The Company has various equity investments in entities where it has the ability to exert significant influence over such entity, but does not control such entity. In these cases the criteria for consolidation have not been met and the Company is required to account for such investments under ASC 323-10; the Company has elected the FVO for its investments in unconsolidated entities. As of March 31, 2026 and December 31, 2025, the Company's investments in unconsolidated entities had an aggregate fair value of $349.7 million and $312.4 million, respectively, which is included on the Consolidated Balance Sheet in Investments in unconsolidated entities, at fair value. Certain of the entities that the Company accounts for under ASC 323-10 are deemed to be VIEs, and the maximum amount at risk is generally limited to the Company's investment in the VIE. As of March 31, 2026 and December 31, 2025, the fair value of the Company's investments in unconsolidated entities that have been deemed to be VIEs was $274.6 million and $240.2 million, respectively.

For the three-month periods ended March 31, 2026 and 2025, the Company recognized Earnings (losses) from investments in unconsolidated entities of $17.6 million and $8.3 million, respectively. Gains (losses) recognized from the Company's investments in unconsolidated entities are included in Earnings (losses) from investments in unconsolidated entities, on its Consolidated Statement of Operations.

Percentage Ownership
of Unconsolidated Entity

Investment in Unconsolidated Entity(1)

Form of Investment

March 31, 2026

December 31, 2025

Loan Originators:

LendSure Mortgage Corp.(2)

Common shares

63.1%

Other(1)

Various

10.0%–50.0%

Co-investments with Ellington affiliates:

Elizon DB 2015-1 LLC(3)(4)

Membership Interest

31.7%

30.0%

Elizon NM CRE 2020-1 LLC(3)(5)

Membership Interest

30.5%

16.8%

Elizon CH CRE 2021-1 LLC(3)(6)

Membership Interest

28.2%

33.0%

Equity investments in securitization-related vehicles, including risk retention vehicles(7)

Membership Interest

24.6%–92.2%

24.6%–86.1%

Other:

Other(3)

Various

21.0%–79.0%

12.5%–79.0%

(2)As of March 31, 2026 and December 31, 2025, includes both voting and non-voting equity interests held by the Company. See Note 16 Related Party Transactions—Transactions Involving Certain Loan Originators for additional information.

(3)The Company has evaluated this entity and determined that it meets the definition of a VIE. The Company evaluated its interest in the VIE and determined that the Company does not have the power to direct the activities of the VIE and does not have control of the underlying assets, where applicable. As a result, the Company determined that it is not the primary beneficiary of this VIE and therefore has not consolidated the VIE.

(4)As discussed in Note 16 Related Party Transactions—Participation in Multi-Borrower Financing Facilities, the Company and the Affiliated Entities (as defined in Note 16) each consolidate their segregated silos of the Joint Entity (as defined in Note 16). The Company's effective percentage ownership before the effects of consolidation of both its and the Affiliated Entities' respective segregated silos of the Joint Entity, was 64.0% and 65.1% as of March 31, 2026 and December 31, 2025, respectively.

(5)As discussed in Note 16 Related Party Transactions—Participation in Multi-Borrower Financing Facilities, the Company and the Affiliated Entities (as defined in Note 16) each consolidate their segregated silos of the Joint Entity (as defined in Note 16). The Company's effective percentage ownership before the effects of consolidation of both its and the Affiliated Entities' respective segregated silos of the Joint Entity, was 73.9% and 78.1% as of March 31, 2026 and December 31, 2025, respectively.

(6)As discussed in Note 16 Related Party Transactions—Participation in Multi-Borrower Financing Facilities, the Company and the Affiliated Entities (as defined in Note 16) each consolidate their segregated silos of the Joint Entity (as defined in Note 16). The Company's effective percentage ownership before the effects of consolidation of both its and the Affiliated Entities' respective segregated silos of the Joint Entity, was 71.4% and 68.6% as of March 31, 2026 and December 31, 2025, respectively.

(7)Includes interests in various risk retention vehicles, as discussed in Note 13. The Company evaluated its interest in each entity in accordance with ASC 810, and has determined that the Company does not control these entities. As a result, the Company has not consolidated these entities. See Note 13 for additional details on the Company's securitization transactions.