Ellington Residential Mortgage REIT Reports Fourth Quarter 2013 Results
Summary of Financial Results
- Net loss for the quarter of
$0.1 million , or$0.01 per share. - Core Earnings1 for the quarter of
$6.8 million , or$0.74 per share, as compared to$5.6 million , or$0.61 per share, in the third quarter. - Book value decline of 2.7% to
$18.29 per share as ofDecember 31, 2013 from$18.80 per share as ofSeptember 30, 2013 , after giving effect to a fourth quarter dividend of$0.50 per share, which was paid onJanuary 27, 2014 . - Increase in net interest margin to 2.17% for the fourth quarter as compared to 1.77% for the third quarter.
- Weighted average prepayment speed for the Agency RMBS portfolio of 2.2% CPR for the fourth quarter, as compared to 3.6% CPR for the third quarter.
- Dividend yield of 12.0% based on
February 14, 2014 closing stock price of$16.61 . - Debt-to-equity ratio of 7.8:1 as of
December 31, 2013 .
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.
Fourth Quarter 2013 Results
For the quarter ended
"Notwithstanding the significant pressure that Agency RMBS prices came under in the last two months of the year, through a combination of positive performance from our non-Agency RMBS portfolio and income from our interest rate hedging derivatives, we were able to essentially break even for the quarter on a fully mark-to-market basis," said
As of
In the early part of the fourth quarter, Agency RMBS rallied in response to the September "no taper" decision announced by the Federal Reserve. However, market concerns about a future taper announcement resumed soon thereafter, and weighed meaningfully on Agency RMBS prices, as well as on their yield spreads relative to interest rate swaps. While the
Non-Agency RMBS continued to rally in the fourth quarter. However, as market concerns about an imminent taper by the Federal Reserve resumed later in the quarter, the pace of price improvements slowed. During the quarter, the Company sold bonds into the rally in non-Agency RMBS, thereby monetizing gains. Proceeds from assets sold were reinvested into other assets the Company believed to be attractive.
For the quarter ended
During the fourth quarter, the Company took advantage of the depressed pay-ups of specified pools (price premiums for specified pools relative to their generic pool counterparts) by buying higher coupon specified pools. Despite current low prepayment levels, the Company believes that certain sectors of the Agency pool market are still susceptible to prepayments, thereby making it attractive to buy pools with prepayment protection in those sectors, especially given the drop in pay-ups. The Company is also finding attractive opportunities in seasoned specified pools, which have shorter remaining weighted average maturities relative to TBAs, and therefore can be hedged with a shorter, lower-cost basket of interest rate hedges. Given the current steepness of the yield curve, even relatively small amounts of seasoning can translate into significant value.
Active trading of assets and management of hedges has, and continues to be, a key element of the Company's Agency strategy. Similar to the third quarter, the fourth quarter provided the Company an excellent opportunity to continue to upgrade its portfolio into higher coupon specified pools with much stronger prepayment protection. The Company believes that specified pools remain very attractive relative to historical metrics.
For the quarter ended
As has been the case for the last several quarters, volatility in the Agency RMBS market will likely continue to be tied to actions of the Federal Reserve and its ongoing asset purchase programs. Now that the Federal Reserve has actually announced a plan to begin to taper its monthly asset purchases, it is possible that volatility will ease somewhat. Nevertheless, there still remain significant uncertainties about timing, and about how well the financial markets will be able to adapt to each incremental reduced level of support. This uncertainty reinforces the importance of the Company's ability to hedge its risks using a variety of tools, including TBAs.
