Ellington Credit Co SEC Filings

Ellington Credit Company held its annual shareholder meeting on June 25, 2026. Shareholders elected six trustees, each receiving about 6.7 million votes in favor and roughly 0.5–0.6 million votes withheld, with additional broker non-votes recorded.

Shareholders also ratified PricewaterhouseCoopers LLP as the Fund's independent registered public accounting firm for the year ending March 31, 2027, with 21,741,032 votes for, 649,202 against, and 668,410 abstentions. This auditor ratification was considered a routine matter under New York Stock Exchange rules, so no broker non-votes occurred on this proposal.

Ellington Credit Company registers the resale by a selling shareholder of up to 7,500,000 common shares of the Fund under a prospectus supplement. These shares may be resold by Citizens JMP Securities, LLC; the Fund will not receive proceeds from such resales under this prospectus.

The prospectus also discloses a $35,000,000 committed equity financing facility under which the Fund, at its sole option, may sell shares to the Selling Shareholder over a 36-month period. The Fund’s estimated midpoint net asset value per share was $4.29 and the last reported NYSE sales price was $4.72 as of April 30, 2026.

Ellington Credit Company disclosed that its Board of Trustees has declared a monthly common dividend of $0.08 per share. The dividend will be paid on July 31, 2026 to common shareholders who are on record as of June 30, 2026.

The company is a non-diversified closed-end fund that seeks current income and risk-adjusted total returns by investing primarily in corporate collateralized loan obligations, focusing on mezzanine debt and equity tranches and leveraging Ellington Management Group’s fixed-income expertise.

Ellington Credit Company filed a preliminary registration statement and prospectus to register the resale by Citizens JMP Securities, LLC of up to 7,500,000 common shares. The Fund is not selling shares in this prospectus and will not receive proceeds from the resale; separately, the Fund may, at its option, sell up to $35,000,000 of newly issued shares to Citizens JMP under a Purchase Agreement. The Fund invests primarily in mezzanine debt and equity tranches of CLOs, targets current yield and risk-adjusted total return, and uses leverage and derivatives for hedging and financing. The prospectus discloses an estimated NAV midpoint of $4.29 and a last reported NYSE price of $4.72 (a 10.0% premium) as of April 30, 2026, an estimated NAV range of $4.26–$4.32, material fees including a 1.50% base management fee and a 17.5% performance fee structure, and principal risks tied to subordinated CLO tranches, leverage, valuation uncertainty, and conflicts of interest with the Adviser and affiliates.

Ellington Credit Company completed its April 1, 2025 conversion to a closed-end fund and reports fiscal year results for the year ended March 31, 2026. NAV per share was $4.09 with 37.6 million common shares outstanding and a closing market price of $4.43, an 8.3% premium to NAV.

The Fund reported net investment income of $27.8 million ($0.74 per share), adjusted net investment income of $30.2 million ($0.80 per share), and a GAAP net loss of $(38.9) million ($(1.03) per share) driven by net realized and unrealized losses. Total distributions equaled $0.96 per share for the year.

The CLO portfolio totaled $308.4 million (23% growth year over year), the Fund held $187.5 million of estimated high-yield CDX notional-equivalent credit hedges (reported as >100% of NAV), and issued $54.0 million of long-term senior unsecured notes (8.5% coupon, maturity 2031). Cash and cash equivalents were $57.7 million as of March 31, 2026.

Ellington Credit Company reported a difficult quarter for the period ended March 31, 2026, with a GAAP net loss of $32.3 million, or $(0.86) per share. Net asset value per share was $4.09, including quarterly distributions of $0.24 per share.

Core earnings remained positive: net investment income was $5.1 million, or $0.13 per share, and Adjusted net investment income was $7.3 million, or $0.19 per share. The CLO portfolio had a fair value of $307.9 million, with a weighted average GAAP yield of 12.5% based on amortized cost.

Market volatility and spread widening in CLO equity drove large unrealized losses, particularly in equity tranches. To strengthen its capital structure, the company issued $54.0 million of unsecured notes bearing 8.50% interest and maturing in 2031, contributing to total outstanding debt of $220.3 million as of quarter end.

Ellington Credit Company announced that its Board of Trustees declared a monthly common dividend of $0.08 per share. The dividend is payable on June 30, 2026 to common shareholders of record as of May 29, 2026.

The company describes itself as a non-diversified closed-end fund that seeks attractive current yields and risk-adjusted total returns by investing primarily in corporate collateralized loan obligations, focusing on mezzanine debt and equity tranches and managed by an affiliate of Ellington Management Group.

Ellington Credit Company will hold its 2026 virtual annual shareholder meeting on June 25, 2026. Investors are being asked to elect six trustees, four of whom are independent, and to ratify PricewaterhouseCoopers LLP as independent registered public accounting firm for the year ending March 31, 2027.

The proxy details board structure, two fully independent committees, and trustee retainers, with equity compensation plans terminated after the fund’s conversion to a registered closed-end fund. It also describes the external advisory and administration agreements, including base and performance fees paid to the adviser and reimbursed administrative costs, and discloses that trustees and officers collectively own about 1.4% of outstanding common shares.