Ellington Credit Co EARN
Except where the context suggests otherwise references in this Transition Report on Form 10-K to the "Fund," "we," "us," and "our" refer to Ellington Credit Company (formerly Ellington Residential Mortgage REIT) and its consolidated subsidiaries, including Ellington Residential Mortgage LP, our operating partnership subsidiary, which we refer to as our "Operating Partnership." We hold all of our assets and conduct all of our operations through our Operating Partnership. "Adviser" refers to Ellington Credit Company Management LLC, our external manager, and "Ellington" refers to Ellington Management Group, L.L.C. and its affiliated investment advisory firms, including the Adviser. In certain instances, references to the Adviser and services to be provided to us by the Adviser may also include services provided by Ellington and its other affiliates from time to time. References to "Blackstone" mean The Blackstone Group Inc. The "Blackstone Funds" means the group of funds that are managed by an affiliate of Blackstone and that, together with Ellington, constituted our original group of investors.
Valuation FY2024 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total operating expenses | $8.8M | $5.5M | $5.1M | $5.8M | $5.8M | $5.3M | $5.5M | $5.7M | $5.0M | $5.1M |
| Interest expense | $34.8M | $45.3M | $14.8M | $25.6M | $17.4M | $8.6M | $22.0M | $30.1M | $24.2M | $34.5M |
| Pre-tax income | $7.1M | $4.6M | — | — | — | — | — | — | — | — |
| Income tax | $510.0K | $0 | — | — | — | — | — | — | — | — |
| Net income | $6.6M | $4.6M | -$30.2M | -$6.3M | $20.1M | $22.3M | -$11.3M | $10.8M | $11.9M | $30.0K |
| EPS, basic | 0.28 | 0.31 | -2.29 | -0.50 | 1.63 | 1.79 | -0.88 | 0.93 | 1.31 | 0.00 |
| Shares, diluted (wtd. avg.) | 23.6M | 14.9M | 13.2M | 12.7M | 12.4M | 12.5M | 12.8M | 11.6M | 9.1M | 9.1M |
Balance sheet
| Fiscal year | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $31.8M | $38.5M | $34.8M | $69.0M | $58.2M | $35.4M | $18.6M | $56.1M | $33.5M | $40.2M |
| Total assets | $824.1M | $945.7M | $1.05B | $1.60B | $1.19B | $1.49B | $1.68B | $1.89B | $1.43B | $1.56B |
| Total liabilities | $630.4M | $809.5M | $941.2M | $1.44B | $1.03B | $1.33B | $1.52B | $1.69B | $1.29B | $1.41B |
| Retained earnings | -$155.2M | -$138.6M | -$128.7M | -$84.8M | -$63.3M | -$69.6M | -$77.2M | -$47.5M | -$39.4M | -$36.3M |
| Total equity | $193.7M | $136.2M | $112.4M | $154.2M | $166.4M | $160.8M | $153.8M | $192.7M | $141.7M | $144.9M |
Cash flow
| Fiscal year | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $9.1M | -$10.0M | $22.4M | $27.9M | $24.4M | $17.5M | $28.8M | $34.4M | $19.9M | $24.8M |
| Stock-based compensation | $442.0K | $255.0K | $312.0K | $271.0K | $241.0K | $216.0K | $203.0K | $196.0K | $165.0K | $120.0K |
| Investing cash flow | $116.4M | $85.7M | $110.5M | -$15.2M | $304.1M | $221.9M | $62.8M | -$475.5M | $13.9M | $90.1M |
| Financing cash flow | -$132.3M | -$72.0M | -$167.2M | -$1.8M | -$305.6M | -$222.6M | -$129.2M | $463.7M | -$40.5M | -$119.9M |
| Dividends paid | $22.2M | $14.1M | $13.9M | $17.3M | $13.8M | $15.5M | $19.1M | $17.6M | $15.5M | $19.2M |
| Buybacks | $0 | $0 | $262.0K | $0 | $986.0K | $747.0K | $9.4M | $0 | $196.0K | $375.0K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001560672-25-000074.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | $30.0K | $11.9M | $10.8M | -$11.3M | $22.3M | $20.1M | -$6.3M | -$30.2M | $4.6M | $6.6M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Other event Item 8.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Other event Item 8.01
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Other event Item 8.01
- Other event Item 8.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 6798
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| WELL | WELLTOWER INC. | $167.53B | 170.7x | 40.2% |
| PLD | Prologis, Inc. | $117.89B | 35.5x | 7.2% |
| EQIX | EQUINIX INC | $94.23B | 69.4x | 5.4% |
| AMT | AMERICAN TOWER CORP /MA/ | $88.04B | 35.0x | 20.8% |
| SPG | SIMON PROPERTY GROUP INC. | $68.57B | 14.9x | 6.7% |
| DLR | DIGITAL REALTY TRUST, INC. | $60.57B | 48.1x | 10.0% |
| PSA | Public Storage | $54.42B | 34.4x | 2.7% |
| O | REALTY INCOME CORP | $53.83B | 48.6x | 9.1% |