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Ellington Credit Company (EARN) investor relations material
Ellington Credit Company Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary20 Nov, 2025
Executive summary
Achieved full dividend coverage from net investment income in September, with GAAP net income of $4.3 million ($0.11 per share) and net investment income of $8.5 million ($0.23 per share) for Q3 2025.
Net asset value (NAV) per share was $5.99 as of September 30, 2025, after $0.24 per share in distributions, with NAV totaling $225.1 million.
CLO portfolio expanded by 20% to $379.6 million, with a near 50/50 split between debt and equity tranches, and active trading across 92 trades.
Declared monthly distributions of $0.08 per share, with an annualized distribution rate of 18.6% based on the November 18, 2025 closing price.
Maintained a balanced mix of mezzanine debt and equity tranches, focusing on downside protection and relative value.
Financial highlights
Weighted average GAAP yield on the CLO portfolio was 15.5% for the quarter.
Received $16.2 million in recurring cash distributions, or $0.43 per share.
NAV-based total return for the quarter was 9.6% annualized.
Net realized gains on investments totaled $1.3 million, while net unrealized losses were $4.1 million.
Net investment income per share rose to $0.23 in Q3 from $0.17 in Q2.
Outlook and guidance
Expect to raise long-term unsecured notes in the coming weeks, aiming for accretive impact on net investment income and GAAP earnings.
Management expects elevated loan repricing and ongoing credit dispersion to create opportunities for outperformance.
Plans to maintain a diversified CLO portfolio, with allocations between equity and debt adjusted based on market opportunities.
Portfolio positioned for both upside and resilience with significant credit hedging.
Majority of CLO holdings expected to remain dollar-denominated.
Explain September's full dividend coverage
Impact of CLO equity strategy shift
What offset Q3 investment gains?
Rationale for increased credit hedge sizing
Unsecured debt raise: purpose and impact?
AI's impact on CLO investment strategy
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Next Ellington Credit Company earnings date
Q4 202512 Mar, 2026
Next Ellington Credit Company earnings date
Q4 202512 Mar, 2026
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Frequently asked questions
Ellington Residential Mortgage REIT is a real estate investment trust that invests in residential mortgage-backed securities. The company’s portfolio includes agency and non-agency RMBS, with an investment strategy focused on income generation and capital preservation. The company is headquartered in Old Greenwich, Connecticut, and its shares are listed on the NYSE.
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