said in April after sealing the deal. “I don’t care about the economics at all.”

He cared a little more when the subsequent plunge in the stock market meant that he was overpaying by a significant amount. Analysts estimated that Twitter was worth not $44 billion but $30 billion, or maybe even less. For a few months, Mr. Musk tried to get out of the deal.

This had the paradoxical effect of bringing the transaction down to earth for spectators. Who among us has not failed to do due diligence on a new venture — a job, a house, even a relationship — and then realized that it was going to cost so much more than we had thought? Mr. Musk’s buying Twitter, and then his refusal to buy Twitter, and then his being forced to buy Twitter after all — and everything playing out on Twitter — was weirdly relatable.

Inescapable, too. The apex, or perhaps the nadir, came this month when Mr. Musk introduced a perfume called Burnt Hair, described on its website as “the Essence of Repugnant Desire.”

“Please buy my perfume, so I can buy Twitter,” Mr. Musk tweeted on Oct. 12, garnering nearly 600,000 likes. This worked, apparently; the perfume is now marked “sold out” on its site. Did 30,000 people really pay $100 each for a bottle? Will this perfume actually be produced and sold? (It’s not supposed to be released until next year.) It’s hard to tell where the joke stops, which is perhaps the point.

Evan Spiegel.

“What was unique about Twitter was that no one actually controlled it,” said Richard Greenfield, a media analyst at LightShed Partners. “And now one person will own it in its entirety.”

He is relatively hopeful, however, that Mr. Musk will improve the site, somehow. That, in turn, will have its own consequences.

“If it turns into a massive home run,” Mr. Greenfield said, “you’ll see other billionaires try to do the same thing.”

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Federal Home Loan Bank of Dallas Awards Nearly $17.2 Million for Affordable Housing

DALLAS–(BUSINESS WIRE)–The Federal Home Loan Bank of Dallas (FHLB Dallas) is pleased to announce that, in partnership with its member financial institutions, it has awarded nearly $17.2 million in Affordable Housing Program (AHP) subsidies to 26 projects, primarily within its five-state District of Arkansas, Louisiana, Mississippi, New Mexico and Texas. The subsidies will result in the creation or rehabilitation of 2,022 housing units.

“Everyone should have access to affordable housing and the AHP is one way we support our members in financing projects in communities with the most critical needs,” said FHLB Dallas President and CEO Sanjay Bhasin.

FHLB Dallas annually returns 10 percent of its profits in the form of AHP subsidies to the communities served by its member institutions. AHP funding is utilized for a variety of projects, including home rehabilitation and modifications for low-income, elderly and special-needs residents; down payment and closing-cost assistance for qualified first-time homebuyers; and the construction of low-income, multifamily rental communities and single-family homes.

Between 1990 and 2021, FHLB Dallas awarded more than $344.6 million through AHP and Homeownership Set-Aside Programs, such as a down payment assistance program, a home repair and modification program geared toward seniors and others with disabilities and a disaster recovery program to help nearly 60,000 households.

Home Bank is among 14 FHLB Dallas members through which AHP funds will be awarded. FHLB Dallas awarded nearly $1.25 million through Home Bank to a project that will result in 94 new affordable housing rental units in New Orleans, and Opelousas, Louisiana. Kelvin Luster, senior vice president and community development director at Home Bank, said Home Bank has supported the AHP for more than 30 years.

“The AHP subsidies allow Home Bank to assist our communities in ways we could not have done on our own. We are pleased to be included in this latest round of funding to further our investment across the communities we serve,” he said.

Below is a state-by-state listing of the 2022 AHP subsidies. For more information about the 2022 AHP subsidies and other FHLB Dallas community investment products and programs, please visit fhlb.com/ahp.

Arkansas $1,185,000 for 228 units

Magnolia

Member: Cadence Bank

Sponsor: Magnolia Housing Authority

Subsidy: $750,000 for 180 rental units

Paragould

Member: First National Bank

Sponsor: Paragould Housing Development Corp.

