According to a May 13, 2026, SEC filing, Delphi Financial Group increased its stake in Ellington Financial(EFC 0.97%) by 686,639 shares during the first quarter. The estimated transaction value, calculated using the quarter’s average closing price, was $8.73 million. The value of the position rose by $6.89 million quarter over quarter, reflecting both additional shares and changes in the stock price.
What else to know
After the buy, Ellington Financial represents 7.53% of Delphi Financial Group’s 13F reportable AUM.
Top holdings after the filing:
NYSEMKT: JAAA: $32.57 million (14.7% of AUM)
NYSEMKT: ASHR: $19.27 million (8.7% of AUM)
NYSEMKT: FXI: $17.10 million (7.7% of AUM)
NYSE: TSM: $16.16 million (7.3% of AUM)
NYSE: EFC: $16.69 million (7.5% of AUM)
As of May 15, 2026, Ellington Financial shares were priced at $13.33, up 0.38% over the past year, lagging the S&P 500 by 24.83 percentage points.
Company Overview
Metric
Value
Price (as of market close May 15, 2026)
$13.33
Market capitalization
$1.7 billion
Revenue (TTM)
$306.51 million
Net income (TTM)
$146.87 million
Company snapshot
Offers a diversified portfolio of mortgage-backed securities, residential and commercial mortgage loans, asset-backed securities, corporate debt and equity, and consumer loans.
Generates revenue from managing and acquiring a range of financial assets across mortgage, consumer, and corporate markets.
Serves a broad range of counterparties seeking exposure to mortgage-related and structured finance assets in the United States.
Ellington Financial is a real estate investment trust specializing in mortgage and consumer credit assets, focused on generating stable income through diversified investment strategies. The company leverages deep expertise in structured finance and credit markets to manage risk and capitalize on opportunities across various asset classes.
What this transaction means for investors
Delphi Financial Group recently acquired a significant additional stake in Ellington Financial. The company was already one of its largest holdings, but this move raises it from a No. 7 to No. 6 spot, indicating that it already thought highly of Ellington’s prospects and continues to do so.
One likely reason is Ellington’s record earnings in the first quarter of 2026. This indicates that business fundamentals are strong, and obviously, this is an important factor in any investor’s decision. It’s also been a consistent dividend payer, reliably issuing monthly dividends since 2010. This reliable cash flow is another reason Delphi might find Ellington attractive.
Earlier this year, Ellington issued common stock to redeem its Series A preferred shares, which carried interest costs above 9%. Replacing that expensive preferred equity with common shares reduced financing costs and benefited common shareholders, including Delphi.
For individual investors, Delphi’s increased stake implies a vote of confidence, which is reassuring. But all investments have inherent risk, and Ellington is no different. Financial entities like this company are affected by changes in interest rates, inflation, recessions, and other economic indicators. Investors need to consider these risks along with the positive signals before making an investment decision.
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Pamela Kock has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Taiwan Semiconductor Manufacturing. The Motley Fool has a disclosure policy.
Cash accounts are having a moment, thanks to the decent interest rates they now pay, at long last. But selecting one can be a daunting task given the profusion of choices —from money market accounts to money market mutual funds to a small clutch of newly hatched money market exchange-traded funds.
The term money market has become a catch-all description for a variety of interest-bearing products that follow different rules. The offerings also vary in yield, ease of accessibility and, to a small degree, levels of safety. “In some respects, money market has become more of a marketing term than a technical term,” says Ted Rossman of Bankrate, a website that evaluates bank products. “There’s a lot of confusion about this.”
What’s an investor to do? We’ll lay out the various types of money market investments, all of which invest in high-quality, short-term debt and are appropriate places to stash cash for short- to medium-term goals, as well as what factors to consider before you choose one. We’re holding off on including money market ETFs in this discussion, however, because most are less than a year old.
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First, an explanation about money market interest rates. They fluctuate, for starters, depending on market conditions and how their holdings perform. And you will see a variety of interest rates quoted. Each one offers an idea of how much your cash can earn over a 12-month period, but they’re not exactly the same.
Mutual fund money markets are required to report a seven-day SEC yield, which shows what the fund would pay in interest over a one-year period if rates of the past week stayed the same. It’s net of fees, so investors can compare one money market mutual fund to another.
Money market accounts quote an annual percentage yield (APY), and that reflects compound interest — the return you earn on principal plus accumulated interest. That’s different from a straight-up interest rate, which you also may see quoted.
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They’re FDIC insured up to $250,000 if the bank fails. Monthly fees may apply, too, unless you maintain a certain balance.
Quontic Bank’s money market account, for example, requires $100 to open. There’s no maintenance fee. And the bank pays the same interest — 3.8% currently — whether you have $1 or $150,000 in the account. It comes with check-writing abilities and a free debit card, too. “This is really a pretty standard bank account that’s being marketed as a money market,” Bankrate’s Rossman says.
