Ellington Residential Mortgage REIT Reports Third Quarter 2013 Results
Summary of Financial Results
- Net income for the quarter of
$6.8 million , or$0.74 per share.- Primary positive contributors to net income were interest income and net change in unrealized gains and losses on real estate securities.
- Core Earnings1 for the quarter was
$5.6 million , or$0.61 per share. - Book value increased 1.2% to
$18.80 per share as ofSeptember 30, 2013 from$18.57 per share as ofJune 30, 2013 , after giving effect to a third quarter dividend of$0.50 per share, payable onOctober 25, 2013 .- Asset prices recovered some of the losses incurred during the late spring and early summer.
- Net interest margin increased to 1.77% for the third quarter as compared to 1.63% for the second quarter.
- Weighted average prepayment speed for the Agency RMBS portfolio was 3.6% CPR for the third quarter, as compared to 1.7% for the second quarter.
- Dividend yield of 13.7% based on
November 8, 2013 closing stock price of$14.63 . - Debt-to-equity ratio of 7.5:1 as of
September 30, 2013 .
Third Quarter 2013 Results
For the quarter ended
As of
Agency pool and ARM prices, which had plummeted in the second quarter, continued to fall in the early part of the third quarter, with the Federal Reserve seemingly poised to begin the long-dreaded "tapering" of its accommodative monetary policies, including a reduction in its "QE3" monthly bond purchases. The benchmark 10-year U.S. Treasury yield rose as high as 3.00% by early September, its highest level in almost two years, up sharply from 2.49% as of
While prices of specified pools improved in the third quarter, their performance lagged that of benchmark TBA passthroughs. The lag in specified pool performance was the result of several factors. First, the Federal Reserve's purchases of TBAs continued unabated; this ongoing purchase activity not only supports TBA prices, but the resulting settlement activity creates short-term scarcity for TBA-eligible securities, enabling TBA investors to benefit from the supplemental income provided by the TBA roll market. Second, with interest rates still higher than they were earlier in the year, and with many market participants still reeling from the second quarter collapse in specified pool pay-ups, the market remains reluctant to assign value to the prepayment protection associated with specified pools. Third, Agency mortgage REITs, which until May of this year had very strong demand for specified pools as they grew their capital base with a record volume of follow-on equity offerings, have had to step back from incremental purchases, as they have lowered their leverage in response to recent interest rate volatility, and are effectively unable to raise additional equity capital. Finally, with interest rates higher, specified pools now have a longer duration (and therefore greater price fluctuation) than they have had in the recent past; as a result, they may become less attractive assets for large U.S. banks to hold in light of recent changes to regulatory capital rules, which will essentially force these banks to charge unrealized losses on available-for-sale assets against their regulatory capital.
Active trading of both assets and hedges has, and continues to be, a key element of the Company's Agency strategy. The third quarter provided the Company an excellent opportunity to upgrade its portfolio into higher coupon specified pools with much stronger prepayment protection. With the Federal Reserve continuing to focus its efforts on TBAs as opposed to specified pools, and with traditional specified pool buyers (such as Agency mortgage REITs) much less active in the market, the Company believes that specified pools now offer extremely attractive yields relative to previous periods. In Agency ARMs—a sector that the Company had not considered particularly attractive prior to the third quarter—recent heavy selling by mortgage REITs enabled the Company to add to its overall positions at price levels that the Company believed offered excellent relative value. Given the recent volatility and opportunities in this sector, the Company expects to be more active in Agency ARMs over the near-term.
The Company uses a mix of interest rate swaps, swaptions, and short TBA positions to hedge against the risk of rising interest rates. Even though longer-term interest rates were generally higher at
For the quarter ended
Volatility in the Agency RMBS market will likely continue to be tied to actions of the Federal Reserve and its ongoing asset purchase programs. In its September statement, the Federal Open Market Committee noted the recent spike in mortgage rates, the persistence of inflation below its 2% objective level, and the lack of expansionary fiscal policy as posing risks to the economic recovery. While the Federal Reserve's eventual exit from quantitative easing could expand the opportunities for the Company in the Agency RMBS market in the long-term, it will no doubt cause a period of significant volatility. This reinforces the importance of the Company's ability to hedge its risks using a variety of tools, including TBAs.
