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Investments in Unconsolidated Entities (Tables)
 9 Months Ended
Sep. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Investments in Unconsolidated Entities
The following table provides details about the Company's investments in unconsolidated entities as of September 30, 2025 and December 31, 2024:
Percentage Ownership
of Unconsolidated Entity
Investment in Unconsolidated EntityForm of InvestmentSeptember 30, 2025December 31, 2024
Loan Originators:
LendSure Mortgage Corp.(1)(2)
Common shares63.1%62.8%
Other(1)
Various10.0%–50.0%10.0%–50.0%
Co-investments with Ellington affiliate(s)(1):
Elizon DB 2015-1 LLC(3)(4)
Membership Interest28.3%34.5%
Elizon NM CRE 2020-1 LLC(3)(5)
Membership Interest20.3%20.7%
Elizon CH CRE 2021-1 LLC(3)(6)
Membership Interest33.6%38.4%
Equity investments in securitization-related vehicles, including risk retention vehicles(7)
Membership Interest24.6%–84.5%24.6%–84.5%
Other:
Jepson Holdings Limited(1)(3)
Membership Interest4.1%4.4%
Other(1)(3)
Various21.0%–79.0%21.0%–79.0%
(1)See Note 16 for additional details on the Company's related party transactions.
(2)As of September 30, 2025 and December 31, 2024, includes both voting and non-voting equity interests held by the Company. See Note 16 Related Party Transactions—Transactions Involving Certain Loan Originators for additional information.
(3)The Company has evaluated this entity and determined that it meets the definition of a VIE. The Company evaluated its interest in the VIE and determined that the Company does not have the power to direct the activities of the VIE and does not have control of the underlying assets, where applicable. As a result, the Company determined that it is not the primary beneficiary of this VIE and therefore has not consolidated the VIE.
(4)As discussed in Note 16 Related Party Transactions—Participation in Multi-Borrower Financing Facilities, the Company and the Affiliated Entities (as defined in Note 16) each consolidate their segregated silos of the Joint Entity (as defined in Note 16). The Company's effective percentage ownership before the effects of consolidation of both its and the Affiliated Entities' respective segregated silos of the Joint Entity, was 63.0% and 60.6% as of September 30, 2025 and December 31, 2024, respectively.
(5)As discussed in Note 16 Related Party Transactions—Participation in Multi-Borrower Financing Facilities, the Company and the Affiliated Entities (as defined in Note 16) each consolidate their segregated silos of the Joint Entity (as defined in Note 16). The Company's effective percentage ownership before the effects of consolidation of both its and the Affiliated Entities' respective segregated silos of the Joint Entity, was 74.9% and 70.2% as of September 30, 2025 and December 31, 2024, respectively.
(6)As discussed in Note 16 Related Party Transactions—Participation in Multi-Borrower Financing Facilities, the Company and the Affiliated Entities (as defined in Note 16) each consolidate their segregated silos of the Joint Entity (as defined in Note 16). The Company's effective percentage ownership before the effects of consolidation of both its and the Affiliated Entities' respective segregated silos of the Joint Entity, was 64.0% and 58.1% as of September 30, 2025 and December 31, 2024, respectively.
(7)Includes interests in Consumer Risk Retention Vehicles, as defined in Note 13—Participation in Multi-Seller Consumer Loan Securitizations, and Participated Risk Retention Vehicle and Residential Loan JV, as defined in Note 13—Residential Mortgage Loan Securitizations. The Company has evaluated these entities and determined that they do not meet the definition of a VIE. The Company evaluated its interest in the entity under the voting interest model outlined in ASC 810, and has determined that the Company does not control these entities. As a result, the Company has not consolidated the entity. See Note 13 for additional details on the Company's securitization transactions.