Ellington Financial's investment portfolio expanded, driven by growth in high-yielding loan portfolios. Non-QM and proprietary reverse mortgage loan businesses performed strongly, contributing to net income of $0.19 per share. Adjusted distributable earnings increased to $0.40 per share, covering dividends.
Net income attributable to common stockholders was $16.2 million, or $0.19 per common share.
Adjusted Distributable Earnings of $34.5 million, or $0.40 per common share.
Book value per common share as of September 30, 2024 was $13.66, including the effects of dividends of $0.39 per common share for the quarter.
Cash and cash equivalents of $217.7 million as of September 30, 2024, in addition to other unencumbered assets of $546.8 million.
Looking forward, we see support for adjusted distributable earnings from our larger investment portfolio, the additional dry powder we have to deploy, our continued progress in working out delinquent loan inventory, and our anticipated replacement in the fourth quarter of higher-cost debt and preferred equity with lower-cost debt.
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