Ellington Credit Executive Compensation (FY25)
EARN · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025 Paid by the manager Laurence Penn — Ellington Management | Latest say-on-pay support = December 4, 2024 |
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Data as of October 22, 2026Latest filing (DEF 14A): May 5, 2026
9 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
Velarion Member, one year
69 figures on this page: 62 cited to the filing that reported them, 7 calculated from figures it prints. See the citations
This company is not required to report a chief executive pay ratio.
Frequently asked questions
Answers drawn from the data on this page.
Who is Ellington Credit's chief executive and what were they paid?
Ellington Credit is externally managed by Ellington Management; Laurence Penn, Chief Executive Officer and President, is compensated by the manager, not the company, and the filing reports no company-paid total for fiscal 2025.
What was Ellington Credit's say-on-pay result?
For fiscal 2024, shareholders backed the say-on-pay proposal with 90.9% of votes cast for or against in favor at the meeting held December 4, 2024.
Executive compensation
Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
JR Herlihy Chief Operating Officer | ◇ | ◇ | ◇ | — | — | — | ◇ | ◇ |
Christopher Smernoff Chief Financial Officer | ◇ | ◇ | ◇ | — | — | — | ◇ | ◇ |
Fiscal 2023
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
JR Herlihy Chief Operating Officer | ◇ | ◇ | ◇ | — | — | — | ◇ | ◇ |
Christopher Smernoff Chief Financial Officer | ◇ | ◇ | ◇ | — | — | — | ◇ | ◇ |
Fiscal 2025
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Laurence Penn Chief Executive Officer and President | — | — | — | — | — | — | — | — not reported |
JR Herlihy Chief Operating Officer | — | — | — | — | — | — | — | — not reported |
Christopher Smernoff Chief Financial Officer | — | — | — | — | — | — | — | — not reported |
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.
Equity awards granted
Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2023
| Officer | Award | Grant date | Threshold units | Target units | Units granted | Maximum units | Exercise price | Grant date fair value |
|---|---|---|---|---|---|---|---|---|
| Christopher Smernoff | RSA | ◇ | — | — | ◇ | — | — | ◇ |
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.
Outstanding awards
Awards still held at fiscal year end.
As disclosed at fiscal 2024 year end
| Officer | Award | Unvested units | Market value of unvested units | Exercise price | Expires |
|---|---|---|---|---|---|
| Christopher Smernoff | RSU | ◇ | ◇ | — | — |
| JR Herlihy | RSU | ◇ | ◇ | — | — |
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.
Director compensation
What each non-employee director was paid.
Fiscal 2026
| Director | Fees earned in cash | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|
Robert B. Allardice III | ◇ | — | — | — | — | — | ◇ |
Ronald I. Simon, Ph.D | ◇ | — | — | — | — | — | ◇ |
David J. Miller | ◇ | — | — | — | — | — | ◇ |
Mary McBride | ◇ | — | — | — | — | — | ◇ |
Michael W. Vranos and Laurence E. Penn served on the board in fiscal 2026 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.
Director fee schedule
The standing retainers and premiums the board pays, as published.
| Board cash retainer | ◇ |
| Total board retainer | ◇ |
| Board chair premium | ◇ |
| Audit committee chair | ◇ |
| Compensation committee chair | ◇ |
| Nominating and governance chair | ◇ |
Disclosed peer group
The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Say-on-pay history
Shareholder support for the compensation program, by year.
| Year | Meeting | Support | Votes for | Votes against | Abstentions |
|---|---|---|---|---|---|
| 2024 | December 4, 2024 | = | ◇ | ◇ | ◇ |
| 2023 | December 4, 2024 | = | ◇ | ◇ | ◇ |
| 2022 | May 16, 2023 | = | ◇ | ◇ | ◇ |
| 2021 | May 17, 2022 | = | ◇ | ◇ | ◇ |
| 2020 | May 13, 2021 | = | ◇ | ◇ | ◇ |
| 2019 | May 13, 2020 | = | ◇ | ◇ | ◇ |
| 2018 | May 15, 2019 | = | ◇ | ◇ | ◇ |
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- Laurence Penn (Chief Executive Officer and President), FY2025 total compensation $0 (base salary $0) [exec_comp, SEC accession 0001560672-25-000048, filed 2025-04-18]What this page does not include
Everything above is a fact Ellington Credit disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $499Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion IntelligenceAdviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Velarion IntelligenceCitations
Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
69 figures on this page: 62 cited to the filing that reported them, 7 calculated from figures it prints.
62 cited to the filing
7 calculated from the filing
Documents cited
- 0001628280-26-029999
- 0001560672-24-000150Proposal 5: Advisory (Non-Binding) “Say on Pay” Vote to Approve Executive Compensation Votes on a proposal to approve, on an advisory basis, the compensation of the Company's named executive officers
- 0001560672-24-000088
- 0001560672-23-000048Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001560672-23-000030
- 0001560672-22-000033Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001560672-21-000043Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001560672-20-000034Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001560672-19-000019Item 5.07 Submission of Matters to a Vote of Security Holders
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Ellington Credit executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/EARN (accessed 2026).
Short form: data: Velarion
The Ellington Credit brief, $1,500
Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
From $499 for the board report; $2,400 for both.
9 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
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Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
author = {{Velarion Company Intelligence}},
title = {Velarion database: executive and board compensation data},
year = {2026},
version = {2026Q3},
doi = {10.5281/zenodo.22283854},
publisher = {Zenodo},
url = {https://doi.org/10.5281/zenodo.22283854}
}