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Investments in Unconsolidated Entities (Tables)
 3 Months Ended
Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Investments in Unconsolidated Entities
The following table provides details about the Company's investments in unconsolidated entities as of March 31, 2023 and December 31, 2022:
Percentage Ownership
of Unconsolidated Entity
Investment in Unconsolidated EntityForm of InvestmentMarch 31, 2023December 31, 2022
Loan Originators:
LendSure Mortgage Corp.(1)(2)
Common shares49.9%49.9%
Other(1)
Various24.7%–50.0%24.7%–80.0%
Co-investments with Ellington affiliate(s)(1):
Elizon DB 2015-1 LLC(3)(4)
Membership Interest17.1%14.6%
Elizon NM CRE 2020-1 LLC(3)(5)
Membership Interest15.9%20.2%
Elizon CH CRE 2021-1 LLC(3)(6)
Membership Interest30.3%34.2%
Elizon NAT CRE 2021-1 LLC(3)(7)
Membership Interest12.2%15.5%
Equity investments in securitization-related vehicles, including risk retention vehicles(8)
Membership Interest24.6%–84.5%24.6%–84.5%
Other:
Jepson Holdings Limited(1)(3)
Membership Interest1.8%1.9%
Other(1)(3)(9)
Various6.1%-79.0%9.9%–79.0%
(1)See Note 15 for additional details on the Company's related party transactions.
(2)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 March 31, 2023 and December 31, 2022. See Note 15 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 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 56.7% and 62.4% as of March 31, 2023 and December 31, 2022, respectively.
(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 63.1% and 54.2% as of March 31, 2023 and December 31, 2022, 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 56.0% and 57.4% as of March 31, 2023 and December 31, 2022, 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 60.6% and 66.6% as of March 31, 2023 and December 31, 2022.
(8)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.
(9)Includes interest in warehouse facilities; see Note 15—Participation in CLO Transactions, for additional details.
The following table provides a summary of the results of operations of LendSure for the three-month periods ended March 31, 2023 and 2022.
Three-Month Period Ended
(In thousands)March 31, 2023March 31, 2022
Revenue$6,561 $15,562 
Net income (loss)$(1,365)$399