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Ellington Residential Mortgage (EARN)
NYSE:EARN
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Earnings Data
Report Date
Feb 17, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
$0.3Last Year’s EPS
$0.27Same Quarter Last Year
Moderate Buy
Based on 1 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Nov 13, 2024
|% Change Since: 2.28%
|Next Earnings Date:Feb 17, 2025
Earnings Call Sentiment|Positive
The earnings call reflects a positive sentiment with strong performance in the CLO portfolio, a significant increase in net interest margin, and positive economic returns. However, challenges remain with the need for additional shareholder votes and the dilution from the ATM offering, which are areas of concern.Company Guidance
During the Ellington Credit Company Q3 2024 earnings call, significant guidance was provided regarding the company's strategic transformation and financial performance. Laurence Penn highlighted the strong shareholder support for converting EARN to a Delaware closed-end fund, with over 92% of votes favoring the conversion-related proposals. However, they still need 2 million additional votes to meet the threshold required for two of the proposals. The company reported a 10.8% annualized economic return, driven by robust performance in their CLO debt portfolio and a solid net interest margin of 5.22%. The debt-to-equity ratio improved to 2.5:1, and cash plus unencumbered assets stood at $121.5 million. Net income was $0.21 per share, and adjusted distributable earnings were $0.28 per share, covering the dividends despite a reduction in leverage. The management emphasized the potential benefits of the strategic transformation, including better projected risk-adjusted returns and enhanced access to capital markets.Strong Shareholder Support for Transformation
The conversion-related proposals have approval rates above 92% and over 95% excluding abstentions, showing strong shareholder support.
CLO Portfolio Performance
The CLO debt portfolio had another excellent quarter with tightened credit spreads and opportunistic trading enhancing returns. The CLO equity portfolio also performed well, supported by opportunistic trading and refinancing.
Economic Return
EARN's overall annualized economic return for the third quarter was 10.8%.
Improved Net Interest Margin
Overall net interest margin increased to 5.22% from 4.24% in the prior quarter.
Capital Allocation to CLOs
Capital allocation to CLOs increased to 58% at September 30 from 45% at June 30.
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EARN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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EARN Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Nov 13, 2024 | $6.41 | $6.30 | -1.72% |
| Aug 12, 2024 | $6.41 | $6.67 | +4.06% |
| May 14, 2024 | $6.61 | $6.64 | +0.45% |
| Mar 06, 2024 | $5.45 | $5.61 | +2.94% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Ellington Residential Mortgage (EARN) report earnings?
Ellington Residential Mortgage (EARN) is schdueled to report earning on Feb 17, 2025, TBA Not Confirmed.
What is Ellington Residential Mortgage (EARN) earnings time?
Ellington Residential Mortgage (EARN) earnings time is at Feb 17, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is EARN EPS forecast?
EARN EPS forecast for the fiscal quarter 2024 (Q4) is $0.3.
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