets as of June 30, 2023 and March 31, 2023:
|
|
June 30, 2023 |
|
March 31, 2023 |
||||
|
|
(In thousands) |
||||||
HMBS assets(2) |
|
$ |
8,158,304 |
|
|
$ |
8,083,845 |
|
Less: HMBS liabilities |
|
|
(8,055,288 |
) |
|
|
(7,975,916 |
) |
HMBS MSR Equivalent |
|
|
103,016 |
|
|
|
107,929 |
|
Unsecuritized HECM loans(3) |
|
|
132,845 |
|
|
|
187,782 |
|
Proprietary reverse mortgage loans |
|
|
185,052 |
|
|
|
138,234 |
|
MSRs related to proprietary reverse mortgage loans |
|
|
7,473 |
|
|
|
8,100 |
|
Unsecuritized REO |
|
|
1,417 |
|
|
|
421 |
|
Total |
|
$ |
429,803 |
|
|
$ |
442,466 |
|
The following table summarizes Longbridge’s origination volumes by channel for the three-month periods ended June 30, 2023 and March 31, 2023:
($ In thousands) |
|
June 30, 2023 |
|
March 31, 2023 |
||||||||||
Channel |
|
Units |
|
New Loan Origination Volume(1) |
|
% of New Loan Origination Volume |
|
Units |
|
New Loan Origination Volume(1) |
|
% of New Loan Origination Volume |
||
Retail |
|
397 |
|
$ |
62,037 |
|
21 % |
|
375 |
|
$ |
52,765 |
|
23 % |
Wholesale and correspondent |
|
1,338 |
|
|
235,375 |
|
79 % |
|
1,106 |
|
|
180,829 |
|
77 % |
Total |
|
1,735 |
|
|
297,412 |
|
100 % |
|
1,481 |
|
|
233,594 |
|
100 % |
Financing
The Company’s recourse debt-to-equity ratio2, excluding U.S. Treasury securities and adjusted for unsettled purchases and sales, increased slightly to 2.1:1 at June 30, 2023from 2.0:1 at March 31, 2023, driven by an increase in borrowings and a decrease in total equity. The Company’s overall debt-to-equity ratio, excluding U.S. Treasury securities and adjusted for unsettled purchases and sales, also increased during the quarter, to 9.2:1 as of June 30, 2023, as compared to 8:9:1 as of March 31, 2023.
The following table summarizes the Company’s outstanding borrowings and debt-to-equity ratios as of June 30, 2023 and March 31, 2023:
|
|
June 30, 2023 |
|
March 31, 2023 |
||||||
|
|
Outstanding Borrowings(1) |
|
Debt-to-Equity Ratio(2) |
|
Outstanding Borrowings(1) |
|
Debt-to-Equity Ratio(2) |
||
|
|
(In thousands) |
|
|
|
(In thousands) |
|
|
||
Recourse borrowings(3)(4) |
|
$ |
3,010,764 |
|
2.2:1 |
|
$ |
2,859,538 |
|
2.1:1 |
Non-recourse borrowings(4) |
|
|
9,527,656 |
|
7.1:1 |
|
|
9,510,508 |
|
6.9:1 |
Total Borrowings |
|
$ |
12,538,420 |
|
9.3:1 |
|
$ |
12,370,046 |
|
9.0:1 |
Total Equity |
|
$ |
1,344,657 |
|
|
|
$ |
1,374,763 |
|
|
Recourse borrowings excluding U.S. Treasury securities, adjusted for unsettled purchases and sales |
|
|
|
2.1:1 |
|
|
|
2.0:1 |
||
Total borrowings excluding U.S. Treasury securities, adjusted for unsettled purchases and sales |
|
|
|
9.2:1 |
|
|
|
8.9:1 |
The following table summarizes the Company’s operating results by strategy for the three-month period ended June 30, 2023:
|
|
Investment Portfolio |
|
Longbridge |
|
Corporate/Other |
|
Total |
|
Per Share |
||||||||||||||||||
(In thousands except per share amounts) |
|
Credit |
|
Agency |
|
Investment Portfolio Subtotal |
|
|
|
|
||||||||||||||||||
Interest income and other income (1) |
|
$ |
73,544 |
|
|
$ |
7,816 |
|
|
$ |
81,360 |
|
|
$ |
6,305 |
|
|
$ |
1,195 |
|
|
$ |
88,860 |
|
|
$ |
1.31 |
|
Interest expense |
