Ellington Residential Rebrands as Ellington Credit Company
19 Abril 2024 - 7:00AM
Business Wire
Ellington Residential Mortgage REIT (NYSE: EARN) (the "Company"
or "EARN") today announced that it has rebranded as Ellington
Credit Company as part of its strategic transformation to focus on
corporate collateralized loan obligations ("CLOs").
Specifically, the Company has taken the following actions,
effective today:
- changed its name to Ellington Credit Company and amended its
declaration of trust and bylaws accordingly; and
- updated its web address to www.ellingtoncredit.com.
Laurence Penn, the Company's Chief Executive Officer, commented,
"We continue to make great progress in pivoting EARN's investment
strategy to focus on corporate CLOs, thus leveraging Ellington's
longstanding and successful record of investing in this highly
attractive asset class, which has produced excellent returns for
EARN to date. As part of this strategic transformation, we have
rebranded EARN as Ellington Credit Company."
The Company will continue to be listed on the New York Stock
Exchange ("NYSE") under its ticker symbol "EARN," and the name
change will take effect with NYSE on April 29, 2024. The Company's
name change does not affect the rights of shareholders, and
outstanding share certificates continue to be valid and need not be
exchanged.
About Ellington Credit Company
Ellington Credit Company, formerly known as Ellington
Residential Mortgage REIT, was initially formed as a real estate
investment trust ("REIT") that invested primarily in residential
mortgage-backed securities ("MBS"). 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, the Company revoked its election to be taxed
as a REIT effective January 1, 2024, and has now changed its name
to Ellington Credit Company. 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 Credit Company is externally managed and advised by
Ellington Credit Company Management LLC, formerly known as
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/20240418531961/en/
Investors: Ellington Credit Company Investor Relations (203)
409-3773 info@ellingtoncredit.com
or
Media: Amanda Shpiner/Grace Cartwright Gasthalter & Co. for
Ellington Credit Company (212) 257-4170
Ellington@gasthalter.com
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