EARN

MKT CAP:$174M

Ellington Credit Company

Market Cap

$174M

Financial Services·Asset Management·🇺🇸 United States·NYSE

Financials·Asset Management·🇺🇸·NYSE

Stock Price

$4.66-$0.64 (-12.08%)

Apr 24, 2026

Company Details

Ellington Residential Mortgage REIT, a real estate investment trust, specializes in acquiring, investing in, and managing residential mortgage-and real estate-related assets. It acquires and manages residential mortgage-backed securities (R...

CEO

Laurence Eric Penn

IPO Date

May 1, 2013

Website

www.ellingtoncredit.com

Key Metrics TTM

Revenue

$43M

-16.0% YoY

Net Income

-$14M

EPS (Diluted)

-$0.38

Free Cash Flow

$20M

Revenue / Share

$1.13

Gross Margin

85.4%

Operating Margin

-19.8%

Net Margin

-33.9%

FCF Margin

45.9%

P/S

4.1x

P/E

—

Earnings Reports

FY 2025

Dec 30, 2025

$43M-16.0%EPS -$0.38

Q4 2025

Dec 30, 2025

$14M+111.2%EPS -$0.56

Q3 2025

Sep 29, 2025

$15M-5.9%EPS $0.12

Q2 2025

May 20, 2025

$12M+3.4%EPS $0.29

Q1 2025

Jun 23, 2025

$921.0K-94.2%EPS -$0.23

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	-$15M	-$16M	-$17M
Q2 22	-$7M	-$9M	-$11M
Q3 22	-$8M	-$12M	-$14M
Q4 22	$20M	$13M	$12M
Q1 23	$13M	$4M	$2M
Q2 23	$14M	$3M	$1M
Q3 23	$2M	-$10M	-$11M
Q4 23	$2M	$991.0K	$24M
Q1 24	$16M	$6M	$4M
Q2 24	$12M	$1M	-$890.0K
Q3 24	$16M	$9M	$6M
Q4 24	$7M	$83.0K	-$2M
Q1 25	$921.0K	-$5M	-$8M
Q2 25	$12M	$12M	$12M
Q3 25	$15M	$15M	$6M
Q4 25	$14M	$14M	-$19M

Valuation

Quarter	P/S	P/E
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	—	—
Q1 23	9.6x	—
Q2 23	4.4x	112.4x
Q3 23	3.5x	45.8x
Q4 23	5.5x	38.2x
Q1 24	5.1x	28.2x
Q2 24	5.6x	41.8x
Q3 24	3.8x	8.3x
Q4 24	3.4x	26.4x
Q1 25	4.9x	—
Q2 25	4.8x	30.2x
Q3 25	5.0x	37.8x
Q4 25	4.1x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 21	$8M	$8M
Q3 21	$7M	$7M
Q4 21	$6M	$6M
Q1 22	$7M	$7M
Q2 22	$7M	$7M
Q3 22	$4M	$4M
Q4 22	$4M	$4M
Q1 23	-$2M	-$2M
Q2 23	-$2M	-$2M
Q3 23	-$3M	-$3M
Q4 23	-$2M	-$2M
Q1 24	-$1M	-$1M
Q2 24	$3M	$3M
Q3 24	$3M	$3M
Q4 24	$4M	$4M
Q1 25	$9M	$9M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-733.9%	+7.9%
Q2 22	-218.5%	+49.4%
Q3 22	-386.4%	+175.7%
Q4 22	+2949.1%	+328.4%
Q1 23	+188.8%	+354.4%
Q2 23	+292.8%	+302.3%
Q3 23	+128.0%	+149.3%
Q4 23	-92.6%	-356.6%
Q1 24	+19.8%	+6.5%
Q2 24	-20.0%	-6.0%
Q3 24	+617.1%	-23.6%
Q4 24	+351.8%	+140.0%
Q1 25	-94.2%	-25.0%
Q2 25	+3.4%	-100.2%
Q3 25	-5.9%	-12.5%
Q4 25	+111.2%	+268.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 21	$66.0K	—
Q3 21	$66.0K	2.3%
Q4 21	$73.0K	—
Q1 22	$76.0K	—
Q2 22	$75.0K	—
Q3 22	$78.0K	—
Q4 22	$83.0K	0.4%
Q1 23	$45.0K	0.3%
Q2 23	$81.0K	0.6%
Q3 23	$81.0K	3.5%
Q4 23	$48.0K	3.2%
Q1 24	$72.0K	0.5%
Q2 24	$71.0K	0.6%
Q3 24	$302.0K	1.8%
Q4 24	-$3.0K	-0.0%
Q1 25	$203.0K	22.0%

OpEx Breakdown

Quarter	G&A
Q1 22	$260.0K
Q2 22	$739.0K
Q3 22	$284.0K
Q4 22	$273.0K
Q1 23	$280.0K
Q2 23	$282.0K
Q3 23	$272.0K
Q4 23	$283.0K
Q1 24	$364.0K
Q2 24	$524.0K
Q3 24	$594.0K
Q4 24	$446.0K
Q1 25	$520.0K

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 21	$69M	$0	$69M
Q1 22	$16M	$0	$16M
Q2 22	$37M	$0	$37M
Q3 22	$25M	$0	$25M
Q4 22	$35M	$0	$35M
Q1 23	$37M	$0	$37M
Q2 23	$44M	$0	$44M
Q3 23	$40M	$0	$40M
Q4 23	$39M	$0	$39M
Q1 24	$22M	$0	$22M
Q2 24	$119M	$0	$119M
Q3 24	$26M	$0	$26M
Q4 24	$32M	$0	$32M
Q1 25	$17M	$0	$17M
Q2 25	$37M	$0	$37M
Q3 25	$20M	$0	$20M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	13M	+0.6%	+6.2%
Q2 22	13M	-0.0%	+5.4%
Q3 22	13M	+0.3%	+1.7%
Q4 22	13M	+1.1%	+2.0%
Q1 23	14M	+2.9%	+4.2%
Q2 23	14M	+2.0%	+6.3%
Q3 23	15M	+9.1%	+15.6%
Q4 23	17M	+9.6%	+25.4%
Q1 24	20M	+17.3%	+43.0%
Q2 24	20M	+4.1%	+46.1%
Q3 24	26M	+25.7%	+68.4%
Q4 24	29M	+12.3%	+72.4%
Q1 25	35M	+21.2%	+78.1%
Q2 25	35M	0.0%	+71.0%
Q3 25	35M	0.0%	+36.0%
Q4 25	38M	+7.9%	+30.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	-$88.5K	170
Q2 22	-$43.9K	170
Q3 22	-$48.1K	170
Q4 22	$120.2K	170
Q1 23	$78.5K	170
Q2 23	$84.6K	170
Q3 23	$13.4K	170
Q4 23	$8.8K	170
Q1 24	$94.1K	170
Q2 24	$67.7K	170
Q3 24	$96.4K	170
Q4 24	$42.4K	160
Q1 25	$5.8K	160
Q2 25	$74.4K	160
Q3 25	$96.3K	160
Q4 25	$89.6K	160

Revenue / Employee