Ellington Residential Mortgage Posts Loss In Q3

November 13, 2023 — 07:04 am EST

Written by RTTNews.com for RTTNews

(RTTNews) - Ellington Residential Mortgage REIT (EARN) on Monday reported a loss in its third quarter, compared to preceding quarter's profit, on rising interest rates, elevated volatility, and wider yield spreads in many fixed income markets.

In its third quarter, the company reported a loss of $11.4 million or $0.75 per share, compared to earnings of $1.2 million or $0.09 per share in the preceding second quarter.

Adjusted distributable earnings were $3.2 million or $0.21 per share, compared to $2.4 million or $0.17 per share in the second quarter.

On average, three analysts polled by Thomson Reuters had expected earnings of $0.24 per share for the year. Analysts' estimates typically exclude special items.

Interest income increased to $11.25 million from $10.07 million in the previous second quarter.

In pre-market activity, Ellington Residential shares are trading at $5.54, down 1.25% on the New York Stock Exchange.

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Ellington Residential Mortgage Posts Loss In Q3

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