|
|
(41,672 |
) |
|
|
(9,645 |
) |
|
|
(51,317 |
) |
|
|
(6,117 |
) |
|
|
(3,109 |
) |
|
|
(60,543 |
) |
|
|
(0.89 |
) |
Realized gain (loss), net |
|
|
(4,271 |
) |
|
|
(14,794 |
) |
|
|
(19,065 |
) |
|
|
— |
|
|
|
— |
|
|
|
(19,065 |
) |
|
|
(0.28 |
) |
Unrealized gain (loss), net |
|
|
(1,984 |
) |
|
|
1,403 |
|
|
|
(581 |
) |
|
|
5,611 |
|
|
|
— |
|
|
|
5,030 |
|
|
|
0.07 |
|
Net change from reverse mortgage loans and HMBS obligations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7,544 |
|
|
|
— |
|
|
|
7,544 |
|
|
|
0.11 |
|
Earnings in unconsolidated entities |
|
|
(5,868 |
) |
|
|
— |
|
|
|
(5,868 |
) |
|
|
— |
|
|
|
— |
|
|
|
(5,868 |
) |
|
|
(0.09 |
) |
Interest rate hedges and other activity, net(2) |
|
|
14,787 |
|
|
|
18,877 |
|
|
|
33,664 |
|
|
|
14,949 |
|
|
|
(9,319 |
) |
|
|
39,294 |
|
|
|
0.58 |
|
Credit hedges and other activities, net(3) |
|
|
(1,798 |
) |
|
|
— |
|
|
|
(1,798 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,798 |
) |
|
|
(0.03 |
) |
Income tax (expense) benefit |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(83 |
) |
|
|
(83 |
) |
|
|
— |
|
Investment related expenses |
|
|
(1,830 |
) |
|
|
— |
|
|
|
(1,830 |
) |
|
|
(7,560 |
) |
|
|
— |
|
|
|
(9,390 |
) |
|
|
(0.14 |
) |
Other expenses |
|
|
(2,035 |
) |
|
|
— |
|
|
|
(2,035 |
) |
|
|
(18,256 |
) |
|
|
(12,951 |
) |
|
|
(33,242 |
) |
|
|
(0.49 |
) |
Net income (loss) |
|
|
28,873 |
|
|
|
3,657 |
|
|
|
32,530 |
|
|
|
2,476 |
|
|
|
(24,267 |
) |
|
|
10,739 |
|
|
|
0.16 |
|
Dividends on preferred stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5,980 |
) |
|
|
(5,980 |
) |
|
|
(0.09 |
) |
Net (income) loss attributable to non-participating non-controlling interests |
|
|
(1,847 |
) |
|
|
— |
|
|
|
(1,847 |
) |
|
|
25 |
|
|
|
(4 |
) |
|
|
(1,826 |
) |
|
|
(0.03 |
) |
Net income (loss) attributable to common stockholders and participating non-controlling interests |
|
|
27,026 |
|
|
|
3,657 |
|
|
|
30,683 |
|
|
|
2,501 |
|
|
|
(30,251 |
) |
|
|
2,933 |
|
|
|
0.04 |
|
Net (income) loss attributable to participating non-controlling interests |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(35 |
) |
|
|
(35 |
) |
|
|
||
Net income (loss) attributable to common stockholders |
|
$ |
27,026 |
|
|
$ |
3,657 |
|
|
$ |
30,683 |
|
|
$ |
2,501 |
|
|
$ |
(30,286 |
) |
|
$ |
2,898 |
|
|
$ |
0.04 |
|
Net income (loss) attributable to common stockholders per share of common stock |
|
$ |
0.40 |
|
|
$ |
0.06 |
|
|
$ |
0.46 |
|
|
$ |
0.04 |
|
|
$ |
(0.45 |
) |
|
$ |
0.04 |
|
|
|
||
Weighted average shares of common stock and convertible units(4) outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
67,978 |
|
|
|
||||||||||||
Weighted average shares of common stock outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
67,162 |
|
|
|
The following table summarizes the Company’s operating results by strategy for the three-month period ended March 31, 2023:
|
|
Investment Portfolio |
|
Longbridge |
|
Corporate/Other |
|
Total |
|
Per Share |
||||||||||||||||||
(In thousands except per share amounts) |
|
Credit |
|
Agency |
|
Investment Portfolio Subtotal |
|
|
|
|
||||||||||||||||||
Interest income and other income (1) |
