Vranos Michael W bought EFC

Footnotes

The shares of common stock ("Common Stock") of Ellington Financial Inc. (the "Issuer") were issued in connection with the incentive fee earned by Ellington Financial Management LLC ("EFM"), the Issuer's external manager, in the second quarter of 2026. The Common Stock was issued pursuant to a management agreement, by and among the Issuer, EFM, and Ellington Financial Operating Partnership LLP ("EFCOP").; Of these 1,129,746 shares of Common Stock, 842,221 shares are owned directly by EMG Holdings, L.P. ("EMGH") and 287,525 shares are directly owned by EFM. VC Investments LLC ("VC") is the general partner of EMGH and the managing member of EFM. Michael W. Vranos is the managing member of, and holds a controlling interest in, VC. Michael W. Vranos and VC together share the power to direct the voting and disposition of common shares held by EMGH and EFM, and may be regarded as the beneficial owners of the common shares. Each of Michael W. Vranos and VC disclaims beneficial ownership of any common shares owned beneficially or of record by each other except to the extent of its or his pecuniary interest therein.