EARN

SEC source: 0001628280-26-000464 · wk-form4_1767648183.xml · nonDerivative · entry 1

Smernoff Chris · CIK 0001732958 · Chief Financial Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 24,746

F1 · kind: On December 31, 2025, Ellington Credit Company (the "Issuer") withheld 2,468 common shares of beneficial interest (the "Common Shares") of the Issuer from Mr. Smernoff for payment of the tax liability incident to the vesting of Common Shares granted by the Issuer pursuant to the terms of the Issuer's now-dissolved 2023 Equity Incentive Plan.

SEC source: 0001628280-26-000459 · wk-form4_1767648138.xml · nonDerivative · entry 1

Herlihy John · CIK 0001734053 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 51,859

F1 · kind: On December 31, 2025, Ellington Credit Company (the "Issuer") withheld 5,235 common shares of beneficial interest (the "Common Shares") of the Issuer from Mr. Herlihy for payment of the tax liability incident to the vesting of Common Shares granted by the Issuer pursuant to the terms of the Issuer's now-dissolved 2023 Equity Incentive Plan.

SEC source: 0001628280-25-043737 · wk-form4_1759436880.xml · nonDerivative · entry 1

Borenstein Gregory Morris · CIK 0002063866 · Portfolio Manager

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 25,000

SEC source: 0001628280-25-043740 · wk-form4_1759436944.xml · nonDerivative · entry 1

SIMON RONALD I · CIK 0001060435 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 24,297

F1 · balance_after: Excludes 14,472 common shares previously owned directly which were transferred to the Simon Family Trust (the "Trust") on September 12, 2025.

SEC source: 0001560672-25-000086 · wk-form4_1757450988.xml · nonDerivative · entry 1

Borenstein Gregory Morris · CIK 0002063866 · Portfolio Manager

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 22,000

SEC source: 0001560672-25-000044 · wk-form4_1744315279.xml · nonDerivative · entry 1

Borenstein Gregory Morris · CIK 0002063866 · Portfolio Manager

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 18,000

SEC source: 0001560672-25-000002 · wk-form4_1735854764.xml · nonDerivative · entry 1

Smernoff Chris · CIK 0001732958 · Chief Financial Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 27,214

F1 · kind: On December 31, 2024, Ellington Credit Company (the "Issuer") withheld 1,318 common shares of beneficial interest (the "Common Shares") of the Issuer from Mr. Smernoff for payment of the tax liability incident to the vesting of Common Shares granted by the Issuer pursuant to the terms of the Issuer's Equity Incentive Plans.

SEC source: 0001560672-25-000004 · wk-form4_1735854868.xml · nonDerivative · entry 1

Herlihy John · CIK 0001734053 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 57,094

F1 · kind: On December 31, 2024, Ellington Credit Company (the "Issuer") withheld 2,845 common shares of beneficial interest (the "Common Shares") of the Issuer from Mr. Herlihy for payment of the tax liability incident to the vesting of Common Shares granted by the Issuer pursuant to the terms of the Issuer's Equity Incentive Plans.

SEC source: 0001560672-24-000168 · wk-form4_1734735894.xml · nonDerivative · entry 1

Smernoff Chris · CIK 0001732958 · Chief Financial Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 28,532

F1 · shares: The common shares of beneficial interest (the "Common Shares") were granted to the Reporting Person as the Company's Chief Financial Officer, under the Ellington Credit Company 2023 Equity Incentive Plan. 5,663 of the Common Shares will vest, subject to certain limitations, on December 12, 2025, and the remaining 2,332 of the Common Shares will vest, subject to certain limitations, on December 12, 2026.

F2 · balance_after: 2,216 of these Common Shares will vest, subject to certain limitations, on December 14, 2025.

SEC source: 0001560672-24-000166 · wk-form4_1734735774.xml · nonDerivative · entry 1

Herlihy John · CIK 0001734053 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 59,939

F1 · shares: The common shares of beneficial interest (the "Common Shares") were granted to the Reporting Person as the Company's Chief Operating Officer, under the Ellington Credit Company 2023 Equity Incentive Plan. 11,687 of the Common Shares will vest, subject to certain limitations, on December 12, 2025, and the remaining 12,659 of the Common Shares will vest, subject to certain limitations, on December 12, 2026.

F2 · balance_after: 5,020 of these Common Shares will vest, subject to certain limitations, on December 14, 2025.

