Ellington Financial is a mortgage-focused REIT that acquires, originates, securitizes, and holds a wide range of mortgage loans and securities. Ellington Financial is externally managed by Ellington Management Group. The core of Ellington Financial's business is a vertically integrated originate-to-securitize model: Ellington Financial warehouses loans sourced from affiliate and third-party originators, then securitizes them through its EFMT shelf, selling investment-grade tranches to third-party investors while retaining the subordinate and equity tranches as long-term investments. Ellington Financial's primary loan strategies include non-QM residential mortgages (sourced via affiliate originators LendSure and American Heritage Lending, plus a proprietary web-based origination portal), reverse mortgages originated and securitized through wholly-owned subsidiary Longbridge Financial, and smaller strategies in second liens, residential transition loans, HELOCs, and commercial mortgage bridge loans. Ellington Financial earns money through net interest income on its loan and securities portfolio, gain-on-sale profits at securitization, equity income from stakes in affiliate originators, and origination and servicing income at Longbridge. A key financing strategy is shifting away from short-term repo toward longer-term, non-mark-to-market financing through securitizations and unsecured notes, reducing exposure to margin calls. Ellington Financial operates two segments: an Investment Portfolio segment covering all loan and securities activity outside Longbridge, and the Longbridge segment covering reverse mortgage origination, servicing, and securitization.