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SEC Filings

Form 10-K
ELLINGTON FINANCIAL INC. filed this Form 10-K on 03/14/2019
Document Outline
Entire Document (19919.4 KB)
Subdocument 1 - 10-K - 10-K
Page 1 - UNITED STATES
Page 2 - ELLINGTON FINANCIAL LLC
Page 3 - PART I
Page 4 - Our Manager and Ellington
Page 5 - Our Strategy
Page 6 - Investment Process
Page 7 - Credit Risk Hedging
Page 8 - Management Agreement
Page 9 - Base Management Fees, Incentive Fees, and Reimbursement of Expenses
Page 10 - Reimbursement of Expenses
Page 11 - Conflicts of Interest; Equitable Allocation of Opportunities
Page 12 - Split Price Executions
Page 13 - Operating and Regulatory Structure
Page 14 - Investment Advisers Act of 1940
Page 15 - adversely affected. The risks and uncertainties described below are not the only ones we face. Addit
Page 16 - Mortgage loan modification programs and future legislative action may adversely affect the value of,
Page 17 - Less stringent underwriting guidelines and the resultant potential for delinquencies or defaults on
Page 18 - Valuations of some of our assets are inherently uncertain, may be based on estimates, may fluctuate
Page 19 - We rely on mortgage servicers for our loss mitigation efforts, and we also may engage in our own los
Page 20 - Our assets include subordinated and lower-rated securities that generally have greater risk of loss
Page 21 - Increases in interest rates could negatively affect the value of our assets and increase the risk of
Page 22 - Residential mortgage loans, including residential NPLs, non-QM loans, and residential transition loa
Page 23 - Our investments in CMBS are at risk of loss.
Page 24 - Our real estate assets and our real estate-related assets (including mortgage loans and MBS) are sub
Page 25 - We use leverage in executing our business strategy, which may adversely affect the return on our ass
Page 26 - A failure to comply with restrictive covenants in our financing arrangements would have a material a
Page 27 - Changes in banks inter-bank lending rate reporting practices or the method pursuant to which LIBOR i
Page 28 - Our investments that are denominated in foreign currencies subject us to foreign currency risk, whic
Page 29 - Hedging instruments and other derivatives, including some credit default swaps, may not, in many cas
Page 30 - Certain of our hedging instruments are regulated by the CFTC and such regulations may adversely impa
Page 31 - Our rights under our reverse repos are subject to the effects of the bankruptcy laws in the event of
Page 32 - We or Ellington or its affiliates may be subject to regulatory inquiries or proceedings.
Page 33 - We are highly dependent on information systems and system failures could significantly disrupt our b
Page 34 - We could be subject to liability for potential violations of predatory lending laws, which could mat
Page 35 - Our investments in distressed debt have significant risk of loss, and our efforts to protect our dis
Page 36 - We have made and may in the future make investments in companies that we do not control.
Page 37 - Our Manager's incentive fee may induce our Manager to acquire certain assets, including speculative
Page 38 - N/A
Page 39 - The management agreement with our Manager was not negotiated on an arm's-length basis and may not be
Page 40 - We do not own the Ellington brand or trademark, but may use the brand and trademark as well as our l
Page 41 - Future offerings of debt or equity securities may adversely affect the market price of our securitie
Page 42 - Investing in our securities involves a high degree of risk.
Page 43 - Our certificate of incorporation designates the Court of Chancery of the State of Delaware as the so
Page 44 - Maintenance of our exclusion from registration as an investment company under the Investment Company
Page 45 - U.S. Federal Income Tax Risks
Page 46 - Complying with REIT requirements may cause us to forego or liquidate otherwise attractive investment
Page 47 - Even if we qualify as a REIT, we may face other tax liabilities that reduce our cash flows.