SEC source: 0001560672-24-000102 · wk-form4_1726262301.xml · nonDerivative · entry 1

SIMON RONALD I · CIK 0001060435 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 28,233

F1 · price: The common shares of beneficial interest (the "Common Shares") were granted to the Reporting Person as an independent trustee under the Ellington Credit Company 2023 Equity Incentive Plan. 8,684 of the Common Shares vested immediately upon their granting and 5,788 of the Common Shares will vest, subject to certain limitations, on the day following the day that shareholders of Ellington Credit Company (the "Company") approve certain proposals put forward by the Company at its 2024 annual meeting of shareholders that would allow the Company to convert to a registered closed-end fund.

F2 · balance_after: Excludes 8,230 common shares previously owned directly which were transferred to the Simon Family Trust (the "Trust") on September 13, 2024.

SEC source: 0001560672-24-000098 · wk-form4_1726262144.xml · nonDerivative · entry 1

Allardice Robert B. III · CIK 0001446359 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 55,703

F1 · price: The common shares of beneficial interest (the "Common Shares") were granted to the Reporting Person as an independent trustee under the Ellington Credit Company 2023 Equity Incentive Plan. 8,684 of the Common Shares vested immediately upon their granting and 5,788 of the Common Shares will vest, subject to certain limitations, on the day following the day that shareholders of Ellington Credit Company (the "Company") approve certain proposals put forward by the Company at its 2024 annual meeting of shareholders that would allow the Company to convert to a registered closed-end fund.

SEC source: 0001560672-24-000100 · wk-form4_1726262201.xml · nonDerivative · entry 1

Miller David · CIK 0001577126 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 65,703

F1 · price: The common shares of beneficial interest (the "Common Shares") were granted to the Reporting Person as an independent trustee under the Ellington Credit Company 2023 Equity Incentive Plan. 8,684 of the Common Shares vested immediately upon their granting and 5,788 of the Common Shares will vest, subject to certain limitations, on the day following the day that shareholders of Ellington Credit Company (the "Company") approve certain proposals put forward by the Company at its 2024 annual meeting of shareholders that would allow the Company to convert to a registered closed-end fund.

SEC source: 0001560672-24-000096 · wk-form4_1726262071.xml · nonDerivative · entry 1

McBride Mary E · CIK 0001732673 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 33,667

F1 · price: The common shares of beneficial interest (the "Common Shares") were granted to the Reporting Person as an independent trustee under the Ellington Credit Company 2023 Equity Incentive Plan. 8,684 of the Common Shares vested immediately upon their granting and 5,788 of the Common Shares will vest, subject to certain limitations, on the day following the day that shareholders of Ellington Credit Company (the "Company") approve certain proposals put forward by the Company at its 2024 annual meeting of shareholders that would allow the Company to convert to a registered closed-end fund.

SEC source: 0001560672-24-000004 · wk-form4_1704233055.xml · nonDerivative · entry 1

Smernoff Chris · CIK 0001732958 · Chief Financial Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 20,537

F1 · kind: On December 29, 2023, Ellington Residential Mortgage REIT (the "Issuer") withheld 1,210 common shares of beneficial interest (the "Common Shares") of the Issuer from Mr. Smernoff for payment of the tax liability incident to the vesting of Common Shares granted by the Issuer pursuant to the terms of the Issuer's 2013 Equity Incentive Plan.

SEC source: 0001560672-24-000002 · wk-form4_1704232933.xml · nonDerivative · entry 1

Herlihy John · CIK 0001734053 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 35,593

F1 · kind: On December 29, 2023, Ellington Residential Mortgage REIT (the "Issuer") withheld 2,488 common shares of beneficial interest (the "Common Shares") of the Issuer from Mr. Herlihy for payment of the tax liability incident to the vesting of Common Shares granted by the Issuer pursuant to the terms of the Issuer's 2013 Equity Incentive Plan.

SEC source: 0001628280-23-041838 · wk-form4_1702946652.xml · nonDerivative · entry 1

Smernoff Chris · CIK 0001732958 · Chief Financial Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 21,747

F1 · shares: The common shares of beneficial interest (the "Common Shares") were granted to the Reporting Person as the Company's Chief Financial Officer, under the Ellington Residential Mortgage REIT 2023 Equity Incentive Plan. 2,217 of the Common Shares will vest, subject to certain limitations, on December 14, 2024, and the remaining 2,216 of the Common Shares will vest, subject to certain limitations, on December 14, 2025.

