Ellington Credit Company (EARN) Proxy Filing summary

Executive summary

• Annual meeting postponed to provide additional proxy materials and more time for proxy solicitation.

• Board approved a strategic shift from residential mortgage-backed securities to corporate CLOs, with a focus on mezzanine debt and equity tranches.

• Company revoked REIT status effective January 1, 2024, and rebranded to reflect new investment strategy.

• Plans to convert to a closed-end investment company, pending shareholder approval of conversion proposals.

• Forward-looking statements highlight risks related to market volatility, regulatory changes, and successful execution of the new strategy.

Voting matters and shareholder proposals

• Shareholders will vote on conversion proposals to transition to a closed-end investment company and related matters.

• Board recommends voting "FOR" all proposals in the proxy statement.

• Record date for voting remains August 6, 2024; prior votes remain valid unless changed.

Board of directors and corporate governance

• Board of Trustees will determine and announce the rescheduled annual meeting date.

• Information on directors, executive officers, and their stock ownership is available in the annual report and proxy statement.