Subsidy: $435,000 for 48 rental units

Louisiana $5,829,788 for 562 units

Alexandria

Member: Red River Bank

Sponsor: The Salvation Army Territorial Headquarters

Subsidy: $750,000 for 45 rental units

Baker

Member: Red River Bank

Sponsor: Gulf Coast Housing Partnership

Subsidy: $750,000 for 49 rental units

Houma

Member: b1 Bank

Sponsor: START Corporation

Subsidy: $399,787.51 for 33 rental units

Kenner

Member: Home Federal Bank

Sponsor: Kenner Housing Authority

Subsidy: $750,000 for 121 Rental units

Merryville

Member: Home Federal Bank

Sponsor: Merryville Housing Authority

Subsidy: $750,000 for 90 rental units

New Orleans

Member: Home Bank, N.A.

Sponsor: Providence Community Housing

Subsidy: $750,000 for 62 Rental units

Member: Fifth District Savings Bank

Sponsor: Gulf Coast Housing Partnership

Subsidy: $450,000 for 30 rental units

Opelousas

Member: Home Bank, N.A.

Sponsor: Gulf Coast Housing Partnership

Subsidy: $480,000 for 32 rental units

Rayville

Member: Home Federal Bank

Sponsor: Rayville Housing Authority

Subsidy: $750,000 for 100 rental units

Mississippi $1,110,000 for 74 units

Gulfport

Member: Hope Federal Credit Union

Sponsor: Gulf Coast Housing Partnership

Subsidy: $600,000 for 40 rental units

Jackson

Member: BankPlus

Sponsor: Gulf Coast Housing Partnership

Subsidy: $510,000 for 34 rental units

New Mexico $750,000 for 66 units

Rio Rancho

Member: Wells Fargo Bank South Central

Sponsor: CC Housing Inc.

Subsidy: $750,000 for 66 rental units

Texas $7,560,000 for 1,018 units

Alice

Member: First Community Bank

Sponsor: Rural Economic Assistance League Inc.

Subsidy: $750,000 for 68 rental units

Austin

Member: Texas Capital Bank, N.A.

Sponsor: Guadalupe Neighborhood Development Corp.

Subsidy: $750,000 for 114 rental units

Member: Wells Fargo Bank South Central

Sponsor: Foundation Communities, Inc.

Subsidy: $750,000 for 123 rental units

Member: Wells Fargo Bank South Central

Sponsor: Foundation Communities, Inc.

Subsidy: $750,000 for 110 rental units

Fort Worth

Member: Texas Capital Bank, N.A.

Sponsor: Fort Worth Affordability Inc.

Subsidy: $750,000 for 174 rental units

Houston

Member: Frost Bank

Sponsor: William A Lawson Institute for Peace and Prosperity

Subsidy: $750,000 for 119 rental units

Member: Comerica Bank

Sponsor: New Hope Housing Inc.

Subsidy: $750,000 for 120 rental units

New Braunfels

Member: Frost Bank

Sponsor: Connections Individual and Family Services, Inc.

Subsidy: $300,000 for 20 rental units

San Antonio

Member: Frost Bank

Sponsor: Housing First Community Coalition, Inc.

Subsidy: $750,000 for 76 rental units

Member: Frost Bank

Sponsor: SAMMinistries

Subsidy: $750,000 for 60 rental units

Waco

Member: Texas Capital Bank, N.A.

Sponsor: Solutions for Veterans

Subsidy: $510,000 for 34 rental units

Out of District $750,000 for 74 units

Minnesota

Alexandria

Member: Wells Fargo Bank South Central

Sponsor: Minnesota Adult & Teen Challenge

Subsidy: $750,000 for 74 rental units

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US Economy Grew at 2.6% Annual Rate in Q3, GDP Report Shows

The U.S. economy grew slowly over the summer, adding to fears of a looming recession — but also keeping alive the hope that one might be avoided.

Gross domestic product, adjusted for inflation, returned to growth in the third quarter after two consecutive quarterly contractions, according to government data released Thursday. But consumer spending slowed as inflation ate away at households’ buying power, and the sharp rise in interest rates led to the steepest contraction in the housing sector since the first months of the pandemic.

