Ellington Financial (EFC) expects proceeds of up to $101.25 million from its initial public offering of 4.5 million shares at $22.50 a share. Ellington, which specializes in acquiring and managing mortgage-related assets, plans to use proceeds to acquire non-agency and agency residential mortgage-backed securities and other assets. Deutsche Bank Securities is the lead manager for the offering and Cantor Fitzgerald & Co. is co-manager. Underwriters have a 30-day option to buy an additional 675,000 common shares in the event of excess demand. The offer is expected to close Oct. 14. Elsewhere, Invesco Mortgage Capital (IVR) plans to offer 12 million common shares at $20.75 a share for gross proceeds of $249 million. The Atlanta-based investment manager plans to use proceeds to acquire additional residential and commercial mortgage-backed securities and mortgage loans on a leveraged basis. Credit Suisse Securities USA and Morgan Stanley are lead managers for the offering, while Keefe Bruyette & Woods, JPM Securities and Wells Fargo Securities are co-managers. The underwriters have a 30-day option to buy up to an additional 1.8 million common shares to cover any over-allotments. The offer will close next week. Ariana Garza is an editorial assistant at HousingWire.