During the third quarter, non-Agency RMBS prices recovered somewhat from the pricing declines that resulted from the broad sell-off in fixed income markets that occurred in the late spring and early summer. The Company remains positive in its outlook for non-Agency MBS, both on fundamental and technical grounds. On the fundamental side, while the Company expects that the recent increases in mortgage rates will slow the pace of home price appreciation, it still expects that home prices—which continue to serve as one of the most important determinants of future cashflows in distressed non-Agency RMBS—will continue to appreciate for the next few years. On the technical side, there is likely to be less near-term supply of more distressed non-Agency MBS from the GSEs, as their portfolio sales continue to be concentrated in their less distressed inventory. In addition, during the third quarter U.S. banking regulators adopted revised capital rules for large interconnected U.S. banks and their holding companies. These "Supplementary Leverage Ratio" rules, which will set caps on absolute total leverage (as opposed to trying to measure and limit risk-adjusted leverage), make certain higher-risk assets, such as non-Agency MBS, relatively more attractive for large U.S. banks to hold, thereby reducing potential selling pressure. As of
The Company's book value per share was
For the quarter ended
"In spite of the continued extreme volatility in the Agency RMBS market, we are pleased to have increased not only our book value per share in the third quarter, but also our net interest margin," said
1 Core Earnings is a non-GAAP financial measure. See "Reconciliation of Core Earnings to Net Income (Loss)" below for an explanation regarding the calculation of Core Earnings.
The following table summarizes the Company's portfolio of real estate securities as of
September 30, 2013 |
June 30, 2013 |
||||||||||||||||||||||||||||||||||||||
(In thousands) |
Current Principal |
Fair Value |
Average Price(1) |
Cost |
Average Cost(1) |
Current Principal |
Fair Value |
Average Price(1) |
Cost |
Average Cost(1) |
|||||||||||||||||||||||||||||
Agency RMBS(2) |
|||||||||||||||||||||||||||||||||||||||
15-year fixed rate mortgages |
$ |
192,906 |
$ |
199,450 |
$ |
103.39 |
$ |
200,231 |
$ |
103.80 |
$ |
138,155 |
$ |
142,249 |
$ |
102.96 |
$ |
144,771 |
$ |
104.79 |
|||||||||||||||||||
30-year fixed rate mortgages |
1,165,255 |
1,194,445 |
102.51 |
1,211,128 |
103.94 |
1,142,993 |
1,160,516 |
101.53 |
1,204,637 |
105.39 |
|||||||||||||||||||||||||||||
ARMs |
29,840 |
31,707 |
106.26 |
31,538 |
105.69 |
— |
— |
— |
— |
— |
|||||||||||||||||||||||||||||
Total Agency RMBS |
1,388,001 |
1,425,602 |
102.71 |
1,442,897 |
103.96 |
1,281,148 |
1,302,765 |
101.69 |
1,349,408 |
105.33 |
|||||||||||||||||||||||||||||
Non-Agency RMBS |
55,798 |
34,467 |
61.77 |
33,823 |
60.62 |
62,358 |
38,810 |
62.24 |
38,708 |
62.07 |
|||||||||||||||||||||||||||||
Total RMBS(2) |
1,443,799 |
1,460,069 |
101.13 |
1,476,720 |
102.28 |
1,343,506 |
1,341,575 |
99.86 |
1,388,116 |
103.32 |
|||||||||||||||||||||||||||||
Agency IOs |
n/a |
12,722 |
n/a |
11,355 |
n/a |
n/a |
9,904 |
n/a |
8,886 |
n/a |
|||||||||||||||||||||||||||||
Total Real Estate Securities |
$ |
1,472,791 |
$ |
1,488,075 |
$ |
1,351,479 |
$ |
1,397,002 |
|||||||||||||||||||||||||||||||
(1) Represents the dollar amount (not shown in thousands) per $100 of current principal of the price or cost for the security. |
|||||||||||||||||||||||||||||||||||||||
(2) Excludes Agency IOs. |
Weighted average holdings based on amortized cost was
Financial Derivatives Portfolio
The following table summarizes fair value of the Company's financial derivatives as of
September 30, 2013 |
June 30, 2013 |
|||||||
Financial derivative assets, at fair value: |
(In thousands) |
|||||||
TBA securities purchase contracts |
$ |
104 |
$ |
169 |
