Ellington Financial LLC Announces Expiration and Final Results of Exchange Offer

OLD GREENWICH, Conn.–(BUSINESS WIRE)–Ellington Financial LLC (NYSE:EFC) announced today the expiration and
final results of its previously announced exchange offer to certain
eligible holders of its outstanding 5.25% Senior Notes due September 1,
2022 (the “Existing Notes”) for up to $86,000,000 of a new issue of
5.50% Senior Notes due September 1, 2022 (the “New Notes”), issued by
the Company’s subsidiaries EF Holdco Inc. and EF Cayman Holdings Ltd.
along with other Company subsidiaries that may be added as issuers, and
guaranteed by the Company.

The Company has been informed by the information agent for the exchange
offer that as of 5:00 p.m., New York City time, on February 6, 2019, all
$86,000,000 of the outstanding principal amount of the Existing Notes
were validly tendered and not validly withdrawn. As a result,
$86,000,000 of New Notes will be issued upon the closing of the exchange
offer, which is expected to occur once all closing conditions are met.

The New Notes have not been registered under the Securities Act, or any
state securities laws and, unless so registered, may not be offered or
sold in the United States except pursuant to an applicable exemption
from the registration requirements of the Securities Act and applicable
state securities laws. The exchange offer was not made to holders of
Existing Notes in any jurisdiction in which the making or acceptance
thereof would not be in compliance with the securities, blue sky or
other laws of such jurisdiction. This press release does not constitute
an offer to sell or the solicitation of an offer to purchase any
securities.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements involve
numerous risks and uncertainties. Actual results may differ from the
Company’s beliefs, expectations, estimates, and projections and,
consequently, you should not rely on these forward-looking statements as
predictions of future events. Forward-looking statements are not
historical in nature and can be identified by words such as “believe,”
“expect,” “anticipate,” “estimate,” “project,” “plan,” “continue,”
“intend,” “should,” “would,” “could,” “goal,” “objective,” “will,”
“may,” “seek,” or similar expressions or their negative forms, or by
references to strategy, plans, or intentions. Examples of
forward-looking statements in this press release include, without
limitation, statements regarding the closing of the exchange offer. The
Company’s results can fluctuate from month to month and from quarter to
quarter depending on a variety of factors, some of which are beyond the
Company’s control and/or are difficult to predict, including, without
limitation, changes in interest rates and the market value of the
Company’s securities, changes in mortgage default rates and prepayment
rates, the Company’s ability to borrow to finance its assets, changes in
government regulations affecting the Company’s business, the Company’s
ability to maintain its exclusion from registration under the Investment
Company Act of 1940; and other changes in market conditions and economic
trends. Furthermore, forward-looking statements are subject to risks and
uncertainties, including, among other things, those described under
Item 1A of the Company’s Annual Report on Form 10-K filed on March 15,
2018 which can be accessed through the Company’s website at www.ellingtonfinancial.com
or at the SEC’s website (www.sec.gov).
Other risks, uncertainties, and factors that could cause actual results
to differ materially from those projected or implied may be described
from time to time in reports the Company’s files with the SEC, including
reports on Forms 10-Q, 10-K and 8-K. The Company undertakes no
obligation to update or revise any forward-looking statements, whether
as a result of new information, future events, or otherwise.

About Ellington Financial LLC

Ellington Financial LLC is a specialty finance company that invests in a
diverse array of financial assets, including residential and commercial
mortgage-backed securities, residential and commercial mortgage loans,
consumer loans and asset-backed securities backed by consumer loans,
collateralized loan obligations, corporate equity and debt securities
(including distressed debt), non-mortgage and mortgage-related
derivatives, equity investments in mortgage-related entities, and other
strategic investments. Ellington Financial LLC is externally managed and
advised by Ellington Financial Management LLC, an affiliate of Ellington
Management Group, L.L.C.

Contacts

Investors:
Ellington Financial LLC
Investor Relations,
203-409-3575
[email protected].com
or
Media:
Gasthalter
& Co., for Ellington Financial LLC
Amanda Klein / Kevin
FitzGerald, 212-257-4170
[email protected]

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