UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 23, 2013
ELLINGTON FINANCIAL LLC
(Exact name of registrant as specified in its charter)
Commission File Number: 001-34569
Delaware | 26-0489289 | |
(State or other jurisdiction of | (IRS Employer | |
incorporation) | Identification No.) | |
53 Forest Avenue
Old Greenwich, CT 06870
(Address of principal executive offices, including zip code)
(203) 698-1200
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01. Other Events
On May 23, 2013, Ellington Management Group, L.L.C. ("Ellington") announced that Steven M. Abreu, the former president of GMAC Mortgage, has joined Ellington in a new role as Head of Mortgage Originations. Mr. Abreu will lead Ellington's efforts to acquire one or more mortgage originators. It is anticipated that any such acquisitions will be made by Ellington Financial LLC (the "Company"), and that post-acquisition Mr. Abreu will oversee both agency and non-agency mortgage originations, including refinancings, purchase loans, and retention of servicing rights. A copy of the press release is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
This Current Report on Form 8-K contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These include statements regarding the effort by Ellington to acquire one or more mortgage originators and whether such acquisitions will be made by the Company. Forward-looking statements involve numerous risks and uncertainties. Forward-looking statements are not historical in nature and can be identified by words such as "believe," "expect," "anticipate," "estimate," "project," "plan," "continue," "intend," "should," "would," "could," "goal," "objective," "will," "may," "seek," or similar expressions or their negative forms, or by references to strategy, plans, or intentions. Forward-looking statements are subject to risks and uncertainties, including, among other things, those described under Item 1A of the Company's Annual Report on Form 10-K filed on March 15, 2013 which can be accessed through the Company's website at www.ellingtonfinancial.com or at the SEC's website (www.sec.gov). Other risks, uncertainties, and factors that could cause actual results to differ materially from those projected may be described from time to time in reports we file with the SEC, including reports on Forms 10-Q, 10-K and 8-K. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits. The following exhibit is being furnished herewith this Current Report on Form 8-K.
99.1 Press Release dated May 23, 2013.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ELLINGTON FINANCIAL LLC | ||||||||
Date: May 23, 2013 | By: | /s/ Laurence Penn | ||||||
Laurence Penn | ||||||||
Chief Executive Officer | ||||||||
Exhibit 99.1
Ellington Management Group Names Steven M. Abreu Head of Mortgage Origination
Old Greenwich, CT, May 23, 2013-Ellington Management Group today announced that Steven M. Abreu, 48, the former president of GMAC Mortgage, has joined Ellington in a new role as Head of Mortgage Originations.
Abreu will lead the firm's efforts to acquire one or more mortgage originators. It is anticipated that any such acquisitions will be made by Ellington Financial (NYSE: EFC), and that post-acquisition Abreu will oversee both agency and non-agency mortgage originations, including refinancings, purchase loans, and retention of servicing rights.
“Steve brings exceptional expertise to Ellington in his ability to acquire and manage mortgage origination platforms. His extensive experience will complement and expand our existing mortgage business,” said Michael Vranos, Ellington Management Group's CEO. “Ellington Financial, with its flexible corporate structure and over $650 million of equity capital following its recent capital raise, will benefit greatly from having its own mortgage origination and servicing platform. The mortgage origination business is not only profitable in its own right, but over time will provide Ellington Financial with a steady pipeline of attractive long-term investments.”
Prior to joining Ellington, Abreu was President of GMAC Mortgage from 2009 to 2013. During Abreu's tenure, GMAC was the fifth largest servicer and the fourth largest originator in the United States. Prior to that, Abreu was CEO and President of GreenPoint Mortgage Funding, Inc.
“I saw a unique opportunity with Ellington, as it is a firm that brings analytical and capital markets expertise to the front end of the mortgage origination process,” said Abreu. “I am excited to work with the Ellington team to identify and acquire high-quality loan originators, and ultimately to create a top-tier mortgage originator. The mortgage industry continues to undergo rapid change and I am confident that we can build an origination and servicing platform that will adapt to those changes and will better meet the needs of the consumer.”
About Ellington Management Group, LLC
Ellington Management Group is an investment and advisory firm dedicated to generating attractive, risk-adjusted total returns for our investors. Ellington manages portfolios of agency and non-agency residential mortgage-backed securities and opportunistically invests in other target assets, such as commercial mortgage loans, commercial mortgage-backed securities, other asset-backed securities, and direct investments in single-family and multi-family real estate. In addition, Ellington utilizes systematic strategies to invest in equity and futures markets. Ellington was founded in 1994 by Michael Vranos and is based in Old Greenwich, Connecticut.
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Investor Contact:
Sylvia Hechema
Investor Relations
Ellington Management Group, LLC
(203) 409-3727
Media Contact:
Steve Bruce or Katrina Allen
ASC Advisors
(203) 992-1230