Ellington Financial reported Q2 2024 net income of $52.3 million from common stockholders, with $4.2 million contributed by Longbridge. CEO praised Longbridge for positive contributions driven by net interest income and gains on proprietary reverse mortgage products.
Longbridge, a top 10 FHA-insured HECM lender, saw increased loan volume offset by lower gain-on-sale margins due to wider yield spreads on newly originated HMBS. Tighter yield spreads on seasoned HMBS led to better execution on tail securitizations in servicing, contributing to positive results.
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