The report underscored the delicate balance facing the Federal Reserve as it tries to rein in the fastest inflation in four decades. Policymakers have aggressively raised interest rates in recent months — and are expected to do so again at their meeting next week — in an effort to cool off red-hot demand, which they believe has contributed to the rapid increase in prices. But they are trying to do so without snuffing out the recovery entirely.

The third-quarter data — G.D.P. rose 0.6 percent, the Commerce Department said, a 2.6 percent annual rate of growth — suggested that the path to such a “soft landing” remained open, but narrow.

loss of purchasing power over time, meaning your dollar will not go as far tomorrow as it did today. It is typically expressed as the annual change in prices for everyday goods and services such as food, furniture, apparel, transportation and toys.

President Biden cheered the report in a statement Thursday morning. “For months, doomsayers have been arguing that the U.S. economy is in a recession, and congressional Republicans have been rooting for a downturn,” he said. “But today we got further evidence that our economic recovery is continuing to power forward.”

By one common definition, the U.S. economy entered a recession when it experienced two straight quarters of shrinking G.D.P. at the start of the year. Officially, however, recessions are determined by a group of researchers at the National Bureau of Economic Research, who look at a broader array of indicators, including employment, income and spending.

Most analysts don’t believe the economy meets that more formal definition, and the third-quarter numbers — which slightly exceeded forecasters’ expectations — provided further evidence that a recession had not yet begun.

But the overall G.D.P. figures were skewed by the international trade component, which often exhibits big swings from one period to the next. Economists tend to focus on less volatile components, which have showed the recovery steadily losing momentum as the year has progressed. One closely watched measure suggested that private-sector demand stalled out almost completely in the third quarter.

Mortgage rates passed 7 percent on Thursday, their highest level since 2002.

“Housing is just the single largest trigger to additional spending, and it’s not there anymore; it’s going in reverse,” said Diane Swonk, chief economist at the accounting firm KPMG. “This has been a stunning turnaround in housing, and when things start to go really quickly, you start to wonder, what are the knock-on effects, what are the spillover effects?”

The third quarter was in some sense a mirror image of the first quarter, when G.D.P. shrank but consumer spending was strong. In both cases, the swings were driven by international trade. Imports, which don’t count toward domestic production figures, soared early this year as the strong economic recovery led Americans to buy more goods from overseas. Exports slumped as the rest of the world recovered more slowly from the pandemic.

Both trends have begun to reverse as American consumers have shifted more of their spending toward services and away from imported goods, and as foreign demand for American-made goods has recovered. Supply-chain disruptions have added to the volatility, leading to big swings in the data from quarter to quarter.

Few economists expect the strong trade figures from the third quarter to continue, especially because the strong dollar will make American goods less attractive overseas.

Jim Tankersley contributed reporting.

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Impac Mortgage Holdings, Inc. Announces Completion of Exchange Offers Relating to its Preferred Stock

IRVINE, Calif.–(BUSINESS WIRE)–Impac Mortgage Holdings, Inc. (NYSE American: IMH) (the “Company”) today announced the completion of its previously announced offers to each holder of the Company’s 9.375% Series B Cumulative Redeemable Preferred Stock, par value $0.01 per share (“Series B Preferred Stock”) and each holder of the Company’s 9.125% Series C Cumulative Redeemable Preferred Stock, par value $0.01 per share (the “Series C Preferred Stock,” and together with the Series B Preferred Stock, the “Preferred Stock”) to exchange all outstanding shares of Preferred Stock for certain stock and warrant consideration (the “Exchange Offers”).

In conjunction with the closing of the Exchange Offers, the Company will issue approximately (A) (i) 6,142,213 shares of Common Stock and (ii) 13,823,340 shares of the Company’s 8.25% Series D Cumulative Redeemable Preferred Stock, par value $0.01 per share (the “New Preferred Stock”) in exchange for the shares of Series B Preferred Stock tendered in the Exchange Offer for the Series B Preferred Stock, and (B) (i) 1,188,106 shares of Common Stock, (ii) 950,471 shares of New Preferred Stock, and (iii) 1,425,695 Warrants to purchase the same number of shares of Common Stock in exchange for the shares of Series C Preferred Stock tendered in the Exchange Offer for the Series C Preferred Stock.

