Ellington Residential Mortgage REIT (EARN) Balance Sheet
EARN balance sheet, 2025
December 31, 2025 · U.S. dollars$386.9M assets = $233.1M liabilities + $153.8M equity
Both columns are drawn to the same scale: what EARN owns equals what it owes plus shareholders’ equity. Hover a block for its value.
EARN financial health
Descriptive bands, not a rating. Fiscal 2025.
EARN balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.43B2016 | $386.9M2025 | −13.5%/yr | |
| Total liabilities | $1.29B2016 | $233.1M2025 | −17.3%/yr | |
| Shareholders’ equity | $141.7M2016 | $153.8M2025 | +0.9%/yr | |
| Cash & short-term investments | $33.5M2016 | $57.7M2025 | +6.2%/yr | |
| Total debt | $1.20B2016 | $220.3M2025 | −17.2%/yr | |
| Net cash (debt) | −$1.17B2016 | −$162.5M2025 | +$1.0B | |
| Working capital | $84.4M2016 | −$90.5M2025 | −$174.9M | |
| Book value per share | $15.532016 | $4.092025 | −13.8%/yr | |
| Current ratio | 29.442016 | 0.462025 | −28.98 | |
| Debt / equity | 8.472016 | 1.432025 | −7.04 | |
| Shares outstanding | 9.1M2016 | 37.6M2025 | +17.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
EARN assets
EARN liabilities and equity
EARN debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
EARN balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $57.7M | $31.8M | $38.5M | $34.8M | $69.0M | $58.2M | $35.4M | $18.6M | $56.1M | $33.5M |
| Cash & equivalents | $57.7M | $31.8M | $38.5M | $34.8M | $69.0M | $58.2M | $35.4M | $18.6M | $56.1M | $33.5M |
| Short-term investments | — | — | $74.3M | $499,000 | $117.5M | $2.8M | $2.1M | $379,000 | $81.5M | $75.0M |
| Receivables | $18.1M | $43.1M | $58.9M | $55.6M | $93.2M | $51.9M | $45.1M | $103.9M | $54.1M | $87.3M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$1.69B | −$1.94B | −$1.46B |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.68B | $1.89B | $1.43B |
| Total current assets | $75.8M | $75.0M | $97.4M | $90.4M | $162.2M | $110.1M | $80.5M | $103.9M | $54.1M | $87.3M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $683.9M | $773.5M | $68.8M | $6.6M | $292,000 | $4.2M | $11.8M | $8.8M | $6.0M |
| Other non-current assets | $311.1M | $65.2M | $74.7M | $894.4M | $1.43B | $1.08B | $1.40B | $1.56B | $1.82B | $1.34B |
| Total assets | $386.9M | $824.1M | $945.7M | $1.05B | $1.60B | $1.19B | $1.49B | $1.68B | $1.89B | $1.43B |
| Liabilities | ||||||||||
| Accounts payable | — | $32.5M | $57.3M | $50.4M | $2.8M | $1.5M | $3.8M | $6.3M | $3.8M | $3.0M |
| Short-term debt | $166.3M | $563.0M | $729.5M | $842.5M | $1.06B | $1.02B | $1.30B | $1.48B | $1.60B | $1.20B |
| Deferred revenue | — | — | $672.3M | −$792.1M | −$1.06B | −$1.01B | −$1.29B | −$3.02B | −$3.29B | −$2.49B |
| Total current liabilities | $166.3M | $595.5M | $788.0M | $50.4M | $2.8M | $1.5M | $3.8M | $6.3M | $3.8M | $3.0M |
| Long-term debt | $0 | $0 | $0 | $3.1M | $1.1M | $6.6M | $2.0M | $16.6M | $1.9M | $2.0M |
| Other long-term liabilities | $0 | $34.8M | $21.5M | $47.2M | $378.3M | $6.5M | $29.9M | $1.51B | $1.69B | $1.29B |
| Total liabilities | $233.1M | $630.4M | $809.5M | $941.2M | $2.8M | $1.5M | $3.8M | $1.52B | $1.69B | $1.29B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $153.8M | $297,000 | $186,000 | $134,000 | $131,000 | $123,000 | $124,000 | $125,000 | $134,000 | $92,000 |
