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References to "Blackstone" mean The Blackstone Group Inc.
−Removed: The "Blackstone Funds" means the group of funds that are managed by an affiliate of Blackstone and that helped form, and have a substantial investment in, our company.
+Added: The "Blackstone Funds" means the group of funds that are managed by an affiliate of Blackstone and that, together with Ellington, constituted our original group of investors.
Special Note Regarding Forward-Looking Statements
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We were formed through an initial strategic venture among affiliates of Ellington, an investment management firm and registered investment adviser with a 27-year history of investing in a broad spectrum of residential and commercial mortgage-backed securities, or "MBS," and related derivatives, and the Blackstone Funds.
−Removed: As of December 31, 2020, the Blackstone Funds owned approximately 26.8% of our outstanding common shares.
We have elected to be taxed as a real estate investment trust, or "REIT," for U.S.
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For these purposes, the Ellington-managed CLO figure represents the aggregate outstanding balance of CLO notes and market value of CLO equity, excluding any notes and equity held by other Ellington-managed funds and accounts.
−Removed: During the first quarter of 2020, there was a worldwide outbreak of a novel coronavirus disease, or "COVID-19." In response to COVID-19, the Company's management team implemented business continuity plans, and the Company, the Manager, and Ellington continue to be fully operational in a largely work-from-home environment.
We intend to capitalize on current market opportunities by utilizing an opportunistic strategy that we believe will enable us to generate attractive current yields and risk-adjusted total returns for our shareholders.
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To the extent that we acquire MSRs or engage in other strategies including certain relative value trading strategies, it may be necessary to conduct such activities through a taxable REIT subsidiary, or "TRS." The income from any such activities conducted through a domestic TRS would be subject to U.S.
−Removed: federal corporate income tax.
+Added: federal and state corporate income tax, as applicable.
Our Manager is authorized to follow very broad investment guidelines and, as a result, we cannot predict our portfolio composition.
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The process is managed by an investment and risk management committee, which includes, among others, the following three officers of our Manager:
−Removed: Vranos, Penn, and Tecotzky.
+Added: Penn, and Mr.
These officers of our Manager also serve as our Co-Chief Investment Officer, President and Chief Executive Officer, and Co-Chief Investment Officer, respectively.
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Our Manager's valuation committee directs our valuation process, which is also subject to the oversight of our independent trustees.
−Removed: See Note 2 of the notes to consolidated financial statements included in this report for a complete discussion of our valuation process.
+Added: See Note 2 of the notes to consolidated financial statements included in this report for a discussion of our valuation process.
Risk Management
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Ellington's investment and risk management committee and its compliance committee (headed by its Chief Compliance Officer) are responsible for monitoring the administration of, and facilitating compliance with, Ellington's investment allocation procedures and policies.
−Removed: Because Agency pass-through certificates, Agency and non-Agency CMOs, and certain other asset classes in which we invest are typically available only in specified quantities and are also targeted assets for certain other Ellington accounts, Ellington often is not able to buy as much of any given asset as required to satisfy the needs of all its accounts.
+Added: Because Agency pass-through certificates, Agency and non-Agency CMOs, and certain other asset classes in which we invest are typically available only in specified quantities and are also targeted assets for certain other Ellington accounts, Ellington often is not able to buy as much of any given asset as required to satisfy the needs of all of its accounts.
In these cases, Ellington's investment allocation procedures and policies typically allocate such assets to multiple accounts in proportion to their needs and available capital.
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In addition, nothing in the management agreement binds or restricts our Manager or any of its affiliates, officers, or employees from buying, selling, or trading any securities or commodities for their own accounts or for the accounts of others for whom our Manager or any of its affiliates, officers, or employees may be acting.
−Removed: In acquiring our assets, we compete with other mortgage REITs, specialty finance companies, savings and loan associations, banks, mortgage bankers, insurance companies, mutual funds, institutional investors, investment banking firms, financial institutions, governmental bodies, and other entities.
+Added: In acquiring our assets, we compete with other mortgage REITs, specialty finance companies, banks, mortgage bankers, insurance companies, mutual funds, institutional investors, investment banking firms, financial institutions, governmental bodies, and other entities.
Many of our competitors are significantly larger than us, have greater access to capital and other resources, and may have other advantages over us.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.