Ellington投资美股招股说明书(2026-01-26版)

The information in this preliminary prospectus supplement is not complete and may be changed. This preliminary prospectussupplement and the accompanying prospectus are not an offer to sell these securities, and we are not soliciting an offer to buy thesesecurities in any state or other jurisdiction where the offer or sale is not permitted. Filed Pursuant to Rule 424(b)(5)Registration No. 333-292424 PROSPECTUS SUPPLEMENT(To prospectus dated December 23, 2025) 8,775,000Shares of Common Stock We are offering 8,775,000 shares of our common stock, par value $0.001 per share, which we refer to as our “common stock.”Our common stock is listed on the New York Stock Exchange, or NYSE, under the symbol “EFC.” The last reported sale price of ourcommon stock on the NYSE on January 23, 2026 was $13.90 per share. Investing in our common stock involves significant risk. You should carefully read and consider the information referredto under “Risk Factors” on page S-5 of this prospectus supplement, as well as those described in our most recent AnnualReport on Form 10-K, as updated and supplemented from time to time, and in our subsequent Quarterly Reports on Form 10-Q and other information that we file from time to time with the Securities and Exchange Commission. (1)See “Underwriting” for a description of the compensation payable to the underwriters. The underwriters have the option to purchase up to an additional 1,316,250 shares of our common stock from us at the publicoffering price less the underwriting discount, exercisable at any time or from time to time within 30 days after the date of thisprospectus supplement. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved ofthese securities or determined if this prospectus supplement or the accompanying prospectus to which it relates is truthful orcomplete. Any representation to the contrary is a criminal offense. The underwriters expect to deliver the shares on or about, 2026. Goldman Sachs & Co. LLC Morgan Stanley TABLE OF CONTENTS Prospectus Supplement Page ABOUT THIS PROSPECTUS SUPPLEMENTSPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTSWHERE YOU CAN FIND MORE INFORMATIONDOCUMENTS INCORPORATED BY REFERENCESUMMARYTHE OFFERINGRISK FACTORSUSE OF PROCEEDSUNDERWRITINGLEGAL MATTERSEXPERTS Prospectus Page ABOUT THIS PROSPECTUS1SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS2ELLINGTON FINANCIAL INC.3RISK FACTORS5USE OF PROCEEDS6DESCRIPTION OF COMMON STOCK7DESCRIPTION OF PREFERRED STOCK8DESCRIPTION OF STOCKHOLDER RIGHTS17DESCRIPTION OF WARRANTS18DESCRIPTION OF DEBT SECURITIES19DESCRIPTION OF DEPOSITARY SHARES30DESCRIPTION OF UNITS34GLOBAL SECURITIES35CERTAIN PROVISIONS OF DELAWARE LAW AND OUR CERTIFICATE OF INCORPORATION AND BYLAWS36MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS40SELLING SECURITY HOLDERS72LEGAL MATTERS73EXPERTS74WHERE YOU CAN FIND MORE INFORMATION75DOCUMENTS INCORPORATED BY REFERENCE76 You should rely only on the information contained or incorporated by reference in this prospectus supplement, theaccompanying prospectus or any applicable free writing prospectus. We have not, and the underwriters have not, authorizedanyone to provide you with different information. No dealer, salesperson or other person is authorized to give any informationor to represent anything not contained or incorporated by reference in this prospectus supplement, the accompanyingprospectus or any applicable free writing prospectus. If anyone provides you with different, inconsistent or unauthorizedinformation or representations, you must not rely on them. This prospectus supplement and the accompanying prospectus arean offer to sell only the securities offered by these documents and only under circumstances and in jurisdictions where it islawful to do so. The information contained in this prospectus supplement and the accompanying prospectus or incorporated byreference in these documents is current only as of the respective dates of those documents or the dates that are specifiedtherein. Our business, financial condition, results of operations and prospects may have changed since such dates. ABOUT THIS PROSPECTUS SUPPLEMENT This document consists of two parts. The first part is this prospectus supplement, which describes the specific terms of theoffering and also adds to and updates information contained in the accompanying prospectus and information incorporated byreference from filings we make with the U.S. Securities and Exchange Commission, or “SEC,” under the Securities Exchange Act of1934, as amended, or “Exchange Act,” prior to the date hereof. The second part is the accompanying prospectus, which gives moregeneral information. This prospectus supplement does not contain all of the information that may be important to you. You should read theaccompanying prospectus as well as the documents incorporated by reference in this prospectus supplement and the accompanyingprospectus. See “Where You Can Find