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June 2025 Common Stock Data as of 6/30/2025 NYSE Ticker: EARN Net Asset Value Per Share (est.):(1) $6.09 - $6.15 Total Market Capitalization: $216.0 mm Closing Price Per Share: $5.75 Premium / (Discount):(2) (6.0%) Dividend: $0.08/Share Monthly Current Dividend Rate:(3) 16.7% Common Shares Outstanding: 37.6 mm Portfolio Overview A: US CLO Equity B: US CLO Debt Total Portfolio : $353.9mm C: EU CLO Equity D: EU CLO Debt E, F, E: Other $0.4mm, $36.6mm, F: Cash & Cash Equivalents 0.1% D, 10.4% C, $30.9mm, $12.8mm, 8.7% 3.6% A, $155.3mm, 43.9% B, % of CLO $117.9mm, ($ in millions) Fair Value Portfolio 33.3% CLO Equity $168.1 53% CLO Debt 148.8 47% CLO Portfolio $316.9 100% CLO Portfolio Underlying Loan Data (4)(5) Number of Unique Underlying Loan Issuers: 2,205 Floating Rate Loan Spread: 3.34% Junior OC Cushion :(6) 4.58% Percentage of Loans that are Senior Secured: 94.7% Loan Credit Rating:(7) B+/B Loan Maturity: 4.2 years Loan Facility Size: $1.6 bn Currency: USD/EUR Exposure: 86%/14% Net Performance versus Selected Indices(8) Cumulative Since June 2025 EARN’s Inception EARN 3.74% 10.90% ICE BofA U.S. High Yield 1.86% 3.57% Index Morningstar LSTA U.S. 0.80% 2.31% Leveraged Loan Index S&P BDC Index 1.15% -0.40% CLO Portfolio Underlying Corporate Loans(5) Second Lien, Corporate Highly Diversified by Industry Floating Rate and Bonds, 4% A A: High Tech Industries First Lien, Fixed Rate Leveraged M - 11% B: Banking/Finance/Insurance/ Loans B AG真人官方 Estate 1% 26% C: Healthcare & Pharma 10% D: Services: Business E: Hotel, Gaming & Leisure F: Construction & Building Asset Type 3% Industry(9) 10% C G: Chemicals, Plastics & Rubber L H: Telecommunications 3% I: Services: Consumer K 4% J: Beverage, Food & Tobacco 10% K: Capital Equipment J 4% D L: Media: Broadcasting & 4% First Lien, Floating 5% Subscription 95% I 5% 5% M: All Other Industries <3% Rate Leveraged H Loan G E F Asset Maturity Asset Facility Size 35% 32% 45% 42% 40% Wtd Avg Loan Wtd Avg Loan Facility 30% Maturity: 4.2 years 35% Size: $1.6 bn 25% 22% 30% 24% 25% 20% 17% 19% 20% 15% 12% 15% 10% 8% 7% 10% 7% 8% 5% 3% <1% 5% <1% 0% 0% 0-250 250-500 500-1000 1000-1500 1500+ 2025 2026 2027 2028 2029 2030 2031 2032 2033+ $ in millions Ellington Management Group Profile (10) $14.9 bn 9 30 20% Assets Under Management Employee-partners own the firm Years of average industry experience of senior Employees dedicated to research and portfolio managers engineering Past performance is not indicative of, or a guarantee of, future performance. Please review the Important Information. All data as of June 30, 2025 unless otherwise indicated.

Notes

Important Information

Investors should consider Ellington Credit Company’s (the “Fund”) investment objectives, risks, charges and expenses carefully before investing in securities of the Fund. The Fund’s registration statement contains this and other important information about the fund. Investors should read the Fund’s registration statement and Securities and Exchange Commission (“SEC”) filings (which are publicly available on the EDGAR database on the SEC website at www.sec.gov) carefully and consider their investment goals, time horizons and risk tolerance before investing in the Fund.

Investors should also consider the Fund’s investment objectives, risks, charges and expenses carefully before investing in securities of the Fund. The investment program of the Fund is speculative and entails substantial risk, including the possible loss of principal. There can be no assurance that Fund’s investment objectives will be achieved or that monthly distributions paid by the Fund will be maintained at the targeted level or that distributions will be made at all. The Fund’s distributions may be funded from unlimited amounts of offering proceeds or borrowings, which may constitute a return of capital and reduce the amount of capital available to the Fund for investment. A return of capital to shareholders is a return of a portion of their original investment in the Fund, thereby reducing the tax basis of their investment.

An investment in the Fund is not appropriate for all investors and is not intended to be a complete investment program. Shares of closed-end investment companies, such as the Fund, frequently trade at a discount from their net asset value, which may increase investors’ risk of loss. The Fund cannot predict whether its shares will trade at, below or above its net asset value.

The Fund may invest primarily in below investment grade instruments, which are commonly referred to as “high yield” securities or “junk” bonds. Investments in below investment grade securities are considered predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal when due and such issuers are not perceived as strong financially as those with higher credit ratings. The Fund may invest a significant portion of its assets in CLO equity and mezzanine debt securities, which often involve risks that are different from or more acute than risks associated with other types of credit instruments. Past performance is not indicative of, or a guarantee of, future performance. The performance and certain other portfolio information quoted herein represents information as of dates noted herein. Nothing herein shall be relied upon as a representation as to the future performance or portfolio holdings of the Fund. Investment return and principal value of an investment will fluctuate, and shares, when sold, may be worth more or less than their original cost. The Fund’s performance is subject to change since the end of the period noted in this report and may be lower or higher than the performance data shown herein.

The information in this communication is not complete and may be changed. The Fund may not sell any securities until it has filed a registration statement with the SEC that seeks to register securities and has been made effective by the SEC.

The information and its contents are the property of the Fund, is provided for general and educational purposes only, and is not intended to provide legal, tax or investment advice. Further, this information does not constitute a solicitation of an offer to buy or sell shares of the Fund, and is not for use to avoid penalties that may be imposed under U.S. federal tax laws. You should contact your own advisor regarding your specific legal, investment and tax decisions. Any unauthorized dissemination, copying or use of this presentation is strictly prohibited and may be in violation of law.

About Ellington Credit Company

Ellington Credit Company (the "Fund") is a non-diversified closed-end fund that seeks to provide attractive current yields and risk-adjusted total returns by investing primarily in collateralized loan obligations ("CLOs"), with a focus on mezzanine debt and equity tranches. The Fund is externally managed and advised by an affiliate of Ellington Management Group, L.L.C., a leading fixed-income investment manager founded in 1994. The Fund benefits from Ellington’s extensive experience and deep expertise in portfolio management, credit analysis, and risk management.

For additional information, visit http://www.ellingtoncredit.com.

Past performance is not indicative of, or a guarantee of, future performance. Please review the Important Information.

All data as of June 30, 2025 unless otherwise indicated.