Ellington Credit Co 8-K

What Happened
Ellington Credit Company (EARN) filed an 8-K on March 26, 2026 reporting that on March 25, 2026 it entered into an underwriting agreement with Piper Sandler & Co. as representative of the underwriters to sell $50.0 million aggregate principal amount of 8.50% notes due 2031 (the “2031 Notes”). The offering is expected to close on March 30, 2026, subject to customary conditions, and the underwriters have a 30‑day option to buy up to an additional $7.5 million. The offering was registered on Form N-2 (declared effective March 24, 2026), and the 2031 Notes are expected to be listed on the NYSE under the symbol “ELLA.”

Key Details

• Offering size: $50.0 million aggregate principal amount of 8.50% notes due 2031; additional underwriter option of $7.5 million exercisable within 30 days.
• Agreement date / filing: Underwriting Agreement dated March 25, 2026; Form 8-K filed March 26, 2026; Form N-2 declared effective March 24, 2026.
• Underwriter: Piper Sandler & Co., as representative of the underwriters.
• Use of proceeds: general corporate purposes, including funding purchases of additional assets consistent with the Fund’s strategy and repaying short-term borrowings under reverse repurchase agreements.

Why It Matters
This transaction raises long-term debt capital for Ellington Credit Company, which the fund says it will use to buy assets and reduce short-term financing. For investors, the new 8.50% notes will increase the company’s fixed‑rate obligations through 2031 and may change the Fund’s financing mix (more longer‑term notes versus short-term repurchase borrowings). The listing on the NYSE (symbol ELLA) makes the notes marketable and provides price transparency for note investors.