Ellington Financial 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 traded under the stock symbol EFC.)
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.
