Ellington Financial Inc.Announces Pricing for its Offering of Common Shares


OLD GREENWICH, Connecticut – (COMMERCIAL THREAD) – Ellington Financial Inc. (NYSE: EFC) (“Ellington Financial” or the “Company”) today announced that it has priced a tender offer of 6,000,000 shares ordinary shares at the public price of $ 18.22 per share. The Company has granted the underwriters a 30 day option to purchase up to 900,000 additional common shares. The offer is subject to customary closing conditions and is expected to close on July 9, 2021. Morgan Stanley & Co. LLC, UBS Securities LLC, BofA Securities, Inc., JMP Securities LLC and Keefe Bruyette & Woods, Inc., A Stifel company act as co-bookkeepers for the offer. BTIG, LLC and Piper Sandler & Co. act as co-managers of the offering.

The Company expects to use the net proceeds of the offering to acquire its targeted assets. The Company may also use the net proceeds for working capital and general corporate purposes.

Common shares will be issued under the Company’s existing store registration statement on Form S-3, which was declared effective by the Securities and Exchange Commission on April 9, 2021. The offering is being made only through an accompanying prospectus and base prospectus supplement, which will be filed with the Securities and Exchange Commission. Copies of the Final Prospectus Supplement and accompanying base prospectus relating to the Offer may be obtained from Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014 ; UBS Securities LLC, Attention: Prospectus Department, 1285 Avenue of the Americas, New York, New York 10019, or by phone at (888) 827-7275; or BofA Securities, Inc., NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, Attn .: Prospectus Department; JMP Securities LLC, 600 Montgomery Street, Suite 1100, San Francisco, California 94111, Attention: Prospectus Department, by calling +1 (415) 835-8985; or Keefe, Bruyette & Woods, Inc., A Stifel company at 787 Seventh Avenue, Fourth Floor, New York, NY 10019, by fax at 212-581-1592, or by calling 1-800-966-1559.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the Offered Shares or any other security, nor will there be any sale of such Shares or any other security in a state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or other jurisdiction.

About Ellington Financial

Ellington Financial invests in a wide range of financial assets, including residential and commercial mortgages, residential and commercial mortgage-backed securities, consumer loans, and consumer-backed asset-backed securities. , guaranteed loan bonds, non-mortgage and mortgage derivatives, equity investments in loan origination companies and other strategic investments. Ellington Financial is managed and externally advised by Ellington Financial Management LLC, a subsidiary of Ellington Management Group, LLC

Forward-looking statements

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve many risks and uncertainties. Actual results may differ from the Company’s beliefs, expectations, estimates and projections and, therefore, you should not rely on such forward-looking statements as predictions of future events. Forward-looking statements are not historical in nature and may be identified by words such as “believe”, “expect”, “anticipate”, “estimate”, “plan”, “plan”, “continue”, ” intend “” should “,” would “,” could “,” goal “,” objective “,” will “,” may “,” research “, or similar expressions or their negative forms, or by references to a strategy, plans or intentions. Examples of forward-looking statements in this press release include, without limitation, statements regarding the completion of the offering of common shares of the Company and the intended use of the proceeds. The Company’s results may fluctuate from month to month and quarter to quarter depending on a variety of factors, some of which are beyond the control of the Company and / or are difficult to predict, including, without limited thereto, variations in interest rates and market value. investments of the Company, changes in mortgage default rates and prepayment rates, the ability of the Company to borrow to finance its assets, changes in government regulations affecting the business of the Company, ability of the Company to maintain its exclusion from registration under the Investment Companies Act of 1940, the ability of the Company to maintain its qualification as a real estate investment trust, or “REIT”, of other changes in market conditions and economic trends; and changes resulting from the economic effects of the COVID-19 pandemic and responses associated with the pandemic. Due to known and unknown risks, including the risk that the assumptions on which forward-looking statements are based prove to be incorrect, actual results may differ materially from expectations or projections. No guarantee can be given that the offer discussed above will be carried out under the conditions described or not at all, or that the net proceeds of the offer will be used as indicated. The completion of the Offer under the conditions described, and the application of the net proceeds of the Offer, are subject to numerous possible events, factors, risks and uncertainties, including, among others, those described in Section 1A of the Company’s annual report on Form 10-K filed March 16, 2021, as amended, which can be viewed on the SEC website (www.sec.gov). Other risks, uncertainties and factors that could cause actual results to differ materially from those projected or implied may be described from time to time in reports that the Company files with the SEC, including reports on forms 10-Q, 10-K and 8 -K. The Company assumes no obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise.


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