OLD GREENWICH, Conn.--(BUSINESS WIRE)--May 9, 2017--
Ellington Residential Mortgage REIT (NYSE: EARN) (the “Company”) today
announced that it has commenced a public offering of 3,000,000 common
shares. The Company expects to grant the underwriters an option for 30
days to purchase up to an additional 450,000 common shares. Morgan
Stanley and JMP Securities will serve as joint bookrunning managers for
the offering and Ladenburg Thalmann will serve as co-manager.
The Company expects to use the net proceeds of the offering to acquire
its targeted assets. The Company may also use the net proceeds for
working capital and general corporate purposes.
The offering of common shares will be made pursuant to the Company's
existing shelf registration statement on Form S-3, which was declared
effective by the Securities and Exchange Commission on October 20, 2014.
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
JMP Securities LLC, 600 Montgomery Street, 10th Floor, San
Francisco, CA 94111, Attention: Prospectus Department, or by calling
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
About Ellington Residential Mortgage REIT
Ellington Residential Mortgage REIT is a mortgage real estate investment
trust that specializes in acquiring, investing in and managing
residential mortgage- and real estate-related assets, with a primary
focus on residential mortgage-backed securities, for which the principal
and interest payments are guaranteed by a U.S. government agency or a
U.S. government-sponsored enterprise. Ellington Residential Mortgage
REIT is externally managed and advised by Ellington Residential Mortgage
Management LLC, an affiliate of Ellington Management Group, L.L.C.
This press release contains forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements involve
numerous risks and uncertainties. Actual results may differ from our
beliefs, expectations, estimates, and projections and, consequently, you
should not rely on these forward-looking statements as predictions of
future events. Forward-looking statements are not historical in nature
and can be identified by words such as "believe," "expect,"
"anticipate," "estimate," "project," "plan," "continue," "intend,"
"should," "would," "could," "goal," "objective," "will," "may," "seek,"
or similar expressions or their negative forms, or by references to
strategy, plans, or intentions. No assurance can be given that the
offering discussed above will be completed on the terms described or at
all, or that the net proceeds of the offering will be used as indicated.
Completion of the offering on the terms described, and the application
of the net proceeds of the offering, are subject to numerous possible
events, factors and conditions, many of which are beyond the control of
the Company and not all of which are known to it, including, without
limitation, market conditions and those described under the heading
"Risk Factors" in the Company's Annual Report on Form 10-K for the year
ended December 31, 2016 and as updated by those risk factors included in
the Company's subsequent filings under the Securities Exchange Act of
1934, as amended, which can be accessed at the SEC's website at www.sec.gov.
We undertake no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events, or
View source version on businesswire.com: http://www.businesswire.com/news/home/20170509006678/en/
Source: Ellington Residential Mortgage REIT
Ellington Residential Mortgage REIT
Maria Cozine, 203-409-3773
President of Investor Relations
Lisa Mumford, 203-409-3773