Welcome to our dedicated page for Ellington Credit Closed End Fund news (Ticker: EARN), a resource for investors and traders seeking the latest updates and insights on Ellington Credit Closed End Fund stock.
Ellington Credit Company (EARN) operates as a non-diversified closed-end fund focused primarily on corporate collateralized loan obligations, or CLOs, with an emphasis on mezzanine debt and equity tranches. The fund is externally managed and advised by an affiliate of Ellington Management Group.
Company news commonly covers monthly common dividend declarations, quarterly financial results, net asset value updates, CLO portfolio activity, and capital-structure actions such as unsecured note offerings. Updates also include earnings-release schedules, conference calls, investor presentations, and commentary on CLO market conditions, credit spreads, liquidity management, and portfolio positioning.
Ellington Credit Company (NYSE: EARN) announced plans to hold a special meeting in early 2025 to approve its conversion to a Delaware registered closed-end fund focused on corporate CLO investments. Despite receiving over 91% approval votes at the December 2024 meeting, the conversion threshold wasn't reached due to low voter turnout.
To address this, the company has issued 1,000 Series A Preferred Shares, each with 25,000 votes, designed to mirror common shareholders' votes. These preferred shares, sold to Ellington Credit Company Management for $1,000, will only vote on conversion proposals and will be automatically redeemed upon approval. The shares aim to amplify voting preferences without overriding common shareholders' expressed preferences.
Ellington Credit Company (NYSE: EARN) has announced that its Board of Trustees has declared a monthly common dividend of $0.08 per share. The dividend will be payable on January 27, 2025 to shareholders of record as of December 31, 2024.
Ellington Credit (NYSE: EARN) has announced its 2024 Annual Meeting of Shareholders will be held on December 4, 2024, at 10:00 am ET via webcast. Over 92% of received votes support proposals to convert the company to a closed-end investment company under the Investment Company Act of 1940. However, due to shareholders who haven't voted, the Conversion Proposals haven't reached required approval threshold. The company's Board of Trustees and proxy advisory firms ISS and Glass Lewis recommend voting 'FOR' all proposals.
Ellington Credit Company (NYSE: EARN) reported Q3 2024 financial results with net income of $5.4 million ($0.21 per share) and Adjusted Distributable Earnings of $7.2 million ($0.28 per share). Book value was $6.85 per share, including $0.24 quarterly dividends. The company's CLO portfolio increased to $144.5 million from $85.1 million in Q2. Net interest margin was 9.65% on credit, 3.52% on Agency, and 5.22% overall. The company maintains a debt-to-equity ratio of 2.5:1 and declared a monthly dividend of $0.08 per share, yielding 14.5%. The company continues its strategic transformation to focus on corporate CLOs while maintaining strong performance from CLO debt and equity investments.
Ellington Credit Company (NYSE: EARN) announced that its Board of Trustees has declared a monthly common dividend of $0.08 per share. The dividend will be payable on December 26, 2024, to shareholders of record as of November 29, 2024.
Ellington Credit Company (NYSE: EARN) has announced the postponement of its 2024 Annual Meeting of Shareholders, originally scheduled for October 30, 2024. The delay aims to allow more time for proxy solicitation. While over 90% of received votes support the Conversion Proposals to transform into a closed-end investment company, insufficient total voter turnout has prevented reaching the required threshold for approval. The Board of Trustees, ISS, and Glass Lewis all recommend shareholders vote 'FOR' all proposals. The August 6, 2024 record date remains unchanged, and previously cast votes will still be counted at the rescheduled meeting.
Ellington Credit Company (NYSE: EARN) has announced the schedule for its Q3 2024 earnings release and conference call. The financial results will be released after market close on November 12, 2024, followed by a conference call on November 13, 2024 at 1:00 p.m. Eastern Time. The company will also post an investor presentation on its website. Participants can join via phone using the conference code EARNQ324 or watch the webcast through the company's website. A replay will be available until November 20, 2024.
Ellington Credit Company (NYSE: EARN) has announced a monthly common dividend of $0.08 per share. The dividend is payable on November 25, 2024 to shareholders of record as of October 31, 2024. This declaration was made by the company's Board of Trustees.
Ellington Credit Company (NYSE: EARN) has announced the postponement of its 2024 Annual Meeting of Shareholders, originally scheduled for September 26, 2024. The postponement aims to provide additional materials related to the definitive proxy statement filed on August 16, 2024, and allow more time for proxy solicitation. The new date will be determined by the Board of Trustees and announced soon.
The record date remains August 6, 2024. Shareholders who have already voted don't need to take action unless they wish to change their vote. The Board strongly encourages shareholders to vote 'FOR' all proposals in the Proxy Statement. The Proxy Statement is available on the SEC's website, and shareholders are urged to read it and all relevant documents before making voting or investment decisions.
Ellington Credit Company (NYSE: EARN) has announced a monthly common dividend of $0.08 per share. The dividend is payable on October 25, 2024 to shareholders of record as of September 30, 2024. This declaration by the Board of Trustees demonstrates the company's commitment to providing regular returns to its shareholders. The consistent dividend payout may be viewed positively by income-focused investors, potentially supporting the stock's appeal in the market.