Ellington Financial Inc | 6.750% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (EFC.PRA)
Prospectus excerpt: We are offering 4,000,000 shares of our 6.750% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, $0.001 par value per share, with a liquidation preference of $25.00 per share (the ìSeries A Preferred Stockî) by this prospectus supplement and the accompanying prospectus. Holders of the Series A Preferred Stock will be entitled to receive cumulative cash dividends (i) from and including the original issue date to, but excluding, October 30, 2024 at a fixed rate equal to 6.750% per annum of the $25.00 per share liquidation preference (equivalent to $1.6875 per annum per share) and (ii) from and including October 30, 2024, at a percentage of the $25.00 per share liquidation preference equal to an annual floating rate of three-month LIBOR plus a spread of 5.196% per annum. Dividends will be payable quarterly in arrears on or about the 30th day of January, April, July and October of each year, when and as declared, beginning on January 30, 2020 (long first Dividend Period (as defined herein)). Dividends will accumulate and be cumulative from, and including, the original issue date of the Series A Preferred Stock.
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Ellington Financial acquires and manages mortgage-related, consumer-related, corporate-related, and other financial assets. Co.'s targeted asset classes include investments in the U.S. and Europe (as applicable) in the following categories: residential mortgage loans, including mortgage loans that are not deemed to be qualified mortgage loans under the rules of the Consumer Financial Protection Bureau, residential transition loans and non-performing and re-performing residential mortgage loans; residential mortgage-backed securities (RMBS); and RMBS backed by U.S. residential mortgage loans and RMBS backed by European residential mortgage loans. Preferreds: EFC.PRA, EFC.PRB, EFC.PRC Open the EFC Information Page » |
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