Ellington Financial Declares Monthly Dividend of $0.14 Per Share and Announces Estimated Book Value Per Share of $18.90 as of April 30, 2019

Ellington Financial Inc. (NYSE:EFC) ("Ellington Financial" or the
"Company") today announced that its Board of Directors has declared a
monthly dividend of $0.14 per share, payable on June 25, 2019 to
stockholders of record as of May 31, 2019.

The Company also announced its estimated book value per share of $18.90
as of April 30, 2019. This estimate includes the effect of the
previously announced monthly dividend of $0.14 per share, payable on May
28, 2019 to holders of record on April 30, 2019, with an ex-dividend
date of April 29, 2019.

Cautionary Statements

Estimated book value per share is subject to change upon completion of
the Company's month-end valuation procedures relating to its investment
positions, and any such change could be material. There can be no
assurance that the Company's estimated book value per share as of April
30, 2019 is indicative of what the Company's results are likely to be
for the three or six month periods ending June 30, 2019 or in future
periods, and the Company undertakes no obligation to update or revise
its estimated book value per share prior to issuance of financial
statements for such periods.

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
numerous risks and uncertainties. The Company's actual results may
differ from its beliefs, expectations, estimates, and projections and,
consequently, you should not rely on these forward-looking statements as
predictions of future events. Forward-looking statements are not
historical in nature and can be identified by words such as "believe,"
"expect," "anticipate," "estimate," "project," "plan," "continue,"
"intend," "should," "would," "could," "goal," "objective," "will,"
"may," "seek" or similar expressions or their negative forms, or by
references to strategy, plans, or intentions. Examples of
forward-looking statements in this press release include statements
regarding the Company's intended dividend payment schedule. The
Company's results can fluctuate from month to month and from quarter to
quarter depending on a variety of factors, some of which are beyond the
Company's control and/or are difficult to predict, including, without
limitation, changes in interest rates and the market value of the
Company's securities, changes in mortgage default rates and prepayment
rates, the Company's ability to borrow to finance its assets, changes in
government regulations affecting the Company's business, the Company's
ability to maintain its exclusion from registration under the Investment
Company Act of 1940, the Company’s ability to qualify and maintain its
qualification as a real estate investment trust, or "REIT," and other
changes in market conditions and economic trends. Furthermore,
forward-looking statements are subject to risks and uncertainties,
including, among other things, those described under Item 1A of the
Company's Annual Report on Form 10-K filed on March 14, 2019, which can
be accessed through the Company's website at www.ellingtonfinancial.com
or at the SEC's website (www.sec.gov).
Other risks, uncertainties, and factors that could cause actual results
to differ materially from those projected may be described from time to
time in reports the Company files with the SEC, including reports on
Forms 10-Q, 10-K and 8-K. The Company undertakes no obligation to update
or revise any forward-looking statements, whether as a result of new
information, future events, or otherwise.

This release and the information contained herein do not constitute an
offer of any securities or solicitation of an offer to purchase
securities.

About Ellington Financial

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.

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