Ellington Financial income rebounds, still shy off dividend; getting into auto …

  • Q1 net income of $19.3M or $0.57 per share vs. $2.6M and $0.08 in Q4. Dividend is $0.65.
  • Book value per share of $23.01 slips $0.08 from the start of the quarter. Todays close of $20 is a 13% discount to book.
  • Our non-Agency diversification efforts are beginning to contribute more meaningfully to our results, says CEO Laurence Penn as earnings rebound from Q4s dismal result. The company also announces the purchase of a stake in a third mortgage originator and simultaneously entering into a flow agreement with that originator to purchase non-QM loans. Ellington expects to be begin acquiring loans under this deal in the next few months.
  • Also inked is a one-year agreement with an auto-loan originator, and Ellington expects to being acquiring high-yielding car loans this quarter.
  • Earnings call at 11 ET
  • Previously: Ellington Financial misses by $0.05(May 6)
  • EFC flat after hours

Comments are closed.