Reported Earlier, Ellington Credit Reports Preliminary Q4 Adj. EPS Of $0.26-$0.28 (Vs. $0.30 Est.), Estimates Book Value At $6.52-$6.54, And Provides Conversion Update

Author: Benzinga Newsdesk | February 04, 2025 02:28am

Ellington Credit Company (NYSE:EARN) ("we") today reported the following preliminary fourth quarter financial results, and update on its portfolio and pending conversion to a CLO closed-end fund.

• Book value per common share is estimated to be in the range of $6.52 to $6.54 as of December 31, 2024, including the effects of dividends of $0.24 per common share declared during the quarter.
• Net income (loss) per common share is estimated to be in the range of $(0.08) to $(0.06) for the quarter ended December 31, 2024.
• Adjusted Distributable Earnings1 per common share is estimated to be in the range of $0.26 to $0.28 for the quarter ended December 31, 2024. Adjusted Distributable Earnings is a non-GAAP financial measure. See "Reconciliation of Adjusted Distributable Earnings to Net Income (Loss)" below for an explanation regarding the calculation of Adjusted Distributable Earnings.
• Total shareholders' equity is estimated to be $195 million as of December 31, 2024.
• CLO portfolio and MBS portfolio increased to approximately $170 million and $510 million, respectively, as of December 31, 2024.
• Capital allocation2 to CLOs was approximately 72% as of December 31, 2024 as compared to 58% as of September 30, 2024.
• Expected conversion to a closed-end fund on or before April 1, 2025.

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