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Ellington Residential Mortgage REIT (EARN) provides investors with critical updates through this dedicated news hub. Track official announcements regarding residential mortgage-backed securities investments, portfolio management strategies, and quarterly performance reports.
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Ellington Credit Company (NYSE: EARN) has declared a monthly common dividend of $0.08 per share. This dividend will be payable on July 25, 2024, to shareholders who are on record as of June 28, 2024.
Ellington Credit Company (NYSE: EARN) reported financial results for Q1 2024. Key highlights include a net income of $4 million ($0.20 per share) and adjusted distributable earnings of $5.3 million ($0.27 per share). The company's book value stood at $7.21 per share after dividends of $0.24 per share. The net interest margin was 2.46% on Agency, 9.65% on credit, and 3.03% overall. The company maintained a $0.08 per share monthly dividend, resulting in a 13.4% yield based on a closing stock price of $7.14 on May 13, 2024.
The company's CLO portfolio grew to $45.1 million, with a strategic shift towards corporate CLOs. The firm plans to convert to a closed-end fund later in 2024, subject to shareholder approval. The debt-to-equity ratio was reported at 4.8:1. Ellington revoked its REIT status effective January 1, 2024, and is leveraging net operating loss carryforwards to offset federal taxable income.
Ellington Credit Company (NYSE: EARN) has declared a monthly common dividend of $0.08 per share, payable on June 25, 2024, to shareholders of record as of May 31, 2024.
Ellington Credit Company (NYSE: EARN) will release its financial results for the first quarter of 2024 on May 14, 2024, followed by a conference call on May 15, 2024. International participants can join via telephone or webcast. An investor presentation will be available on the Company's website.
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