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Ellington Financial Inc. Reports Second Quarter 2025 Results
OLD GREENWICH, Conn.--(BUSINESS WIRE)--Ellington Financial Inc. (NYSE: EFC) ("we") today reported financial results for the quarter ended June 30, 2025. Net income attributable to common stockholders of $42.9 million, or $0.45 per common share. 1 $56.8 million, or $0.60 per common share, from the investment portfolio. $57.8 million, or $0.61 per common share, from the credit strategy. $(1.0) million, or $(0.01) per common share, from the Agency strategy. $10.7 million, or $0.11 per common share, from Longbridge. Adjusted Distributable Earnings of $45.0 million, or $0.47 per common share. 2 $53.8 million, or $0.56 per common share, from the investment portfolio. $12.8 million, or $0.13 per common share, from Longbridge. Book value per common share as of June 30, 2025 of $13.49, including the effects of dividends of $0.39 per common share for the quarter. Dividend yield of 12.3% based on the August 6, 2025 closing stock price of $12.72 per share, and monthly dividend of $0.13 per common share declared on August 7, 2025. Recourse debt-to-equity ratio 3 of 1.7:1 as of June 30, 2025. Including all recourse and non-recourse borrowings, which primarily consist of securitization-related liabilities, debt-to-equity ratio of 8.7:1 4. Cash and cash equivalents of $211.0 million as of June 30, 2025, in addition to other unencumbered assets of $708.8 million. Second Quarter 2025 Results "Ellington Financial delivered a strong second quarter, with broad-based contributions from our diversified investment portfolio and loan origination platforms. We generated net income of $0.45 per share, equating to an annualized economic return of 13.8% for the quarter, with book value per share increasing quarter over quarter to $13.49. Meanwhile, our adjusted distributable earnings per share increased sharply by $0.08 to $0.47, significantly exceeding our $0.39 of dividends," said Laurence Penn, Chief Executive Officer and President. "Our securitization momentum remains strong, as we completed six transactions during the quarter. The size of our investment portfolio was roughly unchanged sequentially, as opportunistic purchases particularly during the April selloff and growth in certain loan portfolios were offset by the impact of securitizations, tactical sales, and steady principal repayments from our short-term loan portfolios. "Looking ahead, I believe we are well positioned to continue delivering strong earnings through ongoing portfolio expansion, a faster pace of securitizations—including four priced so far in the third quarter—and continued strong contributions from Longbridge. Longbridge generated a robust $0.13 per share of ADE in the second quarter, and its ADE contributions should be further supported by the recent launch of its HELOC For Seniors program. We are also committed to further strengthening our liability structure, not only through additional securitizations but also by strategically increasing unsecured borrowings over time." Financial Results Investment Portfolio Segment The investment portfolio segment generated net income of $57.4 million in the second quarter, consisting of $58.4 million from the credit strategy and $(1.0) million from the Agency strategy. Credit Performance The total adjusted long credit portfolio 5 increased by 1% to $3.32 billion as of June 30, 2025, compared to $3.30 billion as of March 31, 2025. Our portfolios of commercial mortgage bridge loans, non-QM loans, and non-Agency RMBS all expanded, driven by net purchases. These increases were largely offset by the impact of securitizations, tactical sales of home equity line of credit ("HELOC") and non-QM loans, and a smaller residential transition loan portfolio, with principal paydowns in that portfolio exceeding new purchases. Key Highlights 6: Overall positive performance driven by higher net interest income and net realized and unrealized gains from non-QM loans and retained tranches, closed-end second lien loans and retained tranches, and other loans and ABS. Positive results from equity investments in loan originators. Partially offsetting higher net interest income were net unrealized losses on forward MSR-related investments, as well as losses on commercial and residential REO. During the quarter, the net interest margin 7 on our credit portfolio increased to 3.11% from 2.90%, driven primarily by a lower cost of funds. We continued to benefit from positive carry on our interest rate swap hedges, where we overall receive a higher floating rate and pay a lower fixed rate. Agency Performance The long Agency RMBS portfolio increased by 5% quarter over quarter to $268.5 million as of June 30, 2025, compared to $256.1 million as of March 31, 2025, driven by net purchases. Key Highlights 6: Agency RMBS yield spreads widened in early April, driven in part by increased volatility due to tariff-related uncertainty. Yield spreads reversed course in May and June, tightening meaningfully, but still ended the quarter wider overall. Net losses on interest rate hedges drove the overall loss for the quarter. Pay-ups on our specified pools increased slightly to 0.71% as of June 30, 2025, from 0.69% as of March 31, 2025. The net interest margin 7 on our Agency portfolio (excluding the Catch-up Amortization Adjustment) decreased to 2.29% as of June 30, 2025 from 2.46% as of March 31, 2025, driven primarily by a higher cost of funds. Longbridge Segment The Longbridge segment reported net income of $10.7 million for the second quarter. The Longbridge portfolio (excluding non-retained tranches of consolidated securitization trusts) decreased by 1% sequentially to $545.6 million as of June 30, 2025, as the impact of a securitization of proprietary reverse mortgage loans completed during the quarter slightly exceeded the impact of new originations in that sector. Key Highlights 6: Positive contribution from originations, driven by higher origination volumes in both HECM and proprietary reverse loans, steady origination margins for both products, and net gains related to the proprietary reverse mortgage loan securitization. Positive contribution from servicing, including MSR-related income, strong tail securitization executions, and a net gain on the HMBS MSR Equivalent, driven primarily by tighter HMBS yield spreads. Net losses on interest rate hedges. Corporate/Other Summary Results for the quarter also reflect a decrease in incentive fees incurred partially offset by net unrealized loss on our unsecured borrowings and an increase in income tax expense. ____________________________________ Expand 1 Represents $67.6 million of aggregate net income from the investment portfolio and Longbridge segments, less $24.6 million of preferred dividends accrued and certain corporate/other income and expense items not attributed to either the investment portfolio or Longbridge segments. 