Ellington Financial Inc. (EFC) Balance Sheet
EFC balance sheet, 2025
December 31, 2025 · U.S. dollars$19.35B assets = $17.48B liabilities + $1.87B equity
Both columns are drawn to the same scale: what EFC owns equals what it owes plus shareholders’ equity. Hover a block for its value.
EFC financial health
Descriptive bands, not a rating. Fiscal 2025.
EFC balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $2.41B2016 | $19.35B2025 | +26.0%/yr | |
| Total liabilities | $1.77B2016 | $17.48B2025 | +29.0%/yr | |
| Shareholders’ equity | $637.7M2016 | $1.83B2025 | +12.5%/yr | |
| Cash & short-term investments | $123.3M2016 | $201.9M2025 | +5.6%/yr | |
| Total debt | $1.06B2016 | $16.96B2025 | +36.1%/yr | |
| Net cash (debt) | −$934.4M2016 | −$16.76B2025 | −$15.8B | |
| Working capital | $53.0M2016 | −$2.45B2025 | −$2.5B | |
| Book value per share | $19.202016 | $18.452025 | −0.4%/yr | |
| Current ratio | 1.582016 | 0.082025 | −1.50 | |
| Debt / equity | 1.662016 | 9.252025 | +7.59 | |
| Shares outstanding | 33.2M2016 | 99.4M2025 | +13.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
EFC assets
EFC liabilities and equity
EFC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
EFC balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $201.9M | $192.4M | $230.5M | $221.9M | $92.7M | $111.6M | $72.5M | $44.7M | $47.2M | $123.3M |
| Cash & equivalents | $201.9M | $192.4M | $228.9M | $221.9M | $92.7M | $111.6M | $72.5M | $44.7M | $47.2M | $123.3M |
| Short-term investments | — | — | $1.6M | $226.4M | $123.2M | $38.6M | $73.6M | $61.3M | $155.9M | $184.8M |
| Receivables | $213.1M | $211.3M | $584.4M | $176.2M | $215.7M | $112.5M | $202.9M | $890.3M | $646.1M | $560.5M |
| Inventory | $0 | $0 | $22.1M | $28.4M | $24.7M | $23.6M | −$16.8M | −$20.0M | −$28.2M | $145.6M |
| Other current assets | $0 | $0 | $12.62B | $0 | $0 | $0 | $16.6M | $20.0M | $0 | $0 |
| Total current assets | $201.9M | $192.4M | $13.46B | $217.1M | $308.4M | $224.1M | $275.3M | $935.0M | $76.9M | $145.0M |
| Property, plant & equipment (net) | $0 | $6.5M | $4.4M | $5.2M | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $28.9M | $29.8M | $29.6M | $8.1M | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $18.22B | $15.45B | $14.25B | $1.59B | $4.72B | $3.16B | $2.47B | $20.0M | $28.2M | $35.6M |
| Other non-current assets | $904.5M | $637.5M | $0 | $12.26B | $151.8M | $26.3M | $1.60B | $3.02B | $2.89B | $2.23B |
| Total assets | $19.35B | $16.32B | $15.32B | $14.09B | $5.18B | $3.41B | $4.34B | $3.97B | $2.99B | $2.41B |
| Liabilities | ||||||||||
| Accounts payable | $82.3M | $57.3M | $71.9M | $84.0M | $54.0M | $13.7M | $80.4M | $495.6M | $208.6M | $92.0M |
| Short-term debt | $2.66B | $4.25B | $4.61B | $4.66B | $2.99B | $1.77B | $2.64B | $1.50B | $1.21B | $1.03B |
| Deferred revenue | — | — | −$957,000 | −$4.58B | −$2.94B | −$1.76B | −$2.30B | −$1.00B | −$996.8M | −$941.6M |
| Total current liabilities | $2.66B | $118.6M | $5.09B | $5.07B | $54.0M | $13.7M | $2.81B | $495.6M | $212.5M | $92.0M |
| Long-term debt | $15.17B | $11.82B | $10.37B | $54.2M | $1.17B | $891.5M | $112.9M | $85.0M | $84.8M | $0 |
| Other long-term liabilities | $0 | $4.5M | $0 | $9.74B | $2.47B | $1.50B | $3.16B | $1.91B | $1.39B | $1.06B |
| Total liabilities | $17.48B | $14.73B | $13.78B | $12.87B | $3.85B | $2.49B | $3.47B | $3.38B | $2.37B | $1.77B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $113,000 | $91,000 | $83,000 | $64,000 | $58,000 | $44,000 | $39,000 | $563.8M | $589.7M | $627.6M |
| Retained earnings (deficit) | −$413.0M | −$375.1M | −$353.4M | −$290.9M | −$97.3M | −$141.5M | −$103.6M | $563.8M | $600.1M | $637.7M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | — | — | −$355.6M | $0 | $1.32B | $0 | $0 | $595.2M | $0 | $0 |
