Ellington Financial (NYSE:EFC) is busy selling pieces of itself. The company has floated a 5-million share strong issue of common stock in an underwritten public flotation. Additionally, the company's underwriters have been granted a 30-day purchase option for up to an additional 750,000 shares. The underwriters will sell the stock at "prevailing market prices or otherwise," according to Ellington Financial.

The company anticipates that the gross proceeds of the issue will total roughly $131.5 million. It plans to use that capital mainly for asset acquisitions, and may utilize some for "working capital and general corporate purposes."

Bank of America's Merrill Lynch unit, and the Securities arms of Deutsche Bank, Credit Suisse, and UBS are the joint book-running managers of the offering.