secwatch.observer — SEC 8-K summary
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Issuer:     Ellington Credit Co (EARN)
CIK:        0001560672
Form:       8-K
Filed at:   2023-11-13T23:59:59+00:00
Accession:  0001560672-23-000079
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1560672/000156067223000079/0001560672-23-000079-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1560672/000156067223000079/earn-20231113.htm
  HTML page:      https://secwatch.observer/filing/0001560672-23-000079

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer