secwatch.observer — SEC 8-K summary
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Issuer:     Ellington Credit Co (EARN)
CIK:        0001560672
Form:       8-K
Filed at:   2024-04-23T23:59:59+00:00
Accession:  0001560672-24-000036
Event type: other_material
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 3.03, 5.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Ellington Credit adopts tax asset preservation rights plan to protect NOLs
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- Plan effective April 23, 2024; triggers at 4.9% ownership to deter Section 382 ownership change.
- Expires upon conversion to closed-end fund/RIC (planned later 2024) or April 23, 2025, whichever earliest.
- Rights initially trade with common; if triggered, holders (except acquiring person) get 50% discount shares or exchange.
- Existing 4.9% holders can keep shares but cannot acquire additional >0.5% without triggering plan.
- Board may exempt persons; rights redeemable for $0.01 per right before trigger.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1560672/000156067224000036/0001560672-24-000036-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1560672/000156067224000036/earn-20240422.htm
  HTML page:      https://secwatch.observer/filing/0001560672-24-000036

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