F2 · balance_after: 1,994 of these Common Shares will vest, subject to certain limitations, on December 15, 2024.

SEC source: 0001628280-23-041837 · wk-form4_1702946621.xml · nonDerivative · entry 1

Herlihy John · CIK 0001734053 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 38,081

F1 · shares: The common shares of beneficial interest (the "Common Shares") were granted to the Reporting Person as the Company's Chief Operating Officer, under the Ellington Residential Mortgage REIT 2023 Equity Incentive Plan. 5,020 of the Common Shares will vest, subject to certain limitations, on December 14, 2024, and the remaining 5,020 of the Common Shares will vest, subject to certain limitations, on December 14, 2025.

F2 · balance_after: 4,061 of these Common Shares will vest, subject to certain limitations, on December 15, 2024.

SEC source: 0001560672-23-000071 · wk-form4_1694809651.xml · nonDerivative · entry 1

SIMON RONALD I · CIK 0001060435 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 21,991

F1 · price: The common shares of beneficial interest (the "Common Shares") were granted to the Reporting Person as an independent trustee under the Ellington Residential Mortgage REIT 2023 Equity Incentive Plan. The Common Shares will vest, subject to certain limitations, on September 12, 2024.

F2 · balance_after: Excludes 6,761 common shares previously owned directly which were transferred to the Simon Family Trust (the "Trust") on September 14, 2023.

SEC source: 0001560672-23-000067 · wk-form4_1694809321.xml · nonDerivative · entry 1

Allardice Robert B. III · CIK 0001446359 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 41,231

F1 · price: The common shares of beneficial interest (the "Common Shares") were granted to the Reporting Person as an independent trustee under the Ellington Residential Mortgage REIT 2023 Equity Incentive Plan. The Common Shares will vest, subject to certain limitations, on September 12, 2024.

SEC source: 0001560672-23-000069 · wk-form4_1694809434.xml · nonDerivative · entry 1

Miller David · CIK 0001577126 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 51,231

F1 · price: The common shares of beneficial interest (the "Common Shares") were granted to the Reporting Person as an independent trustee under the Ellington Residential Mortgage REIT 2023 Equity Incentive Plan. The Common Shares will vest, subject to certain limitations, on September 12, 2024.

SEC source: 0001560672-23-000065 · wk-form4_1694809195.xml · nonDerivative · entry 1

McBride Mary E · CIK 0001732673 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 19,195

F1 · price: The common shares of beneficial interest (the "Common Shares") were granted to the Reporting Person as an independent trustee under the Ellington Residential Mortgage REIT 2023 Equity Incentive Plan. The Common Shares will vest, subject to certain limitations, on September 12, 2024.

SEC source: 0001628280-23-000553 · wf-form4_167300837092614.xml · nonDerivative · entry 1

Smernoff Chris · CIK 0001732958 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 17,314

F1 · kind: On January 4, 2023, Ellington Residential Mortgage REIT (the "Issuer") withheld 1,008 common shares of beneficial interest (the "Common Shares") of the Issuer from Mr. Smernoff for payment of the tax liability incident to the vesting of Common Shares granted by the Issuer pursuant to the terms of the Issuer's 2013 Equity Incentive Plan.

SEC source: 0001628280-23-000552 · wf-form4_167300827153951.xml · nonDerivative · entry 1

Herlihy John · CIK 0001734053 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 28,041

F1 · kind: On January 4, 2023, Ellington Residential Mortgage REIT (the "Issuer") withheld 2,100 common shares of beneficial interest (the "Common Shares") of the Issuer from Mr. Herlihy for payment of the tax liability incident to the vesting of Common Shares granted by the Issuer pursuant to the terms of the Issuer's 2013 Equity Incentive Plan.

SEC source: 0001628280-22-032207 · wf-form4_167148412296451.xml · nonDerivative · entry 1

Smernoff Chris · CIK 0001732958 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 18,322

F1 · shares: The common shares of beneficial interest (the "Common Shares") were granted to the Reporting Person as the Company's Chief Financial Officer, under the Ellington Residential Mortgage REIT 2013 Equity Incentive Plan. 1,995 of the Common Shares will vest, subject to certain limitations, on December 15, 2023, and the remaining 1,994 of the Common Shares will vest, subject to certain limitations, on December 15, 2024.

