Ellington Financial (EFC) in Old Greenwich, Conn., has raised roughly $76.7 million through a public offering and will use the funds to acquire securities and loans.
Ellington, a specialty finance company that acquires and manages mortgage-related assets, sold 3.5 million shares of common stock, the company said Monday. Ellington has granted the underwriters a 30-day option to purchase up to an additional 525,000 common shares.
The company will use the proceeds to acquire assets, such as residential mortgage-backed securities backed by prime jumbo, alt-A, manufactured housing and subprime residential mortgage loans and residential mortgage-backed securities where the principal and interest payments are guaranteed by a U.S. government agency. It also will use the money for working capital and general corporate purposes.