| Retained earnings (deficit) | −$40.0M | −$155.2M | −$138.6M | −$128.7M | −$84.8M | −$63.3M | −$69.6M | −$77.2M | −$47.5M | −$39.4M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | — | — | $136.2M | $112.4M | $0 | $0 | $160.8M | $153.8M | $192.7M | $141.7M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $153.8M | $193.7M | $136.2M | $112.4M | $1.60B | $1.19B | $1.49B | $153.8M | $192.7M | $141.7M |
| Key figures | ||||||||||
| Total debt | $220.3M | $563.0M | $729.5M | $845.6M | $1.07B | $1.02B | $1.30B | $1.50B | $1.60B | $1.20B |
| Net cash (debt) | −$162.5M | −$531.1M | −$691.0M | −$810.8M | −$996.9M | −$963.7M | −$1.26B | −$1.48B | −$1.54B | −$1.17B |
| Working capital | −$90.5M | −$520.6M | −$690.6M | $40.1M | $159.3M | $108.5M | $76.7M | $97.5M | $50.3M | $84.4M |
| Tangible book value | $153.8M | $193.7M | $136.2M | $112.4M | $1.60B | $1.19B | $1.49B | $153.8M | $192.7M | $141.7M |
| Book value per share | $4.09 | $7.13 | $9.16 | $8.54 | $125.80 | $96.60 | $119.20 | $12.01 | $16.61 | $15.53 |
| Shares outstanding | 37.6M | 27.2M | 14.9M | 13.2M | 12.7M | 12.4M | 12.5M | 12.8M | 11.6M | 9.1M |
| Current ratio | 0.46 | 0.13 | 0.12 | 1.80 | 57.03 | 71.76 | 21.39 | 16.47 | 14.22 | 29.44 |
| Quick ratio | 0.46 | 0.13 | 0.12 | 1.80 | 57.03 | 71.76 | 21.39 | 19.42 | 28.96 | 40.73 |
| Debt / equity | 1.43 | 2.91 | 5.35 | 7.52 | 0.67 | 0.86 | 0.87 | 9.74 | 8.30 | 8.47 |
| Equity / assets | 39.8% | 23.5% | 14.4% | 10.7% | 99.8% | 99.9% | 99.7% | 9.2% | 10.2% | 9.9% |
| Jun '26 | Mar '26 | Sep '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | Jun '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||||
| Cash & short-term investments | $23.5M | $57.7M | $20.1M | $17.4M | $31.8M | $25.7M | $118.8M | $22.4M | $38.5M | $40.0M | $43.7M |
| Cash & equivalents | $23.5M | $57.7M | $20.1M | $36.6M | $31.8M | $25.7M | $118.8M | $22.4M | $38.5M | $40.0M | $43.7M |
| Short-term investments | — | — | — | — | — | — | $16.4M | $82.3M | $74.3M | $37.1M | $12.2M |
| Receivables | $0 | $18.1M | $0 | $6.4M | $43.1M | $59.4M | $80.5M | $46.4M | $58.9M | $49.6M | $35.7M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $23.5M | $57.7M | $20.1M | $23.8M | $75.0M | $85.1M | $199.3M | $68.8M | $97.4M | $89.6M | $79.4M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $381.3M | $754.2M | $683.9M | $618.8M | $636.4M | $812.0M | $773.5M | $836.3M | $921.2M |
| Other non-current assets | $359.1M | $329.2M | $14.3M | $0 | $65.2M | $48.4M | $97.8M | $83.1M | $74.7M | $138.6M | $83.4M |
| Total assets | $382.5M | $386.9M | $415.7M | $363.9M | $824.1M | $752.3M | $933.5M | $964.0M | $945.7M | $1.06B | $1.08B |
| Liabilities | |||||||||||
| Accounts payable | — | — | $3.8M | $2.8M | $32.5M | $23.8M | $148.1M | $60.1M | $57.3M | $75.3M | $54.1M |
| Short-term debt | $151.9M | $166.3M | $175.3M | $112.7M | $563.0M | $486.9M | $578.5M | $683.2M | $729.5M | $811.2M | $875.0M |
| Deferred revenue | — | — | — | — | — | — | $430.4M | $623.1M | $672.3M | −$735.9M | −$820.9M |
| Total current liabilities | $151.9M | $166.3M | $8.4M | $112.7M | $595.5M | $513.3M | $728.3M | $745.0M | $788.0M | $887.9M | $54.1M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $2.5M |
| Other long-term liabilities | $71.1M | $0 | $182.2M | $0 | $34.8M | $47.4M | $59.0M | $76.0M | $21.5M | $65.1M | $89.8M |
| Total liabilities | $222.8M | $219.9M | $190.7M | $21.5M | $630.4M | $560.7M | $787.3M | $821.0M | $809.5M | $953.0M | $54.1M |
| Shareholders' equity | |||||||||||
