EARN - Ellington Credit Co

What this means for you

None of the investors we follow has reported owning 5% or more of this fund. That is the normal state for most closed-end funds.

Nothing is required of you. If that changes, the notice appears here within a day of being filed with the regulator.

Email me if this changes

What happened, and when

1. Oct 26, 2026

   The fund said it may sell new shares.

   Original document →

2. Oct 19, 2026

   The fund said it may sell new shares.

   Original document →

3. Sept 1, 2026

   The fund said it may sell new shares.

   Original document →

4. June 11, 2026

   The fund said it may sell new shares.

   Original document →

5. June 1, 2026

   The fund said it may sell new shares.

   Original document →

About this fund

• Run by Ellington Credit Company Management LLC. As of March 31, 2026, from the fund's yearly report. Original document →
• Size: about $160 million of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 58% on top of its own money, as of June 30, 2026. Borrowed money makes gains and losses bigger. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• The fund's own example of what borrowing does: in a year in which the holdings returned -10%, a share would return about -25.6%; at +10%, about +14.4%. As of March 31, 2026, from the fund's annual report. Original document →
• Costs: 1.5% a year in management fees; 11.5% a year in total, including interest on borrowed money. Fiscal year ended March 31, 2026. As of March 31, 2026, from the fund's yearly report. Original document →
  Among the 90 funds we follow that invest in bonds, 66 charge a lower management fee and 85 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• The fund's own cost example: $1,000 invested costs about $126 in the first year and about $1,589 over 10 years, assuming the holdings return 5% a year. As of March 31, 2026, from the fund's annual report. Original document →
• Payouts: last fiscal year (ended March 31, 2026) the fund paid $0.96 a share, all of it your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of March 31, 2026, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (March 31, 2026): $4.09. The shares traded at $4.43, about 8.3% above that. As of March 31, 2026, from the fund's yearly report. Original document →
  Over the last two years the gap (a "discount" when the price is below the value) ranged from 25.8% below to 39.4% above. As of March 31, 2026, from the fund's annual report. Original document →
• How the holdings did: up 5.3% over the last three months we have (April-June 2026), before the share price is taken into account. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2012.

What a holder made

• The year ended March 31, 2026: the shares returned -1.3%, counting payouts; the holdings -18.9%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of March 31, 2026, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to June 30, 2026: -6.4%. The quarterly reports carry no share price, so this is the holdings alone. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Of the 76 funds that invest in bonds with a fiscal year ending within six months of this one, 63 reported a higher share return for that year and 12 a lower one. As of March 31, 2026, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly asset-backed bonds (89%), the rest cash and short-term holdings. About 10% issued in the U.S.

1. Bridge Street CLO V - 8.1%
2. Voya CLO - 7.2%
3. Apidos CLO - 6.5%
4. Empower CLO 2022-1 - 4.5%
5. Bain Capital Credit CLO, Limited, Bain Capital Credit CLO 2017-2 Ltd - 3.8%
6. Oaktree CLO 2020-1 - 3.6%
7. First Eagle BSL CLO 2019-1 - 3.5%
8. Park Blue CLO 2025-VIII - 3.4%
9. Ares CLO, Ares XXXIX CLO Ltd - 3.4%
10. AB BSL CLO 1 Ltd. - 3.4%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →