Ellington Financial Inc. Reports First Quarter 2020 Results
Highlights
-
Net loss of
$(129.4) million , or$(3.04) per common share. -
Core Earnings1 of
$19.8 million , or$0.46 per share. -
Book value per common share as of
March 31, 2020 of$15.06 , including the effects of dividends of$0.45 per common share for the quarter. -
Credit strategy gross loss of
$(106.7) million for the quarter, or$(2.47) per share. -
Agency strategy gross loss of
$(16.2) million for the quarter, or$(0.38) per share. -
Dividend yield of 10% based on the
May 6, 2020 closing stock price of$9.58 per share, and dividend of$0.08 per common share declared onApril 7, 2020 . -
Debt-to-equity ratio of 3.5:1 and total recourse debt-to-equity ratio of 2.5:12 as of
March 31, 2020 . Adjusted for unsettled purchases and sales, the debt-to-equity ratio and total recourse debt-to-equity ratio were 3.1:1 and 2.1:1, respectively. -
Cash and cash equivalents of
$136.7 million as ofMarch 31, 2020 , in addition to other unencumbered assets of$279.2 million . -
In January, issued 5.29 million shares of common stock through a follow-on common stock offering, increasing our total equity by
$95.3 million , or approximately 11%. -
In March, repurchased 288,172 common shares, or approximately 0.7% of our outstanding common shares as of the beginning of the quarter, at an average price of
$10.53 per share.
First Quarter 2020 Results
"After a quiet start to the year, the spread of COVID-19 brought the global economy to a virtual standstill in March, which resulted in extreme volatility and widespread market dislocations, including a collapse of asset values and liquidity. Through it all, EFC was able to avoid forced asset sales, meet all margin calls, and strategically reduce leverage and enhance liquidity through orderly sales of Agency assets," said
"We entered March with a strong balance sheet and prudent leverage ratios. On the asset side, we had ample Agency RMBS to help provide liquidity, and in credit, we had deliberately built a relatively short-duration, highly diversified portfolio, with an emphasis on first liens. On the liability side, lessons learned from past market crises have taught us to limit our leverage, to diversify our sources of funding, and to structure our financing arrangements to help us better withstand shocks in times of financial distress.
"Over the past few years, we have issued investment-grade-rated senior unsecured notes and have completed several securitizations, all of which provide locked-in, term, non-mark-to-market financing. Several of our secured financing facilities are committed and non-mark-to-market, and have repayment schedules that more closely match the repayment schedules of the financed assets. Also, our objective has always been to stagger the roll dates of our repo financings, and to roll these financings in advance of maturity dates as a standard practice. Our disciplined interest rate hedging and opportunistic credit hedging has also provided additional book value protection. All these measures, combined with strong liquidity management practices, helped us to avoid the forced selling at distressed prices suffered by so many credit market participants during the quarter. While an economic return of negative 16% for a quarter is painful to say the least, I am extremely proud of how our team managed through the extreme challenges of the quarter.
"As we look ahead, the diversified credit-sensitive sectors in which
"That said, uncertainty remains high, both on our targeted assets regarding the length and severity of the economic downturn, the ultimate path to recovery, and the resulting overall effect on these assets, and on the liability side regarding the terms that will be available for financing many of these assets. Ellington's risk management principles have served us well over many market cycles, and will continue to be critical in protecting book value and keeping us well positioned to capitalize on these opportunities."
