Ellington Credit Company Launches Public Offering of Unsecured Notes Due 2031

Ellington Credit Company announced the commencement of an underwritten public offering of unsecured notes due 2031. The public offering price, interest rate, and other terms will be determined through negotiations between the Fund and the underwriters. The 2031 Notes have been rated 'BBB' by Egan-Jones Ratings Company, an independent rating agency unaffiliated with the Fund. The Fund intends to grant the underwriters a 30-day option to purchase additional 2031 Notes at the same price and on the same terms and conditions to cover overallotments, if any. The Fund expects to use the net proceeds from the offering for general corporate purposes, including funding purchases of additional assets in accordance with the Fund's investment objectives and strategies and repaying short-term borrowings under reverse repurchase agreements, which the Fund uses to finance many of its investments. The 2031 Notes are expected to be listed on the New York Stock Exchange and to trade thereon within 30 days of the original issue date under the ticker symbol "ELLA". Piper Sandler & Co. is acting as the lead book-running manager for the offering. Lucid Capital Markets and A.G.P./Alliance Global Partners are acting as joint book-running managers; B. Riley Securities, Clear Street and Muriel Siebert & Co. are acting as lead managers; and Wedbush Securities is acting as co-manager for this offering.