Ellington Residential Mortgage REITNYSE: EARN

Ellington Credit Company (NYSE:EARN ) Q3 2024 Earnings Conference Call November 13, 2024 1:00 PM ET Company Participants Alaael-Deen Shilleh - Associate General Counsel Larry Penn - Chief Executive Officer Mark Tecotzky - Co-Chief Investment Officer Chris Smernoff - Chief Financial Officer Greg Borenstein - Head of Corporate Credit, Ellington Management Group Conference Call Participants Douglas Harter - UBS Jason Weaver - Jones Trading Operator Good afternoon, ladies and gentlemen. Thank you for standing by.

OLD GREENWICH, Conn.--(BUSINESS WIRE)--Ellington Credit Company (NYSE: EARN) ("we", "us," or "our") today reported financial results for the quarter ended September 30, 2024. Highlights Net income (loss) of $5.4 million, or $0.21 per share. Adjusted Distributable Earnings1 of $7.2 million, or $0.28 per share. Book value of $6.85 per share as of September 30, 2024, which includes the effects of dividends of $0.24 per share for the quarter. Net interest margin2 of 9.65% on credit, 3.52% on Agency.

OLD GREENWICH, Conn.--(BUSINESS WIRE)--Ellington Credit Company (NYSE: EARN) (the "Company") today announced that Institutional Shareholder Services Inc. ("ISS") became the second leading independent proxy advisory firm, joining Glass Lewis, to recommend that shareholders of the Company vote “FOR” the proposals (the "Conversion Proposals") set forth by the Board of Trustees of the Company (the "Board") that would allow the Company to complete its conversion to a closed-end investment company re.

The recent Federal Reserve interest rate cut benefits REITs, including Ellington Credit, which has struggled with high rates but now shows potential for improved performance. EARN stands out for its strong dividend payments and attractive price-to-distributable earnings per share, making it a solid choice for income investors. Trading at a price/book ratio close to 1, Ellington Credit's assets are expected to increase in value with declining interest rates, enhancing its investment appeal.

OLD GREENWICH, Conn.--(BUSINESS WIRE)--Ellington Credit Company (NYSE: EARN) (the "Company") today announced the postponement of its 2024 Annual Meeting of Shareholders (the "Annual Meeting"), originally scheduled for September 26, 2024. The Annual Meeting is being postponed to allow the Company to provide additional materials relating to the definitive proxy statement on Schedule 14A filed with the Securities and Exchange Commission (the “SEC”) on August 16, 2024 (the "Proxy Statement"), and t.

Ellington Credit (EARN) came out with quarterly earnings of $0.36 per share, beating the Zacks Consensus Estimate of $0.24 per share. This compares to earnings of $0.17 per share a year ago.

Here is how Ellington Credit (EARN) and Credicorp (BAP) have performed compared to their sector so far this year.

Ellington Credit Co. rebranded in April 2024, shifting focus from Mortgage-Backed Securities to Collateralized Debt Obligations. The company plans to maintain a $0.08 per share per month dividend, with a 5% discount to book value. Ellington Credit's transition to CLO investments may lead to less earnings volatility and a higher quality of earnings, making it a 'Buy' for passive income investors.

Ellington Credit (EARN) might move higher on growing optimism about its earnings prospects, which is reflected by its upgrade to a Zacks Rank #1 (Strong Buy).