EARN - Ellington Residential Mortgage prices common stock offering

Ellington Residential Mortgage REIT (EARN) prices 3.25M common shares at $13.20 per share, which consists of 575,000 shares to be sold by the Company and 2,675,000 shares to be sold by a selling shareholder, Blackstone Tactical Opportunities EARN Holdings L.L.C.Underwriters have a 30 days option to purchase up to an additional 487,500 common shares.Closing date is June 17.Net proceeds from the offering will be used to acquire its targeted assets, working capital and general corporate purposes.The Company will not receive any proceeds from the sale of common shares in the offering by the selling shareholder.In another press release, the company announced estimated book value per common share as of May 31, 2021 was $12.96.Shares -5.2% premarket.

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Ellington Residential Mortgage prices common stock offering