Business: Ellington Financial Inc.Series D Cumulative Perpetual Redeemable Preferred Stock formerly Arlington Asset Investment Corp., 7.00% Series B Cumulative Perpetual Redeemable Preferred Stock, liquidation preference $25.00 per share, redeemable at the issuer's option on or after 5/12/2022 at $25 per share plus accrued and unpaid dividends, and with no stated maturity. <p> Cumulative distributions of 7.00% per annum ($1.75 per annum or $0.4375 per quarter) will be paid quarterly on 3/30, 6/30, 9/30 & 12/30 to holders of record on the record date fixed by the board, not more than 35 days or less than 10 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). <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> Following a Change of Control the Company will redeem the Series B Preferred Stock, in whole but not in part, on the effective date of any such Change of Control, for cash at $25.00 per share, plus accumulated and unpaid dividends (see prospectus for further information). The Series B Preferred Stock is not convertible into or exchangeable for any of the Company’s other securities or property. <p> This security was not rated by Moody’s or S&P at the time 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.