Welcome to our dedicated page for Ellington Residential Mortgage REIT news (Ticker: EARN), a resource for investors and traders seeking the latest updates and insights on Ellington Residential Mortgage REIT 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) has scheduled its fourth quarter 2024 earnings release and conference call. The company will release financial results for Q4 2024 after market close on March 12, 2025, followed by a conference call on March 13, 2025 at 11:00 a.m. Eastern Time.
The conference call will be accessible via telephone and webcast. Participants can dial (800) 225-9448 (US) or (203) 518-9708 (International) with conference code EARNQ424. A replay will be available until March 20, 2025. The company will also post an investor presentation on its website concurrent with the earnings release.
Ellington Credit (NYSE: EARN) has announced its Board of Trustees' declaration of a monthly common dividend of $0.08 per share. The dividend will be payable on March 25, 2025, to shareholders of record as of February 28, 2025.
The company's forward-looking statements highlight various risk factors that could affect future performance, including interest rate changes, market volatility, default rates on corporate loans, borrowing capacity, regulatory changes, and their ability to maintain Investment Company Act exclusion. Additional considerations include their potential pivot to focus on collateralized loan obligations (CLOs), utilization of net operating loss carryforwards, and possible conversion to a closed-end fund/RIC.
Ellington Credit Company (NYSE: EARN) has released preliminary Q4 2024 results, reporting an estimated book value per share of $6.52-$6.54, including $0.24 in quarterly dividends. The company posted an estimated net loss of $(0.08)-$(0.06) per share, while Adjusted Distributable Earnings are expected at $0.26-$0.28 per share.
Total shareholders' equity is estimated at $195 million as of December 31, 2024. The company's portfolio composition shows significant changes, with CLO allocation increasing to 72% from 58% in the previous quarter. The CLO portfolio reached approximately $170 million, while the MBS portfolio stood at $510 million.
The company is proceeding with its planned conversion to a Delaware registered closed-end fund, focusing on corporate CLO investments, with completion expected by April 1, 2025.
Ellington Credit Company (NYSE: EARN) has released information about the federal income tax treatment of distributions deemed paid in 2024 on its common shares. The company has made this information available on its website under the dividend and tax information section. Throughout 2024, the company operated as a taxable C-Corp.
Ellington Credit Company (NYSE: EARN) has received shareholder approval to convert to a Delaware registered closed-end fund, with a focus on corporate CLO investments. The conversion received strong support, with over 93% of votes cast in favor, and excluding abstentions, over 95% approval. The company will be treated as a regulated investment company (RIC) under the Internal Revenue Code.
The conversion process is expected to be completed in the near future, and the company's Series A Preferred Shares were automatically redeemed following the vote. Management believes this strategic transformation will enhance their ability to deliver strong earnings and create additional shareholder value.
Ellington Credit (NYSE: EARN) has announced that its Board of Trustees has declared a monthly common dividend of $0.08 per share. The dividend will be payable on February 25, 2025, to shareholders of record as of January 31, 2025.
Ellington Credit Company (NYSE: EARN) announced plans to hold a special meeting in early 2025 to approve its conversion to a Delaware registered closed-end fund focused on corporate CLO investments. Despite receiving over 91% approval votes at the December 2024 meeting, the conversion threshold wasn't reached due to low voter turnout.
To address this, the company has issued 1,000 Series A Preferred Shares, each with 25,000 votes, designed to mirror common shareholders' votes. These preferred shares, sold to Ellington Credit Company Management for $1,000, will only vote on conversion proposals and will be automatically redeemed upon approval. The shares aim to amplify voting preferences without overriding common shareholders' expressed preferences.
Ellington Credit Company (NYSE: EARN) has announced that its Board of Trustees has declared a monthly common dividend of $0.08 per share. The dividend will be payable on January 27, 2025 to shareholders of record as of December 31, 2024.
Ellington Credit (NYSE: EARN) has announced its 2024 Annual Meeting of Shareholders will be held on December 4, 2024, at 10:00 am ET via webcast. Over 92% of received votes support proposals to convert the company to a closed-end investment company under the Investment Company Act of 1940. However, due to shareholders who haven't voted, the Conversion Proposals haven't reached required approval threshold. The company's Board of Trustees and proxy advisory firms ISS and Glass Lewis recommend voting 'FOR' all proposals.
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.
FAQ
What is the current stock price of Ellington Residential Mortgage REIT (EARN)?
What is the market cap of Ellington Residential Mortgage REIT (EARN)?
What does Ellington Credit Company do?
Where is Ellington Credit Company based?
What are CLOs?
How does Ellington Credit Company manage risk?
When was Ellington Credit Company founded?
What is a Real Estate Investment Trust (REIT)?
How does Ellington Credit Company benefit its shareholders?
How does Ellington Credit Company leverage technology?
What are some recent achievements of Ellington Credit Company?
How can I stay updated on Ellington Credit Company's developments?
