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Alternative Assets  + Direct Investment  + M&As  + Real Estate  |  July 5, 2023
Ellington Financial to Buy Great Ajax for Nearly $173M
Joe Palmisano
By: Joe Palmisano

Ellington Financial to Buy Great Ajax for Nearly $173M

Ellington Financial Inc., a real estate investment trust (REIT), has agreed to purchase Great Ajax Corp., another REIT, for nearly $173 million in an all-stock deal.

Ellington will pay $7.33 per share, or approximately a 19% premium from the closing price of Great Ajax on June 30.

Each Great Ajax share will be converted into 0.5308 Ellington Financial shares, or approximately 12.5 million shares.

Ellington Financial shareholders will own approximately 84% of the combined company’s stock, while Great Ajax stockholders will own the rest. In addition, Ellington Financial will assume Great Ajax’s outstanding senior unsecured notes and convertible senior notes.

The combined company will operate as Ellington Financial Inc. Ellington Financial Management LLC, an affiliate of Ellington Management Group LLC, will continue to manage the combined company.

“We are pleased to combine our investment portfolios and create a company that we believe will be well positioned for growth and value creation,” comments Lawrence Mendelsohn, Great Ajax’s chairman and CEO.

The deal is expected to close by the end of the year.

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Inside The Story

Ellington Financial Inc.Great Ajax

About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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