Ellington Income Opportunities Fund Class M
EIOMX
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- Ellington Income Opportunities Fund (Class M, ticker: EIOMX) is a continuously offered, non-diversified, closed-end management investment company registered under the 1933 and 1940 Acts, operating as an interval fund that seeks total return through capital gains and current income via an opportunistic strategy across mortgage-related, consumer-related, and corporate-related debt and credit instruments. The Fund invests primarily in less liquid, non-publicly traded assets including structured credit such as non-agency residential mortgage-backed securities, commercial mortgage-backed securities, collateralized loan obligations, and consumer asset-backed securities; opportunistic credit encompassing consumer loans, residential non-performing and reperforming loans, and syndicated loans; corporate securities comprising distressed debt, high yield bonds, and credit default swaps; as well as mortgage and housing equities of real estate investment trusts, loan originators, and loan servicers. Princeton Fund Advisors, LLC serves as the adviser with responsibility for oversight and sub-adviser selection, while Ellington Global Asset Management, LLC acts as sub-adviser, leveraging its expertise in fixed income and structured credit investing; quarterly distributions are paid, with liquidity provided through fixed minimum 10% repurchase offers of net asset value, quarterly distributions, U.S. Bank National Association as custodian, RSM US LLP as independent auditor, Foreside Fund Services LLC as distributor, and US Bank Fund Services LLC as transfer agent and administrator. Inception occurred on November 13, 2018, with headquarters aligned to the sub-adviser's operations in Old Greenwich, Connecticut; the Fund targets individual investors seeking alternative credit exposure less correlated to equities, focusing on market inefficiencies in sectors where post-crisis regulations limit bank competition and scale deters larger managers. Geographically, investments span U.S. public and private markets, supported by Ellington's global platform with offices in Old Greenwich, Connecticut; New York; and London. Top holdings as of recent periods include securities such as Starwood Mortgage Residential Trust notes, Trimaran Cavu CLOs, TPG Real Estate Finance offerings, Aaset Trust, and AMSR SFR Trust, reflecting emphasis on mortgage-backed and asset-backed structures. Recent performance as of October 31, 2025, shows Class M trailing 12-month distribution rate at 12.13% and year-to-date net return approximating 5.66%, amid portfolio adjustments including trimming credit risk transfer positions in favor of single-family rental securitizations and collateralized loan obligations following spread tightening. In Q2 2025, the Fund generated a net return of +2.03% as credit assets rebounded post-April tariff-related selloff, with non-QM AAAs widening modestly and CLO investment-grade spreads tightening; outlook emphasizes structurally sound, floating-rate assets with strong carry for inflation resilience and primary market opportunities in non-agency RMBS. No major acquisitions, funding rounds, partnerships, or structural changes reported in 2024-2025; Ellington Global Asset Management grew assets under management to $17.9 billion as of August 31, 2025, enhancing sub-advisory capacity.