ELLINGTON FINANCIAL INC 1EL REIT

Ellington Financial Inc. is a U.S.-based mortgage real estate investment trust (REIT) that invests primarily in residential and commercial mortgage-related assets, such as mortgage-backed securities and mortgage loans. The Frankfurt/Hamburg ticker 1EL represents this same Ellington Financial Inc. share traded in Germany via a secondary listing, not a separate German REIT. ## Asset identity - Asset name “ELLINGTON FINANCIAL INC 1EL REIT” and symbol 1EL on German venues refer to Ellington Financial Inc., whose primary listing trades on the New York Stock Exchange under the ticker EFC. - Ellington Financial qualifies as a REIT for U.S. federal income tax purposes and focuses on mortgage-related investments rather than owning physical properties like many equity REITs. ## Business profile - The company acquires and manages a portfolio that includes residential mortgage-backed securities (RMBS), commercial mortgage-backed securities, residential and commercial mortgage loans, and other mortgage-related and consumer credit assets. - Its objective is to generate attractive risk-adjusted returns, primarily through net interest income on its investment portfolio and to distribute at least 90% of its taxable income as dividends to maintain REIT status. ## Listing and exchange context - While the main listing is in the U.S. (NYSE: EFC), Ellington Financial is also traded on European exchanges such as Frankfurt with the code 1EL, which is typically what German platforms mirror to Hamburg as well. - These German trades represent the same underlying U.S. share, allowing local investors to access the stock in euros and during European trading hours, but corporate actions and fundamentals are determined by the U.S.-listed company. ## REIT classification - Ellington Financial is categorized as a mortgage REIT, meaning it is mainly exposed to the performance of mortgage and credit markets rather than directly to rental income from owned properties. - Mortgage REITs typically have higher sensitivity to interest rates and funding conditions compared with equity REITs that own and lease physical real estate.