10-Q Filing

ELLINGTON CREDIT CO CIK: 1560672 Q3 2013

Filing Information

Form Type	10-Q
Accession Number	`0001560672-13-000025`
Period End Date	20130930
Filing Date	20131113
Fiscal Year	2013
Fiscal Period	Q3
XBRL Instance	earn-20130930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 42 Cash Flow Statement 78 Stockholders Equity 18

Balance Sheet 64 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`	$29.46M	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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$44.33M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Real estate securities, at fair value	`FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue`	$1.47B	USD	Point-in-time
Real estate securities, at fair value	`FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue`	$13.60M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	9.14M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	1.63M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	9.14M	shares	Point-in-time
Due from brokers	`DuefromBrokers`	$13.72M	USD	Point-in-time
Due from brokers	`DuefromBrokers`	-	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	1.63M	shares	Point-in-time
Financial derivatives-assets at fair value	`DerivativeAssets`	$23.18M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Financial derivatives-assets at fair value	`DerivativeAssets`	-	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Receivable for securities sold	`Receivableforsecuritiessold`	$55.06M	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`	-	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Interest receivable	`InterestReceivable`	$39.00K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Interest receivable	`InterestReceivable`	$4.37M	USD	Point-in-time
Other assets	`OtherAssets`	$360.00K	USD	Point-in-time
Other assets	`OtherAssets`	$261.00K	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
Total Assets	`Assets`	$1.61B	USD	Point-in-time
Total Assets	`Assets`	$32.16M	USD	Point-in-time
Repurchase agreements	`SecuritiesSoldUnderAgreementsToRepurchase`	-	USD	Point-in-time
Repurchase agreements	`SecuritiesSoldUnderAgreementsToRepurchase`	$1.29B	USD	Point-in-time
Payable for securities purchased	`PayablesToBrokerDealersAndClearingOrganizations`	-	USD	Point-in-time
Payable for securities purchased	`PayablesToBrokerDealersAndClearingOrganizations`	$113.17M	USD	Point-in-time
Due to brokers	`Duetobrokers`	$22.16M	USD	Point-in-time
Due to brokers	`Duetobrokers`	-	USD	Point-in-time
Financial derivatives-liabilities at fair value	`DerivativeLiabilities`	-	USD	Point-in-time
Financial derivatives-liabilities at fair value	`DerivativeLiabilities`	$7.07M	USD	Point-in-time
Dividend payable	`DividendsPayableCurrentAndNoncurrent`	-	USD	Point-in-time
Dividend payable	`DividendsPayableCurrentAndNoncurrent`	$4.57M	USD	Point-in-time
Accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$730.00K	USD	Point-in-time
Accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$1.08M	USD	Point-in-time
Management fee payable	`ManagementFeePayable`	$644.00K	USD	Point-in-time
Management fee payable	`ManagementFeePayable`	$116.00K	USD	Point-in-time
Interest payable	`InterestPayableCurrentAndNoncurrent`	-	USD	Point-in-time
Interest payable	`InterestPayableCurrentAndNoncurrent`	$597.00K	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.19M	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.44B	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; (9,139,842 and 1,633,378 shares issued and outstanding, respectively)	`CommonStockValue`	$16.00K	USD	Point-in-time
Common shares, par value $0.01 per share, 500,000,000 shares authorized; (9,139,842 and 1,633,378 shares issued and outstanding, respectively)	`CommonStockValue`	$91.00K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$32.67M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$181.10M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-9.36M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.73M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$31.49M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$30.96M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$171.83M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$1.61B	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$32.16M	USD	Point-in-time