In addition, in connection with the petitions (the “Plaintiff Series B Award Motions”) for a court award of attorney’s fees, expenses or other monetary award to be deducted and paid from the Company’s payment of distributions or other payments to the holders of the Company’s Series B Preferred Stock in the matter Curtis J. Timm, et al. v Impac Mortgage Holdings, Inc. et al. (the “Maryland Action”), the Company will deposit, no later than November 2, 2022, approximately (i) 13,311,840 shares of New Preferred Stock and (ii) 4,437,280 shares of the Company’s Common Stock in the custody of a third party custodian or escrow agent (the “Escrow Shares”). The allocation of the Escrow Shares will be made by instruction from the Circuit Court of Baltimore City upon final disposition of all outstanding matters in the Maryland Action, including the Plaintiff Series B Award Motions.

D.F. King & Co., Inc. served as the Information Agent and Solicitation Agent for the Exchange Offers and the accompanying solicitation of consents from the holders of Preferred Stock, and American Stock Transfer & Trust Company, LLC served as the Exchange Agent.

This announcement is for informational purposes only and shall not constitute an offer to purchase or a solicitation of an offer to sell the shares of Preferred Stock, an offer to sell or a solicitation of an offer to buy any shares of the Company’s Common Stock, par value $0.01 per share, warrants to purchase Common Stock, or shares of the Company’s 8.25% Series D Cumulative Redeemable Preferred Stock, par value $0.01 per share, or a solicitation of the related consents. The Exchange Offers were made only through, and pursuant to the terms and conditions set forth in, the Company’s Schedule TO, Prospectus/Consent Solicitation and related Letters of Transmittal and Consents.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements, some of which are based on various assumptions and events that are beyond our control, may be identified by reference to a future period or periods or by the use of forward-looking terminology, such as “may,” “capable,” “will,” “intends,” “believe,” “expect,” “likely,” “potentially,” “appear,” “should,” “could,” “seem to,” “anticipate,” “expectations,” “plan,” “ensure,” “desire,” or similar terms or variations on those terms or the negative of those terms. The forward-looking statements are based on current management expectations. Actual results may differ materially as a result of several factors, including, but not limited to the following: acceptance of a plan for regaining compliance with the NYSE American’s listed company standards; impact on the U.S. economy and financial markets due to the outbreak and continued effect of the COVID-19 pandemic; our ability to successfully consummate the contemplated exchange offers for our outstanding preferred stock and receive the requisite consents for the proposed amendments to our charter documents to facilitate the redemption from holders of our outstanding preferred stock who do not participate in the exchange offers; any adverse impact or disruption to the Company’s operations; changes in general economic and financial conditions (including federal monetary policy, interest rate changes, and inflation); increase in interest rates, inflation, and margin compression; ability to successfully sell aggregated loans to third-party investors; successful development, marketing, sale and financing of new and existing financial products, including NonQM products; recruit and hire talent to rebuild our TPO NonQM origination team, and increase NonQM originations; volatility in the mortgage industry; performance of third-party sub-servicers; our ability to manage personnel expenses in relation to mortgage production levels; our ability to successfully use warehousing capacity and satisfy financial covenants; our ability to maintain compliance with the continued listing requirements of the NYSE American for our common stock; increased competition in the mortgage lending industry by larger or more efficient companies; issues and system risks related to our technology; ability to successfully create cost and product efficiencies through new technology including cyber risk and data security risk; more than expected increases in default rates or loss severities and mortgage related losses; ability to obtain additional financing through lending and repurchase facilities, debt or equity funding, strategic relationships or otherwise; the terms of any financing, whether debt or equity, that we do obtain and our expected use of proceeds from any financing; increase in loan repurchase requests and ability to adequately settle repurchase obligations; failure to create brand awareness; the outcome of any claims we are subject to, including any settlements of litigation or regulatory actions pending against us or other legal contingencies; and compliance with applicable local, state and federal laws and regulations.

