8-K
filed April 1, 2025, 7:59 PM ET
ticker EARN
CIK 0001560672
other material
confidence high
sentiment neutral
materiality 0.75
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.
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: Adopted new code of ethics for principal executive and senior financial officers effective on conversion date.
- Change
- code of ethics
Exact text from the filing
the Board adopted a new Code of Ethics for Principal Executive and Senior Financial Officers
View on SEC.gov
Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.9
Ellington Credit Co: Adopted amended and restated by-laws upon redomicile from Maryland to Delaware (effective 2025-03-28).
- Change
- bylaw amendment
- Effective
- 2025-03-28
Exact text from the filing
the Fund adopted an Amended and Restated Declaration of Trust (the "Declaration of Trust") and Amended and Restated By-Laws (the "By-Laws")
View on SEC.gov
Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.9
Ellington Credit Co: Adopted amended and restated declaration of trust upon redomicile from Maryland to Delaware (effective 2025-03-28).
- Change
- charter amendment
- Effective
- 2025-03-28
Exact text from the filing
the Fund adopted an Amended and Restated Declaration of Trust (the "Declaration of Trust")
View on SEC.gov
Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.9
Ellington Credit Co: Changed fiscal year end to March 31, with first full year ending March 31, 2026 (effective 2026-03-31).
- Change
- fiscal year change
- Effective
- 2026-03-31
Exact text from the filing
the Fund changed its fiscal year to end on March 31, the day prior to the Conversion, with the Fund’s first full year following Conversion to end on March 31, 2026
View on SEC.gov
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