Ellington Credit (EARN) said Tuesday it has completed its conversion to a Delaware-based closed-end fund under the Investment Company Act of 1940.
As part of this change, the fund will sell its remaining agency mortgage-backed securities pools, buy more corporate collateralized loan obligations, and operate as a regulated investment firm for tax purposes, it said.
The fund will also shift its fiscal year to end on March 31, just before the conversion, Ellington said.
Shares were up 2% in recent trading.
Price: 5.52, Change: +0.11, Percent Change: +2.03
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