secwatch.observer — SEC 8-K summary
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Issuer:     Ellington Credit Co (EARN)
CIK:        0001560672
Form:       8-K
Filed at:   2024-11-13T23:59:59+00:00
Accession:  0001560672-24-000136
Event type: earnings
Sentiment:  positive
Materiality: 0.80
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1560672/000156067224000136/0001560672-24-000136-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1560672/000156067224000136/earn-20241112.htm
  HTML page:      https://secwatch.observer/filing/0001560672-24-000136

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