Financial Results
During the first two months of the quarter, the Company's credit and Agency portfolios grew as it deployed proceeds from its common equity offering that closed in January. However, in response to the market volatility experienced in March as a result of the COVID-19 pandemic, the Company strategically reduced the size of its Agency portfolio in order to lower its leverage and enhance its liquidity position. As a result of these sales, the Company's total long Agency RMBS portfolio decreased by 48% quarter over quarter, to
Primarily as a result of Agency asset sales, the Company's debt-to-equity ratio decreased to 3.1:1 as of
During the first quarter, the Company's credit strategy generated a total gross loss of
In March, a widespread market dislocation driven by the COVID-19 pandemic, and the associated measures to contain the pandemic, caused significant price declines and yield spread widening across virtually all credit assets. Forced selling by many market participants further exacerbated the declines in credit asset prices. As a result, the Company experienced net realized and unrealized losses on its long investment credit portfolio of
As a result of the significant price declines and general price volatility, the Company received margin calls under its financing arrangements that were higher than typical historical levels. The Company satisfied all of these margin calls.
Most of the Company's credit strategies generated net losses during the quarter. The largest losses occurred in CLOs, CMBS, non-Agency RMBS, and non-QM loans, all markets where there was substantial distressed selling during the quarter. The Company's loan strategies with shorter durations had better performance, including small-balance commercial mortgage loans, consumer loans and residential transition loans, where the Company received scheduled paydowns and, in the case of small-balance commercial mortgage loans, several profitable asset resolutions. On many of its credit investments, the Company is anticipating eventual principal losses as a consequence of the economic impacts of COVID-19, especially in a prolonged shutdown scenario. As has been widely reported, there has been a significant nationwide increase in loan delinquencies and forbearances, and we are seeing the effects of this on our own portfolios.
In the Company's Agency strategy, a precipitous decline in interest rates and high levels of interest rate volatility generated net realized and unrealized losses on the Company's interest rate hedges of
Furthermore, TBAs outperformed specified pools during the quarter, depressing pay-ups on the Company's specified pool portfolio. The underperformance of specified pools relative to TBAs can be largely attributed to market-wide liquidity problems, exacerbated by quarter-end balance sheet pressures, as well as to the implementation of the
1 Core Earnings is a non-GAAP financial measure. See "Reconciliation of Net Income (Loss) to Core Earnings" below for an explanation regarding the calculation of Core Earnings.
2 Excludes repo borrowings on
3 Includes REO at the lower of cost or fair value. Excludes hedges and other derivative positions, as well as tranches of the Company's consolidated non-QM securitization trusts that were sold to third parties, but that are consolidated for
