Ellington's financial performance showed strong net income growth to $31.6 million for common stockholders, compared to $22.4 million in the previous quarter. Longbridge, however, reported a net loss of $1 million but maintained its share of adjusted distributable earnings. CEO Laurence Penn highlighted an improved demand for proprietary reverse mortgage products despite lower seasonal origination volumes in Home Equity Conversion Mortgages (HECM). CFO J.R. Herlihy noted a notable 31% increase in Longbridge's portfolio, fueled by proprietary loan originations, even as overall originations decreased quarter-over-quarter due to seasonal factors.
Ellington reported $31.6 million in net income for common stockholders, increasing from $22.4 million the previous quarter, signaling strong overall performance despite mixed results from Longbridge.
Despite a $1 million net loss for Longbridge, CEO Laurence Penn noted that the company covered its share of adjusted distributable earnings, showcasing resilience amidst lower origination volumes.
Longbridge's stable performance was attributed to improved origination margins for proprietary reverse mortgage loans, which indicates growing demand, even as traditional HECM volumes experienced seasonal declines.
CFO J.R. Herlihy remarked on Longbridgeâs portfolio growth by 31%, reaching $549 million, driven by increased proprietary loan originations that outpaced the decline in total HECM originations.
Collection
[
|
...
]