Ellington Credit Q4 Earnings Call Highlights

Management cited Nomura Research estimates that the median CLO equity return was negative 9% for the quarter and negative 14% for the full year. Portfolio Manager Greg Borenstein said Q4 was “one of the most difficult quarters for CLO equity in recent memory,” and noted that weakness in CLO equity was more pronounced in the new-issue market than in secondary trading. He said the company largely avoided new-issue equity during the quarter and has participated in only one new-issue equity transaction in the 1 ...