XML 11 R1.htm IDEA: XBRL DOCUMENT
v3.24.1.1.u2

N-2 - USD ($) $ / shares in Units, $ in Thousands |  | 6 Months Ended | 12 Months Ended
--- | --- | --- | ---
Mar. 31, 2024 | Mar. 31, 2024 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019
Cover [Abstract] |  |  |  |  |  |  |  |
Entity Central Index Key |  |  | 0000793040 |  |  |  |  |
Amendment Flag |  |  | false |  |  |  |  |
Document Type |  |  | N-CSRS |  |  |  |  |
Entity Registrant Name |  |  | Ellsworth Growth and Income Fund Ltd. |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |
Investment Objectives and Practices [Text Block] |  |  | Investment Objective and Strategy (Unaudited) The Fund’s primary investment objective is to provide income and the potential for capital appreciation, which objectives the Fund considers to be relatively equal over the long term due to the nature of the securities in which it invests. The Fund invests primarily in convertible and equity securities. |  |  |  |  |
Capital Stock, Long-Term Debt, and Other Securities [Abstract] |  |  |  |  |  |  |  |
Capital Stock [Table Text Block] |  |  | 6.  Capital. The Fund is authorized to issue an unlimited number of common shares of beneficial interest (par value $0.01). The Board has authorized the repurchase of the Fund’s common shares on the open market when the shares are trading at a discount of 10% or more (or such other percentage as the Board may determine from time to time) from the NAV of the shares. During the six months ended March 31, 2024 and the fiscal year ended September 30, 2023, the Fund repurchased and retired 25,414 and 32,934 of its common shares at investments of $199,644 and $261,930, respectively, at average discounts of approximately 15.46% and 16.01% from NAV. Transactions in shares of common shares of beneficial interest for the six months ended March 31, 2024 and the fiscal year ended September 30, 2023 were as follows:
|  | Six Months Ended March 31, 2024 (Unaudited) |  |  | Year Ended September 30, 2023 |
|  | Shares |  |  | Amount |  |  | Shares |  |  | Amount |
Increase in net assets from common shares issued upon reinvestment of distributions |  |  | 67,446 |  |  | $ | 545,637 |  |  |  | 75,976 |  |  | $ | 635,918 |
Decrease in net assets from repurchase of common shares |  |  | (25,414 | ) |  |  | (199,644 | ) |  |  | (32,934 | ) |  |  | (261,930 | )
Net increase. |  |  | 42,032 |  |  | $ | 345,993 |  |  |  | 43,042 |  |  | $ | 373,988 |
The liquidation value of the Series A Cumulative Preferred Shares (Series A Preferred) is $25 per share. The Series A Preferred has an annual dividend rate of 5.250% and is callable at the Fund's option. The Board has authorized the repurchase of the Series A Preferred in the open market at prices less than the $25 liquidation value per share. During the six months ended March 31, 2024 and the fiscal year ended September 30, 2023, the Fund repurchased and retired 5,756 and 31,113 Series A Preferred, at investments of $125,219 and $699,557 at average discounts of approximately 13.02% and 10.10%, from its liquidation value. On July 1, 2022, the Fund issued 2,503,000 shares of Series B Cumulative Preferred Shares (Series B Preferred) receiving $24,887,500 million after the deduction of offering expenses of $124,517, and issued 120,000 shares of Series B Preferred on May 4, 2023, receiving $1,190,000 after deducting offering expenses. The Series B Preferred shares have a liquidation value of $10 per share, and were issued with an annual dividend rate of 4.40%. On April 17, 2023, the Board approved an increase in the Series B annual dividend rate to 5.20%. On June 26, 2023, 1,320,000 shares of Series B Preferred were put back to the Fund at their liquidation preference of $10 per share. The Series B Preferred are puttable on June 26, 2024 and are callable after June 26, 2024. Distributions are paid semiannually at an annual rate of 5.20%. At March 31, 2024, 1,303,000 shares of Series B Preferred were outstanding and accrued dividends amounted to $178,801. The Fund’s Declaration of Trust, as amended, authorizes the issuance of an unlimited number of preferred shares, par value $0.01. The Preferred Shares are senior to the common shares