Ellington Credit Company (EARN) Earnings Call Transcripts
Ellington Credit Company's Latest Earnings Call - Q4 FY2026
In the fourth fiscal quarter ended March 31, 2026, Ellington Credit Company (EARN) reported a GAAP net loss of $0.86 per share, primarily driven by mark-to-market losses in CLO equity. The company highlighted a challenging market environment characterized by significant volatility in the CLO sector, leading to a decline in net asset value (NAV) to $4.09 per share. Management indicated a recovery in market conditions in April, suggesting a strong second quarter ahead, with NAV estimated to be between $4.26 and $4.32 as of April 30, 2026. The company has also successfully deployed proceeds from a recent $54 million debt issuance, positioning itself to capitalize on improved market opportunities.
Reported metrics
| Metric | Value |
|---|---|
| GAAP Net Loss per Share | $0.86 (miss) |
| NAV per Share | $4.09 (miss) |
| Estimated NAV Range | $4.26 - $4.32 (positive) |
| CLO Portfolio Size | $328 million (positive) |
| Adjusted Net Investment Income | $0.19 (miss) |
| Debt Issued | $54 million (positive) |
Guidance from management
Management indicated a positive outlook for the second quarter, expecting improved earnings capacity and a recovery in adjusted net investment income. They aim to achieve adjusted NII in the low 20s in the upcoming quarters.
What management said
Yes. And I think it'll be probably more about recharging our adjusted net investment income through rotations, especially out of, as we mentioned, certain types of of equity profiles into other types of equity promises, especially will make a very meaningful change.
What analysts pressed on
Analysts expressed concerns regarding the ability to cover dividends with adjusted net investment income in the near term. There were also questions about the sustainability of the recent market improvements and potential risks from geopolitical tensions and sector-specific disruptions.
Main topics on the call
- Market Volatility Impact — The CLO market experienced significant volatility, leading to a decline in NAV and a GAAP net loss of $0.86 per share. Management noted, "much of the asset valuation declines in the sector stem from yield spread widening...
- Debt Issuance and Deployment — Ellington issued $54 million of 8.5% senior unsecured notes to strengthen its balance sheet and capitalize on market opportunities. Management stated, "we were able to issue debt capital at the end of March, which enable...
- Portfolio Repositioning — The company actively repositioned its portfolio, increasing its CLO portfolio to approximately $328 million by the end of April. Management emphasized the shift towards higher coupon investments with stronger underlying ...
- Improved Market Conditions — Management noted that market conditions improved significantly in April, with real money buyers returning to the market. They indicated, "the sell-off has reinvigorated the opportunity set," suggesting a favorable outloo...
Read the full Ellington Credit Company transcript (Q4 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.
About Ellington Credit Company
Ellington Credit Company (EARN) is a publicly listed company in the Capital Markets industry, within the Financials sector. It trades on NYSE and is based in US. EarningsCalls.dev maintains a free, full-text archive of its earnings call transcripts — 29 calls on record spanning February 11, 2020 to August 13, 2026. Every transcript is split into speaker-by-speaker segments with headline metrics, free to read or available through our REST API.
Earnings Call History
EarningsCalls.dev has 29 Ellington Credit Company earnings call transcripts on record, spanning February 11, 2020 to August 13, 2026. Based on this history, Ellington Credit Company reports quarterly. The most recent call on file is dated August 13, 2026. The full list is below — each row opens the complete, free-to-read transcript.
- Ticker
- EARN
- Exchange
- NYSE
- Country
- US
- Sector
- Financials
- Industry
- Capital Markets
- Calls on record
- 29
- First call
- February 11, 2020
- Most recent
- August 13, 2026
- Reporting cadence
- quarterly