Ellington Financial Inc. 8-K

What Happened
Ellington Financial Inc. announced on its Form 8‑K (filed Dec 29, 2025) that it amended its equity distribution agreements and entered into new sales agreements to expand its previously announced at‑the‑market (ATM) common stock offering. The company and its manager added Citadel Securities Institutional LLC and Moelis & Company LLC as additional agents and increased the maximum aggregate offering price of shares available for sale to up to $500 million. The shares will be issued under the company’s automatic shelf registration on Form S‑3 (File No. 333‑292424) and a prospectus supplement dated December 23, 2025.

Key Details

• Maximum aggregate offering price now up to $500 million of common stock available for sale from time to time.
• New agents added: Citadel Securities Institutional LLC and Moelis & Company LLC; existing agents include Citizens JMP, B. Riley Securities, BTIG and Armstrong.
• Sales will be made as “at‑the‑market” offerings under Rule 415 and may occur on the NYSE or other trading markets or to/through market makers.
• Each agent may receive up to 2.0% of gross proceeds from Shares they sell; Armstrong (an EFC subsidiary) will be compensated subject to the same cap. The company can suspend sales and has no obligation to sell any shares.
• Shares will be issued pursuant to the company’s Form S‑3 shelf (File No. 333‑292424); prospectus supplement filed Dec 23, 2025. The company also agreed to customary indemnities for the agents.

Why It Matters
This filing gives Ellington flexibility to raise equity capital up to $500 million over time through ATM sales, which can be used for funding operations, reinvestment or balance‑sheet management. Adding large market‑making and advisory firms (Citadel, Moelis) broadens distribution capacity and may improve execution for future share sales. Investors should note there is no requirement that the company will sell any shares and sales could dilute existing shareholders if and when the company does sell stock.