and result in the financial leveraging of the common shares. Such leveraging tends to magnify both the risks and opportunities to common shareholders. Dividends on Preferred Shares are cumulative. The Fund is required by the 1940 Act and by the Fund’s Statement of Preferences to meet certain asset coverage tests with respect to the Preferred Shares. If the Fund fails to meet these requirements and does not correct such failure, the Fund may be required to redeem, in part or in full, the Preferred Shares at their respective liquidation values plus an amount equal to the accumulated and unpaid dividends whether or not declared on such shares in order to meet these requirements. Additionally, failure to meet the foregoing asset coverage requirements could restrict the Fund’s ability to pay dividends to common shareholders and could lead to sales of portfolio securities at inopportune times. The income received on the Fund’s assets may vary in a manner unrelated to the fixed rates, which could have either a beneficial or detrimental impact on net investment income and gains available to common shareholders. The following table summarizes Preferred Shares information:
Series | Issue Date | Authorized | Number of Shares Outstanding at 3/31/2024 | Net Proceeds | 2024 Dividend Rate Range | Dividend Rate at 3/31/2024 | Accrued Dividends at 3/31/2024
A 5.250% | September 18, 2017 | unlimited | 1,161,559 | $28,855,381 | Fixed Rate | 5.250% | $21,174
B 5.200% | July 1, 2022 | unlimited | 1,303,000 | $24,887,500 | Fixed Rate | 5.200% | $178,801
The holders of preferred shares generally are entitled to one vote per share held on each matter submitted to a vote of shareholders of the Fund and will vote together with holders of common shares as a single class. The holders of Preferred Shares voting together as a single class also have the right currently to elect two Trustees and, under certain circumstances, are entitled to elect a majority of the Board of Trustees. In addition, the affirmative vote of a majority of the votes entitled to be cast by holders of all outstanding shares of the preferred shares, voting as a single class, will be required to approve any plan of reorganization adversely affecting the preferred shares, and the approval of two-thirds of each class, voting separately, of the Fund’s outstanding voting stock must approve the conversion of the Fund from a closed-end to an open-end investment company. The approval of a majority (as defined in the 1940 Act) of the outstanding preferred shares and a majority (as defined in the 1940 Act) of the Fund’s outstanding voting securities are required to approve certain other actions, including changes in the Fund’s investment objectives or fundamental investment policies. |  |  |  |  |
Outstanding Securities [Table Text Block] |  |  | The following table summarizes Preferred Shares information:
Series | Issue Date | Authorized | Number of Shares Outstanding at 3/31/2024 | Net Proceeds | 2024 Dividend Rate Range | Dividend Rate at 3/31/2024 | Accrued Dividends at 3/31/2024
A 5.250% | September 18, 2017 | unlimited | 1,161,559 | $28,855,381 | Fixed Rate | 5.250% | $21,174
B 5.200% | July 1, 2022 | unlimited | 1,303,000 | $24,887,500 | Fixed Rate | 5.200% | $178,801
Document Period End Date |  |  | Mar. 31, 2024 |  |  |  |  |
Cumulative Preferred Shares [Member] |  |  |  |  |  |  |  |
Capital Stock, Long-Term Debt, and Other Securities [Abstract] |  |  |  |  |  |  |  |
Security Voting Rights [Text Block] |  |  | The holders of preferred shares generally are entitled to one vote per share held on each matter submitted to a vote of shareholders of the Fund and will vote together with holders of common shares as a single class. The holders of Preferred Shares voting together as a single class also have the right currently to elect two Trustees and, under certain circumstances, are entitled to elect a majority of the Board of Trustees. In addition, the affirmative vote of a majority of the votes entitled to be cast by holders of all outstanding shares of the preferred shares, voting as a single class, will be required to approve any plan of reorganization adversely affecting the preferred shares, and the approval of two-thirds of each class, voting separately, of the Fund’s outstanding voting stock must approve the conversion of the Fund from a closed-end to an open-end investment company. The approval of a majority (as defined in the 1940 Act) of the outstanding preferred shares and a majority (as defined in the 1940 Act) of the Fund’s outstanding voting securities are required to approve certain other actions, including changes in the Fund’s investment objectives or fundamental investment policies. |  |  |  |  |
