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Ellington Credit Company

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Ellington Credit Company • NYSE
$5.42 ▼ -0.18% (-0.01)
Market Cap $203.63 M
52w High $6.99
52w Low $4.33
Dividend Yield 0.96%
P/E 19.36
Volume 245.00K
Outstanding Shares 37.57M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $15.412M ▲ $0 $4.28M ▼ 27.771% ▼ $0.11 ▼ $6.244M ▼
Q2-2025 $11.899M ▲ $0 ▼ $10.205M ▲ 85.764% ▲ $0.27 ▲ $11.92M ▲
Q1-2025 $921K ▼ $2.582M ▲ $-7.87M ▼ -854.506% ▼ $-0.23 ▼ $-7.876M ▼
Q4-2024 $6.79M ▼ $2.269M ▼ $-2.005M ▼ -29.529% ▼ $-0.07 ▼ $-2.186M ▼
Q3-2024 $16.385M $2.725M $5.445M 33.232% $0.21 $5.908M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q1-2025 $17.375M ▼ $783.557M ▼ $555.056M ▼ $228.501M ▲
Q4-2024 $31.84M ▲ $824.092M ▲ $630.366M ▲ $193.726M ▲
Q3-2024 $25.747M ▼ $752.303M ▼ $560.674M ▼ $191.629M ▲
Q2-2024 $118.763M ▲ $933.457M ▼ $787.328M ▼ $146.129M ▲
Q1-2024 $22.442M $963.956M $821.039M $142.917M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q1-2025 $-7.87M ▼ $9.211M ▲ $-27.143M ▲ $3.467M ▼ $-14.465M ▼ $9.211M ▲
Q4-2024 $-2.005M ▼ $4.406M ▲ $-73.98M ▼ $75.667M ▲ $6.093M ▲ $4.406M ▲
Q3-2024 $5.445M ▲ $3.241M ▲ $46.355M ▼ $-142.612M ▼ $-93.016M ▼ $3.241M ▲
Q2-2024 $-815K ▼ $2.67M ▲ $103.425M ▲ $-9.774M ▲ $96.321M ▲ $2.67M ▲
Q1-2024 $3.961M $-1.205M $40.648M $-55.534M $-16.091M $-1.205M

Five-Year Company Overview

Income Statement

Income Statement Ellington Credit Company’s income profile is small in scale and quite volatile, which is typical for a leveraged credit vehicle. Over the past few years it moved from profit to loss and then back toward modest profitability. The worst year in this stretch sits in the middle of the period, suggesting markets and rate shocks hit performance, with a clearer recovery more recently. Core operating performance and cash-style earnings look steadier than net income, which is influenced by market marks and trading results. Overall, the trend points to improving, but still uneven, earning power that is highly sensitive to credit markets and valuation swings.

Balance Sheet

Balance Sheet The balance sheet is lean and heavily financed with borrowed money, with debt far larger than the equity base. This leverage is normal for a credit-focused vehicle but means results can swing sharply when markets move. Total assets have been trimmed from earlier peaks, which looks like a deliberate downsizing or repositioning of the portfolio rather than a growth phase. Equity has been building back up in the most recent years after dipping, which is a constructive sign, but cash balances remain relatively low, implying the company tends to stay mostly invested and does not carry a large liquidity cushion.

Cash Flow

Cash Flow Cash generation from operations has generally been positive over this period, with only one notable weak year, and free cash flow largely tracks that pattern since capital spending is minimal. This reflects a business where cash flows come from investment income and trading activity rather than from heavy investment in physical assets. The overall picture is of a portfolio that can fund itself in normal conditions, but with cash flows that depend heavily on the health and liquidity of credit and financing markets.

Competitive Edge

Competitive Edge Ellington Credit Company competes as a specialist rather than a scale leader. Its edge comes from its external manager, Ellington Management Group, which brings deep experience in structured credit and a strong focus on Collateralized Loan Obligations, especially the more complex mezzanine and equity layers. That specialization, combined with proprietary analytics, active trading, and disciplined risk management, gives the company a differentiated position in a niche that many generalist managers avoid. On the other hand, its small size, reliance on an external advisor, and concentration in a single complex asset class leave it exposed to swings in CLO market conditions and competitive pressure from much larger credit platforms.

Innovation and R&D

Innovation and R&D Innovation here is mostly intellectual and technological rather than traditional R&D. The company leans heavily on Ellington’s proprietary models, data infrastructure, and quantitative research team to analyze loan-level risks and price complex CLO tranches. It continues to refine these tools and uses an integrated technology platform to support trading, risk oversight, and portfolio construction. Strategically, the ongoing shift from a mortgage REIT structure to a CLO‑focused regulated investment company is itself a form of business-model innovation aimed at improving flexibility and tax efficiency. Future innovation is likely to come from further enhancements to analytics, risk systems, and potentially expanding mandates into adjacent credit strategies rather than from tangible product development.

Summary

Ellington Credit Company is a small, highly specialized credit investor that relies on leverage, sophisticated analytics, and an active trading style to extract value from complex CLO markets. Financial results over the last five years show exactly what this kind of model entails: meaningful volatility in reported earnings, some tough periods when markets were stressed, followed by a recent return to modest profitability and gradual rebuilding of equity. The balance sheet structure and reliance on debt are typical for the strategy but amplify both upside and downside. Its main strengths are the expertise and technology of its external manager and its focus on less crowded segments of the CLO market. Key risks center on leverage, dependence on a single specialized asset class, and sensitivity to credit cycles and financing conditions. Overall, this is a focused, niche player whose fortunes are tightly tied to how well it navigates the evolving CLO and broader credit environment.

NEWS

November 19, 2025 · 4:57 PM UTC

Ellington Credit Company Announces Financial Results for the Second Fiscal Quarter Ended September 30, 2025

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November 10, 2025 · 4:19 PM UTC

Ellington Credit Declares Monthly Common Dividend

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November 5, 2025 · 4:15 PM UTC

Ellington Credit Company Announces Release Date of Earnings, Conference Call, and Investor Presentation

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October 7, 2025 · 4:13 PM UTC

Ellington Credit Declares Monthly Common Dividend

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