Shares of Ellington Residential Mortgage REIT opened $1, or 5%, below their inital public offering price, as share prices of recently-listed real estate investment trusts continue to languish.

Ellington had priced its 6.5 million shares at $20 per share to raise $130 million.

The REIT, backed by Blackstone Group (BX), invests in residential mortgage and other real estate assets.