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Ellington Residential Mortgage REIT (NYSE: EARN) has rebranded as Ellington Credit Company to focus on corporate collateralized loan obligations (CLOs). The strategic transformation includes changing the company name, updating web address, and leveraging Ellington's successful record in investing in CLOs. The name change will be effective on April 29, 2024, with no impact on shareholders' rights.
Ellington Residential Mortgage REIT (NYSE: EARN) si è trasformato in Ellington Credit Company per concentrarsi sulle obbligazioni collaterali societarie (CLOs). La trasformazione strategica include la modifica del nome dell'azienda, l'aggiornamento dell'indirizzo web e il sfruttamento del record di successo di Ellington negli investimenti in CLOs. La modifica del nome avrà effetto il 29 aprile 2024, senza impatti sui diritti degli azionisti.
Ellington Residential Mortgage REIT (NYSE: EARN) ha cambiado su nombre a Ellington Credit Company para enfocarse en las obligaciones de préstamo colateralizadas corporativas (CLOs). La transformación estratégica incluye el cambio de nombre de la compañía, la actualización de la dirección web y el aprovechamiento del exitoso historial de Ellington en la inversión en CLOs. El cambio de nombre será efectivo el 29 de abril de 2024, sin afectar los derechos de los accionistas.
Ellington Residential Mortgage REIT (NYSE: EARN)이 기업 담보 대출 의무화(CLOs)에 집중하기 위해 Ellington Credit Company로 브랜드를 변경하였습니다. 전략적 변혁에는 회사 이름 변경, 웹주소 업데이트 및 Ellington이 CLOs 투자에서 성공적인 기록을 활용하는 것이 포함됩니다. 이름 변경은 2024년 4월 29일부로 효력이 발생하며, 주주들의 권리에는 영향을 미치지 않습니다.
Ellington Residential Mortgage REIT (NYSE: EARN) s'est rebranded en Ellington Credit Company pour se concentrer sur les obligations de prêt collatéralisées corporatives (CLOs). La transformation stratégique inclut le changement de nom de la compagnie, la mise à jour de l'adresse web, et l'exploitation du succès d'Ellington dans les investissements en CLOs. Le changement de nom sera effectif le 29 avril 2024, sans incidence sur les droits des actionnaires.
Ellington Residential Mortgage REIT (NYSE: EARN) hat sich zu Ellington Credit Company umfirmiert, um sich auf unternehmensbezogene besicherte Kreditverpflichtungen (CLOs) zu konzentrieren. Die strategische Transformation umfasst die Änderung des Firmennamens, die Aktualisierung der Webadresse und die Nutzung von Ellingtons erfolgreicher Bilanz in CLO-Investitionen. Die Namensänderung tritt am 29. April 2024 in Kraft und hat keinen Einfluss auf die Rechte der Aktionäre.
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OLD GREENWICH, Conn.--(BUSINESS WIRE)--
Ellington Residential Mortgage REIT (NYSE: EARN) (the "Company" or "EARN") today announced that it has rebranded as Ellington Credit Company as part of its strategic transformation to focus on corporate collateralized loan obligations ("CLOs").
Specifically, the Company has taken the following actions, effective today:
changed its name to Ellington Credit Company and amended its declaration of trust and bylaws accordingly; and
Laurence Penn, the Company's Chief Executive Officer, commented, "We continue to make great progress in pivoting EARN's investment strategy to focus on corporate CLOs, thus leveraging Ellington's longstanding and successful record of investing in this highly attractive asset class, which has produced excellent returns for EARN to date. As part of this strategic transformation, we have rebranded EARN as Ellington Credit Company."
The Company will continue to be listed on the New York Stock Exchange ("NYSE") under its ticker symbol "EARN," and the name change will take effect with NYSE on April 29, 2024. The Company's name change does not affect the rights of shareholders, and outstanding share certificates continue to be valid and need not be exchanged.
About Ellington Credit Company
Ellington Credit Company, formerly known as Ellington Residential Mortgage REIT, was initially formed as a real estate investment trust ("REIT") that invested primarily in residential mortgage-backed securities ("MBS"). On March 29, 2024, the Company’s Board of Trustees approved a strategic transformation of its investment strategy to focus on corporate CLOs, with an emphasis on mezzanine debt and equity tranches. In connection with this transformation, the Company revoked its election to be taxed as a REIT effective January 1, 2024, and has now changed its name to Ellington Credit Company. Later in 2024, the Company intends, subject to shareholder approval of certain matters, to convert to a closed-end fund and complete its transition from an MBS-focused company to a CLO-focused company.
Ellington Credit Company is externally managed and advised by Ellington Credit Company Management LLC, formerly known as Ellington Residential Mortgage Management LLC, an affiliate of Ellington Management Group, L.L.C.
ellington residential mortgage reit, a real estate investment trust, specializes in acquiring, investing in, and managing residential mortgage-and real estate-related assets. it acquires and manages residential mortgage-backed securities (rmbs), including agency pools and agency collateralized mortgage obligations (cmos); and non-agency rmbs comprising non-agency cmos, such as investment grade and non-investment grade. the company has elected to be taxed as a real estate investment trust. as a result, it would not be subject to corporate income tax on that portion of its net income that is distributed to shareholders. ellington residential mortgage reit was founded in 2012 and is based in old greenwich, connecticut.
