Ellington Credit shareholders approve conversion to CLO closed-end fund; over 93% of votes in favor

Ellington Credit Co

Shareholders approved conversion from Maryland REIT to Delaware registered closed-end fund focusing on corporate CLO investments.
Over 93% of votes cast in favor (over 95% excluding abstentions); Series A Preferred automatically redeemed after vote.
Conversion to be effective in near future; entity will be treated as a regulated investment company (RIC) under the Code.
CEO Laurence Penn says strategic transformation will enhance ability to deliver earnings and unlock shareholder value.

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