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An update from Ellington Residential Mortgage (EARN) is now available.
Ellington Residential Mortgage REIT has announced a significant shift in strategy, deciding to revoke its REIT status and transition into a corporate collateralized loan obligations-focused entity. The Board has approved an amendment to its management agreement, removing REIT-related provisions, and the company will also be rebranded as Ellington Credit Corporation, retaining its ‘EARN’ ticker. Plans are underway to transform into a closed-end fund registered under the Investment Company Act of 1940, pending shareholder approval. In the interim, it will operate as a taxable C Corporation, utilizing net operating loss carryforwards to mitigate tax liabilities.
Learn more about EARN stock on TipRanks’ Stock Analysis page.