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What is EARN?

In April 2024, we announced a strategic transformation of our investment strategy to focus on corporate collateralized loan obligations (“CLOs”). We intend to complete our transition from an MBS-focused company to a CLO-focused company later this year.

We are now focusing on acquiring, investing in, and managing secondary CLO mezzanine debt and equity tranches.

Our primary objective is to generate attractive risk-adjusted total returns for our shareholders by making investments that we believe compensate us appropriately for the associated risks. Historically, we aimed to attain this objective by constructing and actively managing a portfolio consisting primarily of residential mortgage-backed securities for which the principal and interest payments are guaranteed by a U.S. government agency or a U.S. government-sponsored entity.

We now invest in multiple parts of the CLO capital structure, including mezzanine debt and equity tranches. We select investments for their ability to provide a strong total return to drive a sustainable earnings stream and book value growth over a long-term horizon, rather than focusing just on current yield. We also take a trading-oriented approach, which seeks to take advantage of pricing inefficiencies in the CLO market, as opposed to simply “buy-and-hold.”

We rely on strong risk management, including disciplined liquidity management and selective use of credit hedges, in order to preserve book value during times of stress. We also leverage Ellington’s proprietary technology, analytics and risk management systems to enhance underwriting and investment selection and to guide ongoing portfolio monitoring and surveillance.

What is Ellington Management Group’s relation to EARN?
EARN is managed by Ellington Credit Company Management LLC, an affiliate of Ellington Management Group (“EMG”). EMG is a registered private investment adviser specializing in the mortgage-backed securities markets. Our manager relies on the resources of EMG to support EARN’s operations.
What is EARN's fiscal year?
EARN’s fiscal year is January 1 to December 31.
Does EARN pay a dividend?
The timing and amount of any dividends paid to shareholders is at the discretion of the company's Board of Trustees and depends upon a number of factors, including its actual and projected results of operations, financial condition, and such other factors as the Board of Trustees deems relevant. To view the company's historical dividend information, please visit the Dividend History page.
When is the dividend record date and dividend payable date?
The company issues a press release to disclose the record date and dividend payable date for each dividend it declares.
What is EARN's dividend history?
Please refer to the Dividend and Tax Information page.
Who is EARN’s auditor?
EARN’s auditor is PricewaterhouseCoopers LLP.
Who is EARN’s legal counsel?
EARN’s legal counsel is Vinson & Elkins LLP.
How can I receive email alerts from EARN?
To receive email alerts, click the “For Our Investors” link on the homepage and select “Email Alerts” on the top right. Enter your email address and submit. Thank you.
How can I request additional information from EARN?
You may fill out an information request here on our website or email us at
How can I get tax information on EARN dividends?