10-Q Filing

ELLINGTON CREDIT CO CIK: 1560672 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001560672-20-000026`
Period End Date	20200331
Filing Date	20200511
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	earn2020033110q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 75 Income Statement 32 Cash Flow Statement 79 Stockholders Equity 20

Balance Sheet 75 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$44.26M	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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$59.67M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$18.59M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$35.35M	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
Mortgage-backed securities, at fair value	`FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue`	$1.40B	USD	Point-in-time
Mortgage-backed securities, at fair value	`FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue`	$1.05B	USD	Point-in-time
Other investments, at fair value	`FinancialInstrumentsOwnedOtherAtFairValue`	-	USD	Point-in-time
Other investments, at fair value	`FinancialInstrumentsOwnedOtherAtFairValue`	$355.00K	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
Due from brokers	`DuefromBrokers`	$49.97M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Due from brokers	`DuefromBrokers`	$34.60M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Financial derivativesassets, at fair value	`DerivativeAssets`	$4.18M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Financial derivativesassets, at fair value	`DerivativeAssets`	$1.73M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	12.46M	shares	Point-in-time
Reverse repurchase agreements	`SecuritiesPurchasedUnderAgreementsToResell`	$2.08M	USD	Point-in-time
Reverse repurchase agreements	`SecuritiesPurchasedUnderAgreementsToResell`	$2.22M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	12.32M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	12.51M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	12.46M	shares	Point-in-time
Receivable for securities sold	`Receivableforsecuritiessold`	$111.60M	USD	Point-in-time
Receivable for securities sold	`Receivableforsecuritiessold`	$5.50M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	12.47M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	12.32M	shares	Point-in-time
Interest receivable	`InterestReceivable`	$5.02M	USD	Point-in-time
Interest receivable	`InterestReceivable`	$4.22M	USD	Point-in-time
Other assets	`OtherAssets`	$604.00K	USD	Point-in-time
Other assets	`OtherAssets`	$867.00K	USD	Point-in-time
Total Assets	`Assets`	$1.49B	USD	Point-in-time
Total Assets	`Assets`	$1.28B	USD	Point-in-time
Repurchase agreements	`SecuritiesSoldUnderAgreementsToRepurchase`	$1.30B	USD	Point-in-time
Repurchase agreements	`SecuritiesSoldUnderAgreementsToRepurchase`	$1.11B	USD	Point-in-time
Payable for securities purchased	`PayablesToBrokerDealersAndClearingOrganizations`	-	USD	Point-in-time
Payable for securities purchased	`PayablesToBrokerDealersAndClearingOrganizations`	$19.43M	USD	Point-in-time
Due to brokers	`Duetobrokers`	$33.00K	USD	Point-in-time
Due to brokers	`Duetobrokers`	$2.35M	USD	Point-in-time
Financial derivativesliabilities, at fair value	`DerivativeLiabilities`	$2.05M	USD	Point-in-time
Financial derivativesliabilities, at fair value	`DerivativeLiabilities`	$20.23M	USD	Point-in-time
U.S. Treasury securities sold short, at fair value	`FinancialInstrumentsSoldNotYetPurchasedUSGovernmentAndAgencyObligations`	$2.07M	USD	Point-in-time
U.S. Treasury securities sold short, at fair value	`FinancialInstrumentsSoldNotYetPurchasedUSGovernmentAndAgencyObligations`	$2.15M	USD	Point-in-time
Dividend payable	`DividendsPayableCurrentAndNoncurrent`	$3.49M	USD	Point-in-time
Dividend payable	`DividendsPayableCurrentAndNoncurrent`	$3.45M	USD	Point-in-time
Dividend payable	`DividendsPayableCurrentAndNoncurrent`	$4.24M	USD	Point-in-time
Accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$588.00K	USD	Point-in-time
Accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$690.00K	USD	Point-in-time