Preferred Stock Restrictions, Other [Text Block] |  |  | The Fund’s Declaration of Trust, as amended, authorizes the issuance of an unlimited number of preferred shares, par value $0.01. The Preferred Shares are senior to the common shares and result in the financial leveraging of the common shares. Such leveraging tends to magnify both the risks and opportunities to common shareholders. Dividends on Preferred Shares are cumulative. The Fund is required by the 1940 Act and by the Fund’s Statement of Preferences to meet certain asset coverage tests with respect to the Preferred Shares. If the Fund fails to meet these requirements and does not correct such failure, the Fund may be required to redeem, in part or in full, the Preferred Shares at their respective liquidation values plus an amount equal to the accumulated and unpaid dividends whether or not declared on such shares in order to meet these requirements. Additionally, failure to meet the foregoing asset coverage requirements could restrict the Fund’s ability to pay dividends to common shareholders and could lead to sales of portfolio securities at inopportune times. The income received on the Fund’s assets may vary in a manner unrelated to the fixed rates, which could have either a beneficial or detrimental impact on net investment income and gains available to common shareholders. |  |  |  |  |
Outstanding Security, Not Held [Shares] |  | 2,464,559 |  |  |  |  |  |
Common Shares [Member] |  |  |  |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |
NAV Per Share |  | $ 9.65 | $ 9.65 |  |  |  |  |
Capital Stock, Long-Term Debt, and Other Securities [Abstract] |  |  |  |  |  |  |  |
Outstanding Security, Not Held [Shares] |  | 13,790,740 |  |  |  |  |  |
Series A Cumulative Preferred Shares [Member] |  |  |  |  |  |  |  |
Financial Highlights [Abstract] |  |  |  |  |  |  |  |
Senior Securities Amount |  | $ 29,039 | $ 29,039 | $ 29,183 | $ 29,961 | $ 30,000 | $ 30,000 | $ 30,000
Senior Securities Coverage per Unit | [1] | $ 104.11 | $ 104.11 | $ 98.32 | $ 82.61 | $ 188.94 | $ 169.66 | $ 148.91
Preferred Stock Liquidating Preference |  | $ 25.00 | 25.00 | 25.00 | 25.00 | 25.00 | 25.00 | 25.00
Senior Securities Average Market Value per Unit | [2] |  | $ 22.46 | $ 23.04 | $ 24.82 | $ 26.10 | $ 25.59 | $ 24.64
Capital Stock, Long-Term Debt, and Other Securities [Abstract] |  |  |  |  |  |  |  |
Outstanding Security, Title [Text Block] |  | A 5.250% |  |  |  |  |  |
Outstanding Security, Not Held [Shares] |  | 1,161,559 | 1,162,000 | 1,167,000 | 1,198,000 | 1,200,000 | 1,200,000 | 1,200,000
Series B Cumulative Preferred Shares [Member] |  |  |  |  |  |  |  |
Financial Highlights [Abstract] |  |  |  |  |  |  |  |
Senior Securities Amount |  | $ 13,030 | $ 13,030 | $ 13,030 | $ 25,030 |  |  |
Senior Securities Coverage per Unit | [1] | $ 41.64 | $ 41.64 | $ 39.33 | $ 33.04 |  |  |
Preferred Stock Liquidating Preference |  | $ 10.00 | 10.00 | 10.00 | 10.00 |  |  |
Senior Securities Average Market Value per Unit | [2],[3] |  | $ 10.00 | $ 10.00 | $ 10.00 |  |  |
Capital Stock, Long-Term Debt, and Other Securities [Abstract] |  |  |  |  |  |  |  |
Outstanding Security, Title [Text Block] |  | B 5.200% |  |  |  |  |  |
Outstanding Security, Not Held [Shares] |  | 1,303,000 | 1,303,000 | 1,303,000 | 2,503,000 |  |  |
[1] | Asset coverage per share is calculated by combining all series of Preferred stock.
[2] | Based on weekly prices.
[3] | The Series B Preferred is a private placement and is not listed on an exchange, nor does the Fund expect a secondary market to develop. The average market price shown is the $10 liquidation preference of the Series B Preferred.

