Ellington Financial has issued a significant $243 million proprietary reverse mortgage securitization entirely backed by Longbridge's Platinum product line, showing confidence in its performance.
Laurence Penn, the CEO of Ellington Financial, emphasized the strength of the Longbridge segment, noting it represents 12% of equity capital allocation and shows considerable untapped potential.
Ellington's CFO, JR Herlihy, acknowledged the impressive profit contribution from the Platinum line, with Longbridge’s origination volume increasing 16.5% despite an overall industry decline.
Even with a third-quarter net income decline, Ellington highlighted the improved adjusted distributable earnings (ADE) from Longbridge, signifying a promising outlook for ongoing dividends.
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