||||
TBA securities sale contracts |
— |
4,581 |
||||||
Fixed payer interest rate swaps |
23,077 |
26,516 |
||||||
23,181 |
31,266 |
|||||||
Financial derivative liabilities, at fair value: |
||||||||
TBA securities purchase contracts |
— |
(1,923) |
||||||
TBA securities sale contracts |
(5,572) |
(737) |
||||||
Fixed payer interest rate swaps |
(1,409) |
(320) |
||||||
Fixed payer swaptions |
(86) |
— |
||||||
(7,067) |
(2,980) |
|||||||
Total |
$ |
16,114 |
$ |
28,286 |
Interest Rate Swaps
The following table provides details about the Company's interest rate swaps as of
September 30, 2013 |
|||||||||||||||||
Maturity |
Notional Amount |
Fair Value |
Weighted Average Pay Rate |
Weighted Average Receive Rate |
Weighted Average Remaining Years to Maturity |
||||||||||||
(In thousands) |
|||||||||||||||||
2016 |
$ |
38,000 |
$ |
(204) |
0.89 |
% |
0.26 |
% |
2.88 |
||||||||
2017 |
109,000 |
(696) |
1.20 |
0.26 |
3.82 |
||||||||||||
2018 |
90,000 |
1,773 |
0.88 |
0.27 |
4.60 |
||||||||||||
2020 |
235,900 |
6,054 |
1.57 |
0.26 |
6.65 |
||||||||||||
2023 |
213,000 |
9,279 |
2.14 |
0.26 |
9.65 |
||||||||||||
2043 |
70,000 |
5,462 |
3.20 |
0.26 |
29.68 |
||||||||||||
Total |
$ |
755,900 |
$ |
21,668 |
1.71 |
% |
0.26 |
% |
8.79 |
June 30, 2013 |
|||||||||||||||||
Maturity |
Notional Amount |
Fair Value |
Weighted Average Pay Rate |
Weighted Average Receive Rate |
Weighted Average Remaining Years to Maturity |
||||||||||||
(In thousands) |
|||||||||||||||||
2017 |
$ |
40,000 |
$ |
181 |
1.05 |
% |
0.27 |
% |
3.95 |
||||||||
2018 |
183,000 |
4,117 |
1.03 |
0.27 |
4.89 |
||||||||||||
2020 |
271,900 |
8,711 |
1.61 |
0.27 |
6.90 |
||||||||||||
2023 |
204,000 |
10,192 |
2.10 |
0.27 |
9.89 |
||||||||||||
2043 |
82,000 |
2,995 |
3.25 |
0.26 |
29.94 |
||||||||||||
Total |
$ |
780,900 |
$ |
26,196 |
1.74 |
% |
0.27 |
% |
9.48 |
Interest Rate Swaptions
As of
TBAs
The following table provides (in thousands) additional information about the Company's TBAs as of
September 30, 2013 |
June 30, 2013 |
|||||||||||||||||||||||||||||||
TBA Securities |
Notional Amount (1) |
Cost |
Market Value (3) |
Net Carrying Value (4) |
Notional Amount (1) |
Cost Basis (2) |
Market Value (3) |
Net Carrying Value (4) |
||||||||||||||||||||||||
Purchase contracts: |
||||||||||||||||||||||||||||||||
Assets |
$ |
3,350 |
$ |
3,169 |
$ |
3,273 |
$ |
104 |
$ |
29,350 |
$ |
28,519 |
$ |
28,688 |
$ |
169 |
||||||||||||||||
Liabilities |
— |
— |
— |
— |
45,000 |
45,909 |
43,986 |
(1,923) |
||||||||||||||||||||||||
Sale contracts: |
||||||||||||||||||||||||||||||||
Assets |
— |
— |
— |
— |
(324,864) |
(336,878) |
(332,297) |
4,581 |
||||||||||||||||||||||||
Liabilities |
(438,579) |
(449,060) |
(454,632) |
(5,572) |
(95,300) |
(96,207) |
(96,944) |
(737) |
||||||||||||||||||||||||
Total TBA securities, net |
$ |
(435,229) |
$ |
(445,891) |
$ |
(451,359) |
$ |
(5,468) |
$ |
(345,814) |
$ |
(358,657) |
$ |
(356,567) |
$ |
2,090 |
||||||||||||||||
(1) Notional amount represents the principal balance of the underlying Agency RMBS. |
||||||||||||||||||||||||||||||||
(2) Cost basis represents the forward price to be paid for the underlying Agency RMBS. |
||||||||||||||||||||||||||||||||
(3) Market value represents the current market value of the underlying Agency RMBS (on a forward delivery basis) as of the respective period end. |
||||||||||||||||||||||||||||||||
(4) Net carrying value represents the difference between the market value of the TBA contract as of the respective period end and the cost basis, and is reported in Financial derivatives-assets at fair value and Financial derivatives-liabilities at fair value on our Consolidated Balance Sheet, for the respective period end. |
The Company primarily uses TBAs to hedge interest rate risk, but from time to time it also holds net long positions in certain TBA securities as a means of acquiring exposure to Agency RMBS.
