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Ellington Credit Company
Ellington Credit Company (EARN) investor relations material
Ellington Credit Company Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Mar, 2026
Executive summary
Reported GAAP net loss of $21.1 million, or $0.56 per share, for Q4 2025, with a NAV-based total return of -9.1%, primarily due to CLO equity underperformance and market headwinds; active management and a shift toward mezzanine debt limited losses and outperformed peers.
Net investment income was $7.8 million, or $0.21 per share, with adjusted net investment income matching this figure.
Net asset value stood at $195.0 million, or $5.19 per share, as of December 31, 2025.
CLO portfolio fair value was $369.5 million, with 77% of CLO debt and 97% of CLO equity investments in the U.S.; portfolio repositioned for better risk-adjusted returns through active trading and increased credit hedges.
Declared monthly distributions of $0.08 per share, with a distribution rate of 20.0% based on the March 4, 2026 closing stock price.
Financial highlights
GAAP net loss of $21.1 million for Q4 2025, driven by unrealized losses in CLO equity and drag from credit hedges.
Net investment income of $7.8 million, or $0.21 per share; received $19.1 million in recurring cash distributions from the investment portfolio.
Net asset value per share was $5.19 at December 31, 2025; cash and equivalents totaled $24.3 million.
Weighted average GAAP yield for the quarter was 13.7% on the total CLO portfolio; weighted average projected yield was 14.6%.
CLO portfolio decreased by 3% to $369.5 million; $66 million in new purchases (60% debt, 40% equity), $19 million in sales.
Outlook and guidance
Entering 2026, more than 40% of US CLO portfolio deals are scheduled to exit non-call periods, enabling potential liability refinancings.
Management expects to selectively increase CLO equity positions as market opportunities arise in 2026 and remains focused on rebuilding net investment income and NAV.
Exploring issuance of long-term unsecured debt to provide additional capital.
Active trading and disciplined risk management expected to add value in volatile markets.
Monthly distributions of $0.08 per share declared through March 2026; future distributions not guaranteed.
Rationale for increasing CLO equity exposure
Impact of credit hedge losses on net results
Outlook on NAV recovery from spread tightening
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Next Ellington Credit Company earnings date
Q1 202620 May, 2026
Ellington Credit Company
Next Ellington Credit Company earnings date
Q1 202620 May, 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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