10-Q Filing

ELLINGTON CREDIT CO CIK: 1560672 Q2 2013

Filing Information

Form Type	10-Q
Accession Number	`0001560672-13-000011`
Period End Date	20130630
Filing Date	20130815
Fiscal Year	2013
Fiscal Period	Q2
XBRL Instance	earn-20130630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 28 Cash Flow Statement 41 Stockholders Equity 10

Balance Sheet 62 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$52.34M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$18.16M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	9.13M	shares	Point-in-time
Real estate securities, at fair value	`FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue`	$1.35B	USD	Point-in-time
Real estate securities, at fair value	`FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue`	$13.60M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	1.63M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	1.63M	shares	Point-in-time
Due from brokers	`DuefromBrokers`	$41.60M	USD	Point-in-time
Due from brokers	`DuefromBrokers`	-	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	9.13M	shares	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Derivative assets, at fair value	`DerivativeAssets`	-	USD	Point-in-time
Derivative assets, at fair value	`DerivativeAssets`	$31.27M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Receivable for securities sold	`Receivableforsecuritiessold`	-	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	100.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	100.00M	shares	Point-in-time
Receivable for securities sold	`Receivableforsecuritiessold`	$15.96M	USD	Point-in-time
Interest receivable	`InterestReceivable`	$39.00K	USD	Point-in-time
Interest receivable	`InterestReceivable`	$3.94M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Other assets	`OtherAssets`	$367.00K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Other assets	`OtherAssets`	$360.00K	USD	Point-in-time
Total Assets	`Assets`	$32.16M	USD	Point-in-time
Total Assets	`Assets`	$1.50B	USD	Point-in-time
Repurchase agreements	`SecuritiesSoldUnderAgreementsToRepurchase`	-	USD	Point-in-time
Repurchase agreements	`SecuritiesSoldUnderAgreementsToRepurchase`	$1.22B	USD	Point-in-time
Payable for securities purchased	`PayablesToBrokerDealersAndClearingOrganizations`	$77.14M	USD	Point-in-time
Payable for securities purchased	`PayablesToBrokerDealersAndClearingOrganizations`	-	USD	Point-in-time
Due to brokers	`Duetobrokers`	$27.89M	USD	Point-in-time
Due to brokers	`Duetobrokers`	-	USD	Point-in-time
Derivative liabilities, at fair value	`DerivativeLiabilities`	-	USD	Point-in-time
Derivative liabilities, at fair value	`DerivativeLiabilities`	$2.98M	USD	Point-in-time
Dividend payable	`DividendsPayableCurrentAndNoncurrent`	$1.28M	USD	Point-in-time
Dividend payable	`DividendsPayableCurrentAndNoncurrent`	-	USD	Point-in-time
Accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$1.36M	USD	Point-in-time
Accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$1.08M	USD	Point-in-time
Management fee payable	`ManagementFeePayable`	$703.00K	USD	Point-in-time
Management fee payable	`ManagementFeePayable`	$116.00K	USD	Point-in-time
Interest payable	`InterestPayableCurrentAndNoncurrent`	$353.00K	USD	Point-in-time
Interest payable	`InterestPayableCurrentAndNoncurrent`	-	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.33B	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.19M	USD	Point-in-time
