EFC Ellington Financial Inc.

Did the company actually spend money buying back stock in 3+ of the last 4 quarters?

Bought back stock in 2/4 quarters. Q3 2025: $0M, Q2 2025: $0M, Q1 2025: $1M, Q3 2024: $0M

Is the most recent quarter's buyback spend more than 15% above the trailing average?

Latest quarter $0M vs trailing avg $0M (-100%)

What percentage of free cash flow is going to buybacks? Bull: 30%+. Bear: negative FCF or no buybacks.

Negative FCF ($-22M), buybacks not supported by cash flow

How fast are they shrinking the float? Bull: 2%+ annually. Bear: under 0.5%.

Repurchased 1,256,501 shares = 1.5% of 83,000,488 outstanding (annualized)

Are officers and directors buying stock with their own money on the open market?

1 open-market purchase by SIMON RONALD I

• SIMON RONALD I () bought 5,544 shares at $13.56 on 2025-09-11

Are both company buybacks and insider buying independently active? Bull when the company is buying back stock in 2+ quarters and insiders have made 2+ open-market purchases.

Company buybacks in 2 quarters but insufficient insider buying

Over the last 90 days, are insiders net buyers or net sellers on the open market?

Insiders bought $0M, sold $0M in the last 90 days (net buying)

Active buyback + insiders net selling 3x+ more than buying. Company cash may be supporting price while insiders exit.

No buyback-insider divergence detected