Ellington Residential Mortgage REIT (EARN) Tops Q2 EPS by 5c

Ellington Residential Mortgage REIT (NYSE: EARN) reported Q2 EPS of $0.37, $0.05 better than the analyst estimate of $0.32.

• Net loss of $(4.5) million, or $(0.36) per share.
• Core Earnings1 of $4.6 million, or $0.37 per share; raised quarterly dividend to $0.30 per share, a 7% increase from the prior level.
• Book value of $12.53 per share as of June 30, 2021, which includes the effect of a second quarter dividend of $0.30 per share.
• Net interest margin2 of 2.04%.
• Weighted average constant prepayment rate (\"CPR\") for the fixed-rate Agency specified pool portfolio of 22.8%.
• Dividend yield of 10.8% based on the July 30, 2021 closing stock price of $11.13.
• Debt-to-equity ratio of 7.0:1 as of June 30, 2021; adjusted for unsettled purchases and sales, the debt-to-equity ratio was 7.2:1.
• Net mortgage assets-to-equity ratio of 6.7:13 as of June 30, 2021.
• Cash and cash equivalents of $58.7 million as of June 30, 2021, in addition to other unencumbered assets of $31.3 million.
• Completed a public follow-on offering of 3.25 million common shares, of which 2.675 million shares were sold by a selling shareholder, and 575,000 shares were sold by the Company; as a result of the offering, the Company\'s public float increased by approximately 38%.

For earnings history and earnings-related data on Ellington Residential Mortgage REIT (EARN) click here.

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