Ellington Financial Inc 10-K/A, filed Jul 1, 2021

Ellington Financial Inc. (EFC)

10-K/A 2021-07-01 For: 2020-12-31

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Added on April 09, 2026

About this 10-K/A

Ellington Financial Inc filed this 10-K/A on July 1, 2021, covering the fiscal year ended December 31, 2020.

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Delaware						26-0489289
(State or Other Jurisdiction of Incorporation or Organization)						(I.R.S. Employer Identification No.)


Large Accelerated Filer	☐	Accelerated Filer	☒
Non-Accelerated Filer	☐	Smaller Reporting Company	☐
		Emerging Growth Company	☐


	December 31, 2020		December 31, 2019
	(In thousands)
Assets
Investments in securities, loans, MSRs, and REO(1)	$	5,377,551	$	3,832,204
Other assets	92,987		65,580
Total assets	$	5,470,538	$	3,897,784
Liabilities
Borrowings	$	5,144,109	$	3,659,165
Other liabilities	30,801		28,134
Total liabilities	5,174,910		3,687,299
Equity	295,628		210,485
Total liabilities and equity	$	5,470,538	$	3,897,784


	Year Ended December 31, 2020		Year Ended December 31, 2019
	(In thousands)
Net Interest Income
Interest income	$	9,053	$	22,881
Interest expense	(5,894)		(10,492)
Total net interest income	3,159		12,389
Other Income (Loss)
Realized and unrealized gains (losses) on securities, loans, MSRs, and REO, net	(14,292)		14,970
Income from reverse mortgage loans, at fair value	290,846		177,705
Expenses related to HMBS obligations, at fair value	(223,855)		(156,797)
Other, net	34,227		37,059
Total other income (loss)	86,926		72,937
Total expenses	65,492		53,324
Net income (loss) before income tax expense	24,593		32,002
Income tax expense (benefit)	776		979
Net Income (Loss)	$	23,817	$	31,023


	Year Ended
	December 31, 2020		December 31, 2019
(In thousands)
Beginning Balance	$	1,206,962	$	692,131
Additions:
Purchases	716,241		837,502
Net unrealized gain	11,427		6,717
Net realized gain	—		3,878
Deductions:
Cost of mortgages sold	(28,613)		(28,805)
Collections of principal	(496,186)		(275,520)
Amortization of premium and (discounts)	(6,317)		(6,363)
Foreclosures	(3,384)		(22,578)
Net realized loss	(30)		—
Ending Balance	$	1,400,100	$	1,206,962


☒			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


Exhibit						Description
3.1						Certificate of Incorporation of Ellington Financial Inc. (incorporated by reference to the current report on Form 8-K (No. 001-34569), filed on March 4, 2019)

3.2						Bylaws of Ellington Financial Inc. (incorporated by reference to the current report on Form 8-K (No. 001-34569), filed on March 4, 2019)

3.3						Certificate of Designations of 6.750% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock of Ellington Financial Inc. (incorporated by reference to the registration statement on Form 8-A filed on October 21, 2019)

4.1						Form of certificate representing the 6.750% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock of Ellington Financial Inc. (incorporated herein by reference to Exhibit 4.1 of Ellington Financial Inc.’s Form 8-A filed on October 21, 2019).

4.2						Indenture, dated as of February 13, 2019, among EF Holdco Inc., EF Cayman Holdings Ltd., Ellington Financial LLC and Wilmington Trust, National Association, as trustee (incorporated by reference to the current report on Form 8-K (No. 001-34569), filed on February 13, 2019)

4.3						Form of EF Holdco Inc.’s and EF Cayman Holdings Ltd.’s 5.50% Senior Notes due 2022 (included in Exhibit 4.2)

4.4						Description of Securities Registered under Section 12 of the Exchange Act (incorporated by reference to the Annual Report on Form 10-K for the fiscal year ended December 31, 2019)

10.1†						Seventh Amended and Restated Management Agreement, by and between the Company, Ellington Financial Operating Partnership LLC and Ellington Financial Management LLC, dated as of March 13, 2018 (incorporated by reference to the Annual Report on Form 10-K for the fiscal year ended December 31, 2017)

10.2						Operating Agreement of Ellington Financial Operating Partnership LLC, by and between the Company, Ellington Financial Operating Partnership LLC and EMG Holdings, L.P., dated as of January 1, 2013 (incorporated by reference to the Annual Report on Form 10-K for the fiscal year ended December 31, 2012)

10.3						First Amendment to Limited Liability Company Operating Agreement of Ellington Financial Operating Partnership LLC, by and between the Company, Ellington Financial Operating Partnership LLC and EMG Holdings, L.P., dated as of January 1, 2013. (incorporated by reference to the Current Report on Form 8-K filed on October 22, 2019)

10.4†						2007 Incentive Plan for Individuals (incorporated by reference to the registration statement on Form S-11 (No. 333-160562), filed July 14, 2009, as amended)

10.5†						2007 Incentive Plan for Entities (incorporated by reference to the registration statement on Form S-11 (No. 333-160562), filed July 14, 2009, as amended)

10.6†						Ellington Financial LLC 2017 Equity Incentive Plan (incorporated by reference to the Current Report on Form 8-K filed on May 18, 2017)

10.7†						Form of LTIP Unit Award Agreement for Directors (incorporated by reference to the Annual Report on Form 10-K for the fiscal year ended December 31, 2011)

10.8†						Form of LTIP Unit Award Agreement for Individuals (incorporated by reference to the Annual Report on Form 10-K for the fiscal year ended December 31, 2011)

10.9†						Form of Individual LTIP Unit Award Agreement under 2017 Equity Incentive Plan (incorporated by reference to the Current Report on Form 8-K filed on May 18, 2017)

10.10†						Form of Non-Employee Director LTIP Unit Award Agreement under 2017 Equity Incentive Plan (incorporated by reference to the Current Report on Form 8-K filed on May 18, 2017)

10.11†						Form of OP LTIP Unit Award for Directors (incorporated by reference to Form 10-Q for the Quarter Ended September 30, 2019).

10.12†						Form of OP LTIP Unit Award for Officers (incorporated by reference to Form 10-Q for the Quarter Ended September 30, 2019).

10.13†						Form of Indemnity Agreement (incorporated by reference to the registration statement on Form S-11 (No. 333-160562), filed on September 3, 2009, as amended)

21.1						List of Subsidiaries (incorporated by reference to Exhibit 21.1 to the Annual Report on Form 10-K for the fiscal year ended December 31, 2020)

23.1						Consent of the Independent Registered Public Accounting Firm (incorporated by reference to Exhibit 23.1 to the Annual Report on Form 10-K for the fiscal year ended December 31, 2020)

23.2						Consent of Richey May & Co., for Financial Statements of Longbridge Financial, LLC

24.1						Power of Attorney (incorporated by reference to Exhibit 24.1 to the Annual Report on Form 10-K for the fiscal year ended December 31, 2020)


Exhibit						Description
(continued)
31.1						Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes – Oxley Act of 2002

31.2						Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes – Oxley Act of 2002

32.1*						Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes – Oxley Act of 2002

32.2*						Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes – Oxley Act of 2002

99.1						Financial Statements of Longbridge Financial, LLC

101.INS						Inline XBRL Instance Document

101.SCH						Inline XBRL Taxonomy Extension Schema

101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase

101.LAB						Inline XBRL Taxonomy Extension Label Linkbase

101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase

104						Cover Page Interactive Data File (embedded within the Inline XBRL document)