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") 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
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 December 26, 2024 to shareholders of record as of November 29, 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 negativ
Ellington Credit Company (NYSE:EARN) (the "Company") today announced that it will release financial results for the quarter ended September 30, 2024 after market close on Tuesday, November 12, 2024. The Company will host a conference call to discuss its financial results at 1:00 p.m. Eastern Time on Wednesday, November 13, 2024. 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 EARNQ324. 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.ell
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 November 25, 2024 to shareholders of record as of October 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 negative
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 October 25, 2024 to shareholders of record as of September 30, 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 negativ
Ellington Credit Company, formerly known as Ellington Residential Mortgage REIT (NYSE:EARN) ("we", "us," or "our"), today reported financial results for the quarter ended June 30, 2024. Highlights Net income (loss) of $(0.8) million, or $(0.04) per share. Adjusted Distributable Earnings1 of $7.3 million, or $0.36 per share. Book value of $6.91 per share as of June 30, 2024, which includes the effects of dividends of $0.24 per share for the quarter. Net interest margin2 of 13.41% on credit, 2.85% on Agency, and 4.24% overall. CLO portfolio increased to $85.1 million as of June 30, 2024, as compared to $45.1 million as of March 31, 2024. Capital allocation3 to corporate CL
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 September 25, 2024 to shareholders of record as of August 30, 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
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
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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
Additional Affirmative Votes Still Needed for Passage of Conversion Proposals Company's Board of Trustees, ISS, and Glass Lewis All Recommend Shareholders Vote "For" Strategic Transformation Ellington Credit Company (NYSE:EARN) (the "Company") today announced that its 2024 Annual Meeting of Shareholders (the "Annual Meeting") will be held on Wednesday, December 4, 2024, at 10:00 am, Eastern Time, via live webcast at www.virtualshareholdermeeting.com/EARN2024. As of the close of business yesterday, over 92% of votes received have been cast in favor of each of the proposals that would allow the Company to convert to a closed-end investment company registered under the Investment Company
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
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 December 26, 2024 to shareholders of record as of November 29, 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 negativ
Company's Board of Trustees, ISS, and Glass Lewis All Recommend Shareholders Vote "For" Strategic Transformation Ellington Credit Company (NYSE:EARN) (the "Company") today announced the postponement of its 2024 Annual Meeting of Shareholders (the "Annual Meeting"), scheduled for October 30, 2024. The Annual Meeting is being postponed to provide the Company further time to solicit proxies from the Company's shareholders. The rescheduled date for the Annual Meeting will be determined by the Company's Board of Trustees (the "Board") in accordance with the applicable provisions of the Company's Declaration of Trust and will be announced in the near future. As of the close of business yesterd
Ellington Credit Company (NYSE:EARN) (the "Company") today announced that it will release financial results for the quarter ended September 30, 2024 after market close on Tuesday, November 12, 2024. The Company will host a conference call to discuss its financial results at 1:00 p.m. Eastern Time on Wednesday, November 13, 2024. 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 EARNQ324. 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.ell
Ellington Credit Company Strongly Encourages Shareholders to Vote "For" the Transformation by Monday October 28 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 registered under the Investment Company Act of 1940, as amended (the "1940 Act") (a "registered closed-end fund"), which would be
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 November 25, 2024 to shareholders of record as of October 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 negative
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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