Ellington Residential Mortgage REIT (EARN) Announces Offering of 3.25M Shares

June 14, 2021 4:11 PM EDT

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Ellington Residential Mortgage REIT (NYSE: EARN) today announced that it has commenced a public offering of 575,000 common shares and that a selling shareholder, Blackstone Tactical Opportunities EARN Holdings L.L.C., intends to offer 2,675,000 common shares in the offering. The Company expects to grant the underwriters an option for 30 days to purchase up to an additional 487,500 common shares. Morgan Stanley & Co. LLC and UBS Securities LLC are acting as joint book-running managers for the offering.

The Company expects to use net proceeds received from the offering to acquire its targeted assets. The Company may also use net proceeds for working capital and general corporate purposes. The Company will not receive any proceeds from the sale of common shares in the offering by the selling shareholder.

The offering of common shares will be made pursuant to the Company’s existing shelf registration statement on Form S-3 (File No. 333-255515), which was declared effective by the Securities and Exchange Commission on May 10, 2021. The offering will be made only by means of a prospectus supplement and accompanying base prospectus, which will be filed with the Securities and Exchange Commission. Copies of the prospectus supplement and accompanying base prospectus related to the offering may be obtained by contacting: Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, or UBS Securities LLC, Attention: Prospectus Department, 1285 Avenue of the Americas, New York, New York 10019, or by telephone at (888) 827-7275.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.



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