Ellington Residential amends ATM equity agreements to reflect REIT revocation and planned conversion to closed-end fund

Ellington Credit Co

Amends existing ATM agreements with Citizens JMP, Ladenburg Thalmann, B. Riley, and Armstrong Securities.
Amendments adjust reps/warranties and covenants for strategic transformation from REIT to RIC/closed-end fund.
Up to $78.4 million in common shares remain available for at-the-market sales under the agreements.
Agents receive aggregate compensation up to 2.0% of gross proceeds; Armstrong is an affiliate.
Effective April 3, 2024; Company has 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 amended Amendments with Citizens JMP Securities, LLC, Ladenburg Thalmann & Co. Inc., B. Riley Securities, Inc., Armstrong Securities LLC (effective 2024-04-03).

Action: amendment
Agreement: atm program
Counterparty: Citizens JMP Securities, LLC, Ladenburg Thalmann & Co. Inc., B. Riley Securities, Inc., Armstrong Securities LLC
Effective: 2024-04-03

Exact text from the filing

On April 3, 2024, Ellington Residential Mortgage REIT (the "Company") and Ellington Residential Mortgage Management LLC, the Company's manager, entered into amendments (the "Amendments") to each of the equity distribution agreements, dated as of November 14, 2023, by and among the Company and the Manager, on the one hand, and each of Citizens JMP Securities, LLC, Ladenburg Thalmann & Co. Inc., B. Riley Securities, Inc. and Armstrong Securities LLC (each, an "Agent" and, collectively, the "Agents"), respectively, on the other hand (prior to the Amendment, the "Existing Sales Agreements" and, as amended, the "Sales Agreements").

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Source: SEC EDGAR

accession 0001560672-24-000024

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