Ellington Credit Adopts Tax Asset Preservation Plan Designed to Protect Shareholder Value by Preserving the Availability of Its Net Operating Losses While Operating as a C-Corp - Seite 3

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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 rebranded 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/20240423294392/en/

The Ellington Residential Mortgage REIT Registered of Benef Interest Stock at the time of publication of the news with a raise of +0,80 % to 6,30EUR on Lang & Schwarz stock exchange (23. April 2024, 22:42 Uhr).