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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 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.
Ellington Credit Company (NYSE: EARN) announced that its Board of Trustees declared a monthly common dividend of $0.08 per share.
The dividend will be payable on August 26, 2024, to shareholders recorded as of July 31, 2024.
Ellington Credit Company (NYSE: EARN) has declared a monthly common dividend of $0.08 per share. This dividend will be payable on July 25, 2024, to shareholders who are on record as of June 28, 2024.
Ellington Credit Company (NYSE: EARN) reported financial results for Q1 2024. Key highlights include a net income of $4 million ($0.20 per share) and adjusted distributable earnings of $5.3 million ($0.27 per share). The company's book value stood at $7.21 per share after dividends of $0.24 per share. The net interest margin was 2.46% on Agency, 9.65% on credit, and 3.03% overall. The company maintained a $0.08 per share monthly dividend, resulting in a 13.4% yield based on a closing stock price of $7.14 on May 13, 2024.
The company's CLO portfolio grew to $45.1 million, with a strategic shift towards corporate CLOs. The firm plans to convert to a closed-end fund later in 2024, subject to shareholder approval. The debt-to-equity ratio was reported at 4.8:1. Ellington revoked its REIT status effective January 1, 2024, and is leveraging net operating loss carryforwards to offset federal taxable income.
Ellington Credit Company (NYSE: EARN) has declared a monthly common dividend of $0.08 per share, payable on June 25, 2024, to shareholders of record as of May 31, 2024.
Ellington Credit Company (NYSE: EARN) will release its financial results for the first quarter of 2024 on May 14, 2024, followed by a conference call on May 15, 2024. International participants can join via telephone or webcast. An investor presentation will be available on the Company's website.
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