4 Excludes any interest income and interest expense items from Interest rate hedges, net and Credit hedges and other activities, net.
5 Excludes any interest income and interest expense items from Interest rate hedges and other activities, net.
The following table summarizes the Company's investment portfolio(1) holdings as of
|
|
|
Fair Value |
||||||
|
(In thousands) |
|
|
|
|
||||
|
Long: |
|
|
|
|
||||
|
Credit: |
|
|
|
|
||||
|
Dollar Denominated: |
|
|
|
|
||||
|
CLO(2) |
|
$ |
170,905 |
|
|
$ |
172,802 |
|
|
CMBS |
|
75,815 |
|
|
124,693 |
|
||
|
Commercial Mortgage Loans and REO(3)(4) |
|
343,111 |
|
|
320,926 |
|
||
|
Consumer Loans and ABS backed by Consumer Loans(2) |
|
252,385 |
|
|
238,193 |
|
||
|
Corporate Debt and Equity and Corporate Loans |
|
7,407 |
|
|
20,987 |
|
||
|
Equity Investments in Loan Origination Entities |
|
39,436 |
|
|
41,393 |
|
||
|
Non-Agency RMBS |
|
118,793 |
|
|
113,342 |
|
||
|
Residential Mortgage Loans and REO(3) |
|
942,202 |
|
|
933,870 |
|
||
|
Non-Dollar Denominated: |
|
|
|
|
||||
|
CLO(2) |
|
2,310 |
|
|
5,722 |
|
||
|
CMBS |
|
— |
|
|
175 |
|
||
|
Consumer Loans and ABS backed by Consumer Loans |
|
459 |
|
|
549 |
|
||
|
Corporate Debt and Equity |
|
29 |
|
|
30 |
|
||
|
RMBS(5) |
|
44,928 |
|
|
55,156 |
|
||
|
Agency: |
|
|
|
|
||||
|
Fixed-Rate Specified Pools |
|
834,002 |
|
|
1,758,882 |
|
||
|
Floating-Rate Specified Pools |
|
9,054 |
|
|
10,002 |
|
||
|
IOs |
|
42,344 |
|
|
35,279 |
|
||
|
Reverse Mortgage Pools |
|
130,601 |
|
|
132,800 |
|
||
|
Government Debt: |
|
|
|
|
||||
|
Dollar Denominated |
|
1,654 |
|
|
— |
|
||
|
Total Long |
|
$ |
3,015,435 |
|
|
$ |
3,964,801 |
|
|
Short: |
|
|
|
|
||||
|
Credit: |
|
|
|
|
||||
|
Dollar Denominated: |
|
|
|
|
||||
|
Corporate Debt and Equity |
|
$ |
(1,419 |
) |
|
$ |
(471 |
) |
|
Government Debt: |
|
|
|
|
||||
|
Dollar Denominated |
|
(2,154 |
) |
|
(62,994 |
) |
||
|
Non-Dollar Denominated |
|
(9,718 |
) |
|
(9,944 |
) |
||
|
Total Short |
|
$ |
(13,291 |
) |
|
$ |
(73,409 |
) |
|
(1) |
This information does not include financial derivatives. |
|
(2) |
Includes equity investments in securitization-related vehicles. |
|
(3) |
In accordance with |
|
(4) |
Includes equity investments in unconsolidated entities holding small balance commercial mortgage loans and REO. |
|
(5) |
Includes an equity investment in an unconsolidated entity holding European RMBS. |
The following table summarizes the Company's operating results for the three-month periods ended
|
|
|
Three-Month
|
|
Per Share |
|
Three-Month
|
|
Per Share |
||||||||
|
(In thousands, except per share amounts) |
|
|
|
|
|
|
|
|
||||||||
|
Credit: |
|
|
|
|
|
|
|
|
||||||||
|
Interest income and other income(1) |
|
$ |
41,841 |
|
|
$ |
0.97 |
|
|
$ |
35,505 |
|
|
$ |
0.97 |
|
|
Realized gain (loss), net |
|
10,447 |
|
|
0.24 |
|
|
(9,618 |
) |
|
(0.26 |
) |
||||
|
Unrealized gain (loss), net |
|
(146,665 |
) |
|
(3.39 |
) |
|
1,223 |
|
|
0.03 |
|
||||
|
Interest rate hedges, net(2) |
|
(7,586 |
) |
|
(0.18 |
) |
|
1,679 |
|
|
0.05 |
|
||||
|
Credit hedges and other activities, net(3) |
|
19,215 |
|
|
0.44 |
|
|
(3,751 |
) |
|
(0.10 |
) |
||||
|
Interest expense(4) |
|
(13,479 |
) |
|
(0.31 |
) |
|
(12,533 |
) |
|
(0.34 |
) |
||||
|
Other investment related expenses |
|
(3,954 |
) |
|
(0.09 |
) |
|
(5,861 |
) |
|
(0.16 |
) |
||||
|