2 Adjusted Distributable Earnings is a non-GAAP financial measure. See "Reconciliation of Net Income (Loss) to Adjusted Distributable Earnings" below for an explanation regarding the calculation of Adjusted Distributable Earnings. Represents $66.6 million of aggregate Adjusted Distributable Earnings from the investment portfolio and Longbridge segments, less $21.6 million of certain corporate/other items not attributed to either the investment portfolio or Longbridge segments. 3 Excludes U.S. Treasury securities and repo borrowings at certain unconsolidated entities that are recourse to us. Including such borrowings, our debt-to-equity ratio, adjusted for unsettled purchases and sales, based on total recourse borrowings was 1.9:1 as of June 30, 2025. 4 Excludes U.S. Treasury securities and repo borrowings at certain unconsolidated entities. 5 Excludes non-retained tranches of consolidated securitization trusts. The adjusted long credit portfolio also includes the proceeds from financings related to the MSRs underlying our Forward MSR-related investments. Forward MSR-related investments, at fair value are presented on our Consolidated Balance Sheet net of such financings; as of both June 30, 2025 and March 31, 2025, such borrowings were $93.5 million. 6 Sector-level results include associated financing costs and hedging gains/losses where applicable. 7 Net interest margin represents the weighted average asset yield less the weighted average secured financing cost of funds on such assets. It also includes the effect of actual and accrued periodic payments on interest rate swaps used to hedge the assets. Credit Portfolio (1) The following table summarizes our credit portfolio holdings as of June 30, 2025 and March 31, 2025: (1) This information does not include U.S. Treasury securities, securities sold short, or financial derivatives. (2) Conformed to current period presentation. (3) Includes related REO. In accordance with U.S. GAAP, REO is not considered a financial instrument and as a result is included at the lower of cost or fair value. (4) Also includes equity investments in unconsolidated entities holding commercial mortgage loans and REO and corporate loans secured by commercial mortgage loans. (5) Also includes equity investments in securitization-related vehicles. (6) Also includes corporate loans made to certain loan origination entities in which we hold an equity investment. (7) Retained RMBS represents RMBS issued by non-consolidated Ellington-sponsored loan securitization trusts, and interests in entities holding such RMBS. (8) Also includes equity investment in Ellington affiliate. (9) Includes equity investment in an unconsolidated entity which purchases certain other loans for eventual securitization. (10) Includes an equity investment in an unconsolidated entity holding European RMBS. (11) We participate in the economic returns of a portfolio of forward MSRs under various agreements with a licensed mortgage servicer holding such MSRs. Under such agreements, we can direct the servicer to finance the MSRs and distribute the proceeds of such financings to us. Forward MSR-related investments, at fair value are presented on our Consolidated Balance sheet net of any such financings; as of both June 30, 2025 and March 31, 2025, such borrowings were $93.5 million. Expand Agency RMBS Portfolio The following table (1) summarizes our Agency RMBS portfolio holdings as of June 30, 2025 and March 31, 2025: June 30, 2025 March 31, 2025 ($ in thousands) Fair Value % Fair Value % Long Agency RMBS: Fixed rate $ 254,461 94.8 % $ 241,580 94.3 % Reverse mortgages 1,159 0.4 % 1,499 0.6 % IOs 12,887 4.8 % 13,016 5.1 % Total long Agency RMBS $ 268,507 100.0 % $ 256,095 100.0 % Expand (1) This information does not include U.S. Treasury securities, securities sold short, or financial derivatives. Expand Longbridge Portfolio 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 our balance sheet under GAAP, and Longbridge retains the mortgage servicing rights associated with the HMBS, or the "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. We have securitized some of the proprietary reverse mortgage loans originated by Longbridge, and we have retained certain of the securitization tranches in compliance with credit risk retention rules. The following table summarizes loan-related assets (1) in the Longbridge segment as of June 30, 2025 and March 31, 2025: (1) This information does not include financial derivatives or loan commitments. (2) Includes HECM loans, related REO, and claims or other receivables. (3) As of June 30, 2025, includes $11.9 million of active HECM buyout loans, $17.7 million of inactive HECM buyout loans, and $5.3 million of other inactive HECM loans. As of March 31, 2025, includes $14.0 million of active HECM buyout loans, $14.1 million of inactive HECM buyout loans, and $5.2 million of other inactive HECM loans. (4) As of June 30, 2025, includes $828.4 million of securitized proprietary reverse mortgage loans, $18.0 million of cash held in a securitization reserve fund, and $7.5 million of investment related receivables. As of March 31, 2025, includes $615.3 million of securitized proprietary reverse mortgage loans and $12.4 million of cash held in a securitization reserve fund. Expand The following table summarizes Longbridge's origination volumes by channel for the three-month periods ended June 30, 2025 and March 31, 2025: ($ In thousands) June 30, 2025 March 31, 2025 Channel Units New Loan Origination Volume (1) % of New Loan Origination Volume Units New Loan Origination Volume (1) % of New Loan Origination Volume Wholesale and correspondent 1,374 $ 308,354 72 % 1,267 $ 241,675 71 % Retail 687 118,708 28 % 554 96,776 29 % Total 2,061 $ 427,062 100 % 1,821 $ 338,451 100 % Expand (1) Represents initial borrowed amounts on reverse mortgage loans. Expand Financing Key Highlights: Recourse Debt-to-Equity Ratio 3 (adjusted for unsettled trades): 1.7:1 as of both June 30, 2025 and March 31, 2025. Overall Debt-to-Equity Ratio 4 (adjusted for unsettled trades): 8.7:1 as of both June 30, 2025 and March 31, 2025. The following table summarizes our outstanding borrowings and debt-to-equity ratios as of June 30, 2025 and March 31, 2025: (1) Includes borrowings under repurchase agreements, other secured borrowings, other secured borrowings, at fair value, and unsecured debt, at par. (2) Recourse and overall debt-to-equity ratios are computed by dividing outstanding recourse and overall borrowings, respectively, by total equity. Debt-to-equity ratios do not account for liabilities other than debt financings. (3) Excludes repo borrowings at certain unconsolidated entities that are recourse to us. Including such borrowings, our debt-to-equity ratio based on total recourse borrowings is 1.9:1 as of both June 30, 2025 and March 31, 2025. (4) All of our non-recourse borrowings are secured by collateral. In the event of default under a non-recourse borrowing, the lender has a claim against the collateral but not any of the other assets held by us or our consolidated subsidiaries. In the event of default under a recourse borrowing, the lender's claim is not limited to the collateral (if any). Expand Operating Results The following table summarizes our operating results