|
$ |
73,570 |
|
|
$ |
7,121 |
|
|
$ |
80,691 |
|
|
$ |
4,165 |
|
|
$ |
1,912 |
|
|
$ |
86,768 |
|
|
$ |
1.29 |
|
Interest expense |
|
|
(40,579 |
) |
|
|
(8,852 |
) |
|
|
(49,431 |
) |
|
|
(4,346 |
) |
|
|
(3,135 |
) |
|
|
(56,912 |
) |
|
|
(0.84 |
) |
Realized gain (loss), net |
|
|
(10,382 |
) |
|
|
(25,849 |
) |
|
|
(36,231 |
) |
|
|
(3 |
) |
|
|
— |
|
|
|
(36,234 |
) |
|
|
(0.54 |
) |
Unrealized gain (loss), net |
|
|
21,911 |
|
|
|
42,338 |
|
|
|
64,249 |
|
|
|
6,133 |
|
|
|
6,510 |
|
|
|
76,892 |
|
|
|
1.14 |
|
Net change from reverse mortgage loans and HMBS obligations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
31,587 |
|
|
|
— |
|
|
|
31,587 |
|
|
|
0.47 |
|
Earnings in unconsolidated entities |
|
|
3,444 |
|
|
|
— |
|
|
|
3,444 |
|
|
|
— |
|
|
|
— |
|
|
|
3,444 |
|
|
|
0.05 |
|
Interest rate hedges and other activity, net(2) |
|
|
(9,042 |
) |
|
|
(9,443 |
) |
|
|
(18,485 |
) |
|
|
(5,591 |
) |
|
|
838 |
|
|
|
(23,238 |
) |
|
|
(0.34 |
) |
Credit hedges and other activities, net(3) |
|
|
369 |
|
|
|
— |
|
|
|
369 |
|
|
|
— |
|
|
|
— |
|
|
|
369 |
|
|
|
0.01 |
|
Income tax (expense) benefit |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(21 |
) |
|
|
(21 |
) |
|
|
— |
|
Investment related expenses |
|
|
(2,619 |
) |
|
|
— |
|
|
|
(2,619 |
) |
|
|
(6,057 |
) |
|
|
— |
|
|
|
(8,676 |
) |
|
|
(0.13 |
) |
Other expenses |
|
|
(886 |
) |
|
|
— |
|
|
|
(886 |
) |
|
|
(19,390 |
) |
|
|
(8,950 |
) |
|
|
(29,226 |
) |
|
|
(0.43 |
) |
Net income (loss) |
|
|
35,786 |
|
|
|
5,315 |
|
|
|
41,101 |
|
|
|
6,498 |
|
|
|
(2,846 |
) |
|
|
44,753 |
|
|
|
0.66 |
|
Dividends on preferred stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5,117 |
) |
|
|
(5,117 |
) |
|
|
(0.08 |
) |
Net (income) loss attributable to non-participating non-controlling interests |
|
|
(238 |
) |
|
|
— |
|
|
|
(238 |
) |
|
|
(2 |
) |
|
|
(4 |
) |
|
|
(244 |
) |
|
|
0.00 |
|
Net income (loss) attributable to common stockholders and participating non-controlling interests |
|
|
35,548 |
|
|
|
5,315 |
|
|
|
40,863 |
|
|
|
6,496 |
|
|
|
(7,967 |
) |
|
|
39,392 |
|
|
|
0.58 |
|
Net (income) loss attributable to participating non-controlling interests |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(476 |
) |
|
|
(476 |
) |
|
|
||
Net income (loss) attributable to common stockholders |
|
$ |
35,548 |
|
|
$ |
5,315 |
|
|
$ |
40,863 |
|
|
$ |
6,496 |
|
|
$ |
(8,443 |
) |
|
$ |
38,916 |
|
|
$ |
0.58 |
|
Net income (loss) attributable to common stockholders per share of common stock |
|
$ |
0.53 |
|
|
$ |
0.08 |
|
|
$ |
0.61 |
|
|
$ |
0.10 |
|
|
$ |
(0.13 |
) |
|
$ |
0.58 |
|
|
|
||
Weighted average shares of common stock and convertible units(4) outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
67,488 |
|
|
|
||||||||||||
Weighted average shares of common stock outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
66,672 |
|
|
|
Contacts
Investors:
Ellington Financial Inc.
Investor Relations
(203) 409-3575
info@ellingtonfinancial.com
or
Media:
Amanda Shpiner/Sara Widmann
Gasthalter & Co.
for Ellington Financial
(212) 257-4170
Ellington@gasthalter.com
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