Ellington Credit Co Files 8-K for Material Agreement
Ticker: EARN · Form: 8-K · Filed: Jan 14, 2025 · CIK: 1560672
Sentiment: neutral
Topics: material-agreement, 8-K, filing
TL;DR
Ellington Credit Co just signed a big deal, filing an 8-K on Jan 13, 2025.
AI Summary
On January 13, 2025, Ellington Credit Company entered into a material definitive agreement. The company, incorporated in Maryland with its principal executive offices at 53 Forest Avenue, Old Greenwich, CT, filed a Form 8-K to report this event. The filing also includes financial statements and exhibits.
Why It Matters
This filing indicates a significant new contract or deal for Ellington Credit Co, which could impact its financial performance and strategic direction.
Risk Assessment
Risk Level: medium — Entering into a material definitive agreement can introduce new risks and opportunities that are not yet fully understood.
Key Numbers
- 001-35896 — SEC File Number (Identifies the company's filings with the SEC.)
- 46-0687599 — IRS Employer Identification No. (Company's tax identification number.)
Key Players & Entities
- Ellington Credit Company (company) — Registrant
- Maryland (jurisdiction) — State of Incorporation
- 53 Forest Avenue, Old Greenwich, CT 06870 (address) — Principal executive offices
- January 13, 2025 (date) — Date of earliest event reported
FAQ
What is the nature of the material definitive agreement entered into by Ellington Credit Company?
The filing does not specify the exact nature of the material definitive agreement, only that one was entered into on January 13, 2025.
When was Ellington Credit Company incorporated?
Ellington Credit Company was incorporated in Maryland.
What is the address of Ellington Credit Company's principal executive offices?
The principal executive offices are located at 53 Forest Avenue, Old Greenwich, CT 06870.
What is the SEC file number for Ellington Credit Company?
The SEC file number for Ellington Credit Company is 001-35896.
What is the IRS Employer Identification Number for Ellington Credit Company?
The IRS Employer Identification Number for Ellington Credit Company is 46-0687599.
Filing Stats: 1,035 words · 4 min read · ~3 pages · Grade level 12.4 · Accepted 2025-01-13 21:32:20
Key Financial Figures
- $0.01 — Common Shares of Beneficial Interest, $0.01 par value per share EARN The New York
- $130.0 million — ximum aggregate offering price of up to $130.0 million (the "Shares") are available for sale f
- $100,000,000 — gate gross sales price of approximately $100,000,000 sold by the Company prior to 4:00 p.m.
Filing Documents
- earn-20250113.htm (8-K) — 30KB
- exhibit11-formofequitydist.htm (EX-1.1) — 18KB
- exhibit51-opinionofvenable.htm (EX-5.1) — 18KB
- 0001560672-25-000009.txt ( ) — 197KB
- earn-20250113.xsd (EX-101.SCH) — 2KB
- earn-20250113_lab.xml (EX-101.LAB) — 22KB
- earn-20250113_pre.xml (EX-101.PRE) — 13KB
- earn-20250113_htm.xml (XML) — 3KB
01. Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement. On January 13, 2025, Ellington Credit Company (the "Company") and Ellington Credit Company Management LLC, the Company's manager, entered into further amendments (the "Amendment") to each of the equity distribution agreements, originally dated as of November 14, 2023 and amended on April 3, 2024, by and among the Company and the Manager, on the one hand, and each of Citizens JMP Securities, LLC, Ladenburg Thalmann & Co. Inc., B. Riley Securities, Inc. and Armstrong Securities LLC (each, an "Agent" and, collectively, the "Agents"), respectively, on the other hand (prior to the Amendment, the "Existing Sales Agreements" and, with the Amendment, the "Sales Agreements"). The Amendment increases the maximum aggregate offering price of the common shares that may be offered and sold from time to time by the Company pursuant to the Sales Agreements. In accordance with the terms of the Sales Agreements, common shares having a maximum aggregate offering price of up to $130.0 million (the "Shares") are available for sale from time to time by the Company through the Agents, which includes, for the avoidance of doubt, the Shares having an aggregate gross sales price of approximately $100,000,000 sold by the Company prior to 4:00 p.m. (eastern time) on January 13, 2025. The Shares would be issued pursuant to the Company's Registration Statement on Form S-3 (File No. 333-275162). The Company has filed a prospectus supplement, dated January 13, 2025, to the prospectus, dated November 7, 2023, with the Securities and Exchange Commission (the "SEC") in connection with the offer and sale of the Shares from time to time in the future. Pursuant to the Sales Agreements, the Shares may be offered and sold through the Agents in transactions that are deemed to be "at the market" offerings as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made directly on the New York Stock Exchange or sales made to
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits. The following exhibits are being filed with this Current Report on Form 8-K. 1.1 Form of Equity Distribution Agreement Amendment 5.1 Opinion of Venable LLP as to the legality of the common shares 23.1 Consent of Venable LLP (included in Exhibit 5.1) 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 2
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ELLINGTON CREDIT COMPANY Dated: January 13, 2025 By: /s/ Christopher Smernoff Christopher Smernoff Chief Financial Officer 3