Earnings (losses) from investments in unconsolidated entities |
|
(6,497 |
) |
|
(0.15 |
) |
|
3,262 |
|
|
0.09 |
|
||||
|
Total Credit profit (loss) |
|
(106,678 |
) |
|
(2.47 |
) |
|
9,906 |
|
|
0.28 |
|
||||
|
Agency RMBS: |
|
|
|
|
|
|
|
|
||||||||
|
Interest income |
|
12,067 |
|
|
0.28 |
|
|
10,573 |
|
|
0.29 |
|
||||
|
Realized gain (loss), net |
|
6,408 |
|
|
0.15 |
|
|
928 |
|
|
0.03 |
|
||||
|
Unrealized gain (loss), net |
|
12,282 |
|
|
0.28 |
|
|
988 |
|
|
0.03 |
|
||||
|
Interest rate hedges and other activities, net(2) |
|
(38,820 |
) |
|
(0.90 |
) |
|
7,214 |
|
|
0.20 |
|
||||
|
Interest expense |
|
(8,168 |
) |
|
(0.19 |
) |
|
(8,495 |
) |
|
(0.23 |
) |
||||
|
Total Agency RMBS profit (loss) |
|
(16,231 |
) |
|
(0.38 |
) |
|
11,208 |
|
|
0.32 |
|
||||
|
Total Credit and Agency RMBS profit (loss) |
|
(122,909 |
) |
|
(2.85 |
) |
|
21,114 |
|
|
0.60 |
|
||||
|
Other interest income (expense), net |
|
279 |
|
|
0.01 |
|
|
309 |
|
|
0.01 |
|
||||
|
Income tax (expense) benefit |
|
547 |
|
|
0.01 |
|
|
(1,180 |
) |
|
(0.03 |
) |
||||
|
Other expenses |
|
(6,260 |
) |
|
(0.14 |
) |
|
(5,806 |
) |
|
(0.16 |
) |
||||
|
Net income (loss) (before incentive fee) |
|
(128,343 |
) |
|
(2.97 |
) |
|
14,437 |
|
|
0.42 |
|
||||
|
Incentive fee |
|
— |
|
|
— |
|
|
(116 |
) |
|
(0.00) |
|||||
|
Net income (loss) |
|
$ |
(128,343 |
) |
|
$ |
(2.97 |
) |
|
$ |
14,321 |
|
|
$ |
0.42 |
|
|
Less: Net income (loss) attributable to non-controlling interests |
|
(886 |
) |
|
|
|
1,733 |
|
|
|
||||||
|
Less: Dividends on preferred stock |
|
1,941 |
|
|
|
|
1,466 |
|
|
|
||||||
|
Net income (loss) attributable to common stockholders(5) |
|
$ |
(129,398 |
) |
|
$ |
(3.04 |
) |
|
$ |
11,122 |
|
|
$ |
0.31 |
|
|
Weighted average shares of common stock and convertible units(6) outstanding |
|
43,284 |
|
|
|
|
36,594 |
|
|
|
||||||
|
Weighted average shares of common stock outstanding(7) |
|
42,598 |
|
|
|
|
35,866 |
|
|
|
||||||
|
(1) |
Other income primarily consists of rental income on real estate owned and loan origination fees. |
|
(2) |
Includes |
|
(3) |
Other activities include certain equity and other trading strategies and related hedges, and net realized and unrealized gains (losses) on foreign currency. |
|
(4) |
Includes interest expense on the Company's Senior notes. |
|
(5) |
Per share information is calculated using weighted average common shares outstanding. |
|
(6) |
Convertible units include |
|
(7) |
|
About
Conference Call
The Company will host a conference call at
A dial-in replay of the conference call will be available on
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve numerous risks and uncertainties. Actual results may differ from the Company's beliefs, expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements are not historical in nature and can be identified by words such as "believe," "expect," "anticipate," "estimate," "project," "plan," "continue," "intend," "should," "would," "could," "goal," "objective," "will," "may," "seek," or similar expressions or their negative forms, or by references to strategy, plans, or intentions. Examples of forward-looking statements in this press release include without limitation management's beliefs regarding the current economic and investment environment and the Company's ability to implement its investment and hedging