Management fee payable to affiliate	`ManagementFeePayable`	$605.00K	USD	Point-in-time
Management fee payable to affiliate	`ManagementFeePayable`	$526.00K	USD	Point-in-time
Interest payable	`InterestPayableCurrentAndNoncurrent`	$3.73M	USD	Point-in-time
Interest payable	`InterestPayableCurrentAndNoncurrent`	$2.68M	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.33B	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.14B	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; (12,319,616 and 12,455,758 shares issued and outstanding, respectively)	`CommonStockValue`	$123.00K	USD	Point-in-time
Common shares, par value $0.01 per share, 500,000,000 shares authorized; (12,319,616 and 12,455,758 shares issued and outstanding, respectively)	`CommonStockValue`	$124.00K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$230.36M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$229.43M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-89.83M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-69.64M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$158.15M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$160.84M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$153.82M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$139.72M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$1.28B	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$1.49B	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Interest income	`InterestIncomeOperating`	$12.61M	USD	1 Quarter
Interest income	`InterestIncomeOperating`	$9.88M	USD	1 Quarter
Interest expense	`Interestexpensegross`	$9.55M	USD	1 Quarter
Interest expense	`Interestexpensegross`	$6.10M	USD	1 Quarter
Total net interest income	`InterestIncomeExpenseNet`	$3.78M	USD	1 Quarter
Total net interest income	`InterestIncomeExpenseNet`	$3.06M	USD	1 Quarter
Management fees to affiliate	`ManagementFeeExpense`	$526.00K	USD	1 Quarter
Management fees to affiliate	`ManagementFeeExpense`	$595.00K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$208.00K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$229.00K	USD	1 Quarter
Compensation expense	`SalariesAndWages`	$151.00K	USD	1 Quarter
Compensation expense	`SalariesAndWages`	$151.00K	USD	1 Quarter
Insurance expense	`GeneralInsuranceExpense`	$76.00K	USD	1 Quarter
Insurance expense	`GeneralInsuranceExpense`	$74.00K	USD	1 Quarter
Other operating expenses	`OtherExpenses`	$327.00K	USD	1 Quarter
Other operating expenses	`OtherExpenses`	$319.00K	USD	1 Quarter
Total expenses	`OperatingExpenses`	$1.29M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$1.37M	USD	1 Quarter
Net realized gains (losses) on securities	`RealizedInvestmentGainsLosses`	$1.09M	USD	1 Quarter
Net realized gains (losses) on securities	`RealizedInvestmentGainsLosses`	$-1.67M	USD	1 Quarter
Net realized gains (losses) on financial derivatives	`Netrealizedgainslossesonfinancialderivatives`	$-6.50M	USD	1 Quarter
Net realized gains (losses) on financial derivatives	`Netrealizedgainslossesonfinancialderivatives`	$-12.09M	USD	1 Quarter
Change in net unrealized gains (losses) on securities	`UnrealizedGainLossOnSecurities`	$21.97M	USD	1 Quarter
Change in net unrealized gains (losses) on securities	`UnrealizedGainLossOnSecurities`	$6.77M	USD	1 Quarter
Change in net unrealized gains (losses) on financial derivatives	`UnrealizedGainLossOnDerivatives`	$-20.60M	USD	1 Quarter
Change in net unrealized gains (losses) on financial derivatives	`UnrealizedGainLossOnDerivatives`	$-968.00K	USD	1 Quarter
Total other income (loss)	`NetRealizedandUnrealizedGainLossOnInvestmentsandFinancialDerivatives`	$7.24M	USD	1 Quarter
Total other income (loss)	`NetRealizedandUnrealizedGainLossOnInvestmentsandFinancialDerivatives`	$-19.24M	USD	1 Quarter
NET INCOME (LOSS)	`NetIncomeLoss`	$-16.75M	USD	1 Quarter
NET INCOME (LOSS)	`NetIncomeLoss`	$8.93M	USD	1 Quarter
Basic and Diluted (in dollars per share)	`EarningsPerShareBasic`	$-1.35	USD	1 Quarter
Basic and Diluted (in dollars per share)	`EarningsPerShareBasic`	$0.72	USD	1 Quarter

Cash Flow Statement 79 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-16.75M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$8.93M	USD	1 Quarter