Income Statement 42 line items

Line Item	Tag	Value	Unit	Period
Interest income	`InterestIncomeOperating`	-	USD	Point-in-time
Interest income	`InterestIncomeOperating`	$15.81M	USD	3 Qtrs
Interest income	`InterestIncomeOperating`	$11.22M	USD	1 Quarter
Interest expense	`Interestexpensegross`	$1.77M	USD	3 Qtrs
Interest expense	`Interestexpensegross`	-	USD	Point-in-time
Interest expense	`Interestexpensegross`	$1.25M	USD	1 Quarter
Total net interest income	`InterestIncomeExpenseNet`	$9.97M	USD	1 Quarter
Total net interest income	`InterestIncomeExpenseNet`	-	USD	Point-in-time
Total net interest income	`InterestIncomeExpenseNet`	$14.04M	USD	3 Qtrs
Management fees	`ManagementFees`	$644.00K	USD	1 Quarter
Management fees	`ManagementFees`	$8.00K	USD	Point-in-time
Management fees	`ManagementFees`	$1.47M	USD	3 Qtrs
Professional fees	`ProfessionalFees`	$200.00K	USD	1 Quarter
Professional fees	`ProfessionalFees`	-	USD	Point-in-time
Professional fees	`ProfessionalFees`	$468.00K	USD	3 Qtrs
Other operating expenses	`CustodyFees`	$980.00K	USD	3 Qtrs
Other operating expenses	`CustodyFees`	-	USD	Point-in-time
Other operating expenses	`CustodyFees`	$513.00K	USD	1 Quarter
Total expenses	`OperatingExpenses`	$8.00K	USD	Point-in-time
Total expenses	`OperatingExpenses`	$1.36M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$2.91M	USD	3 Qtrs
Net realized losses on real estate securities	`GainLossOnSalesOfMortgageBackedSecuritiesMBS`	$-26.29M	USD	3 Qtrs
Net realized losses on real estate securities	`GainLossOnSalesOfMortgageBackedSecuritiesMBS`	$-24.17M	USD	1 Quarter
Net realized losses on real estate securities	`GainLossOnSalesOfMortgageBackedSecuritiesMBS`	-	USD	Point-in-time
Net realized gains on financial derivatives	`Netrealizedgainsonderivativeinstruments`	$12.65M	USD	3 Qtrs
Net realized gains on financial derivatives	`Netrealizedgainsonderivativeinstruments`	$4.27M	USD	1 Quarter
Net realized gains on financial derivatives	`Netrealizedgainsonderivativeinstruments`	-	USD	Point-in-time
Change in net unrealized gains (losses) on real estate securities	`UnrealizedGainLossOnSecurities`	-	USD	Point-in-time
Change in net unrealized gains (losses) on real estate securities	`UnrealizedGainLossOnSecurities`	$-15.39M	USD	3 Qtrs
Change in net unrealized gains (losses) on real estate securities	`UnrealizedGainLossOnSecurities`	$30.24M	USD	1 Quarter
Change in net unrealized gains (losses) on financial derivatives	`UnrealizedGainLossOnDerivatives`	$-12.17M	USD	1 Quarter
Change in net unrealized gains (losses) on financial derivatives	`UnrealizedGainLossOnDerivatives`	-	USD	Point-in-time
Change in net unrealized gains (losses) on financial derivatives	`UnrealizedGainLossOnDerivatives`	$16.11M	USD	3 Qtrs
Total other loss	`OtherIncome`	-	USD	Point-in-time
Total other loss	`OtherIncome`	$-1.83M	USD	1 Quarter
Total other loss	`OtherIncome`	$-12.92M	USD	3 Qtrs
NET INCOME (LOSS)	`NetIncomeLoss`	$6.79M	USD	1 Quarter
NET INCOME (LOSS)	`NetIncomeLoss`	$-8.00K	USD	Point-in-time
NET INCOME (LOSS)	`NetIncomeLoss`	$-1.79M	USD	3 Qtrs
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.74	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.31	USD	3 Qtrs
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.01	USD	Point-in-time

