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Ellington Financial LLC

6/19/2013, 6:52 PM ET

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Wednesday, June 19, 9:49 AM 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). Comment! [Dividends, Financials]
Wednesday, June 12, 2:53 PM Treasurys (TLT -1.2%) fail to catch a bid even as the Dow drops triple digits. Panicky action continues in income favorites (REM -1.3%), notably Armour Residential (ARR -4.7%), where the selling has now spread to its preferred shares, the series B off 2%. The common is off 28% over the last month. Some others: New York Mortgage (NYMT -2.7%), American Capital (MTGE -2.6%), Western Asset (WMC -3.9%), Annaly (NLY -1.7%), Dynex (DX -2.6%), New Residential (NRZ -3.6%), Ellington Financial (EFC -2.2%). 11 Comments [Financials, On the Move]
Friday, June 7, 4:46 PM Ellington Financial (EFC) reports estimated book value of $24.74/share as of May 31. It's down from $25.02 on April 30, but if you add back the just-announced $0.77 dividend, book value grew during the month even as interest rates rose sharply. At today's $23.06 close, the stock's trading at a 6.8% discount to book value. Comment! [Financials]
Friday, June 7, 4:41 PM Ellington Financial LLC (EFC) declares $0.77/share quarterly dividend, in line with previous. Forward yield 13.36 %. For shareholders of record May 31. Payable June 17.Ex-div date May 29 (PR) 1 Comment [Dividends]
Tuesday, June 4, 3:25 PM The mREIT (MORT +1.6%) sector gains with sliding averages always good for creating a bid for the sector, and as the industry continues to present en masse at the KBW Mortgage Conference (earlier). The gist: It's clearly been a bad year for mortgages (see WMC presentation, page 7), but spreads are far wider now than they were several months ago (when the bear case was spreads were too narrow). Buyers of mortgages now are getting far better pricing. Leading are Two Harbors (TWO +3.5%), (presentation), Chimera (CIM +2.7%), Ellington (EFC +1.9%), (EARN +0.1%), (presentation), PennyMac (PMT +3.9%), (PFSI +0.5%). 1 Comment [Financials]
Tuesday, June 4, 9:28 AM More from CYS Investments at KBW (previous): The speed (page 9) with which mortgage rates have increased in unlike anything seen even during the financial crisis, says CEO Kevin Grant. He muses over whether Bernanke's May testimony (taper) was confused messaging or an intentional market test. The punishment inflicted on mREITs (MORT) is well-known, but don't forget: Refinance activity will crater - gain on sale windfall to banks may be over, home affordability is now diminished, banks will be pushed to Treasurys over credit risk as the ROE on government paper is now improved. Grant's talk (webcast) is one all mREIT investors will value. 25 Comments [Financials]
Friday, May 31, 12:59 PM Renewed selling hits mREITs (MORT -1.2%) as Treasury yields turn decidedly higher, TLT -0.8%. Getting the worst of it today is Ellington Financial (EFC -3.3%) - a partnership, not a REIT; it's more trading shop, but still leveraged to credit and interest rates. It's recently IPOd mortgage REIT counterpart EARN -1.1%. Also notably lower is CYS Investments (CYS -2.6%), American Capital (AGNC -1.8%), (MTGE -1.5%), Annaly (NLY -1.3%), and Armour Residentail (ARR -1.3%). 15 Comments [Financials, On the Move]
Tuesday, May 28, 7:28 AM Ellington Residential (EARN) - the recently IPOd version of partnership Ellington Financial (EFC) - is initiated a Hold at Deutsche Bank with $19.75 price target. Comment! [Financials]
Friday, May 24, 7:34 AM Ellington Management hires Steven Abreu from GMAC Mortgage as the MBS specialist (EFC, EARN) founded by Mike Vranos gets into the mortgage origination business. Ellington Financial (EFC) will wade into the market with the purchase of small or medium-sized originators says CFO Larry Penn, but the goal, says Vranos, is to build a top-tier national lender with $20B/year or more in originations. 1 Comment [Financials]
Thursday, May 9, 8:26 AM Ellington Financial (EFC) announces pricing of its 5M share secondary for estimated gross proceeds of $131.5M. It suggests a price of $26.30, which was the closing price in yesterday's regular session. Shares -3.5% to $25.39 in the premarket may give a better idea of where the secondary priced. Book value as of April 30 was $25.02. (PR) Comment! [Financials, Breaking News, On the Move]
Wednesday, May 8, 4:54 PM Ellington Financial (EFC) announces a 5M share secondary which will add about 25% to the current float. Shares were off 1.3% to $26.30 in regular session today as traders maybe sold ahead of the move given last night's announced book value of $25.03. The stock's off 3.2% AH to $25.45. (PR) Comment! [Financials, Breaking News]
Tuesday, May 7, 5:00 PM Ellington Financial (EFC) reports estimated book value/share on April 30 of $25.02. The stock - which closed today up 2.5% (post-earnings) at $26.60 - is now at a 6.3% premium to book. (PR) Comment! [Financials, Breaking News]
Tuesday, May 7, 11:26 AM Ellington Financial (EFC +1%) is considering entering the loan origination market, says management on the earnings call. The company sees traditional lenders as fighting the last war and still too reluctant to make loans given improving housing prices and employment. (earnings last night) (presentation slides) Comment! [Financials]
Monday, May 6, 8:50 PM Ellington Financial (EFC): Q1 EPS of $1.94 vs. $1.19 in Q4. Book value/share of $24.78, up 1.6% from Q4, up 4.7% if the $0.75 special dividend is factored back in. With stock at $25.95, the days of Ellington trading below book are over for the moment. Non-agency MBS strategy generated $2.17/share in gross income. Agency strategy generated $0.04 of gross income. Attractive valuations had Ellington establishing small capital allocation to CLO market in Q1. "The company views investments in this area as opportunistic in nature." Conference call tomorrow at 11 ET. (PR) Comment! [Financials, Earnings]
Friday, May 3, 9:04 AM Ellington Financial (EFC) declares $0.77/share quarterly dividend, in line with previous. Forward yield 11.87%. For shareholders of record May 31. Payable June 17. Ex-div date May 29. (PR) Comment! [Dividends]
Thursday, May 2, 9:23 PM Ellington Financial (EFC) declares $0.77/share quarterly dividend, in line with previous. Forward yield 11.9%. For shareholders of record May 31. Payable June 17. (PR) Comment! [Dividends]