Welcome to our dedicated page for Ellsworth Growth and Income Fund news (Ticker: ECF), a resource for investors and traders seeking the latest updates and insights on Ellsworth Growth and Income Fund stock.
Ellsworth Growth and Income Fund Ltd. reports news primarily as a diversified closed-end management investment company focused on income and long-term capital appreciation. The fund invests primarily in convertible securities and common stock and is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc.
Recurring updates cover cash distributions to common shareholders, changes to the fund's distribution policy, Board of Trustees review of income and realized capital gains, net asset value considerations, and capital-structure actions such as cumulative preferred shares. Company releases also reference the fund's NYSE American listing and regulated investment company distribution requirements.
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GAMCO Investors reported a second quarter net income of $17.3 million for 2022, up slightly from $17.1 million in 2021. GAAP earnings increased to $0.66 per share, compared to $0.64 per share last year. However, assets under management (AUM) decreased to $28.7 billion from $34.6 billion year-over-year. Revenues fell to $65.6 million from $75.6 million, driven by lower investment advisory fees. Operating income rose to $28.3 million, aided by a $7.9 million waiver of CEO compensation. GAMCO maintained a strong balance sheet with $177.3 million in cash and investments.
The Board of Trustees of Ellsworth Growth and Income Fund Ltd. (NYSE American: ECF) has announced the issuance of Series B Cumulative Preferred Shares with a total liquidation value of approximately $25 million. These shares will be puttable on June 26, 2023 and June 26, 2024, and callable after June 26, 2024. They offer an annual distribution rate of 4.40% on a liquidation preference of $10.00 per share, starting from December 26, 2022.
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