Cash Flow Statement 78 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$6.79M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-8.00K	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-1.79M	USD	3 Qtrs
Net realized losses on real estate securities	`GainLossOnSalesOfMortgageBackedSecuritiesMBS`	$-26.29M	USD	3 Qtrs
Net realized losses on real estate securities	`GainLossOnSalesOfMortgageBackedSecuritiesMBS`	$-24.17M	USD	1 Quarter
Net realized losses on real estate securities	`GainLossOnSalesOfMortgageBackedSecuritiesMBS`	-	USD	Point-in-time
Change in net unrealized (gains) losses on real estate securities	`UnrealizedGainLossOnSecurities`	-	USD	Point-in-time
Change in net unrealized (gains) losses on real estate securities	`UnrealizedGainLossOnSecurities`	$-15.39M	USD	3 Qtrs
Change in net unrealized (gains) losses on real estate securities	`UnrealizedGainLossOnSecurities`	$30.24M	USD	1 Quarter
Net realized gains on financial derivatives	`Netrealizedgainsonderivativeinstruments`	$12.65M	USD	3 Qtrs
Net realized gains on financial derivatives	`Netrealizedgainsonderivativeinstruments`	$4.27M	USD	1 Quarter
Net realized gains on financial derivatives	`Netrealizedgainsonderivativeinstruments`	-	USD	Point-in-time
Change in net unrealized (gains) losses on financial derivatives	`UnrealizedGainLossOnDerivatives`	$-12.17M	USD	1 Quarter
Change in net unrealized (gains) losses on financial derivatives	`UnrealizedGainLossOnDerivatives`	-	USD	Point-in-time
Change in net unrealized (gains) losses on financial derivatives	`UnrealizedGainLossOnDerivatives`	$16.11M	USD	3 Qtrs
Amortization of premiums and accretion of discounts (net)	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$-1.78M	USD	1 Quarter
Amortization of premiums and accretion of discounts (net)	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	-	USD	Point-in-time
Amortization of premiums and accretion of discounts (net)	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$-2.50M	USD	3 Qtrs
Share-based Compensation	`ShareBasedCompensation`	-	USD	Point-in-time
Share-based Compensation	`ShareBasedCompensation`	$3.00K	USD	3 Qtrs
Due from brokers	`Increasedecreaseinduefrombrokers`	$-13.72M	USD	3 Qtrs
Due from brokers	`Increasedecreaseinduefrombrokers`	-	USD	Point-in-time
Interest receivable	`IncreaseDecreaseInAccruedInterestReceivableNet`	$-1.00K	USD	Point-in-time
Interest receivable	`IncreaseDecreaseInAccruedInterestReceivableNet`	$-4.33M	USD	3 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-261.00K	USD	3 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	-	USD	Point-in-time
Due to brokers	`Increasedecreaseinduetobrokers`	-	USD	Point-in-time
Due to brokers	`Increasedecreaseinduetobrokers`	$22.16M	USD	3 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$14.00K	USD	3 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	-	USD	Point-in-time
Interest payable	`Increasedecreaseininterestpayable`	$597.00K	USD	3 Qtrs
Interest payable	`Increasedecreaseininterestpayable`	-	USD	Point-in-time
Management fees payable	`IncreaseDecreaseInManagementFeePayable`	$528.00K	USD	3 Qtrs
Management fees payable	`IncreaseDecreaseInManagementFeePayable`	$8.00K	USD	Point-in-time
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.00K	USD	Point-in-time
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$18.61M	USD	3 Qtrs
Purchases of real estate securities	`PaymentsToAcquireInvestments`	$2.37B	USD	3 Qtrs
Purchases of real estate securities	`PaymentsToAcquireInvestments`	$2.03M	USD	Point-in-time
Proceeds from sale of real estate securities	`ProceedsFromSaleOfOtherInvestments`	$891.02M	USD	3 Qtrs
Proceeds from sale of real estate securities	`ProceedsFromSaleOfOtherInvestments`	-	USD	Point-in-time
Principal repayments of real estate securities	`PrincipalRepaymentsOfSecurities`	$29.28M	USD	3 Qtrs
Principal repayments of real estate securities	`PrincipalRepaymentsOfSecurities`	-	USD	Point-in-time
Proceeds from investments sold short	`InvestmentSoldNotYetPurchasedSaleProceeds`	$2.04M	USD	3 Qtrs
Proceeds from investments sold short	`InvestmentSoldNotYetPurchasedSaleProceeds`	-	USD	Point-in-time
Repurchase of investments sold short	`Repurchaseofinvestmentssoldshort`	-	USD	Point-in-time
Repurchase of investments sold short	`Repurchaseofinvestmentssoldshort`	$2.04M	USD	3 Qtrs
Proceeds from disposition of financial derivatives	`ProceedsFromDerivativeInstrumentInvestingActivities`	-	USD	Point-in-time
Proceeds from disposition of financial derivatives	`ProceedsFromDerivativeInstrumentInvestingActivities`	$24.85M	USD	3 Qtrs
Purchase of financial derivatives	`PaymentsForDerivativeInstrumentInvestingActivities`	$12.20M	USD	3 Qtrs
Purchase of financial derivatives	`PaymentsForDerivativeInstrumentInvestingActivities`	-	USD	Point-in-time
Payments made on reverse repurchase agreements	`PaymentsForSecuritiesPurchasedUnderAgreementsToResell`	$4.10M	USD	3 Qtrs
Payments made on reverse repurchase agreements	`PaymentsForSecuritiesPurchasedUnderAgreementsToResell`	-	USD	Point-in-time
Proceeds from reverse repurchase agreements	`ProceedsFromSecuritiesPurchasedUnderAgreementsToResell`	$4.10M	USD	3 Qtrs
Proceeds from reverse repurchase agreements	`ProceedsFromSecuritiesPurchasedUnderAgreementsToResell`	-	USD	Point-in-time
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.43B	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.03M	USD	Point-in-time
Offering costs paid	`PaymentsOfStockIssuanceCosts`	-	USD	Point-in-time
Offering costs paid	`PaymentsOfStockIssuanceCosts`	$1.50M	USD	3 Qtrs
Proceeds from issuance of shares	`ProceedsFromIssuanceOfCommonStock`	$31.50M	USD	Point-in-time
Proceeds from issuance of shares	`ProceedsFromIssuanceOfCommonStock`	$150.00M	USD	3 Qtrs
Dividends	`PaymentsOfDividends`	$1.28M	USD	3 Qtrs
Dividends	`PaymentsOfDividends`	-	USD	Point-in-time
Borrowings under repurchase agreements	`Borrowingsunderrepurchaseagreements`	$4.42B	USD	3 Qtrs
Borrowings under repurchase agreements	`Borrowingsunderrepurchaseagreements`	-	USD	Point-in-time
Repayments of repurchase agreements	`Repaymentsofrepurchaseagreements`	$3.13B	USD	3 Qtrs
Repayments of repurchase agreements	`Repaymentsofrepurchaseagreements`	-	USD	Point-in-time
Cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.44B	USD	3 Qtrs
Cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$31.50M	USD	Point-in-time
NET INCREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$26.17M	USD	3 Qtrs
NET INCREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$29.46M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$29.46M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$18.16M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$44.33M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$29.46M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$18.16M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$44.33M	USD	Point-in-time
Interest paid	`InterestPaid`	-	USD	Point-in-time
Interest paid	`InterestPaid`	$1.18M	USD	3 Qtrs