For a discussion of these and other risks and uncertainties that could cause actual results to differ from those contained in the forward-looking statements, see our latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q we file with the SEC and in particular the discussion of “Risk Factors” therein. This document speaks only as of its date and we do not undertake, and expressly disclaim any obligation, to release publicly the results of any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements except as required by law.

About the Company

Impac Mortgage Holdings, Inc. (IMH or Impac) provides innovative mortgage lending and real estate solutions that address the challenges of today’s economic environment. Impac’s operations include mortgage lending, servicing, portfolio loss mitigation, real estate services, and the management of the securitized long-term mortgage portfolio, which includes the residual interests in securitizations.

For additional information, questions or comments, please call Justin Moisio, Chief Administrative Officer at (949) 475-3988 or email Justin.Moisio@ImpacMail.com.

Website: http://ir.impaccompanies.com or www.impaccompanies.com

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Elon Musk Seems to Answer to No One. Except for a Judge in Delaware.

Judge Kathaleen St. J. McCormick has become a very important person in the rambunctious life of Elon Musk.

The Delaware Chancery Court judge has given Mr. Musk until Friday to close his long-promised, $44 billion deal to acquire Twitter. If he doesn’t, Judge McCormick will preside over a trial in November that could end with Mr. Musk being forced to make good on the deal he made with Twitter in April.

The 43-year-old judge is also expected to preside over another case involving Mr. Musk in November. A Tesla shareholder accused him in a lawsuit of unjustly enriching himself with his compensation package while running the electric vehicle company, which is Mr. Musk’s main source of wealth. The package, which consisted entirely of a stock grant, is now worth around $50 billion based on Tesla’s share price.

Judge McCormick is also overseeing three other shareholder lawsuits against Mr. Musk, though it is not yet clear whether those will go to trial, too.

before it represented Mr. Musk. But, he said, “the deal will either close and then she will be a hero. Or not and Musk will look really bad.”

As a young girl, Judge McCormick played first base on the softball team and managed the high school football team. She has a long-held soft spot for the book “To Kill a Mockingbird,” about a Black man in small-town Alabama who was wrongfully accused of sexual assault.

unsolicited bid worth more than $40 billion for the social network, saying he wanted to make Twitter a private company and allow people to speak more freely on the service.

She then worked as a staff attorney with the Community Legal Aid Society, where she represented the needy and victims of domestic violence. She moved to a corporate law role at the firm Young Conaway Stargatt and Taylor in 2007, a mainstay in the Delaware legal circuit.

In 2018, she was nominated by John Carney, the governor of Delaware, to serve as vice chancellor on the state’s high court, the Delaware Chancery Court. In 2021, Gov. Carney nominated Ms. McCormick to become the first woman to lead the court.

More than 1.8 million businesses are incorporated in Delaware, including more than two thirds of Fortune 500 companies — and they all look to the court for guidance. When Twitter filed its lawsuit against Mr. Musk in July forcing him to close his acquisition, its case went to Delaware, where the company, like many others, is incorporated.

Judge McCormick, who has first dibs on any proceeding that comes before the court, chose herself of among a court of seven judges to oversee one of the most high profile corporate court battles in years.

At a hearing in September, as lawyers for Mr. Musk argued to delay the trial to take into account new claims from a whistle-blower, she poked at the billionaire’s decision to skip due diligence in his race to sign the deal in April. When Mr. Musk’s lawyer argued it would have been impossible to find out about the whistle-blower before the deal, she interjected, “We’ll never know, will we?” She added that “there was no due diligence.”

wrote in a ruling.

“She evidently was not putting up with any nonsense,” said Lawrence Hamermesh, a professor of law at Delaware Law School.

In October, after weeks of presiding over bruising back and forth arguments between the two sides, Judge McCormick granted Mr. Musk’s requests to put the trial on hold to give him more time to complete his financing for the acquisition. Judge McCormick granted him until Oct. 28 — a three-week delay.

