EFCEllington Financial Inc.

Real Estate

Revenue: —
Operating margin: —
EBITDA: —
Market cap: $1.5B
Employees: 170
Net debt / EBITDA: —; −$247M net debt
AI in 10-K: 1.7; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 2 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$0 median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashYes
-614% of net income
Cash flow under 80% of net income
Dilutive SBCNo
—
Over 10% of revenue
Payouts exceed cash flowNo
-20% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentYes
59% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
1.7 per 10K words · 50th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 5.7× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.5B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$0 net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Net income	$141M	−$71M	$88K	$148M	$151M	1.8%
Operating cash flow	$51M	$43M	−$242M	−$431M	−$925M	115%
Stock-based comp	$971K	$1M	$1M	$1M	$4M	227%
Buybacks	$0	$2M	$12M	$685K	$0	100%
Dividends	$86M	$123M	$149M	$164M	$184M	12%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Dec 13, 2023	Vranos Michael W	SC 13D/A	4.8%	Passive
Oct 19, 2021	Vranos Michael W	SC 13D/A	5.8%	Passive
Feb 3, 2020	Vranos Michael W	SC 13D/A	7.2%	Passive
Nov 25, 2019	Vranos Michael W	SC 13D/A	8.3%	Passive
Jul 29, 2019	Vranos Michael W	SC 13D/A	10.0%	Passive

Insider trading

No open-market trades in the last 12 months.

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$0	$0	167	114
FY2024	$0	$0	120	80
FY2023	$0	$0	110	80
FY2022	$0	$0	93	69
FY2021	$0	$0	114	94