secwatch.observer — SEC 8-K summary
======================================

Issuer:     Ellington Credit Co (EARN)
CIK:        0001560672
Form:       8-K/A
Filed at:   2024-08-13T23:59:59+00:00
Accession:  0001560672-24-000071
Event type: earnings
Sentiment:  neutral
Materiality: 0.75
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1560672/000156067224000071/0001560672-24-000071-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1560672/000156067224000071/earn-20240812.htm
  HTML page:      https://secwatch.observer/filing/0001560672-24-000071

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