F2 · balance_after: 1,766 of these Common Shares will vest, subject to certain limitations, on December 16, 2023.

SEC source: 0001628280-22-032208 · wf-form4_167148414059185.xml · nonDerivative · entry 1

Herlihy John · CIK 0001734053 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 30,141

F1 · shares: The common shares of beneficial interest (the "Common Shares") were granted to the Reporting Person as the Company's Chief Operating Officer, under the Ellington Residential Mortgage REIT 2013 Equity Incentive Plan. 4,061 of the Common Shares will vest, subject to certain limitations, on December 15, 2023, and the remaining 4,061 of the Common Shares will vest, subject to certain limitations, on December 15, 2024.

F2 · balance_after: 3,883 of these Common Shares will vest, subject to certain limitations, on December 16, 2023.

SEC source: 0001628280-22-024990 · wf-form4_166327222492459.xml · nonDerivative · entry 1

SIMON RONALD I · CIK 0001060435 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 20,522

F1 · price: The common shares of beneficial interest (the "Common Shares") were granted to the Reporting Person as an independent trustee under the Ellington Residential Mortgage REIT 2013 Equity Incentive Plan. The Common Shares will vest, subject to certain limitations, on September 12, 2023.

F2 · balance_after: Excludes 4,204 common shares previously owned directly which were transferred to the Simon Family Trust (the "Trust") on September 14, 2022.

SEC source: 0001628280-22-024986 · wf-form4_166327216052527.xml · nonDerivative · entry 1

Allardice Robert B. III · CIK 0001446359 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 33,001

F1 · price: The common shares of beneficial interest (the "Common Shares") were granted to the Reporting Person as an independent trustee under the Ellington Residential Mortgage REIT 2013 Equity Incentive Plan. The Common Shares will vest, subject to certain limitations, on September 12, 2023.

SEC source: 0001628280-22-024987 · wf-form4_166327218146576.xml · nonDerivative · entry 1

McBride Mary E · CIK 0001732673 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,965

F1 · price: The common shares of beneficial interest (the "Common Shares") were granted to the Reporting Person as an independent trustee under the Ellington Residential Mortgage REIT 2013 Equity Incentive Plan. The Common Shares will vest, subject to certain limitations, on September 12, 2023.

SEC source: 0001628280-22-024989 · wf-form4_166327220461970.xml · nonDerivative · entry 1

Miller David · CIK 0001577126 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 43,001

F1 · price: The common shares of beneficial interest (the "Common Shares") were granted to the Reporting Person as an independent trustee under the Ellington Residential Mortgage REIT 2013 Equity Incentive Plan. The Common Shares will vest, subject to certain limitations, on September 12, 2023.

SEC source: 0001628280-21-025397 · wf-form4_164003473127223.xml · nonDerivative · entry 1

Smernoff Chris · CIK 0001732958 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 14,333

F1 · shares: The common shares of beneficial interest (the "Common Shares") were granted to the Reporting Person as the Company's Chief Financial Officer, under the Ellington Residential Mortgage REIT 2013 Equity Incentive Plan. 1,766 of the Common Shares will vest, subject to certain limitations, on December 16, 2022, and the remaining 1,766 of the Common Shares will vest, subject to certain limitations, on December 16, 2023.

F2 · balance_after: 1,517 of these Common Shares will vest, subject to certain limitations, on December 17, 2022.

SEC source: 0001628280-21-025398 · wf-form4_164003474703170.xml · nonDerivative · entry 1

Herlihy John · CIK 0001734053 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 22,019

F1 · shares: The common shares of beneficial interest (the "Common Shares") were granted to the Reporting Person as the Company's Chief Operating Officer, under the Ellington Residential Mortgage REIT 2013 Equity Incentive Plan. 3,884 of the Common Shares will vest, subject to certain limitations, on December 16, 2022, and the remaining 3,883 of the Common Shares will vest, subject to certain limitations, on December 16, 2023.

F2 · balance_after: 2,935 of these Common Shares will vest, subject to certain limitations, on December 17, 2022.

SEC source: 0001628280-21-018686 · wf-form4_163173647784707.xml · nonDerivative · entry 1

SIMON RONALD I · CIK 0001060435 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 17,965

F1 · price: The common shares of beneficial interest (the "Common Shares") were granted to the Reporting Person as an independent trustee under the Ellington Residential Mortgage REIT 2013 Equity Incentive Plan. The Common Shares will vest, subject to certain limitations, on September 13, 2022.

