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Ellington Financial Inc | 8.625% Series C Fixed-Rate Reset Cumulative Redeemable Preferred Stock (EFC.PRC)
Prospectus excerpt: We are offering 4,000,000 shares of our 8.625% Series C Fixed-Rate Reset Cumulative Redeemable Preferred Stock, $0.001 par value per share, with a liquidation preference of $25.00 per share (the “Series C Preferred Stock”) by this prospectus supplement and the accompanying prospectus. Holders of the Series C Preferred Stock will be entitled to receive cumulative cash dividends based on the stated liquidation preference of $25.00 per share at a rate equal to (i) from and including the original issue date to, but excluding, April 30, 2028, 8.625% per annum (equivalent to $2.15625 per annum per share) and (ii) from and including April 30, 2028, during each Reset Period (as defined herein), the five-year treasury rate as of the most recent reset dividend determination date (as described elsewhere in this prospectus supplement) plus 5.13% 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 April 30, 2023 (short first Dividend Period (as defined herein)). Dividends will accumulate and be cumulative from, and including, the original issue date of the Series C Preferred Stock. Full Prospectus PDF », Secondary Prospectus PDF », EFC Page »
Series: | C | Alternate symbology: | EFC-C, EFC-PC, EFCprC | Redeemable?: | Yes | Call Date: | 4/30/2028 | Perpetual?: | Yes | Cumulative?: | Yes | Shares Offered: | 4,000,000 | Overallotment: | 600,000 | Liquidation Preference: | $25.00 | Recent Market Price: | $23.32 | Discount to Liquidation Preference: (More Preferreds Trading at a Discount ») | $-1.68 (-6.72%) | Annualized Dividend: | 2.15625 | Recent Ex-Date: | 3/27/2024 | Current Yield: | 9.25% | Original Coupon: | 8.625% until 4/30/2028, then it will be equal to the sum of the five-year treasury rate on the applicable fixed rate calculation date plus 5.13%, resetting every 5 years thereafter on applicable fixed rate calculation date | Pay Period: | Quarterly | Pay Dates: | 30-Jan, 30-Apr, 30-Jul, 30-Oct | CDx3 Compliance Rating: |
Learn EFC.PRC's Rating
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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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Name: |
Ellington Financial Inc |
Website: |
www.ellingtonfinancial.com |
Sector: |
REITs |
Number of ETFs Holding EFC: |
45 (see which ones) |
Total Market Value Held by ETFs: |
$194,406,044.26 |
Total Market Capitalization: |
$997,000,000 |
% of Market Cap. Held by ETFs: |
19.50% |
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