Preferred shares, par value $0.01 per share, 100,000,000 shares authorized; (0 shares issued and outstanding, respectively)	`PreferredStockValue`	-	USD	Point-in-time
Preferred shares, par value $0.01 per share, 100,000,000 shares authorized; (0 shares issued and outstanding, respectively)	`PreferredStockValue`	-	USD	Point-in-time
Common shares, par value $0.01 per share, 500,000,000 shares authorized; (9,133,378 and 1,633,378 shares issued and outstanding, respectively)	`CommonStockValue`	$91.00K	USD	Point-in-time
Common shares, par value $0.01 per share, 500,000,000 shares authorized; (9,133,378 and 1,633,378 shares issued and outstanding, respectively)	`CommonStockValue`	$16.00K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$181.06M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$32.67M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-11.58M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.73M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$169.57M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$30.96M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$32.16M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$1.50B	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Interest income	`InterestIncomeOperating`	$4.59M	USD	2 Qtrs
Interest income	`InterestIncomeOperating`	$4.31M	USD	1 Quarter
Interest expense	`Interestexpensegross`	$525.00K	USD	1 Quarter
Interest expense	`Interestexpensegross`	$525.00K	USD	2 Qtrs
Total net interest income	`InterestIncomeExpenseNet`	$3.79M	USD	1 Quarter
Total net interest income	`InterestIncomeExpenseNet`	$4.07M	USD	2 Qtrs
Management fees	`ManagementFees`	$823.00K	USD	2 Qtrs
Management fees	`ManagementFees`	$703.00K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$268.00K	USD	2 Qtrs
Professional fees	`ProfessionalFees`	$237.00K	USD	1 Quarter
Other operating expenses	`CustodyFees`	$421.00K	USD	1 Quarter
Other operating expenses	`CustodyFees`	$466.00K	USD	2 Qtrs
Total expenses	`OperatingExpenses`	$1.56M	USD	2 Qtrs
Total expenses	`OperatingExpenses`	$1.36M	USD	1 Quarter
Net realized losses on real estate securities	`GainLossOnSalesOfMortgageBackedSecuritiesMBS`	$-3.01M	USD	1 Quarter
Net realized losses on real estate securities	`GainLossOnSalesOfMortgageBackedSecuritiesMBS`	$-2.12M	USD	2 Qtrs
Net realized gains on derivative instruments	`Netrealizedgainsonderivativeinstruments`	$8.38M	USD	2 Qtrs
Net realized gains on derivative instruments	`Netrealizedgainsonderivativeinstruments`	$8.38M	USD	1 Quarter
Change in net unrealized losses on real estate securities	`UnrealizedGainLossOnSecurities`	$-45.63M	USD	2 Qtrs
Change in net unrealized losses on real estate securities	`UnrealizedGainLossOnSecurities`	$-45.78M	USD	1 Quarter
Change in net unrealized gains on derivative instruments	`UnrealizedGainLossOnDerivatives`	$28.29M	USD	1 Quarter
Change in net unrealized gains on derivative instruments	`UnrealizedGainLossOnDerivatives`	$28.29M	USD	2 Qtrs
Total other loss	`OtherIncome`	$-12.13M	USD	1 Quarter
Total other loss	`OtherIncome`	$-11.08M	USD	2 Qtrs
NET LOSS	`NetIncomeLoss`	$-9.70M	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-8.57M	USD	2 Qtrs
Basic (in dollars per share)	`EarningsPerShareBasic`	$-2.17	USD	2 Qtrs
Basic (in dollars per share)	`EarningsPerShareBasic`	$-1.55	USD	1 Quarter