F2 · balance_after: Excludes 3,755 common shares previously owned directly which were transferred to the Simon Family Trust (the "Trust") on September 14, 2021.

SEC source: 0001628280-21-018690 · wf-form4_163173653832372.xml · nonDerivative · entry 1

Allardice Robert B. III · CIK 0001446359 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 26,240

F1 · price: The common shares of beneficial interest (the "Common Shares") were granted to the Reporting Person as an independent trustee under the Ellington Residential Mortgage REIT 2013 Equity Incentive Plan. The Common Shares will vest, subject to certain limitations, on September 13, 2022.

SEC source: 0001628280-21-018689 · wf-form4_163173651936002.xml · nonDerivative · entry 1

Miller David · CIK 0001577126 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 36,240

F1 · price: The common shares of beneficial interest (the "Common Shares") were granted to the Reporting Person as an independent trustee under the Ellington Residential Mortgage REIT 2013 Equity Incentive Plan. The Common Shares will vest, subject to certain limitations, on September 13, 2022.

SEC source: 0001628280-21-018688 · wf-form4_163173650226636.xml · nonDerivative · entry 1

McBride Mary E · CIK 0001732673 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,204

F1 · price: The common shares of beneficial interest (the "Common Shares") were granted to the Reporting Person as an independent trustee under the Ellington Residential Mortgage REIT 2013 Equity Incentive Plan. The Common Shares will vest, subject to certain limitations, on September 13, 2022.

SEC source: 0000899243-21-025106 · doc4.xml · nonDerivative · entry 1

Blackstone Holdings III L.P. · CIK 0001404073 · 10% owner

Blackstone Tactical Opportunities EARN Holdings L.L.C. · CIK 0001575483 · 10% owner

BTO EARN Manager L.L.C. · CIK 0001575479 · 10% owner

BTOA L.L.C. · CIK 0001575478 · 10% owner

Blackstone Holdings III GP L.P. · CIK 0001478809 · 10% owner

Blackstone Holdings III GP Management L.L.C. · CIK 0001478815 · 10% owner

Blackstone Group Inc · CIK 0001393818 · 10% owner

Blackstone Group Management L.L.C. · CIK 0001404071 · 10% owner

SCHWARZMAN STEPHEN A · CIK 0001070844 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 628,578

F1 · price: This amount represents the $13.20 public offering price per common share of beneficial interest, $0.01 par value per share ("Common Shares") of the Issuer, less the underwriting discount of $0.40 per share.

F2 · ownership.nature: These shares represent Common Shares that are directly held by Blackstone Tactical Opportunities EARN Holdings L.L.C. ("EARN Holdings").

F3 · ownership.nature: BTO EARN Manager L.L.C. is the managing member of EARN Holdings. BTOA L.L.C. is the sole member of BTO EARN Manager L.L.C. Blackstone Holdings III L.P. is the managing member of BTOA L.L.C. The general partner of Blackstone Holdings III L.P. is Blackstone Holdings III GP L.P.

F4 · ownership.nature: The general partner of Blackstone Holdings III GP L.P. is Blackstone Holdings III GP Management L.L.C. The sole member of Blackstone Holdings III GP Management L.L.C. is The Blackstone Group Inc. The sole holder of the Series II preferred stock of The Blackstone Group Inc. is Blackstone Group Management L.L.C. Blackstone Group Management L.L.C. is wholly owned by Blackstone's senior managing directors and controlled by its founder, Stephen A. Schwarzman.

F5 · ownership.nature: Each of such Blackstone entities and Mr. Schwarzman may be deemed to beneficially own the shares beneficially owned by EARN Holdings directly or indirectly controlled by it or him, but each (other than EARN Holdings to the extent of its direct holdings) disclaims beneficial ownership of such shares, except to the extent of such Reporting Person's pecuniary interest therein. The filing of this statement shall not be deemed to be an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise, the Reporting Persons are the beneficial owners of any securities reported herein.

SEC source: 0001628280-20-017683 · wf-form4_160858501604876.xml · nonDerivative · entry 1

Smernoff Chris · CIK 0001732958 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,801

F1 · shares: The common shares of beneficial interest (the "Common Shares") were granted to the Reporting Person as the Company's Chief Financial Officer, under the Ellington Residential Mortgage REIT 2013 Equity Incentive Plan. 1,518 of the Common Shares will vest, subject to certain limitations, on December 17, 2021, and the remaining 1,517 of the Common Shares will vest, subject to certain limitations, on December 17, 2022.

