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Ellington makes its case as JMP conference

Sep. 21, 2015 11:53 AM ETEllington Financial Inc. (EFC) StockEFC, EARNBy: Stephen Alpher, SA News Editor
  • Ellington Financial's (EFC +0.5%) portfolio today looks quite a bit different than at the end of 2013. Then, 82% of the portfolio was investment in RMBS vs. just 46% as of the end of Q2. European non-dollar denominated MBS and ABS barely registered in 2013, but now make up 13% of the portfolio. There were no distressed corporate loans on the books in 2013, and they make up 7% of holdings today.
  • A REIT (as opposed to a partnership), Ellington Residential's (EARN -1.3%) scope is narrower - primarily focusing on agency RMBS. Selling at more than a 20% discount to book value, the company began buying back its stock last month. EARN was initially formed through a strategic venture with Blackstone, which owns about 28% of the company.
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