Ellington Financial Management LLC (“Ellington” or “the firm”), a U.S. Securities and Exchange Commission (“SEC”) registered investment adviser, is one of several affiliated entities in the Ellington family of companies. This family includes other registered investment advisers: Ellington Management Group, L.L.C., Duke Funding Management, L.L.C., Ellington Global Asset Management, LLC, Ellington Residential Mortgage Management LLC, and Ellington CLO Management LLC, and also includes Ellington Management Group (UK) LLP, a U.K. affiliate authorized by the U.K. Financial Conduct Authority. In addition, certain of Ellington’s principals and executive officers are also principals or executive officers of certain other partnerships or limited liability companies that serve as the general partner or managing member of pooled investment vehicles managed by Ellington Management Group, L.L.C. These principals and executive officers may also be the principals or executive officers of other entities affiliated with Ellington. Please see “Other Financial Industry Activities and Affiliations” below for a further discussion of entities affiliated with Ellington. These entities, together with Ellington and its affiliated registered advisers and their employees, are collectively referred to in this Brochure as the “Ellington Group.” The Ellington Group was formed in December 1994, and Ellington has been in business since 2007. Ellington is owned primarily by Michael Vranos, indirectly through his ownership interest in Ellington’s majority owner, EMG Holdings, L.P. Types of Advisory Services Offered Ellington

provides investment management services to Ellington Financial Inc. (“EFC”), a publicly traded specialty finance company investing primarily in mortgage-related, mortgage- backed, or asset-backed securities and related instruments. The Ellington Group in general provides investment management services to pooled investment vehicles and institutional managed accounts investing primarily in mortgage-related or mortgage-backed securities and related instruments, asset-backed securities, or equity securities. Vehicles and accounts managed by Ellington or other members of the Ellington Group are referred to below as “Clients” or “Client Accounts.” Ellington customarily analyzes securities and markets through the use of proprietary and external computer applications and seeks to mitigate certain risks related to those securities at times through the use of derivative instruments, including swaps, options, forwards, and futures. Ellington offers advice with respect to an extremely broad range of securities, derivatives, and other financial instruments. For further information, EFC shareholders and prospective shareholders should review the prospectus and periodic reports filed by EFC with the Securities and Exchange Commission, which are available through the SEC’s website at http://www.sec.gov/edgar/searchedgar/webusers.htm. Client Assets Under Management Ellington provides discretionary investment advisory services to EFC. As of December 31, 2022, the firm managed Regulatory Assets Under Management (including the effects of leverage) of approximately $15,315,930,000.