F2 · balance_after: 1,414 of these Common Shares will vest, subject to certain limitations, on December 13, 2021.

SEC source: 0001628280-20-017684 · wf-form4_160858503292417.xml · nonDerivative · entry 1

Herlihy John · CIK 0001734053 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 14,252

F1 · shares: The common shares of beneficial interest (the "Common Shares") were granted to the Reporting Person as the Company's Chief Operating Officer, under the Ellington Residential Mortgage REIT 2013 Equity Incentive Plan. 2,936 of the Common Shares will vest, subject to certain limitations, on December 17, 2021, and the remaining 2,935 of the Common Shares will vest, subject to certain limitations, on December 17, 2022.

F2 · balance_after: 2,254 of these Common Shares will vest, subject to certain limitations, on December 13, 2021.

SEC source: 0001628280-20-013557 · wf-form4_160011395141876.xml · nonDerivative · entry 1

SIMON RONALD I · CIK 0001060435 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 17,516

F1 · price: The common shares of beneficial interest (the "Common Shares") were granted to the Reporting Person as an independent trustee under the Ellington Residential Mortgage REIT 2013 Equity Incentive Plan. The Common Shares will vest, subject to certain limitations, on September 9, 2021.

F2 · balance_after: Excludes 3,756 common shares previously owned directly which were transferred to the Simon Family Trust (the "Trust") on September 11, 2020.

SEC source: 0001628280-20-013555 · wf-form4_160011391883348.xml · nonDerivative · entry 1

Allardice Robert B. III · CIK 0001446359 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 22,036

F1 · price: The common shares of beneficial interest (the "Common Shares") were granted to the Reporting Person as an independent trustee under the Ellington Residential Mortgage REIT 2013 Equity Incentive Plan. The Common Shares will vest, subject to certain limitations, on September 9, 2021.

SEC source: 0001628280-20-013558 · wf-form4_160011396642231.xml · nonDerivative · entry 1

ROBARDS THOMAS F · CIK 0001185488 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 22,036

F1 · price: The common shares of beneficial interest (the "Common Shares") were granted to the Reporting Person as an independent trustee under the Ellington Residential Mortgage REIT 2013 Equity Incentive Plan. The Common Shares will vest, subject to certain limitations, on September 9, 2021.

SEC source: 0001628280-20-013556 · wf-form4_160011393494494.xml · nonDerivative · entry 1

Miller David · CIK 0001577126 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 32,036

F1 · price: The common shares of beneficial interest (the "Common Shares") were granted to the Reporting Person as an independent trustee under the Ellington Residential Mortgage REIT 2013 Equity Incentive Plan. The Common Shares will vest, subject to certain limitations, on September 9, 2021.

SEC source: 0000899243-20-016601 · doc4.xml · nonDerivative · entry 3

Blackstone Holdings III L.P. · CIK 0001404073 · 10% owner

Blackstone Tactical Opportunities EARN Holdings L.L.C. · CIK 0001575483 · 10% owner

BTO EARN Manager L.L.C. · CIK 0001575479 · 10% owner

BTOA L.L.C. · CIK 0001575478 · 10% owner

Blackstone Holdings III GP L.P. · CIK 0001478809 · 10% owner

Blackstone Holdings III GP Management L.L.C. · CIK 0001478815 · 10% owner

Blackstone Group Inc · CIK 0001393818 · 10% owner

Blackstone Group Management L.L.C. · CIK 0001404071 · 10% owner

SCHWARZMAN STEPHEN A · CIK 0001070844 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 3,303,578

F2 · ownership.nature: These shares represent common shares of beneficial interest, $0.01 par value per share ("Common Shares") of the Issuer that are directly held by Blackstone Tactical Opportunities EARN Holdings L.L.C. ("EARN Holdings").

F3 · ownership.nature: BTO EARN Manager L.L.C. is the managing member of EARN Holdings. BTOA L.L.C. is the sole member of BTO EARN Manager L.L.C. Blackstone Holdings III L.P. is the managing member of BTOA L.L.C. The general partner of Blackstone Holdings III L.P. is Blackstone Holdings III GP L.P.

