Ellington Financial invests in a diverse array of financial assets, including residential and commercial mortgage-backed securities, residential and commercial mortgage loans, consumer loans and asset-backed securities backed by consumer loans, collateralized loan obligations, non-mortgage and mortgage-related derivatives, equity investments in loan origination companies, and other strategic investments. Ellington Financial is externally managed and advised by Ellington Financial Management LLC, an affiliate of Ellington Management Group, L.L.C. Presentations EFC Third Quarter 2021 Earnings Conference Call Presentation Copyright © 2021 by Ellington Financial Inc. >

Targeted Assets Risk Management Risk management is a cornerstone of Ellington's portfolio management process. Ellington's risk management infrastructure system includes "ELLiN," a proprietary portfolio management system that Ellington uses for all of its accounts, which provides real time and batch reporting to all departments at Ellington, including trading, research, risk management, finance, operations, accounting, and compliance. We benefit from Ellington's comprehensive risk management infrastructure and ongoing assessment of both portfolio and operational risks. In addition, we utilize derivatives and other hedging instruments to opportunistically hedge our credit, interest rate, and foreign currency risk. Copyright © 2021 by Ellington Financial Inc. >

Our Manager Team Ellington Financial is managed by Ellington Financial Management, an affiliate of EMG – a private investment adviser with deep expertise in diversified credit, mortgage and related markets. Ellington Financial Management is a registered investment adviser. Our manager relies on the resources of EMG to support Ellington Financial’s operations. Ellington Financial benefits from EMG’s more than 25-year history of investing in a broad spectrum of fixed income securities and related derivatives. Additionally, EMG supports Ellington Financial operationally through the following functions: Established portfolio management resources for each of the Ellington Financial targeted asset classes Highly analytical investment process and proprietary research, models, and analytics Broad-based deal flow and extensive relationships in the financial community Sophisticated risk management tools and analytics Financial and capital structuring skills Investment surveillance database Operational expertise Management experience through several market cycles For more information on EMG, please visit www.ellington.com Copyright © 2021 by Ellington Financial Inc. >