Interest Rate Sensitivity
The following table summarizes, as of
Estimated Change in Fair Value(1) |
||||||||
(In thousands) |
50 Basis Point Decline in Interest Rates |
50 Basis Point Increase in Interest Rates |
||||||
Agency ARM Pools |
$ |
514 |
$ |
(588) |
||||
Agency Fixed Pools and IOs |
36,478 |
(42,968) |
||||||
TBAs |
(11,127) |
13,225 |
||||||
Non-Agency RMBS |
374 |
(358) |
||||||
Interest Rate Swaps |
(27,109) |
25,604 |
||||||
Swaptions |
(335) |
503 |
||||||
Repurchase Agreements |
(727) |
925 |
||||||
Total |
$ |
(1,932) |
$ |
(3,657) |
||||
(1) Based on the market environment as of September 30, 2013. Results are based on forward-looking models, which are inherently imperfect, and incorporate various simplifying assumptions. Therefore, the table above is for illustrative purposes only and actual changes in interest rates would likely cause changes in the actual value of the overall portfolio that would differ from those presented above and such differences might be significant and adverse. |
Repo Borrowings
The following table details the Company's outstanding borrowings under repo agreements as of
September 30, 2013 |
June 30, 2013 |
|||||||||||||||||||
Weighted Average |
Weighted Average |
|||||||||||||||||||
Original Maturity |
Borrowings Outstanding |
Interest Rate |
Remaining Days to Maturity |
Borrowings Outstanding |
Interest Rate |
Remaining Days to Maturity |
||||||||||||||
(In thousands) |
(In thousands) |
|||||||||||||||||||
30 days or less |
$ |
513,660 |
0.36 |
% |
11 |
$ |
700,812 |
0.38 |
% |
15 |
||||||||||
31-60 days |
412,485 |
0.38 |
45 |
289,830 |
0.37 |
44 |
||||||||||||||
61-90 days |
143,530 |
0.38 |
74 |
225,054 |
0.37 |
74 |
||||||||||||||
91-120 days |
28,897 |
0.39 |
105 |
— |
— |
— |
||||||||||||||
121-150 days |
99,464 |
0.42 |
136 |
— |
— |
— |
||||||||||||||
151-180 days |
94,910 |
0.41 |
164 |
— |
— |
— |
||||||||||||||
Total |
$ |
1,292,946 |
0.38 |
% |
52 |
$ |
1,215,696 |
0.37 |
% |
33 |
If the periodic costs associated with interest rate swaps is included in the cost of funds, total cost of funds for the three month periods ended
As of
Other
The Company incurs an annual base management fee in an amount equal to 1.5% of shareholders' equity (as defined in its management agreement), which is payable quarterly in arrears. The Company expects that, based on its current level of shareholders' equity, its base management fee and operating expenses will, together, approximate 3.3% of shareholders' equity, on an annualized basis. Operating expenses exclude interest expense.
Dividends
On
Share Repurchase Program
On
Reconciliation of Core Earnings to Net Income (Loss)
Core Earnings consists of net income (loss), excluding realized and unrealized gains and losses on real estate securities and financial derivatives, and, if applicable, items of income or loss that are of a non-recurring nature. Core Earnings includes net realized and unrealized gains (losses) associated with payments and accruals of periodic payments on interest rate swaps. Core Earnings is a supplemental non-GAAP financial measure. We believe Core Earnings provides information useful to investors because it is a metric used by management to assess our performance and to evaluate the effective net yield provided by our portfolio. Moreover, one of our objectives is to generate income from the net interest margin on our portfolio and we use Core Earnings to help measure the extent to which we are achieving this objective. However, because Core Earnings is an incomplete measure of our financial results and differs from net income (loss) computed in accordance with GAAP, it should be considered as supplementary to, and not as a substitute for, net income (loss) computed in accordance with GAAP.