F4 · ownership.nature: The general partner of Blackstone Holdings III GP L.P. is Blackstone Holdings III GP Management L.L.C. The sole member of Blackstone Holdings III GP Management L.L.C. is The Blackstone Group Inc. (f/k/a The Blackstone Group L.P.). The sole holder of the Class C common stock of The Blackstone Group Inc. is Blackstone Group Management L.L.C. Blackstone Group Management L.L.C. is wholly owned by Blackstone's senior managing directors and controlled by its founder, Stephen A. Schwarzman. As a result of his control of Blackstone Group Management L.L.C., Mr. Schwarzman may be deemed to have voting and investment power with respect to the Common Shares held by EARN Holdings.

F5 · ownership.nature: Each of such Blackstone entities and Mr. Schwarzman may be deemed to beneficially own the shares beneficially owned by EARN Holdings directly or indirectly controlled by it or him, but each (other than EARN Holdings to the extent of its direct holdings) disclaims beneficial ownership of such shares, except to the extent of such Reporting Person's pecuniary interest therein. The filing of this statement shall not be deemed to be an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise, the Reporting Persons are the beneficial owners of any securities reported herein.

SEC source: 0000899243-20-016601 · doc4.xml · nonDerivative · entry 2

Blackstone Holdings III L.P. · CIK 0001404073 · 10% owner

Blackstone Tactical Opportunities EARN Holdings L.L.C. · CIK 0001575483 · 10% owner

BTO EARN Manager L.L.C. · CIK 0001575479 · 10% owner

BTOA L.L.C. · CIK 0001575478 · 10% owner

Blackstone Holdings III GP L.P. · CIK 0001478809 · 10% owner

Blackstone Holdings III GP Management L.L.C. · CIK 0001478815 · 10% owner

Blackstone Group Inc · CIK 0001393818 · 10% owner

Blackstone Group Management L.L.C. · CIK 0001404071 · 10% owner

SCHWARZMAN STEPHEN A · CIK 0001070844 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 3,303,378

F6 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions ranging from $10.14 to $10.25, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth above.

F2 · ownership.nature: These shares represent common shares of beneficial interest, $0.01 par value per share ("Common Shares") of the Issuer that are directly held by Blackstone Tactical Opportunities EARN Holdings L.L.C. ("EARN Holdings").

F3 · ownership.nature: BTO EARN Manager L.L.C. is the managing member of EARN Holdings. BTOA L.L.C. is the sole member of BTO EARN Manager L.L.C. Blackstone Holdings III L.P. is the managing member of BTOA L.L.C. The general partner of Blackstone Holdings III L.P. is Blackstone Holdings III GP L.P.

F4 · ownership.nature: The general partner of Blackstone Holdings III GP L.P. is Blackstone Holdings III GP Management L.L.C. The sole member of Blackstone Holdings III GP Management L.L.C. is The Blackstone Group Inc. (f/k/a The Blackstone Group L.P.). The sole holder of the Class C common stock of The Blackstone Group Inc. is Blackstone Group Management L.L.C. Blackstone Group Management L.L.C. is wholly owned by Blackstone's senior managing directors and controlled by its founder, Stephen A. Schwarzman. As a result of his control of Blackstone Group Management L.L.C., Mr. Schwarzman may be deemed to have voting and investment power with respect to the Common Shares held by EARN Holdings.

F5 · ownership.nature: Each of such Blackstone entities and Mr. Schwarzman may be deemed to beneficially own the shares beneficially owned by EARN Holdings directly or indirectly controlled by it or him, but each (other than EARN Holdings to the extent of its direct holdings) disclaims beneficial ownership of such shares, except to the extent of such Reporting Person's pecuniary interest therein. The filing of this statement shall not be deemed to be an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise, the Reporting Persons are the beneficial owners of any securities reported herein.

SEC source: 0000899243-20-016601 · doc4.xml · nonDerivative · entry 1

Blackstone Holdings III L.P. · CIK 0001404073 · 10% owner

Blackstone Tactical Opportunities EARN Holdings L.L.C. · CIK 0001575483 · 10% owner

BTO EARN Manager L.L.C. · CIK 0001575479 · 10% owner

BTOA L.L.C. · CIK 0001575478 · 10% owner

Blackstone Holdings III GP L.P. · CIK 0001478809 · 10% owner

Blackstone Holdings III GP Management L.L.C. · CIK 0001478815 · 10% owner

Blackstone Group Inc · CIK 0001393818 · 10% owner

Blackstone Group Management L.L.C. · CIK 0001404071 · 10% owner

SCHWARZMAN STEPHEN A · CIK 0001070844 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 3,288,745

F1 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions ranging from $9.74 to $10.20, inclusive. The Reporting Persons undertake to provide to Ellington Residential Mortgage REIT (the "Issuer"), any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth above.