The Company remains positive in its outlook for non-Agency RMBS, both on fundamental and technical grounds. On the fundamental side, the Company expects that while the double-digit rate of home price appreciation that was experienced in 2013 will likely not be repeated in 2014, it should still remain positive in 2014. Since home prices continue to serve as one of the most important determinants of future cashflows in distressed non-Agency RMBS, the Company believes that future home price appreciation will continue to provide significant support for the prices and the credit performance of non-Agency RMBS. On the technical side, while the GSEs and large banks continue to sell non-Agency RMBS from their portfolios, market appetite for these assets remains quite strong, especially among insurance companies, regional banks, and money managers. As of
The Company's book value per share was
For the quarter ended
The following table summarizes the Company's portfolio of real estate securities as of
December 31, 2013 |
September 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 |
$ |
179,906 |
$ |
183,872 |
$ |
102.20 |
$ |
187,059 |
$ |
103.98 |
$ |
192,906 |
$ |
199,450 |
$ |
103.39 |
$ |
200,231 |
$ |
103.80 |
|||||||||||||||||||
30-year fixed rate mortgages |
1,029,629 |
1,043,573 |
101.35 |
1,071,194 |
104.04 |
1,157,678 |
1,186,136 |
102.46 |
1,202,846 |
103.90 |
|||||||||||||||||||||||||||||
ARMs |
43,525 |
46,115 |
105.95 |
46,172 |
106.08 |
29,840 |
31,707 |
106.26 |
31,538 |
105.69 |
|||||||||||||||||||||||||||||
Reverse mortgages |
7,581 |
8,268 |
109.06 |
8,254 |
108.88 |
7,577 |
8,309 |
109.66 |
8,282 |
109.30 |
|||||||||||||||||||||||||||||
Total Agency RMBS |
1,260,641 |
1,281,828 |
101.68 |
1,312,679 |
104.13 |
1,388,001 |
1,425,602 |
102.71 |
1,442,897 |
103.96 |
|||||||||||||||||||||||||||||
Non-Agency RMBS |
50,006 |
30,681 |
61.35 |
28,679 |
57.35 |
55,798 |
34,467 |
61.77 |
33,823 |
60.62 |
|||||||||||||||||||||||||||||
Total RMBS(2) |
1,310,647 |
1,312,509 |
100.14 |
1,341,358 |
102.34 |
1,443,799 |
1,460,069 |
101.13 |
1,476,720 |
102.28 |
|||||||||||||||||||||||||||||
Agency IOs |
n/a |
13,527 |
n/a |
10,718 |
n/a |
n/a |
12,722 |
n/a |
11,355 |
n/a |
|||||||||||||||||||||||||||||
Total Real Estate Securities |
$ |
1,326,036 |
$ |
1,352,076 |
$ |
1,472,791 |
$ |
1,488,075 |
(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
December 31, 2013 |
September 30, 2013 |
|||||||
Financial derivatives–assets, at fair value: |
(In thousands) |
|||||||
TBA securities purchase contracts |
$ |
1 |
$ |
104 |
||||
TBA securities sale contracts |
2,262 |
— |
||||||
Fixed payer interest rate swaps |
32,700 |
23,077 |
||||||
34,963 |
23,181 |
|||||||
Financial derivatives–liabilities, at fair value: |
||||||||
TBA securities sale contracts |
(28) |
(5,572) |
||||||
Fixed payer interest rate swaps |
(956) |
(1,409) |
||||||
Swaptions |
(85) |
(86) |
||||||
(1,069) |
(7,067) |
|||||||
Total |
$ |
33,894 |
$ |
16,114 |
Interest Rate Swaps
The following table provides details about the Company's interest rate swaps as of
December 31, 2013 |
|||||||||||||||||
Maturity |
Notional Amount |
Fair Value |
Weighted Average Pay Rate |
Weighted Average Receive Rate |
Weighted Average Remaining Years to Maturity |
||||||||||||
(In thousands) |
|||||||||||||||||
2016 |
$ |
48,000 |
$ |
(171) |
0.80 |
% |
0.24 |
% |
2.77 |
||||||||
2017 |
124,000 |
(517) |
1.19 |
0.24 |
3.61 |
||||||||||||
2018 |
156,500 |
2,784 |
1.19 |
0.24 |
4.63 |
||||||||||||
2020 |
137,100 |
6,444 |
1.49 |
0.24 |
6.06 |
||||||||||||
2023 |
218,000 |
14,599 |
2.16 |
0.24 |
9.41 |
||||||||||||
2043 |
64,750 |
8,605 |
3.18 |
0.24 |
29.44 |
||||||||||||
Total |
$ |
748,350 |
$ |
31,744 |
1.67 |
% |
0.24 |
% |
8.14 |
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 |
Interest Rate Swaptions
The following table provides additional information about the Company's swaptions as of
Option |
Underlying Swap |
|||||||||||||
Type |
Fair Value |
Months to Expiration |
Notional Amount |
Term (Years) |
Fixed Rate |
|||||||||
($ in thousands) |
||||||||||||||
Fixed Payer |
$ |
(59) |
8.9 |
$ |
22,000 |
10.0 |
3.31% |
|||||||
Straddle |
$ |
(26) |