X
- References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form N-2 -Section Item 10 + Details
Name: | cef_CapitalStockLongTermDebtAndOtherSecuritiesAbstract
Namespace Prefix: | cef_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form N-2 -Section Item 10 -Subsection 1 -Paragraph a + Details
Name: | cef_CapitalStockTableTextBlock
Namespace Prefix: | cef_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form N-2 -Section Item 4 + Details
Name: | cef_FinancialHighlightsAbstract
Namespace Prefix: | cef_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form N-2 -Section Item 8 + Details
Name: | cef_GeneralDescriptionOfRegistrantAbstract
Namespace Prefix: | cef_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form N-2 -Section Item 8 -Subsection 2 -Paragraph b, d + Details
Name: | cef_InvestmentObjectivesAndPracticesTextBlock
Namespace Prefix: | cef_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form N-2 -Section Item 10 -Subsection 5 + Details
Name: | cef_OutstandingSecuritiesTableTextBlock
Namespace Prefix: | cef_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form N-2 -Section Item 10 -Subsection 5 -Paragraph 4 + Details
Name: | cef_OutstandingSecurityNotHeldShares
Namespace Prefix: | cef_
Data Type: | xbrli:sharesItemType
Balance Type: | na
Period Type: | duration

X
- References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form N-2 -Section Item 10 -Subsection 5 -Paragraph 1 + Details
Name: | cef_OutstandingSecurityTitleTextBlock
Namespace Prefix: | cef_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form N-2 -Section Item 10 -Subsection 1 -Paragraph b -Subparagraph 2 + Details
Name: | cef_PreferredStockRestrictionsOtherTextBlock
Namespace Prefix: | cef_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form N-2 -Section Item 10 -Subsection 1 -Paragraph a -Subparagraph 2 + Details
Name: | cef_SecurityVotingRightsTextBlock
Namespace Prefix: | cef_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form N-2 -Section Item 4 -Subsection 3 -Paragraph 2 + Details
Name: | cef_SeniorSecuritiesAmt
Namespace Prefix: | cef_
Data Type: | xbrli:monetaryItemType
Balance Type: | na
Period Type: | instant

X
- References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form N-2 -Section Item 4 -Subsection 3 -Paragraph 5 + Details
Name: | cef_SeniorSecuritiesAverageMarketValuePerUnit
Namespace Prefix: | cef_
Data Type: | dtr-types:perShareItemType
Balance Type: | na
Period Type: | duration

X
- References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form N-2 -Section Item 4 -Subsection 3 -Paragraph 3 -Subparagraph Instruction 2 + Details
Name: | cef_SeniorSecuritiesCvgPerUnit
Namespace Prefix: | cef_
Data Type: | dtr-types:perShareItemType
Balance Type: | na
Period Type: | instant

X
- Definition Boolean flag that is true when the XBRL content amends previously-filed or accepted submission. + References No definition available. + Details
Name: | dei_AmendmentFlag
Namespace Prefix: | dei_
Data Type: | xbrli:booleanItemType
Balance Type: | na
Period Type: | duration

X
- Definition Cover page. + References No definition available. + Details
Name: | dei_CoverAbstract
Namespace Prefix: | dei_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD. + References No definition available. + Details
Name: | dei_DocumentPeriodEndDate
Namespace Prefix: | dei_
Data Type: | xbrli:dateItemType
Balance Type: | na
Period Type: | duration

X
- Definition The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'. + References No definition available. + Details
Name: | dei_DocumentType
Namespace Prefix: | dei_
Data Type: | dei:submissionTypeItemType
Balance Type: | na
Period Type: | duration

X
- Definition A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2 + Details
Name: | dei_EntityCentralIndexKey
Namespace Prefix: | dei_
Data Type: | dei:centralIndexKeyItemType
Balance Type: | na
Period Type: | duration

X
- Definition The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2 + Details
Name: | dei_EntityRegistrantName
Namespace Prefix: | dei_
Data Type: | xbrli:normalizedStringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Net asset value per share or per unit of investments in certain entities that calculate net asset value per share. Includes, but is not limited to, by unit, membership interest, or other ownership interest. Investment includes, but is not limited to, investment in certain hedge funds, venture capital funds, private equity funds, real estate partnerships or funds. Excludes fair value disclosure. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479168/946-830-55-12 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 45 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477796/946-210-45-4 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 205 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478494/946-205-50-7 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 205 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478494/946-205-50-7 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478448/946-505-50-1 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(19)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.6-05(4)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2 + Details
Name: | us-gaap_NetAssetValuePerShare
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:perShareItemType
Balance Type: | na
Period Type: | instant

X
- Definition The per share liquidation preference (or restrictions) of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) that has a preference in involuntary liquidation considerably in excess of the par or stated value of the shares. The liquidation preference is the difference between the preference in liquidation and the par or stated values of the share. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(28)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(d)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-4 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 + Details
Name: | us-gaap_PreferredStockLiquidationPreference
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:perShareItemType
Balance Type: | na
Period Type: | instant

X
- Details
Name: | us-gaap_StatementClassOfStockAxis=ecf_CumulativePreferredSharesMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_StatementClassOfStockAxis=ecf_CommonSharesMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_StatementClassOfStockAxis=ecf_SeriesACumulativePreferredSharesMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_StatementClassOfStockAxis=ecf_SeriesBCumulativePreferredSharesMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |