Ellington Financial Inc. closed a $150 million offering of senior unsecured notes due 2030, pricing the bonds at 99.010% of principal with a 7.375% coupon and a yield to maturity of 7.663%.
The New York Stock Exchange-listed company, based in Old Greenwich, Conn., issued the notes as additional tranches under an indenture dated Oct. 6, 2025. Under that same indenture, Ellington previously sold $400 million in aggregate principal amount of 7.375% senior unsecured notes due 2030. The newly issued notes will rank as a single class with the outstanding notes and share identical terms, differing only in issue date, record dates, interest payment dates, accrual start date, and issue price.
Net proceeds from the offering will be used for general corporate purposes, including repayment of a portion of borrowings under the company's outstanding repurchase agreements and funding purchases of additional assets consistent with its investment strategy. The notes were offered exclusively to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, and to non-U.S. persons outside the United States under Regulation S. The notes have not been registered under the Securities Act.
Ellington Financial, which is managed externally by Ellington Financial Management LLC, invests in residential and commercial mortgage loans, mortgage-backed securities, reverse mortgage loans, mortgage servicing rights, consumer loans, asset-backed securities, collateralized loan obligations and other strategic investments.