by strategy for the three-month period ended June 30, 2025: 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) $ 87,096 $ 2,840 $ 89,936 $ 28,842 $ 1,668 $ 120,446 $ 1.24 Interest expense (44,486 ) (2,243 ) (46,729 ) (16,687 ) (3,971 ) (67,387 ) (0.69 ) Realized gain (loss), net 9,038 (423 ) 8,615 41 — 8,656 0.09 Unrealized gain (loss), net 14,993 1,801 16,794 14,197 (1,699 ) 29,292 0.30 Net change from reverse mortgage loans and HMBS obligations — — — 26,605 — 26,605 0.28 Earnings in unconsolidated entities 17,072 — 17,072 — — 17,072 0.18 Interest rate hedges and other activity, net (2) (912 ) (2,974 ) (3,886 ) (2,506 ) (127 ) (6,519 ) (0.07 ) Credit hedges and other activities, net (3) (16,863 ) — (16,863 ) (1,688 ) — (18,551 ) (0.19 ) Income tax (expense) benefit — — — — (1,475 ) (1,475 ) (0.02 ) Investment related expenses (5,468 ) — (5,468 ) (13,179 ) — (18,647 ) (0.19 ) Other expenses (2,038 ) — (2,038 ) (24,944 ) (11,437 ) (38,419 ) (0.40 ) Net income (loss) 58,432 (999 ) 57,433 10,681 (17,041 ) 51,073 0.53 Dividends on preferred stock — — — — (7,036 ) (7,036 ) (0.07 ) Net (income) loss attributable to non-participating non-controlling interests (602 ) — (602 ) — (5 ) (607 ) (0.01 ) Net income (loss) attributable to common stockholders and participating non-controlling interests 57,830 (999 ) 56,831 10,681 (24,082 ) 43,430 0.45 Net (income) loss attributable to participating non-controlling interests — — — — (507 ) (507 ) — Net income (loss) attributable to common stockholders $ 57,830 $ (999 ) $ 56,831 $ 10,681 $ (24,589 ) $ 42,923 $ 0.45 Net income (loss) attributable to common stockholders per share of common stock $ 0.61 $ (0.01 ) $ 0.60 $ 0.11 $ (0.26 ) $ 0.45 Weighted average shares of common stock and convertible units (4) outstanding 96,995 Weighted average shares of common stock outstanding 95,862 Expand (1) Other income primarily consists of rental income on real estate owned, loan origination fees, and servicing income. (2) Includes U.S. Treasury securities, if applicable. (3) Other activities include certain equity and other trading strategies and related hedges, and net realized and unrealized gains (losses) on foreign currency. (4) Convertible units include Operating Partnership units attributable to participating non-controlling interests. Expand The following table summarizes our operating results by strategy for the three-month period ended March 31, 2025: 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) $ 87,077 $ 4,140 $ 91,217 $ 23,056 $ 1,714 $ 115,987 $ 1.25 Interest expense (46,503 ) (2,498 ) (49,001 ) (13,745 ) (4,481 ) (67,227 ) (0.73 ) Realized gain (loss), net (12,421 ) (1,190 ) (13,611 ) — (1,383 ) (14,994 ) (0.16 ) Unrealized gain (loss), net 24,059 5,673 29,732 4,408 1,027 35,167 0.38 Net change from reverse mortgage loans and HMBS obligations — — — 29,519 — 29,519 0.32 Earnings in unconsolidated entities 8,304 — 8,304 — — 8,304 0.09 Interest rate hedges and other activity, net (2) (5,917 ) (1,908 ) (7,825 ) (12,273 ) 1,284 (18,814 ) (0.20 ) Credit hedges and other activities, net (3) 3,616 — 3,616 (394 ) — 3,222 0.03 Income tax (expense) benefit — — — — 96 96 — Investment related expenses (2,770 ) — (2,770 ) (10,810 ) — (13,580 ) (0.14 ) Other expenses (2,259 ) — (2,259 ) (20,756 ) (15,341 ) (38,356 ) (0.41 ) Net income (loss) 53,186 4,217 57,403 (995 ) (17,084 ) 39,324 0.43 Dividends on preferred stock — — — — (7,035 ) (7,035 ) (0.08 ) Net (income) loss attributable to non-participating non-controlling interests (316 ) — (316 ) — (3 ) (319 ) — Net income (loss) attributable to common stockholders and participating non-controlling interests 52,870 4,217 57,087 (995 ) (24,122 ) 31,970 0.35 Net (income) loss attributable to participating non-controlling interests — — — — (321 ) (321 ) — Net income (loss) attributable to common stockholders $ 52,870 $ 4,217 $ 57,087 $ (995 ) $ (24,443 ) $ 31,649 $ 0.35 Net income (loss) attributable to common stockholders per share of common stock $ 0.58 $ 0.05 $ 0.63 $ (0.01 ) $ (0.27 ) $ 0.35 Weighted average shares of common stock and convertible units (4) outstanding 92,529 Weighted average shares of common stock outstanding 91,601 Expand (1) Other income primarily consists of rental income on real estate owned, loan origination fees, and servicing income. (2) Includes U.S. Treasury securities, if applicable. (3) Other activities include certain equity and other trading strategies and related hedges, and net realized and unrealized gains (losses) on foreign currency. (4) Convertible units include Operating Partnership units attributable to participating non-controlling interests. Expand About Ellington Financial Ellington Financial invests in a diverse array of financial assets, including residential and commercial mortgage loans and mortgage-backed securities, reverse mortgage loans, mortgage servicing rights and related investments, consumer loans, asset-backed securities, collateralized loan obligations, non-mortgage and mortgage-related derivatives, debt and equity investments in loan origination companies, and other strategic investments. Ellington Financial is externally managed and advised by Ellington Financial Management LLC, an affiliate of Ellington Management Group, L.L.C. Conference Call We will host a conference call at 11:00 a.m. Eastern Time on Friday, August 8, 2025, to discuss our financial results for the quarter ended June 30, 2025. To participate in the event by telephone, please dial (800) 343-4136 at least 10 minutes prior to the start time and reference the conference ID EFCQ225. International callers should dial (203) 518-9843 and reference the same conference ID. The conference call will also be webcast live over the Internet and can be accessed via the "For Investors" section of our web site at To listen to the live webcast, please visit at least 15 minutes prior to the start of the call to register, download, and install necessary audio software. In connection with the release of these financial results, we also posted an investor presentation, that will accompany the conference call, on our website at under "For Investors—Presentations." A dial-in replay of the conference call will be available on Friday, August 8, 2025, at approximately 2:00 p.m. Eastern Time through Friday, August 15, 2025 at approximately 11:59 p.m. Eastern Time. To access this replay, please dial (800) 934-4245. International callers should dial (402) 220-1173. A replay of the conference call will also be archived on our web site at Cautionary Statement Regarding Forward-Looking Statements This release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve numerous risks and uncertainties. Our actual results may differ from our beliefs, expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements are not historical in nature and can be identified by words such as "believe," "expect," "anticipate," "estimate," "project," "plan," "continue," "intend," "should," "would," "could," "goal," "objective," "will," "may," "seek" or similar expressions or their negative forms, or by references to strategy, plans, or