Page 48 - Our ownership of and relationship with our TRSs will be limited, and a failure to comply with the li
Page 49 - We may be subject to adverse legislative or regulatory tax changes that could reduce the market pric
Page 50 - The interest apportionment rules may affect our ability to comply with the REIT asset and gross inco
Page 51 - Our qualification as a REIT and exemption from U.S. federal income tax with respect to certain asset
Page 52 - Equity Compensation Plan Information
Page 53 - Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
Page 54 - N/A
Page 55 - Our Targeted Asset Classes
Page 56 - Agency RMBS
Page 57 - Commercial Mortgage Loans and Other Commercial Real Estate Debt
Page 58 - Residential Mortgage Loans
Page 59 - Foreign Currency Hedging
Page 60 - Portfolio Overview and Outlook
Page 61 - Credit Summary
Page 62 - Agency RMBS Summary
Page 63 - N/A
Page 64 - Financing
Page 65 - Financial Services-Investment Companies
Page 66 - Financial Condition
Page 67 - N/A
Page 68 - Trends and Recent Market Developments Portfolio Overview and Outlook
Page 69 - Liquidity and Capital Resources
Page 70 - Results of Operations for the Years Ended December 31, 2018 and 2017
Page 71 - Net Investment Income
Page 72 - Incentive Fees
Page 73 - Other Investment Related Expenses
Page 74 - Liquidity and Capital Resources
Page 75 - N/A
Page 76 - N/A
Page 77 - N/A
Page 78 - Contractual Obligations and Commitments
Page 79 - Credit Risk
Page 80 - Prepayment Risk
Page 81 - Business Special Note Regarding Forward-Looking Statements.
Page 82 - Item 8. Financial Statements and Supplementary Data
Page 83 - Report of Independent Registered Public Accounting Firm
Page 84 - Definition and Limitations of Internal Control over Financial Reporting
Page 85 - ELLINGTON FINANCIAL LLC
Page 86 - ELLINGTON FINANCIAL LLC
Page 87 - ELLINGTON FINANCIAL LLC
Page 88 - ELLINGTON FINANCIAL LLC
Page 89 - ELLINGTON FINANCIAL LLC
Page 90 - ELLINGTON FINANCIAL LLC
Page 91 - ELLINGTON FINANCIAL LLC
Page 92 - ELLINGTON FINANCIAL LLC
Page 93 - ELLINGTON FINANCIAL LLC
Page 94 - ELLINGTON FINANCIAL LLC
Page 95 - ELLINGTON FINANCIAL LLC
Page 96 - ELLINGTON FINANCIAL LLC
Page 97 - ELLINGTON FINANCIAL LLC
Page 98 - ELLINGTON FINANCIAL LLC
Page 99 - ELLINGTON FINANCIAL LLC
Page 100 - ELLINGTON FINANCIAL LLC
Page 101 - ELLINGTON FINANCIAL LLC
Page 102 - ELLINGTON FINANCIAL LLC
Page 103 - ELLINGTON FINANCIAL LLC
Page 104 - ELLINGTON FINANCIAL LLC
Page 105 - ELLINGTON FINANCIAL LLC
Page 106 - ELLINGTON FINANCIAL LLC
Page 107 - ELLINGTON FINANCIAL LLC
Page 108 - ELLINGTON FINANCIAL LLC
Page 109 - ELLINGTON FINANCIAL LLC
Page 110 - ELLINGTON FINANCIAL LLC
Page 111 - ELLINGTON FINANCIAL LLC
Page 112 - ELLINGTON FINANCIAL LLC
Page 113 - ELLINGTON FINANCIAL LLC
Page 114 - ELLINGTON FINANCIAL LLC
Page 115 - CONSOLIDATED STATEMENT OF OPERATION
Page 116 - ELLINGTON FINANCIAL LLC
Page 117 - ELLINGTON FINANCIAL LLC
Page 118 - CONSOLIDATED STATEMENT OF CASH FLOWS
Page 119 - ELLINGTON FINANCIAL LLC
Page 120 - Summary Valuation Techniques
Page 121 - Consolidation
Page 122 - N/A
Page 123 - Swaps
Page 124 - Forward Currency Contracts
Page 125 - N/A
Page 126 - N/A
Page 127 - Compensation Stock Compensation Improvements to Nonemployee Share-Based Payment AccountingCompensati
Page 128 - 3. Valuation
Page 129 - N/A
Page 130 - N/A
Page 131 - N/A
Page 132 - N/A
Page 133 - N/A
Page 134 - N/A
Page 135 - Level 3 Fair Value Measurement Using Significant Unobservable Inputs:
Page 136 - Year Ended December 31, 2017
Page 137 - 4. To Be Announced RMBS
Page 138 - 5. Financial Derivatives
Page 139 - Year Ended December 31, 2017:
Page 140 - i.e.
