Exhibit 21.1

List of Subsidiaries of Ellington Financial Inc.

Subsidiary Name		State of Incorporation or Organization
EF Mortgage LLC		Delaware
EF Securities LLC		Delaware
EF CMO LLC		Delaware
Ellington Financial Operating Partnership LLC		Delaware
EF Corporate Holdings LLC		Delaware
EF MBS/ABS Holdings LLC		Delaware
EFQ LLC		Delaware
EF SBC 2013-1 LLC		Delaware
EF Holdco Inc.		Delaware
EF Cayman Holdings Ltd.		Cayman Islands
EF SBC 2013-1 REO Holdings LLC		Delaware
EF CH LLC		Delaware
Ellington Financial REIT		Maryland
EF Residential Loans LLC		Delaware
EF SBC 2015-2 LLC		Delaware
Ellington Financial REIT TRS LLC		Delaware
EF SBC 2015-1 LLC		Delaware
EF CH2 LLC		Delaware
EF CH3 LLC		Delaware
EF CH4 LLC		Delaware
EF NM 2015-1 LLC		Delaware
EF SBC 2016-1 LLC		Delaware
EF Holdco WRE Assets LLC		Delaware
EF Holdco RER Assets LLC		Delaware
EF Holdco AL Assets LLC		Delaware
EF Titan SBC 2016-1 LLC		Delaware
EF SBC FM Holdings LLC		Delaware
EF Edgewood SBC 2016-1 LLC		Delaware
EF Edgewood SBC 2018-1 LLC		Delaware
EF Mortgage Depositor LLC		Delaware
EF Mortgage Depositor II LLC		Delaware
EF Mortgage Depositor III LLC		Delaware
EF Holdco WRE Assets REO LLC		Delaware
Ellington Financial REIT Cayman Ltd.		Cayman Islands
Ellington Financial REIT QLH LLC		Delaware
Armstrong Securities Holdings LLC		Delaware
Armstrong Securities LLC		Connecticut
EF Cayman Non-MTM Ltd.		Cayman Islands
EF CH 5 LLC		Delaware
EF GS 2017-OPTN LLC		Delaware
EF Holdco WRE Servicing LLC		Delaware
EF MS 2017-RKT LLC		Delaware
EF PW 2019-SENS LLC		Delaware
EF Titan SBC 2016-1 REO 391628 LLC		Delaware
EFC Loan Depositor 2017-1 LLC		Delaware
EFMT 2022-4 JV LLC		Delaware
EFMT Depositor LLC		Delaware
EFMT Holdings LLC		Delaware
EFMT Sponsor LLC		Delaware
EFM Transfer Agent LLC		Delaware
Longbridge Financial, LLC		Delaware
LendSure Mortgage Corp.		Delaware
EF Merger Sub Inc.		Virginia
EF Acquisition I LLC		Maryland