Ellington Financial's Longbridge segment generated $57.5 million in net income in the first quarter, helping the company report earnings of 78 cents per share, up from 35 cents a year earlier. Longbridge originated $515.4 million of new loans, a 52% increase from the same period in 2025, with wholesale and correspondent channels accounting for 70% of volume and retail the remaining 30%. The portfolio grew 13% sequentially to $695.1 million, driven by strong proprietary reverse mortgage originations. Results also included gains from a proprietary reverse mortgage loan securitization, interest-rate hedges, and a $17 million litigation settlement, meaning not every benefit should be viewed as recurring. Longbridge's interest expense rose to $28.8 million from $16.6 million as average borrowings increased to $2 billion from $1 billion, while investment and transaction-related expenses climbed to $15.8 million from $10.8 million.
Ellington Financial Inc.Earnings jumped to 78 cents per share from 35 cents, driven by Longbridge segment net income of $57.5 million.
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