Ellington Financial Inc delivered QQ3 2024 results reflecting a meaningful year-over-year revenue increase alongside a sharp sequential decline. Reported revenue of $60.95 million for the quarter ended September 30, 2024 rose ~24.8% year over year, driven by higher asset deployment and securitization activity, while operating income was $16.05 million (margin ~26.3%). Net income was reported at $23.01 million with basic earnings per share (EPS) of $0.19 for the quarter. On a QoQ basis, revenue declined by ~28.6%, signaling seasonality or shifts in liquidity deployment and funding costs that began to weigh on quarterly top-line performance. The company’s balance sheet shows a substantial asset base (~$15.96 billion) with a large investment book (long-term investments ~ $15.08 billion) and a net cash position (net debt negative ~$217.7 million). Operating cash flow was negative in the quarter (-$141.69 million), while financing activities generated substantial cash (+$741.54 million), underscoring a reliance on external financing and asset activity to fund operations and distributions. The reported metrics point to a defensive capital allocation stance amid a tight funding environment, with a dividend yield around 3.6% and a price-to-book near 0.71, suggesting potential upside if funding costs stabilize and asset yields compress less than anticipated.