Ellington Financial Inc. (NYSE: EFC) announced today that it has commenced an underwritten public offering of 4,200,000 shares of common stock. The Company also expects to grant the underwriters an option for 30 days to purchase up to an additional 630,000 shares of common stock. UBS Securities LLC, Credit Suisse Securities (USA) LLC, BofA Securities, and Keefe Bruyette & Woods, Inc. are acting as joint book-running managers for 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.

The shares of common stock will be offered under the Company's existing shelf registration statement on Form S-3, which was declared effective by the Securities and Exchange Commission on April 3, 2019. The offering is being made only by means of a prospectus supplement and accompanying base prospectus, which will be filed with the Securities and Exchange Commission.