Ellington Residential Mortgage REIT, a real estate investment trust, specializes in acquiring, investing in, and managing residential mortgage-and real estate-related assets. It acquires and manages residential mortgage-backed securities (RMBS), including agency pools and agency collateralized mortgage obligations (CMOs); and non-agency RMBS comprising non-agency CMOs, such as investment grade and non-investment grade. The company has elected to be taxed as a real estate investment trust. As a result, it would not be subject to corporate income tax on that portion of its net income that is distributed to shareholders. Ellington Residential Mortgage REIT was founded in 2012 and is based in Old Greenwich, Connecticut.
IPO Year: 2013
Exchange: NYSE
Website: earnreit.com
| Date | Price Target | Rating | Analyst |
|---|---|---|---|
| 12/6/2023 | $6.00 | Neutral | UBS |
| 12/6/2023 | $13.50 | Neutral | UBS |
| 4/1/2022 | Mkt Outperform → Mkt Perform | JMP Securities | |
| 3/10/2022 | $11.50 → $10.00 | Neutral | Credit Suisse |
| 3/9/2022 | $12.50 → $11.50 | Overweight | Piper Sandler |
| 11/8/2021 | Buy → Neutral | BTIG | |
| 10/12/2021 | $12.50 | Overweight | Piper Sandler |
Ellington Credit Company (NYSE:EARN) (the "Company") announced today it has obtained all necessary approvals from its Board of Trustees and shareholders to convert to a Delaware-registered closed-end fund, effective April 1, 2025 (the "Conversion"). Upon effectiveness of the Conversion, the Company intends to sell its remaining Agency MBS pools, acquire additional CLOs, and operate in compliance with the Investment Company Act of 1940. Laurence Penn, Chief Executive Officer and President, stated: "We are excited to begin this new chapter as a closed-end fund, which we believe will enhance our ability to generate strong risk-adjusted returns and unlock additional value for shareholders. Giv
Ellington Credit Company (NYSE:EARN) ("we") today reported financial results for the quarter ended December 31, 2024. Fourth Quarter Highlights Net income (loss) of $(2.0) million, or $(0.07) per share. Adjusted Distributable Earnings1 of $7.8 million, or $0.27 per share. Book value of $6.53 per share as of December 31, 2024, which includes the effects of dividends of $0.24 per share for the quarter. Net interest margin2 of 8.54% on credit, 3.24% on Agency, and 5.07% overall. CLO portfolio increased to $171.1 million at year end, compared to $144.5 million as of September 30, 2024. Capital allocation3 to CLOs increased to 72% at year end, compared to 58% as of September 30, 202
Ellington Credit Company (NYSE:EARN) ("we") today announced that its Board of Trustees has declared a monthly common dividend of $0.08 per share, payable on April 25, 2025 to shareholders of record as of March 31, 2025. Cautionary Statement Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical in nature and can be identified by words such as "anticipate," "estimate," "will," "should," "may," "expect," "project," "believe," "intend," "seek," "plan" and similar expressions or their negative forms, or by
Ellington Credit Company (NYSE:EARN) (the "Company") today announced that it will release financial results for the quarter ended December 31, 2024 after market close on Wednesday, March 12, 2025. The Company will host a conference call to discuss its financial results at 11:00 a.m. Eastern Time on Thursday, March 13, 2025. To participate in the event by telephone, please dial (800) 225-9448 at least 10 minutes prior to the start time and reference the conference code EARNQ424. International callers should dial (203) 518-9708 and reference the same code. The conference call will also be webcast live and can be accessed via the "For Investors" section of the Company's website at www.ellingto
Ellington Credit Company (NYSE:EARN) ("we") today announced that its Board of Trustees has declared a monthly common dividend of $0.08 per share, payable on March 25, 2025 to shareholders of record as of February 28, 2025. Cautionary Statement Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical in nature and can be identified by words such as "anticipate," "estimate," "will," "should," "may," "expect," "project," "believe," "intend," "seek," "plan" and similar expressions or their negative forms, o
Ellington Credit Company (NYSE:EARN) ("we") today reported the following preliminary fourth quarter financial results, and update on its portfolio and pending conversion to a CLO closed-end fund. Book value per common share is estimated to be in the range of $6.52 to $6.54 as of December 31, 2024, including the effects of dividends of $0.24 per common share declared during the quarter. Net income (loss) per common share is estimated to be in the range of $(0.08) to $(0.06) for the quarter ended December 31, 2024. Adjusted Distributable Earnings1 per common share is estimated to be in the range of $0.26 to $0.28 for the quarter ended December 31, 2024. Adjusted Distributable Earning
Ellington Credit Company (NYSE:EARN) (the "Company") today announced that information regarding the federal income tax treatment of the distributions deemed paid in 2024 on the Company's common shares has been posted to the Company's website, at https://www.ellingtoncredit.com/dividend-and-tax-information. The Company operated as a taxable C-Corp throughout all of 2024. About Ellington Credit Company Ellington Credit Company, formerly known as Ellington Residential Mortgage REIT, was initially formed as a real estate investment trust ("REIT") that invested primarily in residential mortgage-backed securities ("MBS"). On March 29, 2024, the Company's Board of Trustees approved a strategic
