Ellington Residential Mortgage REIT(EARN) - 2024 Q1 - Earnings Call Presentation

Strategic Transformation - EARN intends to transition its investment strategy to focus on corporate CLOs and convert to a registered closed-end fund/RIC later this year[6] - The company expects to maintain its monthly dividend of $0.08 per common share[22] - The company revoked its REIT election and will operate as a C-Corp pending RIC conversion[9, 40] Financial Performance (Q1 2024) - Net income was $4 million, or $0.20 per share[44] - Adjusted Distributable Earnings were $53 million, or $0.27 per share[44] - The company's book value per share was $721[44] Portfolio Composition - The CLO portfolio increased to $451 million as of March 31, 2024, compared to $174 million as of December 31, 2023[32] - Agency RMBS holdings increased slightly to $7393 million as of March 31, 2024, compared to $728 million at year end[32] - The company's debt-to-equity ratio was 48:1[44]