intentions. Forward-looking statements are based on our beliefs, assumptions and expectations of our future operations, business strategies, performance, financial condition, liquidity and prospects, taking into account information currently available to us. These beliefs, assumptions, and expectations are subject to risks and uncertainties and can change as a result of many possible events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations and strategies may vary materially from those expressed or implied in our forward-looking statements. The following factors are examples of those that could cause actual results to vary from our forward-looking statements: changes in interest rates and the market value of our investments, market volatility, changes in mortgage default rates and prepayment rates, our ability to borrow to finance our assets, changes in government regulations affecting our business, our ability to maintain our exclusion from registration under the Investment Company Act of 1940, our ability to maintain our qualification as a real estate investment trust, or "REIT," and other changes in market conditions and economic trends, such as changes to fiscal or monetary policy, heightened inflation, slower growth or recession, and currency fluctuations. Furthermore, forward-looking statements are subject to risks and uncertainties, including, among other things, those described under Item 1A of our Annual Report on Form 10-K, which can be accessed through our website at or at the SEC's website ( Other risks, uncertainties, and factors that could cause actual results to differ materially from those projected may be described from time to time in reports we file with the SEC, including reports on Forms 10-Q, 10-K and 8-K. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. This release and the information contained herein do not constitute an offer of any securities or solicitation of an offer to purchase securities. June 30, 2025 March 31, 2025 June 30, 2025 (In thousands, except per share amounts) NET INTEREST INCOME Interest income $ 115,471 $ 115,913 $ 231,384 Interest expense (72,128 ) (72,656 ) (144,784 ) Total net interest income 43,343 43,257 86,600 Other Income (Loss) Realized gains (losses) on securities and loans, net 6,911 (8,804 ) (1,893 ) Realized gains (losses) on financial derivatives, net (519 ) 11,641 11,122 Realized gains (losses) on real estate owned, net (1,356 ) (934 ) (2,290 ) Realized gains (losses) on unsecured borrowings, at fair value — (1,383 ) Unrealized gains (losses) on securities and loans, net 59,810 46,108 105,918 Unrealized gains (losses) on financial derivatives, net (25,608 ) (27,115 ) (52,724 ) Unrealized gains (losses) on real estate owned, net (1,396 ) (3,311 ) (4,707 ) Unrealized gains (losses) on other secured borrowings, at fair value, net (25,844 ) (31,364 ) (57,208 ) Unrealized gains (losses) on unsecured borrowings, at fair value (1,699 ) 1,027 (673 ) Net change from HECM reverse mortgage loans, at fair value 168,817 176,990 345,807 Net change related to HMBS obligations, at fair value (142,212 ) (147,471 ) (289,682 ) Other, net 12,295 24,266 36,563 Total other income (loss) 49,199 39,650 88,850 EXPENSES Base management fee to affiliate, net of rebates 6,270 6,092 12,362 Incentive fee to affiliate — 4,533 4,533 Investment related expenses: Servicing expense 7,220 7,019 14,239 Debt issuance costs related to Other secured borrowings, at fair value 2,280 — 2,280 Other 9,147 6,608 15,756 Professional fees 3,143 3,716 6,860 Compensation and benefits 21,332 16,942 38,274 Other expenses 7,674 7,073 14,746 Total expenses 57,066 51,983 109,050 Net Income (Loss) before Income Tax Expense (Benefit) and Earnings from Investments in Unconsolidated Entities 35,476 30,924 66,400 Income tax expense (benefit) 1,475 (96 ) 1,379 Earnings (losses) from investments in unconsolidated entities 17,072 8,304 25,376 Net Income (Loss) 51,073 39,324 90,397 Net Income (Loss) attributable to non-controlling interests 1,114 640 1,754 Dividends on preferred stock 7,036 7,035 14,071 Net Income (Loss) Attributable to Common Stockholders $ 42,923 $ 31,649 $ 74,572 Net Income (Loss) per Common Share: Basic and Diluted $ 0.45 $ 0.35 $ 0.80 Weighted average shares of common stock outstanding 95,862 91,601 93,744 Weighted average shares of common stock and convertible units outstanding 96,995 92,529 94,775 Expand ELLINGTON FINANCIAL INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) As of (In thousands, except share and per share amounts) June 30, 2025 March 31, 2025 December 31, 2024 (1) ASSETS Cash and cash equivalents $ 211,013 $ 203,288 $ 192,387 Restricted cash 19,617 14,027 16,561 Securities, at fair value 938,454 943,281 962,254 Loans, at fair value 14,668,365 14,274,158 13,999,572 Loan commitments, at fair value 8,785 7,215 6,692 Forward MSR-related investments, at fair value 81,256 87,203 77,848 Mortgage servicing rights, at fair value 29,276 29,536 29,766 Investments in unconsolidated entities, at fair value 307,722 269,093 220,078 Real estate owned 48,821 65,447 46,661 Financial derivatives–assets, at fair value 160,584 157,308 184,395 Reverse repurchase agreements 348,389 334,145 336,743 Due from brokers 45,973 43,023 22,186 Investment related receivables 170,657 184,431 189,081 Other assets 32,983 32,073 32,804 Total Assets $ 17,071,895 $ 16,644,228 $ 16,317,028 LIABILITIES Securities sold short, at fair value $ 264,511 $ 264,511 $ 293,574 Repurchase agreements 2,347,458 2,568,627 2,584,040 Financial derivatives–liabilities, at fair value 81,812 63,149 71,024 Due to brokers 30,098 53,848 55,429 Investment related payables 42,767 28,546 22,714 Other secured borrowings 340,289 268,173 253,300 Other secured borrowings, at fair value 2,127,225 1,926,711 1,934,309 HMBS-related obligations, at fair value 9,814,811 9,495,132 9,150,883 Unsecured borrowings, at fair value 249,036 247,337 281,912 Base management fee payable to affiliate 6,270 6,092 5,888 Incentive fee payable to affiliate — 4,533 — Dividends payable 17,495 17,015 16,611 Interest payable 17,482 20,474 17,956 Accrued expenses and other liabilities 43,131 42,464 38,566 Total Liabilities 15,382,385 15,006,612 14,726,206 EQUITY Preferred stock, par value $0.001 per share, 100,000,000 shares authorized; 13,800,089, 13,800,089, and 13,800,089 shares issued and outstanding, and $345,002, $345,002, and $345,002 aggregate liquidation preference, respectively 331,958 331,958 331,958 Common stock, par value $0.001 per share, 300,000,000 shares authorized, respectively; 97,891,157, 94,428,880, and 90,678,492 shares issued and outstanding, respectively (2) 98 94 91 Additional paid-in-capital 1,707,544 1,661,528 1,613,540 Retained earnings (accumulated deficit) (374,048 ) (379,316 ) (375,113 ) Total Stockholders' Equity 1,665,552 1,614,264 1,570,476 Non-controlling interests 23,958 23,352 20,346 Total Equity 1,689,510 1,637,616 1,590,822 TOTAL LIABILITIES AND EQUITY $ 17,071,895 $ 16,644,228 $ 16,317,028 SUPPLEMENTAL PER SHARE INFORMATION: Book Value Per Common Share (3) $ 13.49 $ 13.44 $ 13.52 Expand (1) Derived from audited financial