| Minority interest | $36.9M | $20.3M | $18.5M | $24.9M | $32.2M | — | $39.4M | $31.3M | $20.9M | $7.1M |
| Total shareholders' equity | $1.83B | $1.57B | $1.52B | $1.20B | $1.32B | $921.6M | $829.3M | $563.8M | $600.1M | $637.7M |
| Key figures | ||||||||||
| Total debt | $16.96B | $14.20B | $13.33B | $12.40B | $4.16B | $2.67B | $3.28B | $2.00B | $1.48B | $1.06B |
| Net cash (debt) | −$16.76B | −$14.01B | −$13.10B | −$12.18B | −$4.07B | −$2.55B | −$3.20B | −$1.95B | −$1.43B | −$934.4M |
| Working capital | −$2.45B | $73.8M | $8.36B | −$4.85B | $254.4M | $210.4M | −$2.53B | $439.4M | −$135.6M | $53.0M |
| Tangible book value | $1.81B | $1.54B | $1.49B | $1.19B | $1.32B | $921.6M | $829.3M | $563.8M | $600.1M | $637.7M |
| Book value per share | $18.45 | $18.08 | $21.97 | $19.73 | $26.89 | $20.89 | $25.86 | $18.36 | $18.43 | $19.20 |
| Shares outstanding | 99.4M | 86.9M | 69.1M | 60.6M | 49.2M | 44.1M | 32.1M | 30.7M | 32.6M | 33.2M |
| Current ratio | 0.08 | 1.62 | 2.64 | 0.04 | 5.71 | 16.33 | 0.10 | 1.89 | 0.36 | 1.58 |
| Quick ratio | 0.16 | 3.40 | 0.16 | 0.08 | 5.71 | 16.33 | 0.10 | 1.89 | 3.26 | 7.44 |
| Debt / equity | 9.25 | 9.04 | 8.79 | 10.37 | 3.14 | 2.89 | 3.95 | 3.54 | 2.46 | 1.66 |
| Equity / assets | 9.5% | 9.6% | 9.9% | 8.5% | 25.6% | 27.0% | 19.1% | 14.2% | 20.0% | 26.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $247.5M | $163.2M | $201.9M | $184.8M | $211.0M | $203.3M | $192.4M | $217.7M | $198.5M | $521.4M | $230.5M | $174.7M |
| Cash & equivalents | $247.5M | $163.2M | $201.9M | $184.8M | $211.0M | $203.3M | $192.4M | $217.7M | $198.5M | $187.5M | $228.9M | $174.7M |
| Short-term investments | — | — | — | — | — | — | — | — | $85.7M | $183.6M | $1.6M | $175.2M |
| Receivables | $0 | $288.9M | $221.7M | $204.2M | $220.5M | $233.2M | $211.3M | $224.9M | $217.6M | $217.2M | $584.4M | $206.3M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$162.2M | $20.0M | $22.1M | $23.6M |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $13.27B | $12.70B | $0 | $0 |
| Total current assets | $247.5M | $163.2M | $201.9M | $202.2M | $228.8M | $203.3M | $192.4M | $217.7M | $13.52B | $13.46B | $228.9M | $174.7M |
| Property, plant & equipment (net) | $4.8M | $4.9M | $0 | $5.1M | $5.2M | $5.4M | $0 | $0 | $7.0M | $7.4M | $4.4M | $4.8M |
| Goodwill & intangible assets | $30.0M | $30.2M | $28.9M | $30.9M | $31.2M | $31.6M | $29.8M | $28.9M | $29.5M | $29.9M | $29.6M | $29.7M |
| Long-term investments | $19.77B | $19.12B | $18.22B | $16.96B | $16.17B | $15.74B | $15.45B | $15.08B | $14.46B | $14.41B | $14.25B | $13.74B |
| Other non-current assets | $978.4M | $919.2M | $904.5M | $642.9M | $637.5M | $664.3M | $644.0M | $629.2M | $0 | $0 | $801.7M | $497.8M |
| Total assets | $21.03B | $20.23B | $19.35B | $17.84B | $17.07B | $16.64B | $16.32B | $15.95B | $15.09B | $15.13B | $15.32B | $14.45B |
| Liabilities | ||||||||||||
| Accounts payable | $85.9M | $92.2M | $82.3M | $80.5M | $77.7M | $66.0M | $57.3M | $62.1M | $71.3M | $72.7M | $71.9M | $71.1M |
| Short-term debt | $3.06B | $4.90B | $4.73B | $4.75B | $4.24B | $2.47B | $2.45B | $1.97B | $3.95B | $4.13B | $4.61B | $2.96B |
| Deferred revenue | — | — | — | — | — | — | — | — | −$2.26B | −$2.48B | — | −$2.89B |
| Total current liabilities | $3.06B | $4.90B | $137.3M | $129.7M | $114.1M | $2.90B | $2.90B | $2.43B | $3.95B | $4.51B | $3.35B | $71.1M |
| Long-term debt | $0 | $0 | $15.17B | $13.50B | $12.79B | $12.10B | $11.82B | $11.40B | $0 | $0 | $0 | $10.08B |
| Other long-term liabilities | $15.96B | $13.37B | $2.18B | $2.42B | $2.48B | $0 | $4.5M | $496.1M | $9.36B | $9.07B | $2.6M | $2.57B |
