Ellington Credit Company (EARN) 10-Year Financial Performance & Capital Metrics

EARN • • Banking & Credit

Financial ServicesAsset ManagementSpecialized & Niche Asset ManagersReal Estate & REIT Specialists

AboutEllington Residential Mortgage REIT, a real estate investment trust, specializes in acquiring, investing in, and managing residential mortgage-and real estate-related assets. It acquires and manages residential mortgage-backed securities (RMBS), including agency pools and agency collateralized mortgage obligations (CMOs); and non-agency RMBS comprising non-agency CMOs, such as investment grade and non-investment grade. The company has elected to be taxed as a real estate investment trust. As a result, it would not be subject to corporate income tax on that portion of its net income that is distributed to shareholders. Ellington Residential Mortgage REIT was incorporated in 2012 and is based in Old Greenwich, Connecticut.Show more

Net Interest Income $15M +656.7%
Total Revenue $51M -8.4%
Net Income $7M +44.5%
Return on Equity 3.99% +8.9%
Net Interest Margin 1.83% +738.8%
Efficiency Ratio 17.33% +73.3%
ROA 0.74% +63.2%
Equity / Assets 23.51% +63.2%
Book Value per Share 7.13 -22.1%
Tangible BV/Share 7.13 -22.1%
Debt/Equity 2.91 -45.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 8/9
✓Efficient operations: 17.3% efficiency ratio
✓Well capitalized: 23.5% equity/assets
✓Trading at only 0.8x book value

✗Weaknesses

✗High debt to equity ratio of 2.9x
✗Profits declining 21.6% over 5 years
✗Weak NIM of 1.8%
✗Dividend payout exceeds 100% of earnings
✗Shares diluted 82.6% in last year

Price & Volume

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Growth Metrics

Revenue CAGR

10Y6.73%

5Y-4.21%

3Y186.01%

TTM-

Profit (Net Income) CAGR

10Y-8.59%

5Y-21.61%

3Y-

TTM-184.83%

EPS CAGR

10Y-18.11%

5Y-33.09%

3Y-

TTM-145.34%

ROCE

10Y Avg2.26%

5Y Avg1.4%

3Y Avg-0.74%

Latest3.67%

Peer Comparison

Real Estate & REIT Specialists

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CNSCohen & Steers, Inc.	3.55B	69.63	23.44	5.67%	29.23%	29.89%	2.39%	0.25
EARNEllington Credit Company	204.76M	5.45	22.71	-8.45%	13%	-2.3%	4.45%	2.91
CWDCaliberCos Inc.	8.69M	1.33	-1.48	-43.79%	-38.69%	-225.23%	6.39%	7.27