Page 141 - Participation in CLO Transactions
Page 142 - Residential Mortgage Loan Securitizations
Page 143 - N/A
Page 144 - 7. Borrowings
Page 145 - Other Secured Borrowings
Page 146 - Unsecured Borrowings
Page 147 - Schedule of Principal Repayments
Page 148 - i.e.
Page 149 - Equity Investments in Certain Mortgage Originators
Page 150 - Participation in Multi-Borrower Financing Facilities
Page 151 - Participation in CLO Transactions
Page 152 - 11. Non-controlling Interests
Page 153 - Joint Venture Interests
Page 154 - 13. Earnings Per Share
Page 155 - 15. Restricted Cash
Page 156 - 16. Offsetting of Assets and Liabilities
Page 157 - 17. Commitments and Contingencies
Page 158 - Total Return:
Page 159 - 19. Condensed Quarterly Financial Data (Unaudited)
Page 160 - N/A
Page 161 - 20. Subsequent Events
Page 162 - Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Page 163 - Item 9B. Other Information
Page 164 - PART III
Page 165 - N/A
Page 166 - Statement of Operations
Page 167 - Item 16. Form 10-K Summary
Page 168 - SIGNATURES
Subdocument 2 - EX-21.1 - EXHIBIT 21.1
Page 1 - N/A
Subdocument 3 - EX-23.1 - EXHIBIT 23.1
Page 1 - N/A
Subdocument 4 - EX-31.1 - EXHIBIT 31.1
Page 1 - N/A
Subdocument 5 - EX-31.2 - EXHIBIT 31.2
Page 1 - N/A
Subdocument 6 - EX-32.1 - EXHIBIT 32.1
Page 1 - N/A
Subdocument 7 - EX-32.2 - EXHIBIT 32.2
Page 1 - N/A
Subdocument 8 - EX-99.1 - EXHIBIT 99.1
Page 1 - Exhibit 99.1
Page 2 - Exhibit 99.1
Page 3 - Exhibit 99.1
Page 4 - Exhibit 99.1
Page 5 - Exhibit 99.1
Page 6 - Exhibit 99.1
Page 7 - Exhibit 99.1
Page 8 - Exhibit 99.1
Page 9 - Exhibit 99.1
Page 10 - Exhibit 99.1
Page 11 - Exhibit 99.1
Page 12 - Exhibit 99.1
Page 13 - Exhibit 99.1
Page 14 - Exhibit 99.1
Page 15 - Exhibit 99.1
Page 16 - Exhibit 99.1
Page 17 - Exhibit 99.1
Page 18 - Exhibit 99.1
Page 19 - Exhibit 99.1
Page 20 - Exhibit 99.1
Page 21 - Exhibit 99.1
Page 22 - Exhibit 99.1
Page 23 - Exhibit 99.1
Page 24 - Exhibit 99.1
Page 25 - Exhibit 99.1
Page 26 - Exhibit 99.1
Page 27 - Exhibit 99.1
Page 28 - Exhibit 99.1
Page 29 - Exhibit 99.1
Page 30 - Exhibit 99.1
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