Ellington Residential posts Q3 net loss of $11.4M; book value falls to $7.02

Ellington Credit Co

Net loss of $11.4M ($0.75/share); Adjusted Distributable Earnings of $3.2M ($0.21/share).
Book value per share declined to $7.02 from prior quarter; dividends of $0.24/share declared in Q3.
Agency RMBS holdings decreased 11% to $790.5M; portfolio turnover 19% in quarter.
Began rotating into corporate CLOs, acquiring $3.8M in last week; CEO cites projected ROEs >20%.
Debt-to-equity ratio 7.3:1; cash and unencumbered assets 38% of total equity.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.98

Ellington Credit Co reported quarter ended September 30, 2023 results: net income $(11.4) million, EPS $(0.75) per share.

Period: quarter ended September 30, 2023
Net income: $(11.4) million
EPS: $(0.75) per share
Result: reported results

Exact text from the filing

Ellington Residential Mortgage REIT Reports Third Quarter 2023 Results OLD GREENWICH, Connecticut—November 13, 2023 Ellington Residential Mortgage REIT (NYSE: EARN) ("we", "us," or "our") today reported financial results for the quarter ended September 30, 2023. Highlights • Net income (loss) of $(11.4) million, or $(0.75) per share.

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Source: SEC EDGAR

accession 0001560672-23-000079

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