Net realized (gains) losses on securities	`RealizedInvestmentGainsLosses`	$1.09M	USD	1 Quarter
Net realized (gains) losses on securities	`RealizedInvestmentGainsLosses`	$-1.67M	USD	1 Quarter
Change in net unrealized (gains) losses on securities	`UnrealizedGainLossOnSecurities`	$21.97M	USD	1 Quarter
Change in net unrealized (gains) losses on securities	`UnrealizedGainLossOnSecurities`	$6.77M	USD	1 Quarter
Net realized (gains) losses on financial derivatives	`Netrealizedgainslossesonfinancialderivatives`	$-6.50M	USD	1 Quarter
Net realized (gains) losses on financial derivatives	`Netrealizedgainslossesonfinancialderivatives`	$-12.09M	USD	1 Quarter
Change in net unrealized (gains) losses on financial derivatives	`UnrealizedGainLossOnDerivatives`	$-20.60M	USD	1 Quarter
Change in net unrealized (gains) losses on financial derivatives	`UnrealizedGainLossOnDerivatives`	$-968.00K	USD	1 Quarter
Amortization of premiums and accretion of discounts, net	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$-3.06M	USD	1 Quarter
Amortization of premiums and accretion of discounts, net	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$-3.50M	USD	1 Quarter
Share based compensation	`ShareBasedCompensation`	$59.00K	USD	1 Quarter
Share based compensation	`ShareBasedCompensation`	$53.00K	USD	1 Quarter
Interest receivable	`IncreaseDecreaseInAccruedInterestReceivableNet`	$-213.00K	USD	1 Quarter
Interest receivable	`IncreaseDecreaseInAccruedInterestReceivableNet`	$-797.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$263.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$200.00K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$102.00K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-167.00K	USD	1 Quarter
Interest payable	`Increasedecreaseininterestpayable`	$89.00K	USD	1 Quarter
Interest payable	`Increasedecreaseininterestpayable`	$-1.05M	USD	1 Quarter
Management fees payable to affiliate	`IncreaseDecreaseInManagementFeePayable`	$-79.00K	USD	1 Quarter
Management fees payable to affiliate	`IncreaseDecreaseInManagementFeePayable`	$16.00K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$5.56M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$4.76M	USD	1 Quarter
Purchases of securities	`PaymentsToAcquireInvestments`	$232.33M	USD	1 Quarter
Purchases of securities	`PaymentsToAcquireInvestments`	$492.15M	USD	1 Quarter
Proceeds from sale of securities	`ProceedsFromSaleOfOtherInvestments`	$398.33M	USD	1 Quarter
Proceeds from sale of securities	`ProceedsFromSaleOfOtherInvestments`	$558.62M	USD	1 Quarter
Principal repayments of mortgage-backed securities	`PrincipalRepaymentsOfSecurities`	$66.57M	USD	1 Quarter
Principal repayments of mortgage-backed securities	`PrincipalRepaymentsOfSecurities`	$33.98M	USD	1 Quarter
Proceeds from investments sold short	`InvestmentSoldNotYetPurchasedSaleProceeds`	$174.82M	USD	1 Quarter
Proceeds from investments sold short	`InvestmentSoldNotYetPurchasedSaleProceeds`	$133.60M	USD	1 Quarter
Repurchase of investments sold short	`Repurchaseofinvestmentssoldshort`	$136.36M	USD	1 Quarter
Repurchase of investments sold short	`Repurchaseofinvestmentssoldshort`	$136.72M	USD	1 Quarter
Proceeds from disposition of financial derivatives	`ProceedsFromDerivativeInstrumentInvestingActivities`	$6.23M	USD	1 Quarter
Proceeds from disposition of financial derivatives	`ProceedsFromDerivativeInstrumentInvestingActivities`	$7.28M	USD	1 Quarter
Purchase of financial derivatives	`PaymentsForDerivativeInstrumentInvestingActivities`	$14.06M	USD	1 Quarter
Purchase of financial derivatives	`PaymentsForDerivativeInstrumentInvestingActivities`	$15.26M	USD	1 Quarter
Payments made on reverse repurchase agreements	`PaymentsForSecuritiesPurchasedUnderAgreementsToResell`	$2.48B	USD	1 Quarter
Payments made on reverse repurchase agreements	`PaymentsForSecuritiesPurchasedUnderAgreementsToResell`	$938.02M	USD	1 Quarter
Proceeds from reverse repurchase agreements	`ProceedsFromSecuritiesPurchasedUnderAgreementsToResell`	$2.48B	USD	1 Quarter
Proceeds from reverse repurchase agreements	`ProceedsFromSecuritiesPurchasedUnderAgreementsToResell`	$899.57M	USD	1 Quarter