The following table reconciles, for the three month periods ended
(In thousands except share amounts) |
Three Month Period Ended September 30, 2013 |
Three Month Period Ended June 30, 2013 |
||||||
Net Income (Loss) |
$ |
6,785 |
$ |
(9,704) |
||||
Less: |
||||||||
Net realized losses on real estate securities |
(24,173) |
(3,006) |
||||||
Net realized gains on financial derivatives, excluding periodic payments(1) |
4,224 |
8,445 |
||||||
Change in net unrealized gains (losses) on real estate securities |
30,239 |
(45,784) |
||||||
Change in net unrealized gains (losses) on financial derivatives, excluding accrued periodic payments(2) |
(9,063) |
29,328 |
||||||
Sub-Total |
1,227 |
(11,017) |
||||||
Core Earnings |
$ |
5,558 |
$ |
1,313 |
||||
Weighted Average Shares Outstanding |
9,133,940 |
6,248,763 |
||||||
Core Earnings Per Share |
$ |
0.61 |
$ |
0.21 |
||||
(1) For the three month period ended September 30, 2013, represents Net realized gains on financial derivatives of $4,273 thousand less Net realized gains (losses) on periodic settlements of interest rate swaps of $49 thousand. For the three month period ended June 30, 2013, represents Net realized gains on financial derivatives of $8,376 thousand less Net realized gains (losses) on periodic settlements of interest rate swaps of $(69) thousand. |
||||||||
(2) For the three month period ended September 30, 2013, represents Net change in unrealized gains (losses) on financial derivatives of $(12,172) thousand less Change in net unrealized gains (losses) on accrued periodic settlements of interest rate swaps of $(3,109) thousand. For the three month period ended June 30, 2013, represents Net change in unrealized gains (losses) on financial derivatives of $28,286 thousand less Change in net unrealized gains (losses) on accrued periodic settlements of interest rate swaps of $(1,042) thousand. |
About
Conference Call
The Company will host a conference call at
A dial-in replay of the conference call will be available on Wednesday, November 13, 2013, at approximately
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve numerous risks and uncertainties. Actual results may differ from the Company's beliefs, expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements are not historical in nature and can be identified by words such as "believe," "expect," "anticipate," "estimate," "project," "plan," "continue," "intend," "should," "would," "could," "goal," "objective," "will," "may," "seek," or similar expressions or their negative forms, or by references to strategy, plans, or intentions. Examples of forward-looking statements in this press release include, without limitation, management's beliefs regarding the current economic and investment environment, the Company's ability to implement its investment and hedging strategies, the Company's future prospects and the protection of the Company's net interest margin from prepayments, volatility and its impact on the Company, the performance of the Company's investment and hedging strategies, the Company's exposure to prepayment risk in its Agency portfolio, estimated effects on the fair value of the Company's MBS and interest rate derivative holdings of a hypothetical change in interest rates, statements regarding the Company's share repurchase program, including the amount of shares to be repurchased, and statements regarding the drivers of the Company's returns. The Company's results can fluctuate from month to month and from quarter to quarter depending on a variety of factors, some of which are beyond the Company's control and/or are difficult to predict, including, without limitation, changes in interest rates and the market value of the Company's securities, changes in mortgage default rates and prepayment rates, the Company's ability to borrow to finance its assets, changes in government regulations affecting the Company's business, the Company's ability to maintain its exemption from registration under the Investment Company Act of 1940 and other changes in market conditions and economic trends. Furthermore, forward-looking statements are subject to risks and uncertainties, including, among other things, those described in Exhibit 99.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended
