Ellington Credit Q3 net income $5.4M ($0.21/sh); CLO portfolio grows 70% to $144.5M

Ellington Credit Co

Net income $5.4M ($0.21/sh) vs loss $815K prior quarter; Adj. Distributable Earnings $7.2M ($0.28/sh) covers $0.08 monthly dividend.
CLO portfolio grew to $144.5M from $85.1M; Agency RMBS reduced to $462.1M as capital rotation continues.
Book value $6.85/sh; net interest margin 5.22% overall (credit 9.65%, Agency 3.52%).
Debt-to-equity ratio decreased to 2.5:1; annualized economic return of 10.8% for Q3.
Strategic transformation to closed-end fund/RIC pending shareholder vote; ISS and Glass Lewis recommend 'For'.

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