Ellington Financial Inc. (EFC) · Nov 4, 2026 · Earnings

Ellington Financial earnings miss as book value slips

Miss — GAAP EPS $0.31 vs ~$0.47 published consensus

Ellington Financial earnings missed published expectations as book value eased, though portfolio growth, stronger margins and new funding advanced the platform.

Ellington Financial is a leveraged mortgage investment platform paired with Longbridge, its reverse-mortgage origination and servicing business; the current strategy is to grow credit assets and origination channels while relying less on mark-to-market secured funding. The prior quarter had produced $0.60 of adjusted distributable earnings per share and book value of $13.61, so the bar entering this release was already fairly high.

The quarter missed the cleanest earnings benchmark. GAAP earnings were $0.31 per share, below the published consensus of roughly $0.47, while adjusted distributable earnings fell to $0.45 per share from $0.59 in the second quarter. The shortfall was driven by large unrealized losses on securities and loans and weaker Longbridge profitability, not by a collapse in recurring interest income. The company said, “Adjusted Distributable Earnings1 of $58.0 million, or $0.45 per common share, including incentive fee expense of $0.9 million, or $0.01 per common share, and other unallocated Corporate/Other income and expense items.”

Figure	Q3 2026	Q2 2026	Consensus / other reference
GAAP EPS (Income Statement)	$0.31	$0.43	~$0.47 consensus
Adjusted distributable earnings/share (ADE reconciliation)	$0.45	$0.59
Book value/share (Balance Sheet)	$13.53	$13.61
Net interest margin (Financial Highlights)	3.55%	3.36%
Adjusted long portfolio (Portfolio composition)	$4.70B	$4.50B
Total debt-to-equity (Leverage table)	9.4:1	9.2:1

The underlying platform still expanded. The adjusted long portfolio grew 4.5% sequentially, net interest margin widened to 3.55%, and origination volume increased to $676.3 million, with proprietary reverse mortgages becoming a larger share of Longbridge production. The filing says, “Longbridge originated $676.3 million of loans during the quarter, up 36% year over year.”

Funding and strategic reach improved, but at a higher leverage cost. The $150 million unsecured-notes issue and positive rating outlook strengthen funding flexibility, although both developments were already public before the earnings release. The filing also introduces the completed acquisition of a controlling interest in Statebridge, giving Ellington direct servicing and workout capabilities across approximately 14,700 loans. “As of September 30, 2026, Statebridge serviced approximately 14,700 loans with an aggregate unpaid principal balance (UPB) of $1.9 billion, nearly all for third-party clients.” That is strategically useful, but it is an execution opportunity rather than earnings proof today.

Longbridge was the main drag on the quarter. Segment net income fell to $12.5 million from $30.2 million, and ADE dropped to $8.6 million from $28.9 million as origination margins narrowed and proprietary securitization gains declined. Higher origination volumes and hedging gains helped, but they did not offset the deterioration in quarterly contribution.

Book value was preserved economically only in a narrow sense. Book value slipped from $13.61 to $13.53 per share despite a reported 9.4% annualized economic return, while recourse leverage rose as the company funded loan growth and assets awaiting securitization. That combination says the balance sheet is still expanding, but the quarter did not improve the per-share capital base.

Bottom line: This was a mixed operating quarter that lands slightly below expectations: funding, margins and asset growth advanced, but earnings, Longbridge contribution and book value all moved backward. The business strategy remains intact, yet the release does not strengthen the near-term earnings story enough to offset the miss.

What to watch next

Q3 earnings call, November 5, 2026

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

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Ellington Financial earnings miss as book value slips

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