secwatch.observer — SEC 8-K summary
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Issuer:     Ellington Credit Co (EARN)
CIK:        0001560672
Form:       8-K
Filed at:   2024-05-14T23:59:59+00:00
Accession:  0001560672-24-000042
Event type: earnings
Sentiment:  neutral
Materiality: 0.75
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1560672/000156067224000042/0001560672-24-000042-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1560672/000156067224000042/earn-20240514.htm
  HTML page:      https://secwatch.observer/filing/0001560672-24-000042

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