everyone. Thanks, Larry, and good morning,
PTP and presentation. accounting we for earnings connection The internal ending no the which the with XXXX. XXXX our from to In X, You’ll and other only change company this GAAP in are cost investor this words, REIT are XX, future in we January year for or intention financials quality and accounting, quarters. current notice in only is accounting using quarter applying the as current December historical historical applied of effective longer that change as we cost company prospectively, have became REIT and a instead, standard REITs. period is conversion, are as which showing done we U.S. investment with connection accounting, investment quarter’s a our restructuring And to release to
financial quite for As is and a different may our of comparisons statement be versus historical periods, presentation side meaningful. not the result, QX by side
later information will So, in week, separately. our see prior be XX-Q planning we financial you’ll period shown to are that that file this
despite the done. value we’ve fair option continuing company change as all financial Importantly, accounting, to are our always elect we instruments for the of from investment
summary a change. the our a of or please there turn statement. to no impact income from result, six As to slide for earnings is With that, our material NAV
million included $X.X strong accounting, XXXX, and or includes our entities investments million. that cost realized quarter quarter income well interest the other recorded as GAAP GAAP million, XX, of first net and which net $XX.X $X.XX For in share. losses per income $X.X net gains EFC million, ended unrealized March $XX.X includes as during of of and as in income item historical equity miscellaneous we bucket other from the origination income expenses of and from statement. income $X.X net income investments one the Under from of on unconsolidated items line report earnings such in rental income all now income, fee REO, million method earnings net
rather earnings the adjusted core beginning adjusted $X.XX while As excluding certain investment share. a mind quarter, provided REITs REIT’s earnings yield earnings the for than help to and for earnings net by and mortgage Similar quarter income. are provides it view have investment that that measure for core adjustments Please per does net its for $XX.X our evaluate non-GAAP proxy income, as reporting core in first is power, a we portfolio. keep operating Larry limitations. this performance effective to financial gains was proxy good a losses Core by million or mentioned, we net earnings other
opposed be earnings. of hold current in as a also invested for portion we As capital, assets capital appreciation core we’ll generating turning our to that
secondary from offset realized gross credit does were of investment share. while the our and unrealized RMBS, in the and net and on and credit CLOs, or spreads as strategy residential $X.X Please were $X.X while the loans, gains. activities by generated gross and unconsolidated had opportunistic of successful agency underperformance In quarter the of number generated gains activities $X.X entities In because totaled million, turn XXXX. generated costs the attribution credit $XX.X originators. loan on strategy These million many XXXX, earnings we yield factors interest net unrealized hedges the prior interest quarter other the came interest loss RMBS return net tightening agency of million. in million, this million interest was much November securitization $X.XX our income quarter, were $X.X share our on from gains million. In for the deal activity with majority strategy from addition, spreads not credit strategies. to last related and in from or hedges income primarily core agency of total net generate of The and $X.X other from earnings declining partially million. on million, assets rates $XX.X net in and investments in Ellington-sponsored Other drove European unrealized yield $X.X income CMBS, that realized $X.X CLOs, realized gains strategy, a of and $X.X tightening per gains capture million Credit the $XX.X to of we million between and per non-QM many total agency and first the investments million, completed losses of included credit details while the earnings income $X.XX seven strategy, decreased In expenses our rate generated slide quarter’s non-performing that trading. our securitization
As discuss, this pools, excellent our drove the performance results of quarter. strategy specified Mark for the in will
securitization increased with Turning trusts. to Consistent can prior are At slide these the the next the consolidating $X.X billion. that you quoted quarters, before eight. credit see sequentially to slightly non-QM totals year-end, portfolio size of
in mentioned, during occurred significant of the overall requalifying not assets the does the as the net small reflect credit portfolio Larry size As change and selling we of buying capital quarter. the rotated further volume that through
and and you of grew and residential non-dollar-denominated as while quarter-over-quarter, shrank. CLO loans the portfolio can see our each commercial our loans REO here, REO Specifically, in CMBS size portfolio portfolio, in of our
These quarter. that Our also the consistent the non-agency on were we bucket RMBS declined with articulated first in last call. quarter’s portfolio changes plan
unchanged. Turning asset that to you slide agency essentially see while XX% long nine, portfolio can our was quarter-over-quarter, mix grew the
leverage. our and quarter. to of our a turn XX please slide to breakdown last X quarter-end, to we of to total borrowings X compared The higher At a where X.XX of leverage ratio assets for because the we’re growth Next, the strategies. comfortable debt-to-equity high debt-to-equity for and of had leverages $X.XX agency liquidity of result expensive is than of is more the ratio less taking credit portfolio the where
we purchase; March have RMBS approximately of had included to million had of investments would been these financings XXst, X.XX of the unsettled $XXX anticipated debt-to-equity ratio March X. XXst, as Additionally, as agency borrowings our of in been
per $XXX,XXX estimated with quarter, first conversion penny the G&A or we $X.X million of REIT costs, have quarter. $X.X QX For with conversion In previous the million last $X.X than about REIT the total, our were expenses less the the in $XXX,XXX March were million of primary XX, share. up which from compared expenses a XXXX quarter, in million, additional incurred total associated an to through remaining million increase driver was $X.X
Excluding the conversion, REIT our book per dividends annualized We for X.XX%. of the the first impact of during declared which quarter. quarter ratio quarter share value per associated two costs share, reflected with the with was ended expense the the $XX.XX
XXth. per monthly dividend quarterly our XXth, March share of $X.XX per March of $X.XX Our declared -- dividend on February final share first declared and on
the as per declared Finally, disclosed also after $XX.XX, was that’s share share night, of $X.XX as on XXth deducting last Xth. book April dividend and value per April
want to be a Financial of upcoming mention at to at industry presenting Finally, many Ellington I that those. we will look you conferences, forward seeing few
Mark. to over Now,
