Ellington Credit Q1 net income $0.20/sh; shifts to CLO focus, plans closed-end fund conversion

Ellington Credit Co

Net income $4.0M ($0.20/sh); adjusted distributable earnings $5.3M ($0.27/sh) covered $0.24/sh in dividends.
CLO portfolio doubled to $45.1M; targets >$100M while retaining Agency MBS for 1940 Act exemption.
Board approved shift to corporate CLOs, revoked REIT status; conversion to closed-end fund/RIC planned later in 2024.
Book value $7.21/sh; net interest margin rose to 3.03%; debt-to-equity 4.8:1 (adjusted 4.9:1).
CEO says transition on track, expects higher risk-adjusted returns and less volatility for shareholders.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.65

Ellington Credit Co reported quarter ended March 31, 2024 results: net income $4.0 million, or $0.20 per share, EPS $0.20 per share.

Period: quarter ended March 31, 2024
Net income: $4.0 million, or $0.20 per share
EPS: $0.20 per share
Result: reported results

Exact text from the filing

On May 14, 2024, the Company issued a press release announcing its financial results for the quarter ended March 31, 2024.

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Source: SEC EDGAR

accession 0001560672-24-000042

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