strategies, performance of the Company's investment and hedging strategies, the Company's exposure to prepayment risk in its Agency portfolio, and statements regarding the drivers of the Company's returns. The Company's results can fluctuate from month to month and from quarter to quarter depending on a variety of factors, some of which are beyond the Company's control and/or are difficult to predict, including, without limitation, changes in interest rates and the market value of the Company's securities, changes in mortgage default rates and prepayment rates, the Company's ability to borrow to finance its assets, changes in government regulations affecting the Company's business, the Company's ability to maintain its exclusion from registration under the Investment Company Act of 1940; the Company's ability to qualify and maintain its qualification as a real estate investment trust, or "REIT"; and other changes in market conditions and economic trends, including changes resulting from the ongoing spread and economic effects of the novel coronavirus (COVID-19). Furthermore, forward-looking statements are subject to risks and uncertainties, including, among other things, those described under Item 1A of the Company's Annual Report on Form 10-K filed on
|
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) |
|||||||
|
|
Three-Month Period Ended |
||||||
|
|
|
|
|
||||
|
(In thousands, except per share amounts) |
|
|
|
||||
|
NET INTEREST INCOME |
|
|
|
||||
|
Interest income |
$ |
52,108 |
|
|
$ |
45,353 |
|
|
Interest expense |
(22,090 |
) |
|
(21,205 |
) |
||
|
Total net interest income |
30,018 |
|
|
24,148 |
|
||
|
Other Income (Loss) |
|
|
|
||||
|
Realized gains (losses) on securities and loans, net |
12,260 |
|
|
(9,326 |
) |
||
|
Realized gains (losses) on financial derivatives, net |
(12,406 |
) |
|
938 |
|
||
|
Realized gains (losses) on real estate owned, net |
350 |
|
|
1,122 |
|
||
|
Unrealized gains (losses) on securities and loans, net |
(133,738 |
) |
|
3,084 |
|
||
|
Unrealized gains (losses) on financial derivatives, net |
(9,984 |
) |
|
3,799 |
|
||
|
Unrealized gains (losses) on real estate owned, net |
(357 |
) |
|
(744 |
) |
||
|
Other, net |
1,679 |
|
|
1,001 |
|
||
|
Total other income (loss) |
(142,196 |
) |
|
(126 |
) |
||
|
EXPENSES |
|
|
|
||||
|
Base management fee to affiliate (Net of fee rebates of |
2,443 |
|
|
2,663 |
|
||
|
Incentive fee to affiliate |
— |
|
|
116 |
|
||
|
Investment related expenses: |
|
|
|
||||
|
Servicing expense |
2,531 |
|
|
2,055 |
|
||
|
Debt issuance costs related to Other secured borrowings, at fair value |
— |
|
|
1,865 |
|
||
|
Other |
1,423 |
|
|
1,941 |
|
||
|
Professional fees |
1,277 |
|
|
1,021 |
|
||
|
Compensation expense |
788 |
|
|
962 |
|
||
|
Other expenses |
1,752 |
|
|
1,160 |
|
||
|
Total expenses |
10,214 |
|
|
11,783 |
|
||
|
Net Income (Loss) before Income Tax Expense (Benefit) and Earnings from Investments in Unconsolidated Entities |
(122,392 |
) |
|
12,239 |
|
||
|
Income tax expense (benefit) |
(547 |
) |
|
1,180 |
|
||
|
Earnings (losses) from investments in unconsolidated entities |
(6,497 |
) |
|
3,262 |
|
||
|
Net Income (Loss) |
(128,342 |
) |
|
14,321 |
|
||
|
Net Income (Loss) Attributable to Non-Controlling Interests |
(885 |
) |
|
1,733 |
|
||
|
Dividends on Preferred Stock |
1,941 |
|
|
