Consolidated Balance Sheet - USD ($) $ in Thousands		Dec. 31, 2025	Dec. 31, 2024
Assets
Cash and cash equivalents	[1]	$ 201,893	$ 192,387
Restricted cash	[1]	136,297	16,561
Securities, at fair value(1)(2)	[1],[2]	1,034,882	962,254
Loans, at fair value(1)(2)	[1],[2]	16,640,647	13,999,572
Loan commitments, at fair value		9,124	6,692
Forward MSR-related investments, at fair value(1)	[1]	77,852	77,848
Mortgage servicing rights, at fair value		28,913	29,766
Investments in unconsolidated entities, at fair value(1)	[1]	312,421	220,078
Real estate owned(1)(2)	[1],[2]	75,548	46,661
Financial derivatives—assets, at fair value		142,723	184,395
Reverse repurchase agreements		453,037	336,743
Due from brokers		35,919	22,186
Investment related receivables(1)	[1]	177,208	189,081
Other assets(1)	[1]	26,446	32,804
Total Assets		19,352,910	16,317,028
Liabilities
Securities sold short, at fair value		272,702	293,574
Repurchase agreements(1)	[1]	2,655,444	2,584,040
Financial derivatives—liabilities, at fair value		53,073	71,024
Due to brokers		48,104	55,429
Investment related payables		36,092	22,714
Other secured borrowings(1)	[1]	296,398	253,300
Other secured borrowings, at fair value(1)	[1]	2,945,578	1,934,309
HMBS-related obligations, at fair value		10,406,332	9,150,883
Unsecured borrowings, at fair value		659,832	281,912
Base management fee payable to affiliate		6,869	5,888
Dividends payable		19,428	16,611
Interest payable(1)	[1]	26,798	17,956
Accrued expenses and other liabilities(1)	[1]	55,105	38,566
Total Liabilities		17,481,755	14,726,206
Commitments and contingencies
ANALYSIS OF EQUITY:
Preferred stock, 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; 113,138,860 and 90,678,492 shares issued and outstanding, respectively		113	91
Additional paid-in-capital		1,915,152	1,613,540
Retained earnings (accumulated deficit)		(412,964)	(375,113)
Total Stockholders' Equity		1,834,259	1,570,476
Non-controlling interests(1)	[1]	36,896	20,346
Total Equity		1,871,155	1,590,822
Total Liabilities and Equity		$ 19,352,910	$ 16,317,028

[1] Ellington Financial Inc.'s 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.