Consolidated Balance Sheet - USD ($) $ in Thousands		Sep. 30, 2025	Dec. 31, 2024
Assets
Cash and cash equivalents	[1]	$ 184,809	$ 192,387
Restricted cash	[1]	20,769	16,561
Securities, at fair value(1)(2)	[1],[2]	909,851	962,254
Loans, at fair value(1)(2)	[1],[2]	15,531,299	13,999,572
Loan commitments, at fair value		8,827	6,692
Forward MSR-related investments, at fair value(1)	[1]	74,694	77,848
Mortgage servicing rights, at fair value		29,055	29,766
Investments in unconsolidated entities, at fair value(1)	[1]	287,686	220,078
Real estate owned(1)(2)	[1],[2]	52,083	46,661
Financial derivatives—assets, at fair value		151,155	184,395
Reverse repurchase agreements		365,716	336,743
Due from brokers		40,714	22,186
Investment related receivables(1)	[1]	159,614	189,081
Other assets(1)	[1]	28,276	32,804
Total Assets		17,844,548	16,317,028
Liabilities
Securities sold short, at fair value		234,046	293,574
Repurchase agreements(1)	[1]	2,800,964	2,584,040
Financial derivatives—liabilities, at fair value		60,763	71,024
Due to brokers		43,001	55,429
Investment related payables		41,321	22,714
Other secured borrowings(1)	[1]	189,203	253,300
Other secured borrowings, at fair value(1)	[1]	2,213,994	1,934,309
HMBS-related obligations, at fair value		10,117,649	9,150,883
Unsecured borrowings, at fair value		251,927	281,912
Base management fee payable to affiliate		6,173	5,888
Dividends payable		18,597	16,611
Interest payable(1)	[1]	20,612	17,956
Accrued expenses and other liabilities(1)	[1]	50,478	38,566
Total Liabilities		16,048,728	14,726,206
Commitments and contingencies
ANALYSIS OF EQUITY:
Preferred stock, par value $0.001 per share, 100,000,000 shares authorized; 13,800,089 and 13,800,089 shares issued and outstanding, and $345,002 and $345,002 aggregate liquidation preference, respectively		331,958	331,958
Common stock, par value $0.001 per share, 300,000,000 shares authorized; 106,066,429 and 90,678,492 shares issued and outstanding, respectively		106	91
Additional paid-in-capital		1,818,381	1,613,540
Retained earnings (accumulated deficit)		(384,724)	(375,113)
Total Stockholders' Equity		1,765,721	1,570,476
Non-controlling interests(1)	[1]	30,099	20,346
Total Equity		1,795,820	1,590,822
Total Liabilities and Equity		$ 17,844,548	$ 16,317,028

[1] Ellington Financial Inc.'s Condensed Consolidated Balance Sheets include assets and liabilities of variable interest entities it has consolidated. See Note 12 for additional details on Ellington Financial Inc.'s consolidated variable interest entities.

[2] Includes assets pledged as collateral to counterparties. See Note 14 for additional details on the Company's borrowings and related collateral.