Cash Flow Statement 41 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-9.70M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-8.57M	USD	2 Qtrs
Net realized losses on real estate securities	`GainLossOnSalesOfMortgageBackedSecuritiesMBS`	$-3.01M	USD	1 Quarter
Net realized losses on real estate securities	`GainLossOnSalesOfMortgageBackedSecuritiesMBS`	$-2.12M	USD	2 Qtrs
Change in net unrealized losses on real estate securities	`UnrealizedGainLossOnSecurities`	$-45.63M	USD	2 Qtrs
Change in net unrealized losses on real estate securities	`UnrealizedGainLossOnSecurities`	$-45.78M	USD	1 Quarter
Net realized gains on derivative instruments	`Netrealizedgainsonderivativeinstruments`	$8.38M	USD	2 Qtrs
Net realized gains on derivative instruments	`Netrealizedgainsonderivativeinstruments`	$8.38M	USD	1 Quarter
Change in net unrealized gains on derivative instruments	`UnrealizedGainLossOnDerivatives`	$28.29M	USD	1 Quarter
Change in net unrealized gains on derivative instruments	`UnrealizedGainLossOnDerivatives`	$28.29M	USD	2 Qtrs
Amortization of premiums and accretion of discounts (net)	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$-858.00K	USD	1 Quarter
Amortization of premiums and accretion of discounts (net)	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$-719.00K	USD	2 Qtrs
Due from brokers	`Increasedecreaseinduefrombrokers`	$-41.60M	USD	2 Qtrs
Interest receivable	`IncreaseDecreaseInAccruedInterestReceivableNet`	$-3.90M	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-367.00K	USD	2 Qtrs
Due to brokers	`Increasedecreaseinduetobrokers`	$27.89M	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-212.00K	USD	2 Qtrs
Interest payable	`Increasedecreaseininterestpayable`	$353.00K	USD	2 Qtrs
Management fees payable	`IncreaseDecreaseInManagementFeePayable`	$587.00K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-14.03M	USD	2 Qtrs
Purchases of real estate securities	`PaymentsToAcquireInvestments`	$1.60B	USD	2 Qtrs
Proceeds from sale of real estate securities	`ProceedsFromSaleOfOtherInvestments`	$266.46M	USD	2 Qtrs
Principal repayments of real estate securities	`PrincipalRepaymentsOfSecurities`	$4.66M	USD	2 Qtrs
Proceeds from investments sold short	`InvestmentSoldNotYetPurchasedSaleProceeds`	$2.04M	USD	2 Qtrs
Repurchase of investments sold short	`Repurchaseofinvestmentssoldshort`	$2.04M	USD	2 Qtrs
Proceeds from disposition of derivative instruments	`ProceedsFromDerivativeInstrumentInvestingActivities`	$11.44M	USD	2 Qtrs
Purchase of derivative instruments	`PaymentsForDerivativeInstrumentInvestingActivities`	$3.06M	USD	2 Qtrs
Payments made on reverse repurchase agreements	`PaymentsForSecuritiesPurchasedUnderAgreementsToResell`	$4.10M	USD	2 Qtrs
Proceeds from reverse repurchase agreements	`ProceedsFromSecuritiesPurchasedUnderAgreementsToResell`	$4.10M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.32B	USD	2 Qtrs
Offering costs paid	`PaymentsOfStockIssuanceCosts`	$682.00K	USD	2 Qtrs
Proceeds from issuance of common shares	`ProceedsFromIssuanceOfCommonStock`	$150.00M	USD	2 Qtrs
Borrowings under repurchase agreements	`Borrowingsunderrepurchaseagreements`	$1.98B	USD	2 Qtrs
Repayments of repurchase agreements	`Repaymentsofrepurchaseagreements`	$761.67M	USD	2 Qtrs
Cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.37B	USD	2 Qtrs
NET INCREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$34.18M	USD	2 Qtrs
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$52.34M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$18.16M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$52.34M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$18.16M	USD	Point-in-time
Interest paid	`InterestPaid`	$171.00K	USD	2 Qtrs

Stockholders Equity 10 line items

Line Item	Tag	Value	Unit	Period
Issuance of common shares, Value	`StockIssuedDuringPeriodValueNewIssues`	$150.00M	USD	2 Qtrs
Offering costs	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$-1.54M	USD	2 Qtrs
Dividends declared	`Dividends`	$-1.28M	USD	2 Qtrs
Common Stock, Dividends, Per Share, Declared	`CommonStockDividendsPerShareDeclared`	$0.14	USD	2 Qtrs
BALANCE, December 31, 2012	`StockholdersEquity`	$169.57M	USD	Point-in-time
BALANCE, December 31, 2012	`StockholdersEquity`	$30.96M	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-9.70M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-8.57M	USD	2 Qtrs
BALANCE, June 30, 2013	`StockholdersEquity`	$169.57M	USD	Point-in-time
BALANCE, June 30, 2013	`StockholdersEquity`	$30.96M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.