Exhibit 99.1

Ellington Financial LLC Reports First Quarter 2018 Results
OLD GREENWICH, Connecticut—May 7, 2018
Ellington Financial LLC (NYSE: EFC) today reported financial results for the quarter ended March 31, 2018.
Net income1 of $21.0 million, or $0.67 per basic and diluted share.
Book value per share as of March 31, 2018 of $19.25 on a diluted basis, after payment of a quarterly dividend of $0.41 per share, as compared to book value per share of $18.85 on a diluted basis as of December 31, 2017.
Credit strategy gross income of $25.3 million for the quarter, or $0.81 per share.
Agency strategy gross loss of $(0.3) million for the quarter, or $(0.02) per share.
Net investment income of $10.2 million for the quarter, or $0.32 per share.
Announced a dividend of $0.41 per share for the first quarter of 2018, equating to an annualized dividend yield of 10.8% based on the May 4, 2018 closing price of $15.18 per share; dividends are paid quarterly in arrears.
Repurchased 943,897 common shares during the quarter, or approximately 3.0% of our outstanding common shares as of the beginning of the quarter, at an average price of $14.80 per share.
Debt-to-equity ratio, excluding repo borrowings on U.S. Treasury securities, of 2.62:1 as of March 31, 2018.
First Quarter 2018 Results
"In the first quarter, Ellington Financial had net income, including the full impact of mark-to-market adjustments, of $21.0 million, or $0.67 per share," said Laurence Penn, Chief Executive Officer and President. "We successfully navigated the market volatility this quarter, and are pleased to report that our earnings comfortably covered our dividend. For the quarter we generated a very strong total return of 4.3%, or 18.3% annualized.
"Excellent performance within our Credit portfolio, in both loans and securities, drove the quarter's results. The high yielding, short duration portfolio we brought into the year performed well, as we had significant contributions from our consumer loan, small balance commercial mortgage loan, and European and U.S. non-performing loan strategies. Our investments in mortgage originators also performed extremely well. Finally we were able to take advantage of trading opportunities this quarter, generating strong returns in our CMBS, non-Agency and European non-conforming RMBS, and CLO strategies.
"Similar to the fourth quarter, we supplemented our earnings with book value accretion by repurchasing shares. We bought back about 3% of our outstanding shares in the first quarter, which was accretive to diluted book value by $0.13 per share. Following quarter end, we repurchased an additional 203,004 shares, through May 3, 2018. We expect to continue repurchasing opportunistically while our shares trade at a substantial discount to book value.
"The year is off to a great start for EFC, as we reap the benefits of our larger Credit portfolio. Our Credit portfolio continues to grow, as we continue to capitalize on the robust pipeline of high-yielding loan assets that we have developed. As a direct result of this growth, our net investment income is also growing nicely, and net investment income alone covered about 80% of our dividend this past quarter. Meanwhile, market volatility is generating more opportunities to both add assets at higher yields and generate trading gains, while at the same time underscoring the importance of the credit and interest rate hedges that we use to protect book value. We believe that the current income from our growing loan portfolios, combined with our dynamic hedging strategies, liquidity management, diverse sources of financing, and the relatively short duration of our overall Credit portfolio, position us well for the current higher-volatility market environment."
Market Overview
In March, the Federal Reserve raised the target range for the federal funds rate by 0.25%, to 1.50%–1.75%, its sixth rate increase since December 1, 2015.
In January, and then again in April, the Federal Reserve increased the amount of the tapering of its reinvestments, in line with the schedule it had laid out in September 2017. The tapering of Agency RMBS purchases increased to $8 billion per month in January, and to $12 billion per month in April.
Despite steepening over the first two months of the year, the yield curve finished the quarter flatter than where it started, for the fifth consecutive quarter. The 2-year U.S. Treasury yield rose 38 basis points to end the quarter at 2.27%, while the 10-year U.S. Treasury yield increased 33 basis points to 2.74%; the spread between the 2-year and 10-year tightened to just 47 basis points, as compared to 52 basis points at year-end.

1 Increase (decrease) in shareholders' equity from operations, or "net income (loss)."

The following information was filed by Ellington Financial Llc (EFC) on Monday, May 7, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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