Ellington Credit completes conversion to closed-end fund, plans to sell Agency MBS, acquire more CLOs

Ellington Credit Co

Converted to Delaware-domiciled closed-end fund registered under 1940 Act, effective April 1, 2025; will be taxed as RIC.
New advisory agreement: 1.50% base management fee on NAV plus performance fee with 8% annual hurdle and 17.5% catch-up.
Existing management agreement terminated on March 31, 2025; no termination fee paid.
Adopted Dividend Reinvestment Plan at 95% of market price; changed fiscal and tax year end to March 31.
Press release: intends to sell remaining Agency MBS pools and acquire additional corporate CLOs.

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