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Common Stock, Dividends, Per Share, Declared	`CommonStockDividendsPerShareDeclared`	$0.64	USD	3 Qtrs
Balance	`StockholdersEquity`	$31.49M	USD	Point-in-time
Balance	`StockholdersEquity`	$30.96M	USD	Point-in-time
Balance	`StockholdersEquity`	$171.83M	USD	Point-in-time
Issuance of common shares, Value	`StockIssuedDuringPeriodValueNewIssues`	$150.00M	USD	3 Qtrs
Issuance of common shares, Value	`StockIssuedDuringPeriodValueNewIssues`	$31.50M	USD	Point-in-time
Repurchase of shares, Shares	`StockRepurchasedAndRetiredDuringPeriodShares`	0.00	shares	1 Quarter
Repurchase of shares, Value	`StockRepurchasedAndRetiredDuringPeriodValue`	-	USD	Point-in-time
Issuance of restricted shares, value	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	-	USD	3 Qtrs
Share-based Compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$3.00K	USD	3 Qtrs
Offering costs	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$-1.50M	USD	3 Qtrs
Dividends declared	`Dividends`	$-5.85M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$6.79M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-8.00K	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-1.79M	USD	3 Qtrs
Balance	`StockholdersEquity`	$31.49M	USD	Point-in-time
Balance	`StockholdersEquity`	$30.96M	USD	Point-in-time
Balance	`StockholdersEquity`	$171.83M	USD	Point-in-time

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