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 December 31, 2022 and 2021, the fair value of the Company's investments in unconsolidated entities that have been deemed to be VIEs was $82.4 million and $63.9 million, respectively.

Percentage Ownership
of Unconsolidated Entity

Investment in Unconsolidated Entity

Form of Investment

December 31, 2022

December 31, 2021

Loan Originators:

Longbridge Financial, LLC(1)(2)

Preferred shares

n/a

49.6%

LendSure Mortgage Corp.(1)(3)

Common shares

49.9%

Other(1)

Various

24.7%–80.0%

31.5%–80.0%

Co-investments with Ellington affiliate(s)(1):

Elizon DB 2015-1 LLC(4)(5)

Membership Interest

14.6%

3.4%

Elizon NM CRE 2020-1 LLC(4)(6)

Membership Interest

20.2%

20.5%

Elizon CH CRE 2021-1 LLC(4)(7)

Membership Interest

34.2%

30.5%

Elizon NAT CRE 2021-1 LLC(4)(8)

Membership Interest

15.5%

—%

Other(4)

Membership Interest

—%

16.8%

Equity investments in securitization-related risk retention vehicles(9)

Membership Interest

24.6%-84.5%

56.3%

Other:

Jepson Holdings Limited(1)(4)

Membership Interest

1.9%

19.6%

Other(1)(4)(10)

Various

9.9%–79.0%

8.0%–79.0%

(2)On October 3, 2022, the Company acquired a controlling interest in Longbridge resulting in its consolidation by the Company. See Note 24 for additional details on the acquisition of Longbridge.

(3)Excludes investment in equity interests convertible into non-voting common shares; including such interests the Company's additional non-voting stake in the entity was 13.8% as of both December 31, 2022 and 2021. See Note 15 Related Party Transactions—Transactions Involving Certain Loan Originators for additional information.

(4)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.

(5)As discussed in Note 15 Related Party Transactions—Participation in Multi-Borrower Financing Facilities, the Company and the Affiliated Entities (as defined in Note 15) each consolidate their segregated silos of the Joint Entity (as defined in Note 15). 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 62.4% and 47.5% as of December 31, 2022 and 2021, respectively.

(6)As discussed in Note 15 Related Party Transactions—Participation in Multi-Borrower Financing Facilities, the Company and the Affiliated Entities (as defined in Note 15) each consolidate their segregated silos of the Joint Entity (as defined in Note 15). 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 54.2% and 31.0% as of December 31, 2022 and 2021, respectively.

(7)As discussed in Note 15 Related Party Transactions—Participation in Multi-Borrower Financing Facilities, the Company and the Affiliated Entities (as defined in Note 15) each consolidate their segregated silos of the Joint Entity (as defined in Note 15). 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 57.4% and 44.8% as of December 31, 2022 and 2021, respectively.

(8)As discussed in Note 15 Related Party Transactions—Participation in Multi-Borrower Financing Facilities, the Company and the Affiliated Entities (as defined in Note 15) each consolidate their segregated silos of the Joint Entity (as defined in Note 15). 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 66.6% as of December 31, 2022; the Company did not have an interest in this entity as of December 31, 2021.

(9)Includes interests in Consumer Risk Retention Vehicles, as defined in Note 12—Participation in Multi-Seller Consumer Loan Securitizations and Participated Risk Retention Vehicle, and Residential Loan JV, as defined in Note 12—Residential Mortgage Loan Securitizations. The Company has evaluated these entities and determined that they do not meet the definition of a VIE. The Company evaluated its interest in the entity under the voting interest model outlined in ASC 810, and has determined that the Company does not control these entities. As a result, the Company has not consolidated the entity. See Note 12 for additional details on the Company's securitization transactions.

As of December 31, 2022 and 2021, the Company had non-controlling equity interests in various loan originators, including LendSure Mortgage Corp., or "LendSure," a mortgage loan originator. The Company's investment in LendSure was considered significant pursuant to Regulation S-X for the year ended December 31, 2021. As a result the audited financial statements of LendSure for the year ended December 31, 2021 are included in Exhibit 99.1 to the Company's Annual Report on Form 10-K for the year ended December 31, 2022. For the years ended December 31, 2022, 2021, and 2020, the Company recognized $(18.9) million, $30.0 million, and $3.9 million, respectively, of unrealized gains (losses) from its investment in

LendSure, which is included in Earnings (losses) from investments in unconsolidated entities on the Consolidated Statement of Operations. As of December 31, 2022 and 2021, the fair value of the Company's investment in LendSure was $26.7 million and $45.5 million, respectively, which is included on the Consolidated Balance Sheet in Investments in unconsolidated entities, at fair value.

The following table(1) provides a summary of the combined financial position of the unconsolidated entities in which the Company has an investment, excluding LendSure and Longbridge, as of December 31, 2022 and 2021:


	December 31, 2022		December 31, 2021
	(In thousands)
Assets
Investments in securities, loans, and REO(2)	$	938,395	$	424,203
Other assets	183,312		40,554
Total assets	$	1,121,707	$	464,757
Liabilities
Borrowings	$	779,932	$	307,725
Other liabilities	104,805		4,935
Total liabilities	884,737		312,660
Equity	236,970		152,097
Total liabilities and equity	$	1,121,707	$	464,757

The following table(1) provides a summary of the combined results of operations of the unconsolidated entities, in which the Company has an investment, excluding Longbridge and LendSure, for the years ended December 31, 2022, 2021, and 2020:


	Year Ended December 31,
	2022		2021		2020(1)
	(In thousands)
Net Interest Income
Interest income	$	63,985	$	53,400	$	6,657
Interest expense	(22,514)		(5,078)		(1,967)
Total net interest income	41,471		48,322		4,690
Other Income (Loss)
Realized and unrealized gains (losses) on securities, loans, REO, and secured borrowings, at fair value, net	(35,527)		(35,814)		(16,020)
Other, net	33,839		12,304		5,379
Total other income (loss)	(1,688)		(23,510)		(10,641)
Total expenses	44,317		16,330		8,111
Net Income (Loss)	$	(4,534)	$	8,482	$	(14,062)