Seeking Alpha

Ellington Financial book value gains in December

  • Ellington Financial (EFC) reports estimated book value per share of $24 as of the end of December, up a hair from $23.86 on November 30. Book value one year ago was $24.37, so management has done a pretty fair job during a difficult year for leveraged owners of MBS.
  • Today's close of $23.53 puts the stock at about a 2% discount to book - as recently as four months ago, the shares could be picked up at about a 13% discount.
  • Press release
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Comments (5)
  • Pinkrabbit
    , contributor
    Comments (195) | Send Message
     
    Yes and if I knew what I know now about about Netflix I would have bought it two years ago.

     

    Dumb comment about buying EFC four months ago.
    8 Jan 2014, 08:29 PM Reply Like
  • Clayton Rulli
    , contributor
    Comments (3186) | Send Message
     
    gotta love it. Book value steady while paying 12% a year, plus rates are rising. not too shabby
    8 Jan 2014, 09:46 PM Reply Like
  • accent
    , contributor
    Comment (1) | Send Message
     
    EFC is a buy, with a 13% yield
    9 Jan 2014, 07:57 AM Reply Like
  • wigit5
    , contributor
    Comments (4244) | Send Message
     
    Just bought this a few hours before this was released. Completely agree with Clayton
    9 Jan 2014, 10:09 AM Reply Like
  • fullero
    , contributor
    Comments (2) | Send Message
     
    Best manager at protecting book vale over time. Since they are not a REIT but a partnership, they have to live with strict REIT hedging rules. REITs can only hedge liabilities because hedge income could blow the REIT test otherwise. EFC can hedge assets and liabilities. A huge advantage in a rocky market.
    19 Jan 2014, 10:49 AM Reply Like
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