statements as of December 31, 2024. (2) Common shares issued and outstanding at June 30, 2025 includes 3,428,400 shares of common stock issued under our ATM program during the three-month period ended June 30, 2025. (3) Based on total stockholders' equity less the aggregate liquidation preference of our preferred stock outstanding. Expand Reconciliation of Net Income (Loss) to Adjusted Distributable Earnings We calculate Adjusted Distributable Earnings as U.S. GAAP net income (loss) as adjusted for: (i) realized and unrealized gain (loss) on securities and loans, REO, mortgage servicing rights, financial derivatives (excluding periodic settlements on interest rate swaps), any borrowings carried at fair value, and foreign currency transactions; (ii) incentive fee to affiliate; (iii) Catch-up Amortization Adjustment (as defined below); (iv) non-cash equity compensation expense; (v) provision for income taxes; (vi) certain non-capitalized transaction costs; and (vii) other income or loss items that are of a non-recurring nature. For certain investments in unconsolidated entities, we include the relevant components of net operating income in Adjusted Distributable Earnings. The Catch-up Amortization Adjustment is a quarterly adjustment to premium amortization or discount accretion triggered by changes in actual and projected prepayments on our Agency RMBS (accompanied by a corresponding offsetting adjustment to realized and unrealized gains and losses). The adjustment is calculated as of the beginning of each quarter based on our then-current assumptions about cashflows and prepayments, and can vary significantly from quarter to quarter. Non-capitalized transaction costs include expenses, generally professional fees, incurred in connection with the acquisition of an investment or issuance of long-term debt. We also include in Adjusted Distributable Earnings, for all loans that we originate through Longbridge, any realized and unrealized gains (losses) on such loans up to the point of loan sale or securitization, net of sale or securitization costs. Adjusted Distributable Earnings is a supplemental non-GAAP financial measure. We believe that the presentation of Adjusted Distributable Earnings provides information useful to investors, because: (i) we believe that it is a useful indicator of both current and projected long-term financial performance, in that it excludes the impact of certain current-period earnings components that we believe are less useful in forecasting long-term performance and dividend-paying ability; (ii) we use it to evaluate the effective net yield provided by our investment portfolio, after the effects of financial leverage and by Longbridge, to reflect the earnings from its reverse mortgage origination and servicing operations; and (iii) we believe that presenting Adjusted Distributable Earnings assists investors in measuring and evaluating our operating performance, and comparing our operating performance to that of our residential mortgage REIT and mortgage originator peers. Please note, however, that: (I) our calculation of Adjusted Distributable Earnings may differ from the calculation of similarly titled non-GAAP financial measures by our peers, with the result that these non-GAAP financial measures might not be directly comparable; and (II) Adjusted Distributable Earnings excludes certain items that may impact the amount of cash that is actually available for distribution. In addition, because Adjusted Distributable Earnings is an incomplete measure of our financial results and differs from net income (loss) computed in accordance with U.S. GAAP, it should be considered supplementary to, and not as a substitute for, net income (loss) computed in accordance with U.S. GAAP. Furthermore, Adjusted Distributable Earnings is different from REIT taxable income. As a result, the determination of whether we have met the requirement to distribute at least 90% of our annual REIT taxable income (subject to certain adjustments) to our stockholders, in order to maintain our qualification as a REIT, is not based on whether we distributed 90% of our Adjusted Distributable Earnings. In setting our dividends, our Board of Directors considers our earnings, liquidity, financial condition, REIT distribution requirements, and financial covenants, along with other factors that the Board of Directors may deem relevant from time to time. The following table reconciles, for the three-month periods ended June 30, 2025 and March 31, 2025, our Adjusted Distributable Earnings to the line on our Condensed Consolidated Statement of Operations entitled Net Income (Loss), which we believe is the most directly comparable U.S. GAAP measure: (1) Includes realized (gains) losses on securities and loans, REO, financial derivatives (excluding periodic settlements on interest rate swaps), and foreign currency transactions which are components of Other Income (Loss) on the Condensed Consolidated Statement of Operations. (2) Includes unrealized (gains) losses on securities and loans, REO, financial derivatives (excluding periodic settlements on interest rate swaps), borrowings carried at fair value, MSR-related investments, and foreign currency translations which are components of Other Income (Loss) on the Condensed Consolidated Statement of Operations. (3) Represents net change in fair value of the HMBS MSR Equivalent and Reverse MSRs attributable to changes in market conditions and model assumptions. This adjustment also includes net (gains) losses on certain hedging instruments (including interest rate swaps, futures, and short U.S. Treasury securities), which are components of realized and/or unrealized gains (losses) on financial derivatives, net, realized and/or unrealized gains (losses) on securities and loans, net, interest income, and interest expense on the Condensed Consolidated Statement of Operations. (4) Represents the effect of replacing mortgage loan interest income (net of securitization debt expense) with interest income of the retained tranches. (5) For the three-month period ended June 30, 2025, includes $1.6 million of non-capitalized transaction costs, $1.3 million of non-cash equity compensation and depreciation expense, and $0.2 million of various other expenses. For the three-month period ended March 31, 2025, includes $1.7 million of non-capitalized transaction costs, $0.6 million of non-cash equity compensation and depreciation expense, and $0.7 million of various other expenses. (6) Includes the Company's proportionate share of net interest income, net loan origination income (expense), and operating expenses for certain investments in unconsolidated entities, including certain of its non-consolidated equity investments in loan originators that have been making (or are expected to make) distributions to the Company. Expand
Hans India
26-07-2025
- Politics
- Hans India
Install solar rooftop systems, people urged
