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