Ellington Residential Mortgage REIT establishes $100M at-the-market equity offering program

Ellington Credit Co

Entered into equity distribution agreements with Citizens JMP, Ladenburg Thalmann, B. Riley Securities, and affiliate Armstrong Securities.
May sell up to $100 million of common shares from time to time through ATM offerings on NYSE or in negotiated transactions.
Agents will receive aggregate compensation up to 2.0% of gross proceeds from shares sold under the agreements.
Armstrong Securities LLC is an affiliate of the Company and will receive compensation not exceeding 2.0% per share.
Shares will be issued under existing Form S-3 registration statement; no obligation to sell any shares.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Ellington Credit Co entered into equity distribution agreements with Citizens JMP Securities, LLC, Ladenburg Thalmann & Co. Inc., B. Riley Securities, Inc. and Armstrong Securities LLC valued at up to $100.0 million (effective 2023-11-14).

Action: entry
Agreement: atm program
Counterparty: Citizens JMP Securities, LLC, Ladenburg Thalmann & Co. Inc., B. Riley Securities, Inc. and Armstrong Securities LLC
Value: up to $100.0 million
Effective: 2023-11-14

Exact text from the filing

On November 14, 2023, Ellington Residential Mortgage REIT (the “Company”) and Ellington Residential Mortgage Management LLC, the Company’s manager, entered into separate equity distribution agreements (each, an "Agreement" and collectively, the "Agreements") with each of Citizens JMP Securities, LLC, Ladenburg Thalmann & Co. Inc., B. Riley Securities, Inc. and Armstrong Securities LLC

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Ellington Credit Co filing history →

Source: SEC EDGAR

accession 0001560672-23-000085

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