Raptadu: MLA Paritala Sunitha and TDP leader Paritala Sriram have urged the people of Chennekothapalli, Ramagiri and Kanaganapalli mandals to take the lead in installing solar rooftop systems on their homes, setting an example for the rest of the state. The awareness event on the 'PM Surya Ghar: Muft Bijli Yojana' and solar rooftop construction was held at Nagasamudram Gate in Chennekothapalli mandal. The event was organised by the Electricity Department at the ADE office, with participation from Sriram, SE Sampath Kumar, solar company representatives, bank officials, TDP leaders and the public. A demonstration was set up to showcase how solar rooftops work, their costs, government subsidies, bank loans and the resulting benefits. Speaking on the occasion, Paritala Sriram said he was proud that the initiative was starting from the Raptadu constituency in Sri Sathya Sai district. He explained that while solar panels were once limited to agricultural projects, now every household can generate its own electricity and even sell surplus power to the government, significantly reducing electricity bills. He praised Chief Minister N. Chandrababu Naidu for encouraging such advanced technology, saying the CM not only delivers political speeches but also acts like a responsible head of the family, guiding people toward practical, beneficial solutions. MLA Paritala Sunitha emphasised that the initiative would begin in their constituency, and they were committed to leading any programme that benefits the public. She recalled how rising electricity bills once made even small lighting a concern for the poor. The PM Surya Ghar scheme addresses this by allowing rooftop solar installations, offering up to Rs 60,000 in subsidies, with full coverage for SC/ST households and an additional Rs 20,000 subsidy for BCs from the State government.
Forbes
15-07-2025
- Business
- Forbes
Ensuring All Middle Schoolers Are Well Positioned For Future Success
To enable our nation's youth to make the best decisions during their education journey that will put them on a path towards personal fulfillment and success, it's important that they start the career exploration process early. With this in mind, American Student Assistance (ASA) collaborated with Education Strategy Group (ESG) to research how states are prioritizing and scaling career exploration programs before high school. The resulting report, Extending the Runway: A 50-State Analysis of Middle School Career Exploration, showed a promising trend—middle school programs are gaining traction, and several states have implemented noteworthy initiatives. Based on the findings of the report, ASA and ESG have teamed up to launch the Middle School Career Exploration Impact and Learning Network. The coalition's goal is to advance and accelerate the promising work of individual states as well as share strategies, resources, and best practices across states to establish a gold standard for what middle school career exploration should look like. Inaugural members of the network include five states who are leaders in middle school career exploration: Arizona, Arkansas, Kentucky, Pennsylvania, and Washington. Here are some of the innovative initiatives these states are implementing: Arizona's Perkins V State Plan describes career exploration as an 'investigation of the contemporary workplace and an understanding of the relationships among personal abilities, education, and knowledge, and skills needed to pursue occupations and careers.' MyFutureAZ, a user-friendly college and career planning tool funded by the Arizona Department of Education, was created to support students in grades 5-12 in their career exploration and readiness journeys. Middle schoolers can participate in self-exploration and career awareness activities to help inform their Education and Career Action Plans which are required for graduation. And to ensure district staff can guide students on this journey, the state provides frequent training for new and returning users. As part of the 2023 Arkansas L.E.A.R.N.S. Act, the Arkansas Department of Education (ADE) is aligning Student Success Plans (SSP) with career-ready pathways. SSPs are personalized education plans that assist students in achieving readiness for college, career, and community engagement. They are required at the beginning of 8th grade, and staff must collaborate with students and their families to create and review the plans annually. The ADE provides training to staff to guide SSP implementation and requires schools to incorporate career awareness and exploration activities in grades 6-8 to lay the groundwork for student plans. Beginning in 6th grade, Kentucky students are required to complete an Individual Learning Plan (ILP) that includes career development and awareness with a focus on career exploration and postsecondary education/training pathways. In 8th grade, students must add learning goals based on academic and career interests as well as courses, electives, and extracurricular opportunities to their plans which follow them through high school. The state allows districts to determine how they comply with these requirements, and provides material supports such as a resource guide, playbook, and toolkit to aid the schools. It also collects data on indicators and input from students, parents, and staff to assess the effectiveness of schools' ILP processes and ensure they meet state regulations. Pennsylvania code clearly defines the requirements for career education in middle school to include 'exposure to various employability skills, career awareness, and work-based learning experiences and the educational preparation necessary to achieve those experiences.' Districts are given the latitude to determine the best way to comply, and the Pennsylvania Department of Education (PDE) tracks and publishes engagement and success through its state (Future Ready PA Index) and federal (ESSA) accountability systems. For middle schools, PDE measures the percentage of 8th-grade students who create an individualized career plan and participate in career preparation activities aligned with its Career Education and Work (CEW) standards. Senate Bill 5243 requires all schools to have an electronic platform available to students beginning in the 7th grade that includes their education goals and a plan for high school courses that will satisfy graduation requirements and align with their secondary and postsecondary goals, along with a resume or activity log. Called the High School and Beyond Plan, the plan starts after a student completes a career interest and skills inventory to inform their course choices. Washington provides a training webinar on the program which covers strategies to increase student, staff, family, and community engagement, as well as helpful staff resources including an FAQ. These five states participating in the network have agreed to several impactful priorities, including assembling a team of cross-agency partners from across their states, actively participating in monthly network sessions, developing a three-year plan with improvement goals, and helping develop public resources so that all middle schoolers are well positioned for future success. Stay tuned over the next few months for updates on this exciting new initiative!
