Ellington Credit Co

NYSE:EARNUnited States

May 14, 2024

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• -- Earnings Flash (EARN) ELLINGTON CREDIT COMPANY Posts Q1 EPS $0.27, vs. Street Est of $0.25, from 4:20PM ET on Tuesday May 14, 2024 by MT Newswires

  4:20PM ET on Tuesday May 14, 2024 by MT Newswires
  Companies Mentioned: EARN
  04:20 PM EDT, 05/14/2024 (MT Newswires) -- ...

• Ellington Credit Company Reports First Quarter 2024 Results, from 4:19PM ET on Tuesday May 14, 2024 by Dow Jones

  4:19PM ET on Tuesday May 14, 2024 by Dow Jones
  Companies Mentioned: EARN
  
  We calculate Adjusted Distributable Earnings as net income (loss) adjusted for: (i) net realized and change in net unrealized gains and (losses) on securities, financial derivatives, and foreign currency transactions; (ii) net realized and change in net unrealized gains (losses) associated with periodic settlements on interest rate swaps; (iii) other income or loss items that are of a non-recurring nature, if any; (iv) Catch-up Amortization Adjustment (as defined below); and (v) provision for income taxes. The Catch-up Amortization Adjustment is a quarterly adjustment to premium amortization or discount accretion triggered by changes in actual and projected prepayments on our Agency RMBS (accompanied by a corresponding offsetting adjustment to realized and unrealized gains and losses). The adjustment is calculated as of the beginning of each quarter based on our then-current assumptions about cashflows and prepayments, and can vary significantly from quarter to quarter.
  

• Press Release: Ellington Credit Company Reports First Quarter 2024 Results, from 4:19PM ET on Tuesday May 14, 2024 by Dow Jones

  4:19PM ET on Tuesday May 14, 2024 by Dow Jones
  Companies Mentioned: EARN

• Ellington Credit Company Reports First Quarter 2024 Results, from 4:19PM ET on Tuesday May 14, 2024 by Business Wire

  4:19PM ET on Tuesday May 14, 2024 by Business Wire
  Companies Mentioned: EARN

  Ellington Credit Company, formerly known as Ellington Residential Mortgage REIT (NYSE: EARN) ("we", "us," or "our"), today reported financial results for the quarter ended March 31, 2024.

  Highlights

  Net income (loss) of $4.0 million, or $0.20 per share. Adjusted Distributable Earnings(1) of $5.3 million, or $0.27 per share. Book value of $7.21 per share as of March 31, 2024, which includes the effects of dividends of $0.24 per share for the quarter. Net interest margin(2) of 2.46% on Agency, 9.65% on credit, and 3.03% overall. Weighted average constant prepayment rate ("CPR") for the fixed-rate Agency specified pool portfolio of 5.2(3). Net mortgage assets-to-equity ratio of 5.4:1(4) as of March 31, 2024. CLO portfolio grew to $45.1 million as of March 31, 2024. Capital allocation(5) as of March 31, 2024: 75% mortgage-related securities, 25% corporate CLOs. Maintained $0.08 per common share regular monthly dividend. Dividend yield of 13.4% based on the May 13, 2024 closing stock price of $7.14, and monthly dividend of $0.08 per common share declared on May 7, 2024. Debt-to-equity ratio of 4.8:1 as of March 31, 2024; adjusted for unsettled purchases and sales, debt-to-equity ratio of 4.9:1 as of March 31, 2024. Cash and cash equivalents of $22.4 million as of March 31, 2024, in addition to other unencumbered assets of $57.1 million.