mREIT Ellington Financial (EFC) has announced they are selling a new issue of fixed rate reset preferred. The coupon will be fixed until 4/2028 and after that point will be reset at the 5 year treasury plus a yet to be announced ‘spread’.
The company has 2 other preferred issues outstanding which can be seen here.
The preliminary prospectus is here.
mbg was on top of this one.
EFC: Will the final qtr be better? Dubious buy now– EFCRP
Net Income (Loss) per Share of Common Stock:
Basic and Diluted
3mo SEP’22 ’21 9mo SEP’22 ’21
$(0.55) $0.41 $ (1.82) 1.99
WOW, just took a look at their other 2 current issues. Well if you enjoy losing money then you just found your dream preferred–LOL.
If you clicked on the links above what came up was the common not the preferreds.