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Ellington Residential Mortgage ( (EARN) ) just unveiled an announcement.
Ellington Credit Company is gearing up for a special shareholder meeting in early 2025 to vote on its conversion to a closed-end fund, aiming to boost its corporate CLO investments. To ensure sufficient votes for the conversion, the company has issued Series A Preferred Shares with 25,000 votes each that mirror common shareholder votes, thus amplifying the existing voting power without altering shareholder intent. This strategic move increases the likelihood of conversion approval, aligning with the company’s transformation strategy to focus on CLO investments.
For detailed information about EARN stock, go to TipRanks’ Stock Analysis page.