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.

item 1.01 item 5.03 item 3.02 item 3.03 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Ellington Credit Co: Company filed Articles Supplementary classifying and designating Series A Preferred Shares with voting and redemption terms (effective 2024-12-09).

Change: charter amendment
Effective: 2024-12-09

Exact text from the filing

On December 9, 2024, the Company filed Articles Supplementary (the “Articles Supplementary” and, collectively with the Subscription Agreement, the "Issuance Documents") classifying and designating the Series A Preferred Shares with the State Department of Assessments and Taxation of Maryland, which Articles Supplementary became effective on December 9, 2024.

View on SEC.gov

Browse all governance changes →

Ellington Credit Co filing history →

Source: SEC EDGAR

accession 0001560672-24-000156

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.