—Conversion to be Completed in the Near Future— Ellington Credit Company (the "Company" or "we") (NYSE:EARN) announced today that it has received shareholder approval, at a special meeting of shareholders (the "Special Meeting"), for the Company's conversion (the "Conversion") to a Delaware registered closed-end fund. The converted entity will focus on corporate CLO investments and will be treated as a regulated investment company ("RIC") under the Internal Revenue Code. The Conversion is anticipated to become effective in the near future, and will be accompanied by a separate press release. Over 93% of the votes cast at the Special Meeting were in favor of the Conversion, and excluding
Ellington Credit Company (NYSE:EARN) (the "Company") today announced that its Board of Trustees has declared a monthly common dividend of $0.08 per share, payable on February 25, 2025 to shareholders of record as of January 31, 2025. Cautionary Statement Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical in nature and can be identified by words such as "anticipate," "estimate," "will," "should," "may," "expect," "project," "believe," "intend," "seek," "plan" and similar expressions or their negati
—Intends to Hold Special Meeting of Shareholders and Convert to Closed-End Fund/RIC in Early 2025— —Issues Mirror Preferred Stock to Amplify Vote of Common Shareholders— —Preferred Stock to be Automatically Redeemed Following Successful Vote on Conversion— Ellington Credit Company (the "Company") (NYSE:EARN) announced today that its Board of Trustees intends to call a special meeting of shareholders in early 2025 (the "Special Meeting"), to approve its previously announced conversion to a Delaware registered closed-end fund to be treated as a regulated investment company under the Internal Revenue Code, focused on corporate CLO investments (the "Conversion"). In conjunction with the S
UBS initiated coverage of Ellington Residential Mtg with a rating of Neutral and set a new price target of $6.00
UBS initiated coverage of Ellington Residential Mtg with a rating of Neutral and set a new price target of $13.50
JMP Securities downgraded Ellington Residential Mtg from Mkt Outperform to Mkt Perform
Credit Suisse reiterated coverage of Ellington Residential with a rating of Neutral and set a new price target of $10.00 from $11.50 previously
Piper Sandler reiterated coverage of Ellington Residential with a rating of Overweight and set a new price target of $11.50 from $12.50 previously
BTIG downgraded Ellington Residential from Buy to Neutral
Piper Sandler initiated coverage of Ellington Residential with a rating of Overweight and set a new price target of $12.50
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Ellington Credit Company (NYSE:EARN) ("we") today reported financial results for the quarter ended December 31, 2024. Fourth Quarter Highlights Net income (loss) of $(2.0) million, or $(0.07) per share. Adjusted Distributable Earnings1 of $7.8 million, or $0.27 per share. Book value of $6.53 per share as of December 31, 2024, which includes the effects of dividends of $0.24 per share for the quarter. Net interest margin2 of 8.54% on credit, 3.24% on Agency, and 5.07% overall. CLO portfolio increased to $171.1 million at year end, compared to $144.5 million as of September 30, 2024. Capital allocation3 to CLOs increased to 72% at year end, compared to 58% as of September 30, 202
Ellington Credit Company (NYSE:EARN) ("we") today announced that its Board of Trustees has declared a monthly common dividend of $0.08 per share, payable on April 25, 2025 to shareholders of record as of March 31, 2025. Cautionary Statement Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical in nature and can be identified by words such as "anticipate," "estimate," "will," "should," "may," "expect," "project," "believe," "intend," "seek," "plan" and similar expressions or their negative forms, or by
Ellington Credit Company (NYSE:EARN) (the "Company") today announced that it will release financial results for the quarter ended December 31, 2024 after market close on Wednesday, March 12, 2025. The Company will host a conference call to discuss its financial results at 11:00 a.m. Eastern Time on Thursday, March 13, 2025. To participate in the event by telephone, please dial (800) 225-9448 at least 10 minutes prior to the start time and reference the conference code EARNQ424. International callers should dial (203) 518-9708 and reference the same code. The conference call will also be webcast live and can be accessed via the "For Investors" section of the Company's website at www.ellingto
Ellington Credit Company (NYSE:EARN) ("we") today announced that its Board of Trustees has declared a monthly common dividend of $0.08 per share, payable on March 25, 2025 to shareholders of record as of February 28, 2025. Cautionary Statement Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical in nature and can be identified by words such as "anticipate," "estimate," "will," "should," "may," "expect," "project," "believe," "intend," "seek," "plan" and similar expressions or their negative forms, o