MONEY MARKETS VARY IN YIELD, ACCESSIBILTY AND, TO A SMALL DEGREE, LEVELS OF SAFETY.
Money market accounts. You open these accounts at a bank or credit union. They offer easy access and may yield more than an ordinary savings account. You may have to fork over a certain amount, $100 or even $5,000, to open one. But most allow you to pull some or all of your money at any time. Some accounts even offer check-writing abilities.
Use this Bankrate tool to find and compare savings/money market accounts quickly:
Money market funds. You buy these funds through your broker. There are three types, distinguished largely by what kind of debt they hold.
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Government money market funds invest in short-term Treasuries and other government securities. The biggest such fund, Fidelity Government Money Market Fund (SPAXX), yields 3.3%.
By contrast, municipal money market funds invest in state and local government debt, which pay interest that is exempt from federal taxes. American Century Tax-Free Money Market Fund (BNTXX) boasts a 3.1% yield, or a taxable-equivalent yield of 4.1% for investors in the 24% federal income tax bracket.
Some muni money funds focus on debt in a single state, giving residents of those states additional tax benefits. Schwab California Municipal Money Fund (SWKXX) yields 2.4%. For California residents in the 24% federal income-tax bracket, the taxable equivalent yield is 3.7%.
Prime money market funds can hold a mix of government bonds and commercial paper — high-quality, ultra-short-term corporate debt. The largest prime fund by assets, Schwab Prime Advantage Money Investor (SWVXX), holds 20% of its assets in commercial paper. It yields 3.5%.
Generally speaking, all money market mutual funds are safe investment products, but they have some risk. These funds are designed to maintain a stable net asset value of $1 per share, for instance, but during the Global Financial Crisis, a money fund fell below that — it “broke the buck.” Regulators now require that money funds hold a chunk of their portfolio in cash reserves.
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Underlying holdings in the money fund can inject some risk, too. Prime funds that hold commercial paper stakes, for instance, are a bit riskier than funds that hold only government securities. That’s partly why prime funds offer a tad more yield than government money market funds.
But since the post-GFC cash-reserve rules went into effect, much of the yield advantage in prime funds has been diluted. That’s why some advisers, including Brian Schaefer at Johnson Financial Group, have decided prime funds don’t offer enough yield these days to justify the risk.
SIPC insurance covers money mutual funds up to $250,000 in cash if a brokerage firm fails; the insurance does not cover investment losses.
Factors to consider
Yield matters, but you may want to consider additional features before choosing a money market product.
Accessibility. Whether you choose a money account or a money mutual fund may boil down to where you plan to hold your cash, whether in a bank — which provides arguably easier accessibility, if you’re moving money between household accounts—or at your brokerage firm. Either way, make sure you can withdraw any amount of money, anytime you want. Some may cap monthly withdrawals.
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And if you opt to keep your cash at your brokerage firm, don’t assume the default cash account earns a decent yield. At Schwab, the default fund for idle cash in brokerage accounts earns just 0.01%. That’s fine for money you plan to spend or invest in the next few days or weeks. Otherwise, consider moving it to a money market mutual fund or account to boost your yield.
Tax consequences. The tax treatment on interest earned in money markets can help you narrow your choices. Muni money market funds, for instance, are a good choice for high-income earners holding cash in taxable accounts.
Interest income in other types of money accounts and funds is subject to ordinary federal income tax, though most government fund payouts are exempt from state and local income taxes. The exception is government repurchase agreements, or repos, which generate income that’s subject to federal, state and local taxes, says Noreen Brown, an adviser at Summit Financial in New Jersey.
Fees. Whether it’s a monthly maintenance fee in a money market account or an annual expense ratio in a money market fund, investors should look at expenses when picking money market products, says Brown. Monthly maintenance fees for money accounts range between $0 and $25. Expense ratios of the 10 biggest money market mutual funds range from 0.11% to just under 1%.
Truth be told, however, depending on how much you’re stashing away, expenses may not matter that much. “If you’re investing $10,000, who cares?” says Pete Crane, who runs a data firm that tracks money market products. “A million dollars? Yeah, you should care.”
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Note: This item first appeared in Kiplinger Personal Finance Magazine, a monthly, trustworthy source of advice and guidance. Subscribe to help you make more money and keep more of the money you make here.
Family lawyers could be among the professions kept extra busy after the budget tax changes pass. ·Getty
Australians are expected to pass on trillions of dollars in assets in the coming years as the grey tsunami of wealthy baby boomers crashes across the economy. But some of those expecting the windfall could be more likely to find themselves in a potential dispute with their loved ones as tax changes introduced to trusts commonly used in estate planning increase the likelihood of conflict.