Yahoo
03-06-2025
- Business
- Yahoo
LandingAI Named Snowflake Startup Program Data Cloud Product Partner of the Year
SAN FRANCISCO, June 3, 2025 /PRNewswire/ -- LandingAI today announced at Snowflake's annual user conference, Snowflake Summit 2025, that it has been named the 2025 Startup Program Data Cloud Product Partner of the Year award winner by Snowflake, the AI Data Cloud company. LandingAI has been honored for its outstanding contributions to the Snowflake AI Data Cloud ecosystem, delivering significant value to joint customers across manufacturing, healthcare, and financial services sectors. Through its innovative Visual AI platform, LandingAI has empowered organizations to enhance quality control, streamline operations, and achieve unprecedented accuracy—all within the secure environment of the Snowflake AI Data Cloud. The LandingLens Snowflake Native App stands out as a user-friendly solution that enables the creation, training, and deployment of AI models for computer vision projects. This seamless integration eliminates the need for data migration and maintains the highest standards of data security. LandingAI also announced the launch of Agentic Document Extraction (ADE) on Snowflake Marketplace. ADE, a Snowflake Native App, enables enterprise customers to accurately capture intricate details from documents, including visual elements like charts and tables, delivering traceable insights that transform unstructured data into actionable intelligence LandingAI also announced the launch of Agentic Document Extraction (ADE) on Snowflake Marketplace. ADE, a Snowflake Native App, enables enterprise customers to accurately capture intricate details from documents, including visual elements like charts and tables, delivering traceable insights that transform unstructured data into actionable intelligence Dan Maloney, CEO at LandingAI, commented on the recognition: "This award validates the significant impact of our partnership with Snowflake. Our shared mission is to empower enterprise customers by integrating powerful tools directly into platforms where their data already resides. This approach removes barriers for organizations looking to leverage visual AI in real-world applications, simplifying deployment and accelerating innovation." The collaboration between Snowflake and LandingAI exemplifies a commitment to providing cutting-edge solutions that address the evolving needs of data-driven enterprises. By combining Snowflake's data cloud with LandingAI's advanced Visual AI capabilities, the partnership offers a comprehensive solution that drives efficiency, accuracy, and innovation across various industries. This recognition underscores LandingAI's position as a leader in the Visual AI space and highlights the company's dedication to delivering transformative solutions through strategic partnerships. "The transformative results LandingAI has achieved for our joint customers exemplify innovation in action," said Kieran Kennedy, VP, Data Cloud Products at Snowflake. "Naming them as the Startup Program Data Cloud Product Partner of the Year is not just recognition of their technical excellence, but of their vital role in shaping how modern enterprises harness the AI Data Cloud." The Snowflake Startup Program empowers early-stage companies to build innovative applications and products on Snowflake's Data Cloud platform. Designed for promising startups, the program offers comprehensive technical support, training resources, and valuable go-to-market opportunities. By providing access to Snowflake's powerful data platform and partner ecosystem, the program helps emerging companies accelerate their growth while developing scalable, data-driven solutions. This initiative demonstrates Snowflake's commitment to fostering innovation and supporting the next generation of technology leaders. To learn more about the Snowflake Startup Program, click here. Learn more about LandingAI and Snowflake here. Check out keynotes from Snowflake Summit 2025 live or on-demand here and stay on top of the latest news and announcements from Snowflake on LinkedIn and Twitter/X. About LandingAI LandingAI™ delivers cutting-edge agentic visual AI technologies that empower customers to unlock the value of visual data. With LandingAI's solutions, companies realize the value of AI and move AI projects from proof-of-concept to production. LandingAI's flagship product, LandingLens™, enables users to build, iterate, and deploy Visual AI solutions quickly and easily. LandingAI is a pioneer in agentic visual AI technologies, including Agentic Document Extraction and Agentic Object Detection, which enhance the ability to process and understand visual data at scale, making sophisticated Visual AI tools more accessible and efficient. Founded by Andrew Ng, co-founder of Coursera, founding lead of Google Brain, and former chief scientist at Baidu, LandingAI is uniquely positioned to lead the development of Visual AI that benefits all. For more information, visit View original content to download multimedia: SOURCE LandingAI Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
03-06-2025
- Business
- Yahoo
Thousands of Arkansans apply to school voucher program as universal access offered for first time
The majority of private schools that participated in the inaugural year of Arkansas' voucher program have reapplied for the second year. They're joined by more than two dozen new applicants. () Nearly 37,000 students have been approved to participate in the state's school voucher program during the 2025-2026 academic year, the first time it's open to all Arkansans. Created by the LEARNS Act, a 2023 law that made sweeping changes to the state's K-12 education system, the Education Freedom Account program provides state funds for allowable education expenses such as private school tuition. The program was phased in over three years with expanding eligibility. As of Monday, the Arkansas Department of Education had received 42,624 applications — 27,752 from private school students, 14,866 from homeschool students and six incomplete applications. Applications could be considered incomplete for a variety of reasons such as someone not entering a school in the application, ADE spokesperson Kimberly Mundell said. ADE had approved 36,855 applicants as of Monday — 25,569 private school students and 11,286 homeschool students. In the first two years of the EFA program, participation was capped at 1.5% and 3% of the total public school enrollment, roughly 7,100 and 14,000 students, respectively. ADE is projecting approximately 40,000 participants for the 2025-2026 academic year, Mundell said. With no cap in year three, participation will be limited by available funding, which is worrisome to Courtnei Jackson, principal and teacher at Shiloh Excel Christian School in Little Rock. 