9.9 |
$ |
8,000 |
10.0 |
3.08% |
The following table provides additional information about the Company's swaptions as of
Option |
Underlying Swap |
|||||||||||||
Type |
Fair Value |
Months to Expiration |
Notional Amount |
Term (Years) |
Fixed Rate |
|||||||||
($ in thousands) |
||||||||||||||
Fixed Payer |
$ |
(86) |
11.9 |
$ |
22,000 |
10.0 |
3.31% |
|||||||
TBAs
The following table provides additional information about the Company's TBAs as of
December 31, 2013 |
September 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) |
||||||||||||||||||||||||
(In thousands) |
||||||||||||||||||||||||||||||||
Purchase contracts: |
||||||||||||||||||||||||||||||||
Assets |
$ |
1,600 |
$ |
1,725 |
$ |
1,726 |
$ |
1 |
$ |
3,350 |
$ |
3,169 |
$ |
3,273 |
$ |
104 |
||||||||||||||||
Sale contracts: |
||||||||||||||||||||||||||||||||
Assets |
(363,078) |
(375,524) |
(373,262) |
2,262 |
— |
— |
— |
— |
||||||||||||||||||||||||
Liabilities |
(16,400) |
(17,518) |
(17,546) |
(28) |
(438,579) |
(449,060) |
(454,632) |
(5,572) |
||||||||||||||||||||||||
Total TBA securities, net |
$ |
(377,878) |
$ |
(391,317) |
$ |
(389,082) |
$ |
2,235 |
$ |
(435,229) |
$ |
(445,891) |
$ |
(451,359) |
$ |
(5,468) |
(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 the 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 ARMs |
$ |
619 |
$ |
(722) |
||||
Agency Fixed RMBS and IOs |
34,579 |
(39,096) |
||||||
TBAs |
(10,630) |
12,116 |
||||||
Non-Agency RMBS |
447 |
(421) |
||||||
Interest Rate Swaps |
(24,410) |
23,118 |
||||||
Swaptions |
(446) |
814 |
||||||
Repurchase Agreements |
(702) |
893 |
||||||
Total |
$ |
(543) |
$ |
(3,298) |
(1) Based on the market environment as of December 31, 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
December 31, 2013 |
September 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 |
$ |
338,700 |
0.35 |
% |
14 |
$ |
513,660 |
0.36 |
% |
11 |
||||||||||
31-60 days |
531,799 |
0.39 |
46 |
412,485 |
0.38 |
45 |
||||||||||||||
61-90 days |
326,386 |
0.38 |
72 |
143,530 |
0.38 |
74 |
||||||||||||||
91-120 days |
109,476 |
0.45 |
100 |
28,897 |
0.39 |
105 |
||||||||||||||
121-150 days |
3,986 |
0.56 |
136 |
99,464 |
0.42 |
136 |
||||||||||||||
151-180 days |
— |
— |
— |
94,910 |
0.41 |
164 |
||||||||||||||
Total |
$ |
1,310,347 |
0.38 |
% |
49 |
$ |
1,292,946 |
0.38 |
% |
52 |
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. For the quarter ended
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. The Company believes that Core Earnings provides information useful to investors because it is a metric used by management to assess performance and to evaluate the effective net yield provided by the portfolio. Moreover, one of the Company's objectives is to generate income from the net interest margin on the portfolio and Core Earnings is used to help measure the extent to which this objective is being achieved. However, because Core Earnings is an incomplete measure of the Company's 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 December 31, 2013 |
Three Month |
||||||
Net Income (Loss) |
$ |
(124) |
$ |
6,785 |
||||
Less: |
||||||||
Net realized losses on real estate securities |
(11,164) |
(24,173) |
||||||
Net realized gains (losses) on financial derivatives, excluding periodic payments(1) |
(160) |
4,224 |
||||||
Change in net unrealized gains (losses) on real estate securities |
(10,756) |
30,239 |
||||||
Change in net unrealized gains (losses) on financial derivatives, excluding accrued periodic payments(2) |
15,167 |
(9,063) |
||||||
Subtotal |
(6,913) |
1,227 |
||||||
Core Earnings |
$ |
6,789 |
$ |
5,558 |
||||
Weighted Average Shares Outstanding |
9,139,842 |
9,133,940 |
||||||
Core Earnings Per Share |
$ |
0.74 |
$ |
0.61 |
(1) For the three month period ended December 31, 2013, represents Net realized gains (losses) on financial derivatives of $(5,340) less Net realized gains (losses) on periodic settlements of interest rate swaps of $(5,180). For the three month period ended September 30, 2013, represents Net realized gains (losses) on financial derivatives of $4,273 less Net realized gains (losses) on periodic settlements of interest rate swaps of $49. |