| Total liabilities | $19.03B | $18.28B | $17.48B | $16.05B | $15.38B | $15.01B | $14.73B | $14.33B | $13.52B | $13.58B | $13.78B | $13.11B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $128,000 | $125,000 | $113,000 | $106,000 | $98,000 | $94,000 | $91,000 | $91,000 | $85,000 | $85,000 | $83,000 | $68,000 |
| Retained earnings (deficit) | −$360.9M | −$366.1M | −$413.0M | −$384.7M | −$374.0M | −$379.3M | −$375.1M | −$362.1M | −$343.9M | −$363.0M | −$353.4M | −$333.6M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | −$355.6M | $0 | $0 | −$355.6M | −$323.9M |
| Minority interest | $33.3M | $37.9M | $36.9M | $30.1M | $24.0M | — | — | — | — | — | — | — |
| Total shareholders' equity | $1.97B | $1.92B | $1.83B | $1.77B | $1.67B | $1.61B | $1.57B | $1.61B | $1.55B | $1.53B | $1.52B | $1.31B |
| Key figures | ||||||||||||
| Total debt | $18.49B | $17.69B | $16.96B | $15.57B | $14.88B | $14.57B | $14.28B | $13.86B | $13.21B | $13.20B | $13.33B | $13.04B |
| Net cash (debt) | −$18.24B | −$17.53B | −$16.76B | −$15.39B | −$14.67B | −$14.37B | −$14.09B | −$13.65B | −$13.01B | −$12.68B | −$13.10B | −$12.86B |
| Working capital | −$2.82B | −$4.74B | $64.6M | $72.5M | $114.7M | −$2.70B | −$2.71B | −$2.21B | $9.57B | $8.95B | −$3.12B | $103.6M |
| Tangible book value | $1.94B | $1.89B | $1.81B | $1.73B | $1.63B | $1.58B | $1.54B | $1.58B | $1.52B | $1.50B | $1.49B | $1.28B |
| Book value per share | $15.65 | $15.78 | $18.45 | $17.38 | $17.37 | $17.62 | $17.60 | $18.26 | $18.26 | $18.15 | $21.03 | $19.15 |
| Shares outstanding | 125.6M | 121.7M | 99.4M | 101.6M | 95.9M | 91.6M | 89.2M | 88.0M | 85.0M | 84.5M | 72.1M | 68.6M |
| Current ratio | 0.08 | 0.03 | 1.47 | 1.56 | 2.00 | 0.07 | 0.07 | 0.09 | 3.42 | 2.99 | 0.07 | 2.46 |
| Quick ratio | 0.08 | 0.09 | 3.09 | 3.00 | 3.78 | 0.15 | 0.14 | 0.18 | 0.11 | 0.16 | 0.24 | 5.36 |
| Debt / equity | 9.40 | 9.21 | 9.25 | 8.82 | 8.93 | 9.03 | 9.09 | 8.63 | 8.50 | 8.61 | 8.79 | 9.92 |
| Equity / assets | 9.3% | 9.5% | 9.5% | 9.9% | 9.8% | 9.7% | 9.6% | 10.1% | 10.3% | 10.1% | 9.9% | 9.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 2, 2026); data from EODHD.
EFC financial position
At the end of fiscal 2025 (December 31, 2025), Ellington Financial had total assets of $19.4 billion (up 18.6% from a year earlier), total liabilities of $17.5 billion and shareholders' equity of $1.8 billion. It held $201.9 million in cash and short-term investments against $17.0 billion of debt, net debt of $16.8 billion. Its current ratio was 0.08. In the latest quarter (ended June 30, 2026) total assets were $21.0 billion and equity $2.0 billion.
Related: EFC income statement, EFC cash flow statement, EFC key metrics. See the EFC stock overview for the latest quote and news.
EFC balance sheet FAQ
What are Ellington Financial's total assets?
Ellington Financial reported total assets of $19.4 billion at the end of fiscal 2025 (December 31, 2025), compared with $16.3 billion a year earlier.
How much debt does Ellington Financial have?
Ellington Financial had $17.0 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 9.25.
How much cash does Ellington Financial have?
Ellington Financial held $201.9 million in cash and short-term investments at the end of fiscal 2025; with $17.0 billion of debt that is net debt of $16.8 billion.
What is Ellington Financial's book value?
Ellington Financial's shareholders' equity (book value) was $1.8 billion at the end of fiscal 2025, or $18.45 per share.
What is Ellington Financial's current ratio?
Ellington Financial had current assets of $201.9 million and current liabilities of $2.7 billion, a current ratio of 0.08 (current liabilities exceed current assets).
How much goodwill does Ellington Financial have?
Ellington Financial carried $28.9 million of goodwill and intangible assets, 0.1% of total assets, at the end of fiscal 2025.