Ellington Credit issues mirror preferred shares to pass conversion vote in early 2025

Ellington Credit Co

Issued 1,000 Series A Preferred Shares at $1,000 aggregate to external manager to amplify common shareholder votes on conversion to registered closed-end fund.
Each preferred share carries 25,000 votes but must 'mirror' the proportion of votes cast by common shareholders on conversion proposals.
Over 91% of votes cast at Dec 4, 2024 annual meeting favored conversion, but low turnout prevented passage; new special meeting planned for early 2025.
Preferred shares have no dividend rights, are non-convertible, and will be automatically redeemed upon shareholder approval of conversion (or earlier).
The conversion would make Ellington a Delaware statutory trust, a registered closed-end investment company, and a RIC focused on CLO investments.

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