| Common stock & paid-in capital | $159.7M | $153.8M | $400.4M | $225.1M | $297,000 | $280,000 | $211,000 | $198,000 | $186,000 | $159,000 | $144,000 |
| Retained earnings (deficit) | — | — | −$175.3M | −$171.7M | −$155.2M | −$146.2M | −$145.2M | −$139.4M | −$138.6M | −$147.0M | −$131.8M |
| Total shareholders' equity | $159.7M | $153.8M | $225.1M | $225.1M | $193.7M | $191.6M | $146.1M | $142.9M | $136.2M | $111.5M | $116.7M |
| Key figures | |||||||||||
| Total debt | $205.9M | $220.3M | $175.3M | $112.7M | $563.0M | $486.9M | $578.5M | $683.2M | $729.5M | $811.2M | $877.5M |
| Net cash (debt) | −$182.5M | −$162.5M | −$155.2M | −$95.3M | −$531.1M | −$461.2M | −$459.7M | −$660.7M | −$691.0M | −$771.2M | −$833.8M |
| Working capital | −$128.5M | −$108.5M | $11.7M | −$88.9M | −$520.6M | −$428.1M | −$529.0M | −$676.2M | −$690.6M | −$798.3M | $25.3M |
| Tangible book value | $159.7M | $153.8M | $225.1M | $225.1M | $193.7M | $191.6M | $146.1M | $142.9M | $136.2M | $111.5M | $116.7M |
| Book value per share | $4.24 | $4.09 | $6.47 | $6.47 | $6.74 | $7.49 | $7.18 | $7.31 | $8.18 | $7.33 | $8.37 |
| Shares outstanding | 37.6M | 37.6M | 34.8M | 34.8M | 28.7M | 25.6M | 20.4M | 19.5M | 16.7M | 15.2M | 13.9M |
| Current ratio | 0.15 | 0.35 | 2.39 | 0.21 | 0.13 | 0.17 | 0.27 | 0.09 | 0.12 | 0.10 | 1.47 |
| Quick ratio | 0.15 | 0.46 | 2.39 | 0.21 | 0.13 | 0.17 | 0.27 | 0.09 | 0.12 | 0.10 | 1.47 |
| Debt / equity | 1.29 | 1.43 | 0.78 | 0.50 | 2.91 | 2.54 | 3.96 | 4.78 | 5.35 | 7.28 | 7.52 |
| Equity / assets | 41.8% | 39.8% | 54.1% | 61.8% | 23.5% | 25.5% | 15.7% | 14.8% | 14.4% | 10.5% | 10.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed December 31, 2025); data from EODHD.
EARN financial position
At the end of fiscal 2025 (December 31, 2025), Ellington Residential Mortgage REIT had total assets of $386.9 million (down 53.0% from a year earlier), total liabilities of $233.1 million and shareholders' equity of $153.8 million. It held $57.7 million in cash and short-term investments against $220.3 million of debt, net debt of $162.5 million. Its current ratio was 0.46. In the latest quarter (ended June 30, 2026) total assets were $382.5 million and equity $159.7 million.
Related: EARN income statement, EARN cash flow statement, EARN key metrics. See the EARN stock overview for the latest quote and news.
EARN balance sheet FAQ
What are Ellington Residential Mortgage REIT's total assets?
Ellington Residential Mortgage REIT reported total assets of $386.9 million at the end of fiscal 2025 (December 31, 2025), compared with $824.1 million a year earlier.
How much debt does Ellington Residential Mortgage REIT have?
Ellington Residential Mortgage REIT had $220.3 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 1.43.
How much cash does Ellington Residential Mortgage REIT have?
Ellington Residential Mortgage REIT held $57.7 million in cash and short-term investments at the end of fiscal 2025; with $220.3 million of debt that is net debt of $162.5 million.
What is Ellington Residential Mortgage REIT's book value?
Ellington Residential Mortgage REIT's shareholders' equity (book value) was $153.8 million at the end of fiscal 2025, or $4.09 per share.
What is Ellington Residential Mortgage REIT's current ratio?
Ellington Residential Mortgage REIT had current assets of $75.8 million and current liabilities of $166.3 million, a current ratio of 0.46 (current liabilities exceed current assets).