Ellington Residential Mortgage REIT is an internally managed real estate investment trust that acquires, owns, and manages single-tenant commercial properties leased to middle-market and smaller service-oriented and experience-based businesses such as car washes, medical offices, restaurants, and fitness facilities. The company generates revenue through long-term net lease agreements, employing a disciplined, relationship-based investment approach focused on small-box properties with strong rent coverage ratios, geographic and tenant diversification, master leases covering multiple properties, and contractual rent escalations. The company targets underserved regional and national operators with limited access to long-term capital and competes through rigorous underwriting, active asset management, deep industry relationships, and a scalable platform.