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Ellington Credit Company SEC filings document a closed-end fund structure centered on investments in corporate CLO mezzanine debt and equity tranches. Its Form 8-K reports record monthly common dividend declarations, operating and financial results, Regulation FD materials, and capital-structure disclosures tied to unsecured notes and related material agreements.
Proxy filings describe shareholder voting matters, trustee elections, board governance, and auditor ratification. The filing record also includes forward-looking risk language and disclosure controls around the fund's results of operations, financial condition, liquidity, investment strategy, and shareholder distributions.
Ellington Credit Company reported a difficult quarter for the period ended March 31, 2026, with a GAAP net loss of $32.3 million, or $(0.86) per share. Net asset value per share was $4.09, including quarterly distributions of $0.24 per share.
Core earnings remained positive: net investment income was $5.1 million, or $0.13 per share, and Adjusted net investment income was $7.3 million, or $0.19 per share. The CLO portfolio had a fair value of $307.9 million, with a weighted average GAAP yield of 12.5% based on amortized cost.
Market volatility and spread widening in CLO equity drove large unrealized losses, particularly in equity tranches. To strengthen its capital structure, the company issued $54.0 million of unsecured notes bearing 8.50% interest and maturing in 2031, contributing to total outstanding debt of $220.3 million as of quarter end.
Ellington Credit Company announced that its Board of Trustees declared a monthly common dividend of $0.08 per share. The dividend is payable on June 30, 2026 to common shareholders of record as of May 29, 2026.
The company describes itself as a non-diversified closed-end fund that seeks attractive current yields and risk-adjusted total returns by investing primarily in corporate collateralized loan obligations, focusing on mezzanine debt and equity tranches and managed by an affiliate of Ellington Management Group.
Ellington Credit Company will hold its 2026 virtual annual shareholder meeting on June 25, 2026. Investors are being asked to elect six trustees, four of whom are independent, and to ratify PricewaterhouseCoopers LLP as independent registered public accounting firm for the year ending March 31, 2027.
The proxy details board structure, two fully independent committees, and trustee retainers, with equity compensation plans terminated after the fund’s conversion to a registered closed-end fund. It also describes the external advisory and administration agreements, including base and performance fees paid to the adviser and reimbursed administrative costs, and discloses that trustees and officers collectively own about 1.4% of outstanding common shares.
Ellington Credit Company registers the resale by a selling shareholder of up to 7,500,000 common shares under a registration statement. The Fund will not receive proceeds from those resales; separately, the Fund has a committed equity financing agreement under which it may sell up to $35,000,000 of newly issued shares to Citizens JMP over a 36-month period at the Fund’s option.
The prospectus states the Fund’s estimated net asset value midpoint was $4.49 at February 28, 2026 and the last reported NYSE sale was $4.89, an 8.9% premium to that NAV midpoint. The filing also discloses a completed issuance of $54.0M 8.50% senior unsecured notes due March 30, 2031.
Ellington Credit Company declared a monthly common dividend of $0.08 per share. The dividend will be paid on May 29, 2026 to common shareholders of record as of April 30, 2026.
The fund is a non-diversified closed-end fund that seeks attractive current yields and risk-adjusted total returns by investing primarily in corporate collateralized loan obligations, focusing on mezzanine debt and equity tranches, and is externally managed by an affiliate of Ellington Management Group.
Ellington Credit Company has completed a public offering of $50 million aggregate principal amount of its 8.50% Notes due 2031, with underwriters holding an option to buy up to an additional $7.5 million of notes. The notes are general unsecured obligations, pay interest at 8.50% annually in quarterly installments beginning June 30, 2026, and mature on March 30, 2031 at 100% of principal. They are expected to trade on the New York Stock Exchange under the symbol ELLA in $25 denominations and can be redeemed at par, plus accrued interest, at Ellington Credit’s option on or after March 30, 2028. The indenture includes asset coverage covenants tied to the Investment Company Act of 1940 and allows issuance of additional notes with identical terms. The transaction closed on March 30, 2026.
Ellington Credit Company is offering $50,000,000 aggregate principal amount of 8.50% Notes due 2031. The Notes mature on March 30, 2031, pay interest quarterly beginning June 30, 2026, are redeemable on or after March 30, 2028, and rank as unsecured senior obligations of the Fund.
The offering price is 100% with a 3.125% underwriting discount; proceeds to the Fund before expenses are $48,437,500. The Fund intends to list the Notes on the NYSE under the symbol ELLA and cautions that no active trading market currently exists.
Ellington Credit Company entered an underwriting agreement for an underwritten public offering of $50 million aggregate principal amount of 8.50% notes due 2031. The notes are expected to mature on March 30, 2031 and may be redeemed at the Fund’s option on or after March 30, 2028.
The Fund granted underwriters a 30-day option to buy up to an additional $7.5 million principal amount of these notes. Net proceeds are expected to be used for general corporate purposes, including purchasing additional assets aligned with its investment strategy and repaying short-term reverse repurchase borrowings.
The notes have been rated ‘BBB’ by Egan-Jones Ratings Company and are expected to be listed on the New York Stock Exchange under the symbol “ELLA”, with closing of the offering expected on March 30, 2026, subject to customary conditions.