Ellington投资 2025年度报告

UNITED STATESSECURITIESANDEXCHANGECOMMIISSIONWASHINGTON, D.C. 20549 FORM 10-K ANNUALREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOFor the fiscal year ended December 31, 2025ORTRANSITIONREPORTPURSUANTTO SECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOFFor the transition period fromtoCommission file number 001-34569 Ellington Financial Inc. 53 Forest AvenueOld Greenwich, Connecticut, 06870(Address of Principal Executive Offices) (Zip Code)(203)698-1200(Registrant's Telephone Number, Including Area Code) Securities registered pursuant to Section 12(b) of the Act: Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Reg Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 ofthe SecuritiesAct.YesμNo Indicatebycheckmarkif theregistrantisnotrequiredtofilereportspursuanttoSection13orSection15(d)of theE:Act.YesNo Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of thSecurities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was requfile such reports), and (2) has been subject to such filing requirements for the past 90 days.Yes区No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule 405 of Regulation S-T (s 232.405 of this chapter) during the preceding 12 months (or for sushorterperiod thattheregistrantwas requiredto submitsuchfiles).Yes No Indicate by check mark whether theregistrant is a large accelerated filer, an accelerated filer,a non-accelerated filer,smaller reporting company, or an emerging growth company. See the definitions of"large accelerated filer,""accelerate"smaller reporting company," and"emerging growth company" in Rule 12b-2 of the Exchange Act. 区Accelerated FilerSmaller Reporting CompanyEmerging Growth Company Large Accelerated FilerNon-Accelerated Filer If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transitio!for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchan口 Tableof Contents Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment ofteffectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b))bytheregisteredpublicaccountingfirmthatpreparedorissueditsaudit report. If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statemeithe registrant included in the filing reflect the correction of an error to previously issued financial statements. Indicatebycheckmarkwhetheranyofthose errorcorrections arerestatements thatrequired a recoveryanalysis of inbased compensation received by any of theregistrant's executive officers during the relevant recovery period pursuant t$240.10D-1(b).口 Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).YNo区 As of the last business day of the Registrant's most recently completed second fiscal quarter, the aggregate market valYorkStockExchangeonthatdate. Number of shares of the Registrant's common stock outstanding as of February 27,2026: 124,649,023 DOCUMENTSINCORPORATEDBYREFERENCE Portions of the Registrant's definitive Proxy Statement with respect to its 2026 Annual Meeting of Stockholders tcnotlaterthanApril30,2026areincorporatedbyreferenceintoPartflhereofasnotedtherein. PARTI 1.Business1A.RiskFactorsIB.Unresolved Staff Comments1C.Cybersecurity2.Properties3.Legal Proceedings4.Mine Safety DisclosuresPART II5.Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecurities6.[Reserved]7.Management's Discussion and Analysis of Financial Condition and Results of Operations7A.Quantitative and Qualitative Disclosures About Market Risk8.FinancialStatementsandSupplementaryData9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure9A.Controls andProcedures9B.OtherInformation9C.Disclosure Regarding Foreign Jurisdictions that Prevent InspectionsPART III10.Directors, Executive Officers and Corporate Governance11.ExecutiveCompensation12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters13.Certain Relationships and Related Transactions,and Director Independence14.PrincipalAccountantFeesandServicesPARTIV15.Exhibits and Financial Statement Schedules16.Form 10-K Summary PARTI Item1.Business Except where the context suggests otherwise, references in this Annual Report on Form 10-K to"EFC,""we,""us"our"refer to Ellington Financial Inc.and its consolidated subsidiaries, including Ellington Financial Operating PartrLLC, our operating partnership