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	34.52M	24.22M	30.14M	22.03M	8.57M	17.36M	25.64M	20.19M	-2.71M	15.07M
NII Growth %	-0.18%	-0.3%	0.24%	-0.27%	-0.61%	1.03%	0.48%	-0.21%	-1.13%	6.57%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	40.75M	33.5M	49.19M	54.55M	43.85M	27.32M	28.36M	35.01M	42.55M	49.86M
Interest Expense	6.24M	9.27M	19.05M	32.52M	35.28M	9.96M	2.72M	14.82M	45.26M	34.79M
Loan Loss Provision	0	0	0	0	0	0	0	0	0	0
Non-Interest Income+	-29.34M	-7.31M	-13.65M	-27.82M	18.97M	8.58M	-26.2M	-45.26M	12.8M	811K
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	11.41M	26.19M	35.54M	26.73M	62.82M	35.9M	2.17M	-10.25M	55.35M	50.67M
Revenue Growth %	-0.57%	1.3%	0.36%	-0.25%	1.35%	-0.43%	-0.94%	-5.73%	6.4%	-0.08%
Non-Interest Expense	5.14M	5.01M	5.7M	5.51M	5.29M	5.83M	5.75M	5.13M	5.54M	8.78M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	30K	11.91M	10.79M	-11.29M	22.26M	20.11M	-6.31M	-30.2M	4.56M	7.1M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-1%	395.87%	-0.09%	-2.05%	2.97%	-0.1%	-1.31%	-3.79%	1.15%	0.56%
Pretax Income+	30K	11.91M	10.79M	-11.29M	22.26M	20.11M	-6.31M	-30.2M	4.56M	7.1M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	0	0	0	0	0	0	0	0	0	510K
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	30K	11.91M	10.79M	-11.29M	22.26M	20.11M	-6.31M	-30.2M	4.56M	6.59M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-1%	395.87%	-0.09%	-2.05%	2.97%	-0.1%	-1.31%	-3.79%	1.15%	0.44%
Net Income (Continuing)	30K	11.91M	10.79M	-11.29M	22.26M	20.11M	-6.31M	-30.2M	4.56M	6.59M
EPS (Diluted)+	0.00	1.31	0.93	-0.88	1.79	1.63	-0.50	-2.29	0.31	0.24
EPS Growth %	-1%	-	-0.29%	-1.95%	3.03%	-0.09%	-1.31%	-3.58%	1.14%	-0.23%
EPS (Basic)	0.00	1.31	0.93	-0.88	1.79	1.63	-0.50	-2.29	0.31	0.24
Diluted Shares Outstanding	9.14M	9.12M	11.6M	12.81M	12.46M	12.35M	12.68M	13.16M	14.88M	27.16M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	40.17M	33.5M	56.12M	18.59M	35.35M	58.17M	69.03M	34.82M	38.53M	31.84M
Short Term Investments	0	0	0	0	0	0	0	0	0	0
Total Investments+	2.49B	2.46B	3.38B	3.09B	2.81B	2.17B	1.32B	962.28M	847.83M	725.78M
Investments Growth %	-0.11%	-0.01%	0.37%	-0.09%	-0.09%	-0.23%	-0.39%	-0.27%	-0.12%	-0.14%
Long-Term Investments	2.49B	2.46B	3.38B	3.09B	2.81B	2.17B	1.32B	962.28M	847.83M	725.78M
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
PP&E (Net)	0	0	0	0	0	0	0	0	0	0
Other Assets	-1.16B	-1.15B	-1.6B	-1.54B	-1.4B	-1.08B	117.96M	935K	431K	23.34M
Total Current Assets	233.31M	120.85M	110.26M	122.44M	80.46M	110.08M	162.19M	90.42M	97.43M	74.97M
Total Non-Current Assets	1.32B	1.31B	1.78B	1.55B	1.41B	1.08B	1.44B	963.21M	848.26M	749.12M
Total Assets+	1.56B	1.43B	1.89B	1.68B	1.49B	1.19B	1.6B	1.05B	945.69M	824.09M
Asset Growth %	0.02%	-0.08%	0.32%	-0.11%	-0.11%	-0.2%	0.34%	-0.34%	-0.1%	-0.13%
Return on Assets (ROA)	0%	0.01%	0.01%	-0.01%	0.01%	0.01%	-0%	-0.02%	0%	0.01%
Accounts Payable	1.8M	2.97M	3.81M	6.31M	3.76M	1.53M	2.84M	50.36M	57.29M	32.55M
Total Debt+	1.22B	1.2B	1.6B	1.48B	1.3B	1.02B	1.06B	842.46M	729.54M	562.97M
Net Debt	1.18B	1.16B	1.54B	1.46B	1.26B	957.08M	995.81M	807.64M	691.01M	531.13M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Short-Term Debt	1.22B	1.2B	1.6B	1.48B	1.3B	1.02B	1.06B	842.46M	729.54M	562.97M
Other Liabilities	186.78M	85.87M	92.64M	33.04M	27.64M	10.71M	375.33M	47.31M	21.47M	34.84M
Total Current Liabilities	1.23B	1.2B	1.6B	1.49B	1.3B	1.02B	1.07B	893.91M	787.98M	595.52M
Total Non-Current Liabilities	186.78M	85.87M	92.64M	33.04M	27.64M	10.71M	375.33M	47.31M	21.47M	34.84M
Total Liabilities	1.41B	1.29B	1.69B	1.52B	1.33B	1.03B	1.44B	941.22M	809.45M	630.37M
Total Equity+	144.85M	141.68M	192.7M	153.82M	160.84M	166.4M	154.22M	112.41M	136.24M	193.73M
Equity Growth %	-0.11%	-0.02%	0.36%	-0.2%	0.05%	0.03%	-0.07%	-0.27%	0.21%	0.42%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0%	0.08%	0.06%	-0.07%	0.14%	0.12%	-0.04%	-0.23%	0.04%	0.04%
Book Value per Share	15.84	15.53	16.61	12.01	12.91	13.47	12.16	8.54	9.16	7.13
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	92K	92K	134K	125K	124K	123K	131K	134K	186K	297K
Additional Paid-in Capital	181.03M	181M	240.06M	230.89M	230.36M	229.61M	238.87M	240.94M	274.7M	348.59M
Retained Earnings	-36.26M	-39.41M	-47.49M	-77.19M	-69.64M	-63.34M	-84.77M	-128.66M	-138.65M	-155.16M
Accumulated OCI	0	0	0	0	0	0	0	0	0	0
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Preferred Stock	0	0	0	0	0	0	0	0	0	1K