ELLINGTON RESIDENTIAL MORTGAGE REIT |
||||||||||||
CONSOLIDATED STATEMENT OF OPERATIONS |
||||||||||||
(UNAUDITED) |
||||||||||||
Three Month Period Ended |
Nine Month Period Ended |
|||||||||||
September 30, 2013 |
June 30, 2013 |
September 30, 2013 |
||||||||||
(In thousands except share amounts) |
||||||||||||
INTEREST INCOME (EXPENSE) |
||||||||||||
Interest income |
$ |
11,223 |
$ |
4,310 |
$ |
15,815 |
||||||
Interest expense |
(1,248) |
(525) |
(1,773) |
|||||||||
Total net interest income |
9,975 |
3,785 |
14,042 |
|||||||||
EXPENSES |
||||||||||||
Management fees |
644 |
703 |
1,466 |
|||||||||
Professional fees |
200 |
237 |
468 |
|||||||||
Other operating expenses |
513 |
421 |
980 |
|||||||||
Total expenses |
1,357 |
1,361 |
2,914 |
|||||||||
OTHER INCOME (LOSS) |
||||||||||||
Net realized losses on real estate securities |
(24,173) |
(3,006) |
(26,290) |
|||||||||
Net realized gains on financial derivatives |
4,273 |
8,376 |
12,650 |
|||||||||
Change in net unrealized gains (losses) on real estate securities |
30,239 |
(45,784) |
(15,391) |
|||||||||
Change in net unrealized gains (losses) on financial derivatives |
(12,172) |
28,286 |
16,114 |
|||||||||
Total other income (loss) |
(1,833) |
(12,128) |
(12,917) |
|||||||||
NET INCOME (LOSS) |
$ |
6,785 |
$ |
(9,704) |
$ |
(1,789) |
||||||
NET INCOME (LOSS) PER COMMON SHARE: |
||||||||||||
Basic |
$ |
0.74 |
$ |
(1.55) |
$ |
(0.31) |
||||||
WEIGHTED AVERAGE SHARES OUTSTANDING |
9,133,940 |
6,248,763 |
5,699,501 |
ELLINGTON RESIDENTIAL MORTGAGE REIT |
||||||||||||
CONSOLIDATED BALANCE SHEET |
||||||||||||
(UNAUDITED) |
||||||||||||
As of |
||||||||||||
September 30, 2013 |
June 30, 2013 |
December 31, 2012(1) |
||||||||||
(In thousands except share amounts) |
||||||||||||
ASSETS |
||||||||||||
Cash and cash equivalents |
$ |
44,331 |
$ |
52,345 |
$ |
18,161 |
||||||
Real estate securities, at fair value |
1,472,791 |
1,351,479 |
13,596 |
|||||||||
Due from brokers |
13,724 |
41,604 |
— |
|||||||||
Financial derivatives-assets at fair value |
23,181 |
31,266 |
— |
|||||||||
Receivable for securities sold |
55,060 |
15,963 |
— |
|||||||||
Interest receivable |
4,370 |
3,943 |
39 |
|||||||||
Other assets |
261 |
367 |
360 |
|||||||||
Total Assets |
$ |
1,613,718 |
$ |
1,496,967 |
$ |
32,156 |
||||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
||||||||||||
LIABILITIES |
||||||||||||
Repurchase agreements |
$ |
1,292,946 |
$ |
1,215,696 |
$ |
— |
||||||
Payable for securities purchased |
113,173 |
77,136 |
— |
|||||||||
Due to brokers |
22,160 |
27,887 |
— |
|||||||||
Financial derivatives-liabilities at fair value |
7,067 |
2,980 |
— |
|||||||||
Dividend payable |
4,569 |
1,279 |
— |
|||||||||
Accrued expenses |
730 |
1,360 |
1,076 |
|||||||||
Management fee payable |
644 |
703 |
116 |
|||||||||
Interest payable |
597 |
353 |
— |
|||||||||
Total Liabilities |
1,441,886 |
1,327,394 |
1,192 |
|||||||||
SHAREHOLDERS' EQUITY |
||||||||||||
Preferred shares, par value $0.01 per share, 100,000,000 shares authorized; (0 shares issued and outstanding, respectively) |
— |
— |
— |
|||||||||
Common shares, par value $0.01 per share, 500,000,000 shares authorized; (9,139,842, 9,133,378, and 1,633,378 shares issued and outstanding, respectively) |
91 |
91 |
16 |
|||||||||
Additional paid-in-capital |
181,104 |
181,061 |
32,674 |
|||||||||
Accumulated deficit |
(9,363) |
(11,579) |
(1,726) |
|||||||||
Total Shareholders' Equity |
171,832 |
169,573 |
30,964 |
|||||||||
Total Liabilities and Shareholders' Equity |
$ |
1,613,718 |
$ |
1,496,967 |
$ |
32,156 |
||||||
(1) Derived from audited financial statements as of December 31, 2012. |
SOURCE
Investor: Lisa Mumford, Chief Financial Officer, Ellington Residential Mortgage REIT, (203) 409-3773; Media: Steve Bruce or Katrina Allen, ASC Advisors, for Ellington Residential Mortgage REIT, (203) 992-1230