Ellington Financial

#4781

Rank

$857.16M

MarketCap US

US United States

Country

Summary
Ellington Financial Inc., through its subsidiary, Ellington Financial Operating Partnership LLC, acquires and manages mortgage-related, consumer-related, corporate-related, and other financial assets in the United States. The company acquires and manages residential mortgage-backed securities (RMBS) backed by prime jumbo, Alt-A, manufactured housing, and subprime residential mortgage loans; RMBS for which the principal and interest payments are guaranteed by the U.S. government agency or the U.S. government-sponsored entity; residential mortgage loans; commercial mortgage-backed securities; and commercial mortgage loans and other commercial real estate debt. It also provides collateralized loan obligations; mortgage-related and non-mortgage-related derivatives; corporate debt and equity securities; corporate loans; and other strategic investments. In addition, the company offers consumer loans and asset-backed securities backed by consumer and commercial assets. Ellington Financial LLC was incorporated in 2007 and is based in Old Greenwich, Connecticut.

History

The firm was co-founded in 1994 by Mike Vranos and Laurence Penn with funding from Ziff brothers investments. By the end of 1995 the firm had become a three-fund operation with a variety of assets.Ellington was affected by the Long-Term Capital Management debacle in 1998. For a few days in mid-October, the firm sold mortgage securities to lower its funds' leverage. The firm issued a public statement describing its borrowings to quell public fears, which was considered unusual for hedge funds at the time. It clarified that although it was meeting margin calls by unloading hundreds of millions of dollars in assets over a two-day period, losses were limited. One report suggests some of Ellington's hedge funds may have temporarily lost around 25% of their value as they liquidated $2 billion in assets after allegedly missing a margin call from UBS. However, from its December 1994 inception through April 2004, the firm delivered a composite annualized return of 15.4%, after fees.


Mission
To provide shareholders with consistent, risk-adjusted returns through responsible and prudent management of our investments.

Vision
To be a premier specialty finance company and an investment of choice for shareholders.

Key Team

Mr. Mark Ira Tecotzky (Co-Chief Investment Officer)

Mr. Michael William Vranos (Co-Chief Investment Officer)

Mr. Daniel Reuven Margolis (Gen. Counsel)

Mr. Jason Frank (Deputy Gen. Counsel & Sec.)

Mr. Vincent Ambrico (Controller)


Recognition and Awards
Ellington Financial is a three-time winner of the Zacks Investment Research Top 10 Stocks award .

References
Ellington Financial
Leadership team

Mr. Laurence Eric Penn (CEO, Pres & Director)

Mr. J. R. Herlihy (CFO & Treasurer)

Mr. Christopher M. Smernoff (Chief Accounting Officer)

Products/ Services
Banking, Financial Services
Headquarters
Old Greenwich, Connecticut, United States
Established
2007
Company Registration
SEC CIK number: 0001411342
Traded as
EFC
Sat Feb 24 2024
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