Ellington Residential Declares Monthly Common Dividend
08 Abril 2024 - 4:30PM
Business Wire
Ellington Residential (NYSE: EARN) (the "Company") today
announced that its Board of Trustees has declared a monthly common
dividend of $0.08 per share, payable on May 28, 2024 to
shareholders of record as of April 30, 2024.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are not
historical in nature and can be identified by words such as
"anticipate," "estimate," "will," "should," "may," "expect,"
"project," "believe," "intend," "seek," "plan" and similar
expressions or their negative forms, or by references to strategy,
plans, or intentions. Examples of forward-looking statements in
this press release include statements regarding the Company's
payment of dividends. Forward-looking statements are based on our
beliefs, assumptions and expectations of our future operations,
business strategies, performance, financial condition, liquidity
and prospects, taking into account information currently available
to us. These beliefs, assumptions, and expectations are subject to
numerous risks and uncertainties and can change as a result of many
possible events or factors, not all of which are known to us. If a
change occurs, our business, financial condition, liquidity,
results of operations and strategies may vary materially from those
expressed or implied in our forward-looking statements. The
following factors are examples of those that could cause actual
results to vary from those stated or implied by our forward-looking
statements: changes in interest rates and the market value of the
Company's investments, market volatility, changes in the default
rates on corporate loans,, the Company's ability to borrow to
finance its assets, changes in government regulations affecting the
Company's business, the Company's ability to maintain its exclusion
from registration under the Investment Company Act of 1940, our
ability to pivot our investment strategy to focus on collateralized
loan obligations ("CLOs"), a deterioration in the CLO market, our
ability to utilize our net operating loss carryforwards ("NOLs"),
our ability to convert to a closed end fund/RIC, including our
ability to obtain shareholder approval of our conversion to a
closed end fund/RIC, and other changes in market conditions and
economic trends, such as changes to fiscal or monetary policy,
heightened inflation, slower growth or recession, and currency
fluctuations. Furthermore, as stated above, forward-looking
statements are subject to numerous risks and uncertainties,
including, among other things, those described under Item 1A of the
Company's Annual Report on Form 10-K, which can be accessed through
the link to the Company's SEC filings under "For Investors" on the
Company's website (at www.earnreit.com) or at the SEC's website
(www.sec.gov). Other risks, uncertainties, and factors that could
cause actual results to differ materially from those projected or
implied may be described from time to time in reports the Company
files with the SEC, including reports on Forms 10-Q, 10-K and 8-K.
The Company undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events, or otherwise.
This release and the information contained herein do not
constitute an offer of any securities or solicitation of an offer
to purchase securities.
About Ellington Residential
Ellington Residential was initially formed as a real estate
investment trust ("REIT") that invested primarily in residential
mortgage-backed securities. On March 29, 2024, the Company’s Board
of Trustees approved a strategic transformation of its investment
strategy to focus on corporate CLOs, with an emphasis on mezzanine
debt and equity tranches. In connection with this transformation,
(i) the Company revoked its REIT election effective January 1,
2024, (ii) the Company expects to change its name to Ellington
Credit Company, and (iii) later in 2024, the Company intends,
subject to shareholder approval of certain matters, to convert to a
closed-end fund and complete its transition from an MBS-focused
company to a CLO-focused company.
Ellington Residential is externally managed and advised by
Ellington Residential Mortgage Management LLC, an affiliate of
Ellington Management Group, L.L.C.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240408775670/en/
Investors: Ellington Residential Mortgage REIT Investor
Relations (203) 409-3773 info@earnreit.com or Media: Amanda
Shpiner/Grace Cartwright Gasthalter & Co. for Ellington
Residential Mortgage REIT (212) 257-4170
Ellington@gasthalter.com
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