(2) For the three month period ended December 31, 2013, represents Net change in unrealized gains (losses) on financial derivatives of $17,780 less Change in net unrealized gains (losses) on accrued periodic settlements of interest rate swaps of $2,613. For the three month period ended September 30, 2013, represents Net change in unrealized gains (losses) on financial derivatives of $(12,172) less Change in net unrealized gains (losses) on accrued periodic settlements of interest rate swaps of $(3,109). |
About
Conference Call
The Company will host a conference call at
A dial-in replay of the conference call will be available on Wednesday, February 19, 2014, 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 |
Year Ended |
|||||||||||
December 31, 2013 |
September 30, 2013 |
December 31, 2013 |
||||||||||
(In thousands except share amounts) |
||||||||||||
INTEREST INCOME (EXPENSE) |
||||||||||||
Interest income |
$ |
12,050 |
$ |
11,223 |
$ |
27,866 |
||||||
Interest expense |
(1,283) |
(1,248) |
(3,056) |
|||||||||
Total net interest income |
10,767 |
9,975 |
24,810 |
|||||||||
EXPENSES |
||||||||||||
Management fees |
600 |
644 |
2,066 |
|||||||||
Professional fees |
155 |
200 |
624 |
|||||||||
Other operating expenses |
656 |
513 |
1,636 |
|||||||||
Total expenses |
1,411 |
1,357 |
4,326 |
|||||||||
OTHER INCOME (LOSS) |
||||||||||||
Net realized losses on real estate securities |
(11,164) |
(24,173) |
(37,456) |
|||||||||
Net realized gains (losses) on financial derivatives |
(5,340) |
4,273 |
7,310 |
|||||||||
Change in net unrealized gains (losses) on real estate securities |
(10,756) |
30,239 |
(26,146) |
|||||||||
Change in net unrealized gains (losses) on financial derivatives |
17,780 |
(12,172) |
33,894 |
|||||||||
Total other income (loss) |
(9,480) |
(1,833) |
(22,398) |
|||||||||
NET INCOME (LOSS) |
$ |
(124) |
$ |
6,785 |
$ |
(1,914) |
||||||
NET INCOME (LOSS) PER COMMON SHARE: |
||||||||||||
Basic |
$ |
(0.01) |
$ |
0.74 |
$ |
(0.29) |
||||||
WEIGHTED AVERAGE SHARES OUTSTANDING |
9,139,842 |
9,133,940 |
6,566,656 |
ELLINGTON RESIDENTIAL MORTGAGE REIT CONSOLIDATED BALANCE SHEET (UNAUDITED)
|
||||||||||||
As of |
||||||||||||
December 31, 2013 |
September 30, 2013 |
December 31, 2012(1) |
||||||||||
(In thousands except share amounts) |
||||||||||||
ASSETS |
||||||||||||
Cash and cash equivalents |
$ |
50,112 |
$ |
44,331 |
$ |
18,161 |
||||||
Real estate securities, at fair value |
1,326,036 |
1,472,791 |
13,596 |
|||||||||
Due from brokers |
18,347 |
13,724 |
— |
|||||||||
Financial derivatives–assets, at fair value |
34,963 |
23,181 |
— |
|||||||||
Receivable for securities sold |
76,692 |
55,060 |
— |
|||||||||
Interest receivable |
4,766 |
4,370 |
39 |
|||||||||
Other assets |
174 |
261 |
360 |
|||||||||
Total Assets |
$ |
1,511,090 |
$ |
1,613,718 |
$ |
32,156 |
||||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
||||||||||||
LIABILITIES |
||||||||||||
Repurchase agreements |
$ |
1,310,347 |
$ |
1,292,946 |
$ |
— |
||||||
Payable for securities purchased |
2,776 |
113,173 |
— |
|||||||||
Due to brokers |
22,788 |
22,160 |
— |
|||||||||
Financial derivatives–liabilities, at fair value |
1,069 |
7,067 |
— |
|||||||||
Dividend payable |
4,570 |
4,569 |
— |
|||||||||
Accrued expenses |
996 |
730 |
1,076 |
|||||||||
Management fee payable |
600 |
644 |
116 |
|||||||||
Interest payable |
764 |
597 |
— |
|||||||||
Total Liabilities |
1,343,910 |
1,441,886 |
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, 9,139,842, and 1,633,378 shares issued and outstanding, respectively) |
91 |
91 |
16 |
|||||||||
Additional paid-in-capital |
181,147 |
181,104 |
32,674 |
|||||||||
Accumulated deficit |
(14,058) |
(9,363) |
(1,726) |
|||||||||
Total Shareholders' Equity |
167,180 |
171,832 |
30,964 |
|||||||||
Total Liabilities and Shareholders' Equity |
$ |
1,511,090 |
$ |
1,613,718 |
$ |
32,156 |
(1) Derived from audited financial statements as of December 31, 2012. |
Investor Contact: Lisa Mumford, Chief Financial Officer, Ellington Residential Mortgage REIT, (203) 409-3773;
Media Contact: Steve Bruce or Katrina Allen, ASC Advisors, for Ellington Residential Mortgage REIT, (203) 992-1230
SOURCE