Ellington Credit Company is a closed-end management investment company that acquires and manages corporate collateralized loan obligations (CLOs) and related securities to generate attractive current yields and risk-adjusted returns for shareholders. The company primarily invests in mezzanine debt and equity tranches of CLOs—securitizations backed by portfolios of non-investment grade corporate bank loans—as well as senior CLO tranches, loan accumulation facilities, and other credit securities. It is externally managed by Ellington Credit Company Management LLC, an affiliate of Ellington Management Group, which leverages more than a decade of CLO market experience and proprietary analytics; the company finances its assets through repurchase agreements and intends to qualify as a regulated investment company to distribute its net investment income to shareholders free of corporate-level federal taxation.