1,466 |
|
||
|
Net Income (Loss) Attributable to Common Stockholders |
$ |
(129,398 |
) |
|
$ |
11,122 |
|
|
Net Income (Loss) per Common Share: |
|
|
|
||||
|
Basic and Diluted |
$ |
(3.04 |
) |
|
$ |
0.31 |
|
|
Weighted average shares of common stock outstanding |
42,598 |
|
|
35,866 |
|
||
|
Weighted average shares of common stock and convertible units outstanding |
43,284 |
|
|
36,594 |
|
||
|
CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED) |
|||||||
|
|
As of |
||||||
|
(In thousands, except share amounts) |
|
|
|
||||
|
ASSETS |
|
|
|
||||
|
Cash and cash equivalents |
$ |
136,740 |
|
|
$ |
72,302 |
|
|
Restricted cash |
175 |
|
|
175 |
|
||
|
Securities, at fair value |
1,481,395 |
|
|
2,449,941 |
|
||
|
Loans, at fair value |
1,443,589 |
|
|
1,412,426 |
|
||
|
Investments in unconsolidated entities, at fair value |
65,397 |
|
|
71,850 |
|
||
|
Real estate owned |
25,054 |
|
|
30,584 |
|
||
|
Financial derivatives–assets, at fair value |
31,752 |
|
|
16,788 |
|
||
|
Reverse repurchase agreements |
13,239 |
|
|
73,639 |
|
||
|
Due from brokers |
166,516 |
|
|
79,829 |
|
||
|
Investment related receivables |
408,332 |
|
|
123,120 |
|
||
|
Other assets |
5,453 |
|
|
7,563 |
|
||
|
Total Assets |
$ |
3,777,642 |
|
|
$ |
4,338,217 |
|
|
LIABILITIES |
|
|
|
||||
|
Securities sold short, at fair value |
$ |
13,291 |
|
|
$ |
73,409 |
|
|
Repurchase agreements |
2,034,225 |
|
|
2,445,300 |
|
||
|
Financial derivatives–liabilities, at fair value |
47,772 |
|
|
27,621 |
|
||
|
Due to brokers |
17,138 |
|
|
2,197 |
|
||
|
Investment related payables |
19,170 |
|
|
66,133 |
|
||
|
Other secured borrowings |
177,855 |
|
|
150,334 |
|
||
|
Other secured borrowings, at fair value |
549,668 |
|
|
594,396 |
|
||
|
Senior notes, net |
85,363 |
|
|
85,298 |
|
||
|
Base management fee payable to affiliate |
2,443 |
|
|
2,663 |
|
||
|
Incentive fee payable to affiliate |
— |
|
|
116 |
|
||
|
Dividend payable |
7,952 |
|
|
6,978 |
|
||
|
Interest payable |
5,283 |
|
|
7,320 |
|
||
|
Accrued expenses and other liabilities |
8,001 |
|
|
7,753 |
|
||
|
Total Liabilities |
2,968,161 |
|
|
3,469,518 |
|
||
|
|
|
|
|
||||
|
EQUITY |
|
|
|
||||
|
Preferred stock, par value
6.750% Series A Fixed-to-Floating Rate Cumulative Redeemable; 4,600,000 shares issued and outstanding, respectively ( |
111,034 |
|
|
111,034 |
|
||
|
Common stock, par value 43,779,924 and 38,647,943 shares issued and outstanding, respectively |
44 |
|
|
39 |
|
||
|
Additional paid-in-capital |
916,006 |
|
|
821,747 |
|
||
|
Retained earnings (accumulated deficit) |
(252,701 |
) |
|
(103,555 |
) |
||
|
Total Stockholders' Equity |
774,383 |
|
|
829,265 |
|
||
|
Non-controlling interests |
35,098 |
|
|
39,434 |
|
||
|
Total Equity |
809,481 |
|
|
868,699 |
|
||
|
TOTAL LIABILITIES AND EQUITY |
$ |
3,777,642 |
|
|
$ |
4,338,217 |
|
|
PER SHARE INFORMATION: |
|
|
|
||||
|
Common stock(2) |
$ |
15.06 |
|
|
$ |
18.48 |
|
|
(1) |
Derived from audited financial statements as of |
|
(2) |
Based on total stockholders' equity less the aggregate liquidation preference of the Company's preferred stock outstanding. |
Reconciliation of Net Income (Loss) to Core Earnings
The Company calculates Core Earnings as
