Ellington Credit (EARN) Company Report

EARN reported GAAP Net Income of $4.3 million, or $0.11 per share, for the quarter ended September 30, 2025.
Net Investment Income was $8.5 million, or $0.23 per share, with Adjusted Net Investment Income at $8.52 million, also $0.23 per share, for Q3 2025.
The company's Net Asset Value was $225.1 million, or $5.99 per share, as of September 30, 2025.
The CLO portfolio grew by 20% to $379.6 million as of September 30, 2025, from $316.9 million as of June 30, 2025.
Monthly distributions of $0.08 per common share were declared for August, September, October, November, and December 2025.

Nov 20, 2025, 4:00 PM

EARN Reports Q3 2025 Results with Strong NII and Portfolio Growth

EARN

Earnings

Dividends

Debt Issuance

Ellington Credit Company (EARN) reported GAAP net income of $0.11 per share and net investment income of $0.23 per share for Q3 2025, achieving full dividend coverage from net investment income in September.
The CLO portfolio increased by 20% to $380 million as of September 30th, 2025, with 51% in CLO equity and 14% in European CLO investments.
The company maintained an active trading approach, executing 92 distinct CLO trades during the quarter and increasing its allocation to mezzanine debt, which accounted for approximately 70% of net CLO purchases over the last two quarters.
Credit hedges were significantly expanded to $90 million by the end of Q3 2025, representing about 40% of NAV, and further increased to over $150 million by October 31st, 2025, to provide downside protection.
As of September 30th, 2025, NAV was $5.99 per share, and the NAV-based total return for the quarter was 9.6% annualized. The company anticipates raising long-term unsecured notes in the near future.

Nov 20, 2025, 4:00 PM

Ellington Credit Company Reports Strong Q3 2025 Results and Strategic Portfolio Shifts

EARN

Earnings

New Projects/Investments

Debt Issuance

Ellington Credit Company (EARN) reported Q3 2025 GAAP net income of $0.11 per share and net investment income of $0.23 per share, achieving full dividend coverage from net investment income in September.
The CLO portfolio increased 20% to $380 million by September 30, with a strategic shift towards mezzanine debt, which constituted approximately 70% of net CLO purchases over the last two quarters.
The company significantly increased its corporate credit hedges to roughly $90 million (equating to 40% of NAV) by September 30, further expanding to more than $150 million by October 31, to manage credit risk and dispersion.
EARN plans to raise long-term unsecured notes in the coming weeks, market conditions permitting, expecting this additional capital to be accretive to both net investment income and GAAP earnings.

Nov 20, 2025, 4:00 PM

Ellington Credit Company Announces Q2 2026 Financial Results

EARN

Earnings

Dividends

New Projects/Investments

Ellington Credit Company reported a net asset value (NAV) per share of $5.99 as of September 30, 2025.
For the quarter ended September 30, 2025, the company posted GAAP net income of $4.3 million, or $0.11 per share, and net investment income (NII) of $8.5 million, or $0.23 per share.
The CLO portfolio grew to $379.6 million by September 30, 2025, consisting of $185.5 million in CLO debt and $194.0 million in CLO equity investments.
Management stated that the company achieved full dividend coverage from net investment income in September.
The Board of Trustees declared monthly distributions of $0.08 per share for July, August, September, October, and November 2025.

Nov 19, 2025, 10:20 PM

Earnings Transcripts

Quarterly earnings call transcripts for Ellington Credit.

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