Ellington Residential Mortgage REIT falls as Blackstone sells shares

Ellington Credit Co

15/06/2021 12:24

** Ellington Residential Mortgage REIT  EARN.N  shares down
5.3% at $13.04 premarket after stock offering prices
    ** Stock could snap 7-session winning streak if loss holds
    ** Co late Mon announced offering of 3.25 mln shares at
$13.20, 4.1% discount to last sale  urn:newsml:reuters.com:*:nBw2tFSKLa
    ** EARN sells 575,000 shares and entity of Blackstone Group
 BX.N  sells ~2.7 mln shares
    ** Alongside offering, co said its estimated book value/sh
was $12.96 at end-May
    ** Co has ~12.3 mln shares outstanding for ~$170 mln market
cap, per Refinitiv data
    ** Morgan Stanley and UBS jt bookrunners for offering
    ** Shares up 5.6% YTD, including ~15% rise over the past
month

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))