As previously disclosed, in connection with its merger with Arlington Asset Investment Corp. (?AAIC?), Ellington Financial Inc. (the ?Company?) agreed to increase the size of its board of directors by one member, with AAIC subsequently designating J. Rock Tonkel, Jr. as the additional board member. Notwithstanding the previous disclosures and prior agreements, on January 11, 2024, Mr. Tonkel has, after careful consideration, declined to serve as a director of the Company in order to pursue other opportunities.

Mr. Tonkel's decision was not the result of any matter relating to the Company's operations, policies or practices. As a result, the Company will not be increasing the size of its board of directors.