Ellington Residential Mortgage REIT Announces IPO and Common Stock Prices



The Ellington Residential Mortgage REIT has announced a price tag for its 3.25 million common shares. The company has priced its shares at $ 13.20 per share, which consists of 575,000 shares to be sold by the company and 2,675,000 shares to be sold by the selling shareholder, Blackstone Tactical Opportunites EARN Holdings LLC.

The company gave the underwriters a 30-day option to purchase additional 487,500 ordinary shares. The placement is expected to close on June 17, 2021 and subject to normal closing conditions.

Morgan Stanley & Co. LLC and UBS Securities LLC act as joint accountancy managers for the offering. Blackstone Securities Partners LP, BTIG, LLC and Piper Sandler & Co. act as co-managers on the proposal, according to Press release

The company expects to use the net proceeds from the placement to acquire the target assets. The Ellington Residential Mortgage REIT may also use net proceeds for working capital and general corporate purposes. He will not receive any proceeds from the sale of ordinary shares when placed by the selling shareholder.

The placement of ordinary shares will be carried out in accordance with the existing application for registration of the company in the S-3 form (file No. 333-255515), which was announced by the current Securities and Exchange Commission on May 10, 2021. carried out only through the prospectus appendix and accompanying base prospectus, which will be filed with the Securities and Exchange Commission.


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