Ellington Credit Company (NYSE:EARN) ("we") today reported the following preliminary fourth quarter financial results, and update on its portfolio and pending conversion to a CLO closed-end fund. Book value per common share is estimated to be in the range of $6.52 to $6.54 as of December 31, 2024, including the effects of dividends of $0.24 per common share declared during the quarter. Net income (loss) per common share is estimated to be in the range of $(0.08) to $(0.06) for the quarter ended December 31, 2024. Adjusted Distributable Earnings1 per common share is estimated to be in the range of $0.26 to $0.28 for the quarter ended December 31, 2024. Adjusted Distributable Earning
Ellington Credit Company (NYSE:EARN) (the "Company") today announced that information regarding the federal income tax treatment of the distributions deemed paid in 2024 on the Company's common shares has been posted to the Company's website, at https://www.ellingtoncredit.com/dividend-and-tax-information. The Company operated as a taxable C-Corp throughout all of 2024. About Ellington Credit Company Ellington Credit Company, formerly known as Ellington Residential Mortgage REIT, was initially formed as a real estate investment trust ("REIT") that invested primarily in residential mortgage-backed securities ("MBS"). On March 29, 2024, the Company's Board of Trustees approved a strategic
Ellington Credit Company (NYSE:EARN) (the "Company") today announced that its Board of Trustees has declared a monthly common dividend of $0.08 per share, payable on February 25, 2025 to shareholders of record as of January 31, 2025. Cautionary Statement Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical in nature and can be identified by words such as "anticipate," "estimate," "will," "should," "may," "expect," "project," "believe," "intend," "seek," "plan" and similar expressions or their negati
—Intends to Hold Special Meeting of Shareholders and Convert to Closed-End Fund/RIC in Early 2025— —Issues Mirror Preferred Stock to Amplify Vote of Common Shareholders— —Preferred Stock to be Automatically Redeemed Following Successful Vote on Conversion— Ellington Credit Company (the "Company") (NYSE:EARN) announced today that its Board of Trustees intends to call a special meeting of shareholders in early 2025 (the "Special Meeting"), to approve its previously announced conversion to a Delaware registered closed-end fund to be treated as a regulated investment company under the Internal Revenue Code, focused on corporate CLO investments (the "Conversion"). In conjunction with the S
Ellington Credit Company (NYSE:EARN) (the "Company") today announced that its Board of Trustees has declared a monthly common dividend of $0.08 per share, payable on January 27, 2025 to shareholders of record as of December 31, 2024. Cautionary Statement Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical in nature and can be identified by words such as "anticipate," "estimate," "will," "should," "may," "expect," "project," "believe," "intend," "seek," "plan" and similar expressions or their negati
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, and 5.22% overall. CLO portfolio increased to $144.5 million as of September 30, 2024, as compared to $85.1 million as of June 30, 2024. Capital allocation3 to corporate CLOs was 58% as of September 30, 2024 as compare
OLD GREENWICH, Conn.--(BUSINESS WIRE)--Ellington Residential Mortgage REIT (NYSE: EARN) (the "Company") today announced the appointment of Mary McBride to its Board of Trustees (the "Board"), effective immediately. "We are excited to have Mary McBride join our Board as an independent Trustee. Mary’s extensive experience in commercial banking and as a director of publicly traded companies should add a valuable perspective to our Board," said Laurence Penn, Chief Executive Officer of EARN. Ms. McBride added, "I am honored to be named as a Trustee of EARN, and look forward to partnering with the Board and management team to continue to deliver strong shareholder returns." Ms. McBrid
OLD GREENWICH, Conn--(BUSINESS WIRE)--Ellington Residential Mortgage REIT (NYSE: EARN) (the "Company") today announced the appointment of C. C. Melvin “Mel” Ike to its Board of Trustees (the “Board”), effective immediately. Mr. Ike replaces Menes O. Chee, a member of the Board since May 2013, who is resigning in conjunction with Mr. Ike’s appointment. "We are excited to have Melvin Ike join our Board as a Trustee. Mel’s experience as a senior member of the Tactical Opportunities Group at Blackstone should make for a seamless transition. We would like to thank Menes for his service as Blackstone’s representative on the Board for the past seven years, and wish him well in his new rol
OLD GREENWICH, Conn.--(BUSINESS WIRE)--Ellington Residential Mortgage REIT (NYSE: EARN) (the "Company") today announced that Robert B. Allardice, III, an Independent Director and Chairman of the Company’s Audit Committee, has been appointed Chairman of the Board of Trustees (the “Board”). Mr. Allardice replaces Thomas F. Robards, who is stepping down from his role as Chairman and remains on the Board as an Independent Trustee. “We are excited about Barry Allardice’s elevation to Chairman of the Board. Barry has deep knowledge of the Company and has been an invaluable asset as Chairman of the Audit Committee since 2013,” said Laurence Penn, Chief Executive Officer of EARN. Mr. Alla