By IPOdesktop:

Based in Old Greenwich, Conn., Ellington Residential Mortgage REIT (EARN) scheduled a $ 130 million IPO with a market capitalization of $ 183 million, at a price range midpoint of $ 20 for Wednesday, May 1, 2013. EARN is one of five new IPOs scheduled for the week of April 29. The full IPO calendar is here.

  • S-11A filed April 23, 2013
  • Manager, Joint Managers: Credit Suisse; Deutsche; Citi; UBS
  • Co Managers: RBC Capital; JMP; Blackstone Capital; Sterne Agee; Tod’s Point

Summary

EARN is a mortgage REIT focusing on residential mortgages. All five of the most recent mortgage REIT IPOs have IPO’ed at book value and have sold off the first day.

Organization Chart

EARN’s organization chart is convoluted, which is not a plus.

Conclusion

Pass on the EARN IPO.

History and Business

EARN was formed through an initial strategic venture among affiliates of Ellington, an investment management firm

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