Core Earnings is a supplemental non-GAAP financial measure. The Company believes that the presentation of Core Earnings provides a consistent measure of operating performance by excluding the impact of gains and losses and other adjustments listed above from operating results. The Company believes that Core Earnings provides information useful to investors because it is a metric that the Company uses to assess its performance and to evaluate the effective net yield provided by its portfolio. In addition, the Company believes that presenting Core Earnings enables its investors to measure, evaluate, and compare its operating performance to that of its peers. However, because Core Earnings is an incomplete measure of the Company's financial results and differs from net income (loss) computed in accordance with
The following table reconciles, for the three-month periods ended
|
|
|
Three-Month Period Ended |
||||||
|
(In thousands, except per share amounts) |
|
|
|
|
||||
|
Net Income (Loss) |
|
$ |
(128,342 |
) |
|
$ |
14,321 |
|
|
Income tax expense (benefit) |
|
(547 |
) |
|
1,180 |
|
||
|
Net income (loss) before income tax expense |
|
(128,889 |
) |
|
15,501 |
|
||
|
Adjustments: |
|
|
|
|
||||
|
Realized (gains) losses on securities and loans, net |
|
(12,260 |
) |
|
9,326 |
|
||
|
Realized (gains) losses on financial derivatives, net |
|
12,406 |
|
|
(938 |
) |
||
|
Realized (gains) losses on real estate owned, net |
|
(350 |
) |
|
(1,122 |
) |
||
|
Unrealized (gains) losses on securities and loans, net |
|
133,738 |
|
|
(3,084 |
) |
||
|
Unrealized (gains) losses on financial derivatives, net |
|
9,984 |
|
|
(3,799 |
) |
||
|
Unrealized (gains) losses on real estate owned, net |
|
357 |
|
|
744 |
|
||
|
Other realized and unrealized (gains) losses, net(1) |
|
330 |
|
|
159 |
|
||
|
Net realized gains (losses) on periodic settlements of interest rate swaps |
|
143 |
|
|
843 |
|
||
|
Net unrealized gains (losses) on accrued periodic settlements of interest rate swaps |
|
(111 |
) |
|
(705 |
) |
||
|
Incentive fee to affiliate |
|
— |
|
|
116 |
|
||
|
Non-cash equity compensation expense |
|
164 |
|
|
129 |
|
||
|
Negative (positive) component of interest income represented by Catch-up Premium Amortization Adjustment |
|
1,112 |
|
|
1,749 |
|
||
|
Debt issuance costs related to Other secured borrowings, at fair value |
|
— |
|
|
1,865 |
|
||
|
(Earnings) losses from investments in unconsolidated entities(2) |
|
6,633 |
|
|
(2,070 |
) |
||
|
Total Core Earnings |
|
$ |
23,257 |
|
|
$ |
18,714 |
|
|
Dividends on preferred stock |
|
1,941 |
|
|
1,466 |
|
||
|
Core Earnings attributable to non-controlling interests |
|
1,524 |
|
|
1,439 |
|
||
|
Core Earnings Attributable to Common Stockholders |
|
$ |
19,792 |
|
|
$ |
15,809 |
|
|
Core Earnings Attributable to Common Stockholders, per share |
|
$ |
0.46 |
|
|
$ |
0.44 |
|
|
(1) |
Includes realized and unrealized gains (losses) on foreign currency and unrealized gain (loss) on other secured borrowings, at fair value, included in Other, net, on the Condensed Consolidated Statement of Operations. |
|
(2) |
Adjustment represents, for certain investments in unconsolidated entities, the net realized and unrealized gains and losses of the underlying investments of such entities. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20200507006192/en/
Investors:
Investor Relations
(203) 409-3575
info@ellington.com
or
Media:
for
(212) 257-4170
Ellington@gasthalter.com
Source: