Business: Ellington Financial Inc. Series C Fixed-Rate Reset Cumulative Redeemable Preferred Stock, liquidation preference $25 per share, redeemable at the issuer's option on or after 04/30/2028 at $25 per share plus accrued and unpaid dividends, and with no stated maturity. <p> Cumulative distributions of the Annual Fixed Dividend Rate will be paid quarterly on 1/30, 4/30, 7/30 & 10/30 to holders of record on the record date fixed by the board, not more than 60 days or less than 30 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). The Annual Fixed Dividend Rate will be 8.625% until the first redemption date, then it will be equal to the sum of the five-year treasury rate on the applicable fixed rate calculation date plus 5.13%, resetting every 5 years thereafter on applicable fixed rate calculation date (see prospectus for more details). <p> Dividends paid by preferreds issued by REITs are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. <p> Upon the occurrence of a change of control, and the company has NOT provided notice that they intend to redeem the preferred shares, the holder will have the right to convert the preferred shares into common shares under certain circumstances (see the prospectus for details). <p> This security was not rated by Moody’s or S&P at the time of its IPO. This security was rated as A- by Egan Jones Ratings Co. at the date of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.