Ellington Financial Declares Monthly Dividend of $0.08 Per Common Share and Announces Estimated Book Value Per Common Share of $14.91 as of April 30, 2020

Ellington Financial Inc. (NYSE: EFC) (the "Company") today announced that its Board of Directors has declared a monthly dividend of $0.08 per common share, payable on June 25, 2020 to stockholders of record as of May 29, 2020.

The Company also announced its estimated book value per common share of $14.91 as of April 30, 2020. This estimate includes the effect of the previously announced monthly dividend of $0.08 per common share, payable on May 26, 2020 to holders of record on April 30, 2020, with an ex-dividend date of April 29, 2020.

Cautionary Statements

Estimated book value per common share is subject to change upon completion of the Company's month-end and quarter-end valuation procedures relating to its investment positions, and any such change could be material (particularly in light of the significant volatility, lack of pricing transparency, and market dislocations that have been caused by the novel coronavirus (COVID-19) pandemic, and associated responses to the pandemic). There can be no assurance that the Company's estimated book value per common share as of April 30, 2020 is indicative of what the Company's results are likely to be for the three- or six-month periods ending June 30, 2020 or in future periods, and the Company undertakes no obligation to update or revise its estimated book value per common share prior to issuance of financial statements for such period. Estimated book value per common share, which is the responsibility of the Company's management, was prepared by the Company's management and is based upon a number of assumptions, including, without limitation, the fair market value of the Company's assets, which may not be reflective of such assets' liquidation value, particularly in light of the significant volatility, lack of pricing transparency, and market dislocations discussed above. Additional adjustments may be identified and could result in material changes to the Company's estimated book value per common share. The Company's independent registered public accounting firm has not audited, reviewed, compiled or performed any procedures with respect to the Company's estimated book value per common share.