Ellington Financial Increases Note Offering to $150 Million

Ellington Financial Inc. announced plans on Monday to offer $150 million in aggregate principal amount of 7.375% senior unsecured notes due in 2030. The company increased the size of the offering from an initial plan of $100 million announced earlier the same day.

Priced at 99.010% of principal value, the notes are expected to close on September 17. The new issuance will be treated as a single class with $400 million of existing notes issued in October 2025. The company intends to use the net proceeds for general corporate purposes, including the purchase of additional assets and the repayment of outstanding repurchase-agreement borrowings.

The offering follows a strong second quarter for the Connecticut-based real estate investment trust, which generated $75.5 million in adjusted distributable earnings. Its subsidiary, Longbridge Financial, contributed to this growth with a 38% year-over-year increase in reverse mortgage originations.