Lawyers who deal with contested wills and estates foresee issues of conflict more likely to arise if the proposed changes go ahead. Alun Hill is the national director of the contested estates division of Armstrong Legal and believes there will be more reasons for discontent and for wills to be challenged due to the increased tax take being slipped in.
“It widens the battleground,” he told Yahoo Finance. “It just creates more reason why there might be someone who wants to contest a will.”
RELATED
Under the changes in Labor’s controversial budget, the unprecedented 30 per cent minimum level of capital gains tax will apply to the most common form of estate planning trust, known as a the testamentary discretionary trust.
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While the government says its legislation pertaining to tax changes for trusts will be brought before parliament later this year, the slated changes would come into effect from July 1, 2028, and only specifically exclude fixed testamentary trusts. Fixed trusts are different from discretionary trusts as trustees don’t have the discretion to change the proportion of income a beneficiary is entitled to.
“Discretionary trusts aren’t just used as a tax minimisation vehicle,” Hill said. “Traditionally they’ve been used to provide the trustee with the ability to do what’s necessary to carry out the intentions of the testator (the person who wrote the will).”
While the finer details remain to be seen, the new tax floor regardless of the income of beneficiaries and the overall higher CGT on assets, will mean beneficiaries will see less passed on than previously expected – and that can be grounds for a challenge.
“What this really does is create the potential for claims being made against the estate by the spouse or by whoever the intended beneficiary is, who is no longer receiving adequate provision or appropriate provision under the testamentary trust,” Hill said.
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While tax accountants, financial planners and business and property valuers are all expected to be kept extremely busy due to the added complexity being introduced by Labor’s new tax regime, family lawyers might also need to be braced for more work in the years ahead.
RELATED: Baby boomers urged to rethink $4.9 trillion Gen Z inheritance trend
A bigger tax take for the government likely means more contested wills, Alun Hill says. ·Getty
Hill believes that regular Australian families will likely be the ones mostly captured by the new rules while the wealthiest individuals will continue to find workarounds and exotic structures to minimise their tax.
“They’re already talking to their financial planners and their estate planners about what to do. There’s no doubt they’ll be the ones who find a way through,” he said of the wealthiest Australians.
“The ones who won’t are probably the middle class. People who leave an estate with one or two properties, some shares in a portfolio and some money in a term deposit – those are the ones who are probably not going to undergo complex estate planning.
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“Unfortunately it means that what may result is the testator’s intentions may not be carried through for a multitude of reasons,” Hill claimed.
He gave an example of someone who has two children who they want to provide equally for. If they had $2 million in shares and $2 million in property and they decide to give one child the home and the other the shares, it’s likely the shares will be taxed more heavily.
“One child receives an asset class that is heavily taxed in the new system and they actually receive a lot less in their hand, so they’re going to feel they’ve been shorted, and they’re probably going to want to contest,” Hill said.
“Although the changes are drastic… [in these cases] it widens the potential battleground for wills and the categories of people who would otherwise not be thinking about claiming against an estate, because it just changes the nature and value of estates.”
So-called ‘death tax’ could accelerate ‘living inheritance’ trend
The expected changes have some in the industry expecting more retired Aussies to pass on their wealth while they’re still alive. Findex financial adviser Jonathan Scholes told Yahoo Finance he thinks it will accelerate the ‘living inheritance’ trend he is already seeing among clients.
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“If that change goes through, I think it’s going to trigger every client, basically, who’s got some wealth behind them, reviewing their estate plan and saying: Is this something we do before we leave the planet or something we do after we leave the planet?” he said.
“And I think there’s going to be a lot of people that are going to start thinking about going; ‘let’s do it earlier’.”
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A charity has announced its new chair following the retirement of its founder.
Peter Neville worked for more than five years to set up Guernsey Community Savings, which first opened its doors in September 2020 to support people who were not able to access mainstream banking, staff said.
Former banker James Ellis is taking over the role. Neville said: “James brings exactly the right blend of financial services experience, charitable involvement and community understanding.”
The charity had helped about 200 people, who would otherwise have been excluded from the financial system access, to accounts and linked debit cards, and offered money‑management guidance to many more, staff said.
Neville said: “The initiatives now being discussed, together with the additional features offered by the new money‑transmission platform, reassure me that James’s vision aligns perfectly with the aims we set in those early days.
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“I wish the board and GCS staff every success as they take the charity forward.”
Ellis said: “‘The creation of Guernsey Community Savings in 2020 was only possible because of Peter’s unique set of qualities that enabled him to create a talented team and the structure to tackle the issues facing the financially excluded in our island.
“I was delighted when he asked me to continue with his work and further expand his vision, which I share, to provide help in the form of bank accounts, debit cards and financial education and to realise our ambition to provide grants and soft loans where needed.”
He added he was pleased Neville agreed to remain involved with the charity as life president.
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