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Ellington Credit Company, a Delaware-incorporated real estate investment trust with a market capitalization of $214.84 million, reported on Thursday the results of its annual shareholder meeting held on May 29, 2025. The company, known by its trading symbol EARN on the New York Stock Exchange and currently trading at $5.73, detailed the outcomes of two key proposals presented for shareholder vote. According to InvestingPro analysis, the company stands out for maintaining dividend payments for 13 consecutive years, with a substantial current dividend yield of 16.93%.
The first proposal involved the election of trustees. Six trustees were elected to the board, with each trustee securing a significant majority of the ’for’ votes against a smaller number of votes withheld. Notably, there were no ’against’ votes reported. The elected trustees are Robert B. Allardice, III, Mary McBride, David J. Miller, Laurence E. Penn, Ronald I. Simon, Ph.D., and Michael W. Vranos. For all trustees, the number of ’broker non-votes’ was consistent, indicating that brokers did not cast votes on behalf of shareholders who did not provide specific instructions.
The second proposal was the ratification of PricewaterhouseCoopers LLP as the Fund’s independent registered public accounting firm for the fiscal year ending March 31, 2026. The proposal passed with overwhelming support, receiving 24,284,055 ’for’ votes compared to 309,951 ’against’ and 190,810 abstentions. While the company is currently not profitable over the last twelve months, InvestingPro data suggests net income is expected to grow this year, with analysts forecasting a return to profitability. For detailed financial analysis and additional insights, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers. There were no broker non-votes for this proposal as it was deemed ’routine’ under New York Stock Exchange rules.
The company’s filing also included an exhibit, specifically a Cover Page Interactive Data File embedded within the Inline XBRL document. This technical filing detail ensures that Ellington Credit complies with the SEC’s requirements for digital reporting formats. Investors looking ahead should note that the company’s next earnings report is scheduled for August 6, 2025. InvestingPro offers additional exclusive insights, including 4 more ProTips and comprehensive financial metrics that can help investors make more informed decisions.
Ellington Credit Company’s contact details, including its business address at 53 Forest Avenue, Old Greenwich, CT 06870, and telephone number (203) 698-1200, remain unchanged from the previous report. The company’s SEC filing number is 001-35896, and its IRS Employer Identification Number is 46-0687599.
This news is based on Ellington Credit Company’s recent SEC filing.
In other recent news, Ellington Residential Mortgage (NYSE:EARN) reported its first-quarter 2025 earnings, surpassing analysts’ expectations with an adjusted distributable earnings per share (EPS) of $0.26, compared to the forecasted $0.25. The company also reported a revenue of $9.2 million, exceeding the forecast of $8.37 million. Ellington Residential Mortgage has converted to a registered closed-end fund, a strategic shift that is expected to enhance its market position. The company maintained high liquidity levels, indicating strong financial health. Additionally, the net interest margin increased by 20 basis points to 5.27%, while the debt-to-equity ratio decreased to 2.2x from 2.9x. The company’s strategic focus on Collateralized Loan Obligations (CLOs) has contributed to its improved financial performance. Looking ahead, Ellington Residential Mortgage plans to increase its CLO portfolio to over $300 million and anticipates resuming dividend coverage in the third quarter of 2025. These recent developments reflect the company’s strategic direction and confidence in its future earnings potential.
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