Updated
The most significant concentration Ellington Financial discloses is FHA and Ginnie Mae reverse mortgage programs, classified MEDIUM by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Ellington Financial’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
“10-K Item 1A: 'The performance of our Longbridge business is highly dependent on government-backed reverse mortgage programs. Changes to FHA, or Ginnie Mae policies could disrupt origination volumes'”
Ellington Financial's disclosed concentration is a single regulatory dependency tied to one business line. The performance of its Longbridge business is highly dependent on government-backed reverse mortgage programs, and changes to FHA or Ginnie Mae policy could disrupt origination volumes. This is a structural exposure rather than a counterparty-specific one — it reflects the regulatory framework that the reverse mortgage business operates within, not a risk tied to any single customer or supplier that could be replaced. With only this one exposure disclosed, there is no additional customer or geographic concentration to weigh against it, so the entire filed concentration picture for Ellington centers on policy risk within its Longbridge segment. Disclosed at a medium share, this is a real but not outsized dependency: it is scoped to one segment of a broader multi-strategy investment business rather than the whole company, which likely limits how much a single policy shift at FHA or Ginnie Mae could move Ellington's overall results, even though it would be consequential for Longbridge specifically.
For the engine’s reasoning on EFC’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| ABR | Arbor Realty Trust | 2 | 0 | 2 | 4 |
| AGNC | AGNC Investment Corp. | 0 | 2 | 0 | 2 |
| AGNCM | AGNC Investment Corp. - Deposit | 0 | 2 | 0 | 2 |
| EFC● | Ellington Financial Inc. | 0 | 1 | 0 | 1 |
| ADAM | Adamas Trust, Inc. | 0 | 0 | 0 | 0 |
| AGNCN | AGNC Investment Corp. - Deposit | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.