'It is a concern to know that there's a possibility of funds running out and we still don't have families that have renewed or applied yet,' she said. Shiloh Excel had 13 students last year, the majority of whom participated in the EFA program. Jackson expects around 20 students to enroll for the 2025-2026 academic year. EFA students are eligible to receive up to $6,994 per student next year. Students who previously qualified for the Succeed Scholarship Program, which was absorbed into the EFA program, will receive up to $7,771. For the 2025-2026 academic year, $277 million in state funds have been approved for the EFA program, Mundell said. Asked if applications are expected to exceed available funding and if per-student funding would be reduced if that happens, Mundell said funding hasn't yet been exceeded and 'there is no plan to reduce the amount of funding per pupil at this time.' To manage the large influx of applications, ADE is evaluating and approving applications based on funding priority categories within designated application priority windows, instead of a first-come, first-served basis, according to the education department's EFA website. Three-week priority windows began in early March. The application portal was closed from May 26 to June 1, before reopening for the fifth application window on Monday. Once a priority window closes, all submitted applications are reviewed together, with priority given to students in higher funding categories. The students with highest priority are returning EFA participants, followed by students with specialized needs. The program will continue processing applications in three-week windows until Jan. 31, 2026. If the number of applications exceeds available funding, applicants in the highest priority groups will be awarded first until all funds have been allocated, according to ADE's website. Any remaining eligible students will be placed on a rolling waitlist and considered for funding as openings occur. Private schools that have participated in every year of the EFA program say they're grateful the funds have helped cover families' tuition costs and increase their enrollment. But they also say technological issues persist and worry how the program might change. Smaller class sizes are key to providing an effective education at Shiloh Excel, but the school may soon expand from 20 students to 100 because of the EFA program, Jackson said. 'We have been [considering expanding] over the years, but we're really considering it now, especially since we have the vouchers that are available…so it's possible that we could really increase quickly, and we want to be able to accommodate that,' she said. Joshua Academy in Van Buren opened in 2023 with 37 students. Enrollment grew to 47 by the end of the Christian school's first year and to 121 during the 2024-2025 academic year when 97 students participated in the EFA program. Enrollment is expected to be around 160 this fall and the EFA program has been 'a huge part of it,' Head of School Kara Witzke said. Joshua Academy serves 'a fairly underserved population' in a rural county with about a quarter of students qualifying for free or reduced lunch and more than 70 ACE scholarships expected next year, Witzke said. Founded in 2000 by a group of people that included Walmart heir John Walton, ACE Scholarships are designed for families that make up to 350% above the poverty level ($112,525 for a family of four in 2025). 'The fact that everybody's getting it, the families are so relieved, those especially that have been paying full price for our school or relying on outside scholarships to do so,' Witzke said. 'They're so relieved to have that big burden taken care of.' Tuition will cost $9,000 for elementary school and $9,500 for middle school next year, and with the EFA program covering the majority of that, Witzke said it creates an opportunity for the outdoor-based school to launch its first annual fund. Heads of Arkansas private schools participating in state voucher program cite aid to families Private schools often rely on donors to pay for operational costs not covered by tuition, she said, so an annual fund would allow some families to donate part of what they would have paid in tuition and receive a tax deduction. While tuition increases are common, Jackson said she's cautioned her school's board not to raise tuition too much because it's important for families to have EFA funds for other things like uniforms and supplies. Shiloh Excel's tuition will increase from $4,250 to $5,000 this fall. At Clear Spring School in Eureka Springs, tuition will stay the same next year, ranging from $9,000 to $10,500 for K-12 students. Roughly 85% of the school's students receive scholarships, so the EFA program helps alleviate concerns about how much the independent school needs to raise for tuition assistance, Head of School Jessica FitzPatrick said. Though EFA funds are available, technology can make them difficult to access. Beyond the initial application, families must submit invoices through an online portal for quarterly payments to be disbursed to schools. Joshua Academy families often have phones but not computers, so some use the school's main office computer to access the online EFA portal, Witzke said. With a smaller enrollment of 69 students, FitzPatrick said staff can generally remind families to submit invoices or assist those who aren't 'tech savvy at all.' 'It's not hard, but if you've never done it, it's a challenge and it's usually our lower-income families that it's the biggest challenge for, which is who they're trying to help,' FitzPatrick said. 'But there's a disconnect there between the lowest income and their hurdles to technology.' Beyond technical glitches, some private school leaders have concerns about how the EFA program could change in the future. Opponents of the program have called for private schools receiving state funding to be held to the same standards as public schools. Some lawmakers have proposed laws to require just that. If program requirements change such that the state dictates the direction of Clear Spring, that could be a problem because it goes against its accrediting body's guidelines for independent schools to set their own mission, vision and philosophy, FitzPatrick said. Likewise, Witzke said the EFA program seems like it's often 'under attack' and she's worried about efforts to repeal the program or attach 'strings that would make it impossible for a Christian school, for instance, to maintain their freedom and curriculum choice.' 'I hope that the spirit of the LEARNS Act is maintained and that fidelity is maintained forever, but I am concerned,' she said. 'If it were to go away and we have 200 students at our school that all of a sudden lose 80% of their funding, we would at that point have to rely on donor funding to keep the kids here, and that would be more challenging.' SUPPORT: YOU MAKE OUR WORK POSSIBLE
