Business: Ellington Credit Co 8.50% Notes Due 2031, redeemable at the issuer's option on or after 03/30/2028 at $25 per note plus accrued and unpaid interest, and maturing 03/30/2031. <p> Interest distributions of 8.50% per annum ($2.125 per annum or $0.53125) per quarter) will be paid quarterly on 3/30, 6/30, 9/30 & 12/01 to holders of record on the record date that will be (__) (NOTE: the ex-dividend date is the record date). <p> Distributions paid by these debt securities are interest and as such 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> If a Fundamental Change of control occurs and the company has not redeemed the notes in full, the holder will have the right to redeem some or all the of the notes at 101% of the liquidation price plus accrued and unpaid interest. <p> This security was not rated by Moody’s or S&P at the time of its IPO. The Notes are unsecured and unsubordinated obligations of the company and will rank equally with all existing and future unsecured and unsubordinated indebtedness of the company. See the IPO prospectus for further information on the debt securities by clicking on the ‘Link to IPO Prospectus’ provided below.