Welcome to our dedicated page for Ellington Credit Company news (Ticker: EARN), a resource for investors and traders seeking the latest updates and insights on Ellington Credit Company stock.
Ellington Credit Company (EARN) is a specialized financial firm primarily engaged in the acquisition, investment, and management of corporate collateralized loan obligations (CLOs). Founded to leverage the financial acumen of its parent company, Ellington Management Group, Ellington Credit Company focuses on secondary CLO mezzanine debt and equity tranches.
Based in Old Greenwich, Connecticut, Ellington Credit Company utilizes advanced technology and proprietary analytics for underwriting and investment selection. The company places a strong emphasis on risk management, disciplined liquidity management, and the selective use of credit hedges to mitigate potential losses and preserve its book value, especially during financial stress periods.
Ellington Credit Company benefits from its affiliation with Ellington Residential Mortgage REIT, another entity under the Ellington umbrella that specializes in residential mortgage-backed securities (RMBS). This relationship provides a broad spectrum of financial expertise, allowing the company to optimize its investment strategies and risk assessment protocols.
The company's robust risk management framework, coupled with its sophisticated technology infrastructure, ensures comprehensive portfolio monitoring and surveillance. This enables Ellington Credit Company to make informed decisions that enhance the value and performance of its investments.
As a Real Estate Investment Trust (REIT), Ellington Credit Company enjoys tax advantages, including exemption from corporate income tax on distributed net income, which benefits its shareholders. Established in 2012, the company has built a commendable reputation for its adept handling of complex financial instruments and its commitment to maximizing shareholder value.
Recent achievements include successful acquisitions and strategic partnerships that have bolstered its portfolio. Current projects focus on expanding its investments in high-quality CLO tranches and exploring new opportunities in the financial markets.
For the latest updates and relevant information about Ellington Credit Company, including recent news and developments, visit our news section.
Ellington Credit Company (NYSE: EARN) reported Q3 2024 financial results with net income of $5.4 million ($0.21 per share) and Adjusted Distributable Earnings of $7.2 million ($0.28 per share). Book value was $6.85 per share, including $0.24 quarterly dividends. The company's CLO portfolio increased to $144.5 million from $85.1 million in Q2. Net interest margin was 9.65% on credit, 3.52% on Agency, and 5.22% overall. The company maintains a debt-to-equity ratio of 2.5:1 and declared a monthly dividend of $0.08 per share, yielding 14.5%. The company continues its strategic transformation to focus on corporate CLOs while maintaining strong performance from CLO debt and equity investments.
Ellington Credit Company (NYSE: EARN) announced that its Board of Trustees has declared a monthly common dividend of $0.08 per share. The dividend will be payable on December 26, 2024, to shareholders of record as of November 29, 2024.
Ellington Credit Company (NYSE: EARN) has announced the postponement of its 2024 Annual Meeting of Shareholders, originally scheduled for October 30, 2024. The delay aims to allow more time for proxy solicitation. While over 90% of received votes support the Conversion Proposals to transform into a closed-end investment company, insufficient total voter turnout has prevented reaching the required threshold for approval. The Board of Trustees, ISS, and Glass Lewis all recommend shareholders vote 'FOR' all proposals. The August 6, 2024 record date remains unchanged, and previously cast votes will still be counted at the rescheduled meeting.
Ellington Credit Company (NYSE: EARN) has announced the schedule for its Q3 2024 earnings release and conference call. The financial results will be released after market close on November 12, 2024, followed by a conference call on November 13, 2024 at 1:00 p.m. Eastern Time. The company will also post an investor presentation on its website. Participants can join via phone using the conference code EARNQ324 or watch the webcast through the company's website. A replay will be available until November 20, 2024.
Ellington Credit Company (NYSE: EARN) has announced a monthly common dividend of $0.08 per share. The dividend is payable on November 25, 2024 to shareholders of record as of October 31, 2024. This declaration was made by the company's Board of Trustees.
Ellington Credit Company (NYSE: EARN) has announced the postponement of its 2024 Annual Meeting of Shareholders, originally scheduled for September 26, 2024. The postponement aims to provide additional materials related to the definitive proxy statement filed on August 16, 2024, and allow more time for proxy solicitation. The new date will be determined by the Board of Trustees and announced soon.
The record date remains August 6, 2024. Shareholders who have already voted don't need to take action unless they wish to change their vote. The Board strongly encourages shareholders to vote 'FOR' all proposals in the Proxy Statement. The Proxy Statement is available on the SEC's website, and shareholders are urged to read it and all relevant documents before making voting or investment decisions.
Ellington Credit Company (NYSE: EARN) has announced a monthly common dividend of $0.08 per share. The dividend is payable on October 25, 2024 to shareholders of record as of September 30, 2024. This declaration by the Board of Trustees demonstrates the company's commitment to providing regular returns to its shareholders. The consistent dividend payout may be viewed positively by income-focused investors, potentially supporting the stock's appeal in the market.
Ellington Credit Company (NYSE: EARN) reported its Q2 2024 results, highlighting key financial metrics and strategic updates. The company recorded a net loss of $(0.8) million or $(0.04) per share but achieved adjusted distributable earnings of $7.3 million or $0.36 per share. Book value per share stood at $6.91, reflecting dividends of $0.24 per share.
The CLO portfolio nearly doubled to $85.1 million in Q2 2024 from $45.1 million in Q1, while capital allocation to corporate CLOs increased to 45% from 25%. The dividend yield was 14.1% based on the August 9, 2024 stock price of $6.81, with a monthly dividend of $0.08 per share.
The strategic transformation involves focusing on corporate CLOs, revoking REIT status, and rebranding as Ellington Credit Company. The company plans to convert to a closed-end fund/RIC, subject to shareholder approval. Despite some underperformance in the CLO equity sector, the overall net interest margin increased to 4.24%.
Cash and cash equivalents totaled $118.8 million, and debt-to-equity ratio was 4.0:1 as of June 30, 2024.
Ellington Credit Company (NYSE: EARN) has announced a monthly common dividend of $0.08 per share. The dividend is payable on September 25, 2024 to shareholders of record as of August 30, 2024. This declaration by the Company's Board of Trustees demonstrates a commitment to providing regular returns to shareholders. The announcement is significant for investors looking for consistent income from their investments in the financial services sector.
Ellington Credit Company (NYSE: EARN) has announced the release date for its second quarter 2024 earnings. The company will disclose financial results for the quarter ending June 30, 2024, after market close on Monday, August 12, 2024. A conference call to discuss the results is scheduled for Tuesday, August 13, 2024, at 11:00 a.m. Eastern Time. Investors can participate via telephone or webcast through the company's website. An investor presentation will be available on the website after market close on August 12. A dial-in replay of the conference call will be accessible from August 13 to August 20, 2024.
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