BRIEF-Ellington Financial And Arlington Asset Investment Corp. Announce Definitive Merger Agreement

Arlington Asset Investment Corp : * ELLINGTON FINANCIAL AND ARLINGTON ASSET INVESTMENT CORP. ANNOUNCE DEFINITIVE MERGER AGREEMENT

* ARLINGTON ASSET INVESTMENT CORP - PROPOSED DEAL FOR $4.77 PER ARLINGTON SHARE * ARLINGTON ASSET INVESTMENT - UPON CLOSING OF DEAL, ELLINGTON FINANCIAL STOCKHOLDERS ARE EXPECTED TO OWN ABOUT 85% OF COMBINED CO'S STOCK

* ARLINGTON ASSET INVESTMENT - EACH SHARE OF CO TO BE CONVERTED INTO 0.3619 SHARES OF ELLINGTON * ARLINGTON ASSET INVESTMENT CORP - STOCKHOLDERS WILL ALSO RECEIVE $3 MILLION IN CASH IN AGGREGATE

* ARLINGTON ASSET INVESTMENT CORP - DEAL ANTICIPATED TO BE ACCRETIVE TO ELLINGTON FINANCIAL'S EARNINGS IN 2023 * ARLINGTON ASSET INVESTMENT - DEAL ANTICIPATED TO BE ACCRETIVE TO ELLINGTON FINANCIAL'S BOOK VALUE WITHIN ONE YEAR OF CLOSING

* ARLINGTON ASSET INVESTMENT CORP - TRANSACTION IS EXPECTED TO CLOSE IN Q4 OF 2023 Source text for Eikon: Further company coverage: