Q2 net loss $0.8M, adj distributable earnings $0.36/sh; CLO portfolio doubles to $85M

Ellington Credit Co

Net loss of $0.8M ($0.04/sh); adjusted distributable earnings of $7.3M ($0.36/sh), covering $0.24 quarterly dividend.
Book value $6.91/sh as of June 30; net mortgage assets-to-equity ratio 4.0:1; debt-to-equity 4.0:1 (3.7:1 adjusted).
CLO portfolio grew to $85.1M (from $45.1M); capital allocation to CLOs increased to 45% (from 25%).
Agency RMBS holdings decreased 28% to $531M as portfolio rotates to CLOs; net interest margins improved.
Management expects Q3 adj distributable earnings to decline from Q2's $0.36 but still exceed Q1's $0.27.

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