Ellington Credit (EARN)
Invests primarily in CLO mezzanine debt and equity as an externally advised closed-end fund.
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Invests primarily in corporate CLO mezzanine debt and equity, seeking current yield and risk-adjusted total returns. The NYSE-listed vehicle is externally advised by an Ellington Management Group affiliate and is a registered closed-end fund.
Invests primarily in corporate CLO mezzanine debt and equity tranches, seeking current yield and risk-adjusted total returns. Its former residential-mortgage focus was replaced by its current structured-credit mandate. The strategy concentrates on mezzanine debt and equity positions in the CLO capital structure.
Its operating model is external-adviser based: an affiliate of Ellington Management Group provides investment advice, while personnel of affiliated entities may manage accounts with wholly or partly overlapping strategies.
The fund's conversion to its current legal form followed the strategic shift toward corporate CLOs. It is a non-diversified registered closed-end management investment company organized as a Delaware statutory trust.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Jul 13, 2026 | Piper Sandler | Reiterate | Rating: —Target: $8 | Target: $5 |
| Dec 23, 2025 | UBS | Target | Target: $5.25 | Target: $6 |
| Oct 14, 2025 | UBS | Reiterate | Rating: —Target: — | Target: $5.25 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $23.5M · Total debt $205.9M · Total assets $382.5M · Shareholders' equity $159.7M
- Revenue
- $11.8M
- Operating income
- $15.3M
- Net income
- $12.3M
HistoryDividendAnnual yieldUpcoming
| Institutions | 3.72% | 1.40M shares | |
|---|---|---|---|
| 43 holders · as of Jun 30, 2026 | |||
| Insiders | 0.34% | 125.9K shares | |
| 4 holders · as of Jan 5, 2026 | |||
| Other | 95.94% | 36.04M shares | |
| remainder | |||
37.57M company shares as of Aug 29, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Arrowstreet Capital, Limited PartnershipInstitution | 0.67% | 251,728 | as of Jun 30, 2026 |
Castlekeep Investment Advisors LLCInstitution | 0.48% | 179,856 | as of Jun 30, 2026 |
Clear Harbor Asset Management, LLCInstitution | 0.41% | 155,555 | as of Jun 30, 2026 |
Emg Holdings, L.P.Institution | 0.40% | 149,086 | as of Jun 30, 2026 |
Advisor Group Holdings, Inc.Institution | 0.31% | 117,376 | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Oct 1, 2025 | Gregory Morris Borenstein | officer: Portfolio Manager | +3,000 | $5.29 |
| Sep 11, 2025 | Ronald I. Simon | director | +10,536 | $5.68 |
- Eagle Point Credit Company
Listed CLO equity and junior-debt fund with direct tranche overlap
- OFS Credit Company
Listed CLO equity-led fund that also allocates to CLO debt
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Ellington Credit | $4.27 | −0.23% | $160.8M | — | 4.9 | 3.0 | +29.3% |
| Eagle Point Credit Company | $3.60 | 0.00% | $476.0M | — | 5.1 | 59.8 | −21.7% |
| OFS Credit Company | $2.37 | +0.21% | $69.3M | — | 2.4 | 2.4 | −47.2% |
| Median | — | 3.8 | 31.1 | −34.5% |