Ellington Credit Co

Listed Company

ELLACIK 0001560672NYSENon-AcceleratedReal Estate Investment TrustsDelawareFY ends Mar 31

Period

FY 2024

Revenue

—

Net Income

$6.59M

Total Assets

$824.09M

Equity

$193.73M

Shares Out

37.56M

Op. Cash Flow

$9.11M

Business

Ellington Credit Company manages an investment vehicle that acquires and manages corporate collateralized loan obligations (CLOs) and related credit assets. It primarily invests in mezzanine debt and equity tranches of CLOs and may also invest in CLO warehouses (LAFs), CLO senior debt, corporate loans, bonds, and related securities, while using derivatives for hedging. The business is externally managed under an Advisory Agreement and supported by an Administrator, with portfolio management, valuation, risk management, trading, and administrative functions. The Fund sources and trades investments principally in the U.S. and Europe through dealer networks, third‑party CLO managers, and institutional financing channels.

Summary from filing dated 2025-06-23

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31
Interest income	50	43	35	28	27
Interest expense	−35	−45	−15	—	—
Total net interest income (expense)	15	−3	20	26	17
Management fees to affiliate	3	2	2	2	2
Professional fees	2	1	824,000	938,000	1
Compensation expense	2	735,000	710,000	721,000	608,000
Insurance expense	370,000	382,000	401,000	377,000	322,000
Other operating expenses	2	1	1	1	1
Total expenses	9	6	5	6	6
Net realized gains (losses) on securities	−18	−58	−74	4	12
Net realized gains (losses) on financial derivatives	38	29	49	—	—
Change in net unrealized gains (losses) on securities	−364,000	61	−79	—	—
Change in net unrealized gains (losses) on financial derivatives	−19	−19	59	9	−6
Noninterest Income, Other Operating Income	−665,000	0	—	—	—
Total other income (loss)	811,000	13	−45	−26	9
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	7	5	—	—	—
Income Tax Expense (Benefit)	500,000	0	—	—	—
NET INCOME (LOSS)	7	5	−30	−6	20
Basic and Diluted (in dollars per share)	0.28	0.31	−2.29	−0.5	1.63

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-03-31	FY 2024 2024-12-31	FY 2024 2024-03-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Cash and cash equivalents	17	32	22	39	35
Securities, at fair value(1)	754	684	—	774	894
Due from brokers	4	22	—	3	19
Financial derivativesassets, at fair value	476,000	42	—	74	69
Reverse repurchase agreements	0	23	—	0	499,000
Receivable for securities sold	336,000	11	—	51	33
Interest and principal receivable	6	11	—	5	—
Other assets	407,000	340,000	—	431,000	436,000
Total Assets	784	824	—	946	1,054
Repurchase agreements	518	563	—	730	842
Payable for securities purchased	27	2	—	12	42
Due to brokers	914,000	31	—	54	46
Financial derivativesliabilities, at fair value	957,000	6	—	7	3
U.S. Treasury securities sold short, at fair value	0	23	—	0	498,000
Dividend payable	3	2	2	1	1
Accrued expenses and other liabilities	2	1	—	1	1
Management fee payable to affiliate	860,000	729,000	—	513,000	423,000
Interest payable	2	2	—	3	5
Total Liabilities	555	630	—	809	941
Preferred shares, par value $0.01 per share, 100,000,000 shares authorized; (0, 1,000, and 0 shares issued and outstanding, respectively)	0	1,000	—	0	0
Common shares, par value $0.01 per share, 500,000,000 shares authorized; (37,559,195, 29,651,553, and 18,601,464 shares issued and outstanding, respectively)	376,000	297,000	—	186,000	134,000
Additional paid-in-capital	400	349	—	275	241
Accumulated deficit	−172	−155	—	−139	−129
Total Shareholders' Equity	229	194	143	136	112
Total Liabilities and Shareholders' Equity	784	824	—	946	1,054

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31
Realized Gain (Loss), Foreign Currency Transaction, before Tax	−109,000	0	—	—	—
Unrealized Gain (Loss), Foreign Currency Transaction, before Tax	863,000	0	—	—	—
Amortization of premiums and accretion of discounts, net	4	913,000	2	8	14
Share based compensation	442,000	255,000	312,000	271,000	241,000
Interest receivable	−487,000	−1	1	−390,000	902,000
Other assets	−213,000	0	−7,000	−20,000	334,000
Accrued expenses	357,000	43,000	−67,000	236,000	330,000
Interest payable	−935,000	−2	4	415,000	−3
Management fees payable to affiliate	216,000	90,000	−158,000	−45,000	21,000
Net cash provided by (used in) operating activities	9	−10	22	28	24
Purchases of securities	−1,359	−1,784	−2,358	−1,646	−944
Proceeds from sale of securities	1,369	1,761	2,188	1,304	1,002
Principal repayments of securities	81	98	180	325	264
Proceeds from investments sold short	247	531	413	759	282
Repurchase of investments sold short	−224	−532	−523	−640	−287
Proceeds from disposition of financial derivatives	86	31	83	23	24
Purchase of financial derivatives	−44	−24	−36	−26	−38
Payments made on reverse repurchase agreements	−2,440	−5,978	−9,170	−10,089	−5,659
Proceeds from reverse repurchase agreements	2,417	5,978	9,287	9,971	5,661
Due from brokers, net	−3	2	6	3	−3
Due to brokers, net	−12	1	41	−441,000	1
Net cash provided by (used in) investing activities	116	86	111	−15	304
Net proceeds from issuance of common shares	74	34	—	—	—
Proceeds from Issuance of Preferred Stock and Preference Stock	1,000	0	—	—	—
Payments for Repurchase of Preferred Stock and Preference Stock	0	0	—	—	—
Offering costs paid	−221,000	−231,000	−127,000	−390,000	0
Repurchase of common shares	0	0	−262,000	0	−986,000
Dividends paid	−22	−14	−14	−17	−14
Borrowings under repurchase agreements	9,256	7,173	6,030	2,568	2,181
Repayments of repurchase agreements	−9,423	−7,286	−6,252	−2,518	−2,462
Due from brokers, net	−7	14	64	−43	−10
Due to brokers, net	−11	8	4	68,000	2,000
Cash provided by (used in) financing activities	−132	−72	−167	−2	−306
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	−7	4	−34	—	—
Interest paid	36	47	11	2	13
Income Taxes Paid	829,000	0	—	—	—
Employee Benefit and Share-Based Payment Arrangement, Noncash	442,000	255,000	—	—	—

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