Due from brokers, net	`Duefrombrokersnetinvestingactivities`	$6.64M	USD	1 Quarter
Due from brokers, net	`Duefrombrokersnetinvestingactivities`	$17.46M	USD	1 Quarter
Due to brokers, net	`Duetobrokersnetinvestingactivities`	$-5.00K	USD	1 Quarter
Due to brokers, net	`Duetobrokersnetinvestingactivities`	$276.00K	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$205.71M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$84.42M	USD	1 Quarter
Repurchase of common shares	`PaymentsForRepurchaseOfCommonStock`	$414.00K	USD	1 Quarter
Repurchase of common shares	`PaymentsForRepurchaseOfCommonStock`	$986.00K	USD	1 Quarter
Dividends paid	`PaymentsOfDividends`	$4.25M	USD	1 Quarter
Dividends paid	`PaymentsOfDividends`	$3.49M	USD	1 Quarter
Borrowings under repurchase agreements	`Borrowingsunderrepurchaseagreements`	$538.28M	USD	1 Quarter
Borrowings under repurchase agreements	`Borrowingsunderrepurchaseagreements`	$598.92M	USD	1 Quarter
Repayments of repurchase agreements	`Repaymentsofrepurchaseagreements`	$785.85M	USD	1 Quarter
Repayments of repurchase agreements	`Repaymentsofrepurchaseagreements`	$592.70M	USD	1 Quarter
Due from brokers, net	`Duefrombrokersnetfinancingactivities`	$-4.08M	USD	1 Quarter
Due from brokers, net	`Duefrombrokersnetfinancingactivities`	$3.97M	USD	1 Quarter
Due to brokers, net	`Duetobrokersnetfinancingactivities`	$-460.00K	USD	1 Quarter
Due to brokers, net	`Duetobrokersnetfinancingactivities`	$379.00K	USD	1 Quarter
Cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-186.95M	USD	1 Quarter
Cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-63.51M	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$24.32M	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$25.68M	USD	1 Quarter
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$44.26M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$59.67M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$18.59M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$35.35M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$44.26M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$59.67M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$18.59M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$35.35M	USD	Point-in-time
Interest paid	`InterestPaidNet`	$9.47M	USD	1 Quarter
Interest paid	`InterestPaidNet`	$7.15M	USD	1 Quarter
Dividend payable	`DividendsPayableCurrentAndNoncurrent`	$3.49M	USD	Point-in-time
Dividend payable	`DividendsPayableCurrentAndNoncurrent`	$3.45M	USD	Point-in-time
Dividend payable	`DividendsPayableCurrentAndNoncurrent`	$4.24M	USD	Point-in-time

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$158.15M	USD	Point-in-time
Balance	`StockholdersEquity`	$160.84M	USD	Point-in-time
Balance	`StockholdersEquity`	$153.82M	USD	Point-in-time
Balance	`StockholdersEquity`	$139.72M	USD	Point-in-time
Share based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$59.00K	USD	1 Quarter
Share based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$53.00K	USD	1 Quarter
Repurchase of common shares, shares	`StockRepurchasedAndRetiredDuringPeriodShares`	434,171.00	shares	7 Qtrs
Repurchase of common shares, shares	`StockRepurchasedAndRetiredDuringPeriodShares`	136,142.00	shares	1 Quarter
Repurchase of common shares, shares	`StockRepurchasedAndRetiredDuringPeriodShares`	40,110.00	shares	1 Quarter
Repurchase of common shares, Value	`StockRepurchasedAndRetiredDuringPeriodValue`	$986.00K	USD	1 Quarter
Repurchase of common shares, Value	`StockRepurchasedAndRetiredDuringPeriodValue`	$4.10M	USD	7 Qtrs
Repurchase of common shares, Value	`StockRepurchasedAndRetiredDuringPeriodValue`	$414.00K	USD	1 Quarter
Dividends declared	`Dividends`	$3.45M	USD	1 Quarter
Dividends declared	`Dividends`	$4.24M	USD	1 Quarter
NET INCOME (LOSS)	`NetIncomeLoss`	$-16.75M	USD	1 Quarter
NET INCOME (LOSS)	`NetIncomeLoss`	$8.93M	USD	1 Quarter
Balance	`StockholdersEquity`	$158.15M	USD	Point-in-time
Balance	`StockholdersEquity`	$160.84M	USD	Point-in-time
Balance	`StockholdersEquity`	$153.82M	USD	Point-in-time
Balance	`StockholdersEquity`	$139.72M	USD	Point-in-time

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