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	24.8M	19.93M	60.25M	28.85M	17.53M	24.37M	27.88M	22.42M	-10.02M	9.11M
Operating CF Growth %	0.17%	-0.2%	2.02%	-0.52%	-0.39%	0.39%	0.14%	-0.2%	-1.45%	1.91%
Net Income	30K	11.91M	10.79M	-11.29M	22.26M	20.11M	-6.31M	-30.2M	4.56M	6.59M
Depreciation & Amortization	9.41M	15.79M	0	0	0	0	0	2.29M	0	0
Deferred Taxes	-9.41M	-15.79M	0	0	0	0	0	0	0	0
Other Non-Cash Items	38.76M	23.09M	26.54M	38.17M	-4.06M	5.69M	33.72M	45.26M	-11.89M	3.15M
Working Capital Changes	-14.1M	-15.24M	22.72M	1.77M	-877K	-1.67M	196K	4.76M	-2.95M	-1.06M
Cash from Investing+	90.07M	13.86M	-477.89M	62.83M	221.85M	304.06M	-15.23M	110.55M	85.72M	116.45M
Purchase of Investments	-2.79B	-2.89B	-3.27B	-2.53B	-2.23B	-1.27B	-2.31B	-2.92B	0	0
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0	0
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	0	0	0	0	0	0	0	0	0	0
Other Investing	-64.64M	3.62M	-6.45M	69.61M	7.6M	-142K	-115.1M	163.61M	85.72M	116.45M
Cash from Financing+	-119.94M	-40.45M	440.25M	-129.21M	-222.62M	-305.61M	-1.79M	-167.18M	-71.98M	-132.25M
Dividends Paid	-19.21M	-15.51M	-17.59M	-19.09M	-15.47M	-13.84M	-17.27M	-13.94M	-14.12M	-22.21M
Share Repurchases	-375K	-196K	0	-9.39M	-747K	-986K	0	-262K	0	0
Stock Issued	0	0	59.1M	0	0	0	9.29M	2.11M	33.8M	74.06M
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	0	0	1000K	0	0	-1000K	1000K	-1000K	-1000K	-1000K
Other Financing	-100.36M	-24.75M	0	-100.74M	-206.41M	-9.76M	-43.39M	67.29M	21.25M	-17.68M
Net Change in Cash+	-5.07M	-6.66M	22.61M	-37.53M	16.77M	22.82M	10.86M	-34.21M	3.72M	-6.69M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	45.24M	40.17M	33.5M	56.12M	18.59M	35.35M	58.17M	69.03M	34.82M	38.53M
Cash at End	40.17M	33.5M	56.12M	18.59M	35.35M	58.17M	69.03M	34.82M	38.53M	31.84M
Interest Paid	0	0	0	0	0	0	0	0	0	35.73M
Income Taxes Paid	0	0	0	0	0	0	0	0	0	829K
Free Cash Flow+	24.8M	19.93M	60.25M	28.85M	17.53M	24.37M	27.88M	22.42M	-10.02M	9.11M
FCF Growth %	0.17%	-0.2%	2.02%	-0.52%	-0.39%	0.39%	0.14%	-0.2%	-1.45%	1.91%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	0.02%	8.31%	6.45%	-6.52%	14.15%	12.29%	-3.94%	-22.65%	3.67%	3.99%
Return on Assets (ROA)	0%	0.8%	0.65%	-0.63%	1.41%	1.5%	-0.45%	-2.28%	0.46%	0.74%
Net Interest Margin	2.22%	1.7%	1.6%	1.32%	0.58%	1.45%	1.6%	1.92%	-0.29%	1.83%
Efficiency Ratio	45.09%	19.13%	16.05%	20.6%	8.42%	16.23%	265.56%	-50.03%	10%	17.33%
Equity / Assets	9.31%	9.91%	10.21%	9.18%	10.8%	13.93%	9.65%	10.67%	14.41%	23.51%
Book Value / Share	15.84	15.53	16.61	12.01	12.91	13.47	12.16	8.54	9.16	7.13
NII Growth	-18.43%	-29.82%	24.43%	-26.9%	-61.11%	102.51%	47.74%	-21.27%	-113.41%	656.67%
Dividend Payout	64023.33%	130.28%	163.01%	-	69.5%	68.82%	-	-	309.76%	337.31%

Frequently Asked Questions

Valuation & Price

Ellington Credit Company (EARN) has a price-to-earnings (P/E) ratio of 22.7x. This is roughly in line with market averages.

Growth & Financials

Ellington Credit Company (EARN) saw revenue decline by 8.4% over the past year.

Ellington Credit Company (EARN) reported a net loss of $5.2M for fiscal year 2024.

Dividend & Returns

Yes, Ellington Credit Company (EARN) pays a dividend with a yield of 15.01%. This makes it attractive for income-focused investors.

Ellington Credit Company (EARN) has a return on equity (ROE) of 4.0%. This is below average, suggesting room for improvement.

Industry Metrics

Ellington Credit Company (EARN) has a net interest margin (NIM) of 1.8%. NIM has been under pressure due to interest rate environment.

Ellington Credit Company (EARN) has an efficiency ratio of 17.3%. This is excellent, indicating strong cost control.

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