Ellington’s existing Series A preferred shares provide just under 8% in dividend yield, but should the company not call them next October, the dividend will float to three-month LIBOR plus 5.196%.

Source: https://seekingalpha.com/article/4573581-ellington-financial-preferred-15-percent-ytc-11-percent-dividend-yield?source=feed_all_articles

For instance, during the fourth quarter, three-month LIBOR increased by approximately 1% to 4.77% at quarter’s end and similarly three-month SOFR increased by approximately 1% to 4.59% at quarter’s end.

Source: https://seekingalpha.com/article/4584400-ofs-capital-ofs-q4-2022-earnings-call-transcript?source=feed_all_articles

There's a -- there's a lag from the higher rates that have rolled through that has it, the companies haven't yet fully paid it because they make elections three months, six month LIBOR and it takes time for that to roll through on a 12 month basis.

Source: https://seekingalpha.com/article/4585824-ares-capital-arcc-rbc-capital-markets-global-financial-institutions-conference-transcript?source=feed_all_articles