Ellington Residential Mortgage REIT (EARN) declares its first dividend since coming public last...


Ellington Residential Mortgage REIT (EARN) declares its first dividend since coming public last month, a payout of $0.14/share. The company estimates book value as of May 31 of $19.36/share vs. the pro-forma post-IPO book value of $19.80 (shares are at $17.89). "Our hedging methodology was successful in largely offsetting the impact of the dramatic interest rate rise that we saw in May ... despite the magnitude of the drops in the agency RMBS market, we were able to limit the decline in book value." EARN is managed by the same team behind Ellington Financial (EFC).

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