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 |
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| 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 |
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