“She had one eye on the clock,” said Brian Quinn, a professor at Boston College Law School, noting the two sides did not seem ready for a trial just two weeks away. “Another eye,” Mr. Quinn said, was “on potential appeals. She is looking forward saying, ‘Well, what if I ruled against Musk, and he appealed, and his appeal is that I pushed him — I rushed him toward the trial when he wanted to close the deal.’”

Judge McCormick is well-versed in trials involving deals with buyers that tried to walk away. As an associate at the law firm Young Conaway Stargatt and Taylor, she worked on cases involving deals that went awry when the stock market crashed in 2008. That included representing the chemical company Huntsman in 2008 when the private equity firm Apollo Global Management scuttled the deal it had struck to combine the chemical company with another it owned.

That deal, and others like it, paved the way for the kinds of contracts Twitter signed with Mr. Musk. Sellers learned how to prevent buyers from trying similar escape hatches. Companies increasingly structure deals with “specific performance” clauses allowing them to force a deal to close.

to follow through with its acquisition of a cake supplier after it argued that the pandemic had materially damaged the business by curbing demand for party cake.

Kohlberg contended it could not complete the deal because its debt financing had fallen apart. Judge McCormick did not buy that argument.

If Mr. Musk does not come through with Twitter’s money by Friday, that could ding his credibility in court, legal experts say. That could matter in November, when Judge McCormick is set to preside over a separate trial involving Mr. Musk and his compensation.

The case, filed in 2018, had originally been assigned to another judge on the Delaware Chancery Court, Joseph R. Slights III, before he retired in January. Judge McCormick picked up the case on Jan. 12, the same month Mr. Musk began to buy up shares of Twitter stock that ultimately led to his planned purchase of the company.

“It’s not ideal for him,” said Ann Lipton, a professor of corporate governance at Tulane Law School, of Mr. Musk’s multiple run-ins with Judge McCormick. “She’s uniquely low drama, which is the opposite of Musk. ”

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Ellington Residential Mortgage REIT Announces Release Date of Third Quarter 2022 Earnings, Conference Call, and Investor Presentation

OLD GREENWICH, Conn.–(BUSINESS WIRE)–Ellington Residential Mortgage REIT (NYSE: EARN) (the “Company”) today announced that it will release financial results for the quarter ended September 30, 2022 after market close on Wednesday, November 9, 2022. The Company will host a conference call to discuss its financial results at 11:00 a.m. Eastern Time on Thursday, November 10, 2022. To participate in the event by telephone, please dial (800) 445-7795 at least 10 minutes prior to the start time and reference the conference code EARNQ322. International callers should dial (785) 424-1789 and reference the same code. The conference call will also be webcast live and can be accessed via the “For Our Shareholders” section of the Company’s website at www.earnreit.com. To listen to the live webcast, please visit www.earnreit.com at least 15 minutes prior to the start of the call to register, download, and install necessary audio software.

A dial-in replay of the conference call will be available on Thursday, November 10, 2022, at approximately 2 p.m. Eastern Time through Thursday, November 17, 2022 at approximately 11:59 p.m. Eastern Time. To access this replay, please dial (800) 925-9539. International callers should dial (402) 220-5389. A replay of the conference call will be archived on the Company’s website at www.earnreit.com.

In connection with the release of financial results, the Company will post an investor presentation to accompany the conference call on its website at www.earnreit.com under “For Our Shareholders—Presentations” after market close on Wednesday, November 9, 2022.

About Ellington Residential Mortgage REIT

Ellington Residential Mortgage REIT is a mortgage real estate investment trust that specializes in acquiring, investing in and managing residential mortgage- and real estate-related assets, with a primary focus on residential mortgage-backed securities for which the principal and interest payments are guaranteed by a U.S. government agency or a U.S. government-sponsored enterprise. Ellington Residential Mortgage REIT is externally managed and advised by Ellington Residential Mortgage Management LLC, an affiliate of Ellington Management Group, L.L.C.

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