Ellington Residential Mortgage REIT(EARN) - 2023 Q4 - Earnings Call Presentation

Financial Performance - Net income for the quarter was $124 million, or $075 per share[31] - Adjusted distributable earnings were $46 million, or $027 per share[32] - The company's economic return was 77% for the quarter[71] - Net interest margin was 219% overall, with 202% on Agency and 628% on credit[71] Portfolio Composition and Strategy - Agency RMBS holdings decreased by 8% to $7280 million as of December 31, 2023, compared to $7905 million as of September 30, 2023[73] - CLO holdings increased more than fourfold to $174 million during the fourth quarter[4] - The company's Agency RMBS portfolio turnover was 25% for the quarter[46] - Aggregate holdings of interest-only securities and non-Agency RMBS decreased by 13% over the same period[46] - The company had a net long TBA position of $367 million as of December 31, 2023[9] Capital Structure and Leverage - Shareholders' equity was $1362 million, with a book value per share of $732[72] - The company's debt-to-equity ratio was 54:1, or 53:1 adjusted for unsettled purchases and sales[72] - The net mortgage assets-to-equity ratio was 65:1[9]