secwatch.observer — SEC 8-K summary
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Issuer:     Ellington Credit Co (EARN)
CIK:        0001560672
Form:       8-K
Filed at:   2024-12-09T23:59:59+00:00
Accession:  0001560672-24-000156
Event type: other_material
Sentiment:  neutral
Materiality: 0.70
Item codes: 1.01, 5.03, 3.02, 3.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1560672/000156067224000156/0001560672-24-000156-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1560672/000156067224000156/earn-20241209.htm
  HTML page:      https://secwatch.observer/filing/0001560672-24-000156

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