---
schema_version: "secwatch.filing_event.v1"
accession: "0001411342-23-000119"
form_type: "8-K"
ticker: "EFC"
cik: "0001411342"
company_name: "Ellington Financial Inc."
filed_at: "2023-05-30T23:59:59+00:00"
generated_at: "2026-06-14T11:29:28.439420+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Ellington Financial to acquire Arlington Asset in stock-and-cash deal; exchange ratio 0.3619 plus $0.09/share

## Summary
- Exchange ratio of 0.3619 (or 0.3557 if asset performance provision unmet) plus $0.09 cash per share.
- Arlington Asset 7.00% Series B preferred converts to EFC Series D; 8.25% Series C to EFC Series E.
- Termination fee of $5.0M if Arlington accepts superior proposal; no-shop clause in effect.
- Closing targeted by Dec 29, 2023; subject to Arlington shareholder vote, regulatory approvals, and tax opinion.

## SEC filing metadata
- accession: 0001411342-23-000119
- form_type: 8-K
- ticker: EFC
- cik: 0001411342
- company_name: Ellington Financial Inc.
- filed_at: 2023-05-30T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1411342/000141134223000119/0001411342-23-000119-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1411342/000141134223000119/efc-20230529.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001411342-23-000119
- JSON: https://secwatch.observer/filing/0001411342-23-000119.json
- Plain text: https://secwatch.observer/filing/0001411342-23-000119.txt

## Key facts
- Material Agreements
  Ellington Financial Inc. entered into Agreement and Plan of Merger with Arlington Asset Investment Corp. valued at Merger of Arlington Asset into Merger Sub; consideration includes a fixed exchange ratio of 0.3619 s (effective 2023-05-29).
  - Action: entry
  - Agreement: merger
  - Counterparty: Arlington Asset Investment Corp.
  - Value: Merger of Arlington Asset into Merger Sub; consideration includes a fixed exchange ratio of 0.3619 s
  - Effective: 2023-05-29
  source text: On May 29, 2023, Ellington Financial Inc., a Delaware corporation (“EFC”), EF Merger Sub Inc., a Virginia corporation and wholly-owned subsidiary of EFC (“Merger Sub”), Arlington Asset Investment Corp., a Virginia corporation (“Arlington Asset”), and, solely for the limited purposes set forth in the Merger Agreement (as defined below), Ellington Financial Management LLC, a Delaware limited liability company (the “Advisor”), entered into an Agreement and Plan of Merger (the “Merger Agreement”), pursuant to which, subject to the terms and conditions therein, Arlington Asset will be merged with and into Merger Sub, with Merger Sub remaining as a wholly owned subsidiary of EFC (such surviving company, the “Surviving Company,” and such transaction, the “Merger”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1411342/000141134223000119/0001411342-23-000119-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.