F2 · ownership.nature: These shares represent common shares of beneficial interest, $0.01 par value per share ("Common Shares") of the Issuer that are directly held by Blackstone Tactical Opportunities EARN Holdings L.L.C. ("EARN Holdings").

F3 · ownership.nature: BTO EARN Manager L.L.C. is the managing member of EARN Holdings. BTOA L.L.C. is the sole member of BTO EARN Manager L.L.C. Blackstone Holdings III L.P. is the managing member of BTOA L.L.C. The general partner of Blackstone Holdings III L.P. is Blackstone Holdings III GP L.P.

F4 · ownership.nature: The general partner of Blackstone Holdings III GP L.P. is Blackstone Holdings III GP Management L.L.C. The sole member of Blackstone Holdings III GP Management L.L.C. is The Blackstone Group Inc. (f/k/a The Blackstone Group L.P.). The sole holder of the Class C common stock of The Blackstone Group Inc. is Blackstone Group Management L.L.C. Blackstone Group Management L.L.C. is wholly owned by Blackstone's senior managing directors and controlled by its founder, Stephen A. Schwarzman. As a result of his control of Blackstone Group Management L.L.C., Mr. Schwarzman may be deemed to have voting and investment power with respect to the Common Shares held by EARN Holdings.

F5 · ownership.nature: Each of such Blackstone entities and Mr. Schwarzman may be deemed to beneficially own the shares beneficially owned by EARN Holdings directly or indirectly controlled by it or him, but each (other than EARN Holdings to the extent of its direct holdings) disclaims beneficial ownership of such shares, except to the extent of such Reporting Person's pecuniary interest therein. The filing of this statement shall not be deemed to be an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise, the Reporting Persons are the beneficial owners of any securities reported herein.

SEC source: 0000899243-20-015349 · doc4.xml · nonDerivative · entry 3

Blackstone Holdings III L.P. · CIK 0001404073 · 10% owner

Blackstone Tactical Opportunities EARN Holdings L.L.C. · CIK 0001575483 · 10% owner

BTO EARN Manager L.L.C. · CIK 0001575479 · 10% owner

BTOA L.L.C. · CIK 0001575478 · 10% owner

Blackstone Holdings III GP L.P. · CIK 0001478809 · 10% owner

Blackstone Holdings III GP Management L.L.C. · CIK 0001478815 · 10% owner

Blackstone Group Inc · CIK 0001393818 · 10% owner

Blackstone Group Management L.L.C. · CIK 0001404071 · 10% owner

SCHWARZMAN STEPHEN A · CIK 0001070844 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 3,256,566

F7 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions ranging from $9.80 to $9.94, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth above.

F2 · ownership.nature: These shares represent common shares of beneficial interest, $0.01 par value per share ("Common Shares") of the Issuer that are directly held by Blackstone Tactical Opportunities EARN Holdings L.L.C. ("EARN Holdings").

F3 · ownership.nature: BTO EARN Manager L.L.C. is the managing member of EARN Holdings. BTOA L.L.C. is the sole member of BTO EARN Manager L.L.C. Blackstone Holdings III L.P. is the managing member of BTOA L.L.C. The general partner of Blackstone Holdings III L.P. is Blackstone Holdings III GP L.P.

F4 · ownership.nature: The general partner of Blackstone Holdings III GP L.P. is Blackstone Holdings III GP Management L.L.C. The sole member of Blackstone Holdings III GP Management L.L.C. is The Blackstone Group Inc. (f/k/a The Blackstone Group L.P.). The sole holder of the Class C common stock of The Blackstone Group Inc. is Blackstone Group Management L.L.C. Blackstone Group Management L.L.C. is wholly owned by Blackstone's senior managing directors and controlled by its founder, Stephen A. Schwarzman. As a result of his control of Blackstone Group Management L.L.C., Mr. Schwarzman may be deemed to have voting and investment power with respect to the Common Shares held by EARN Holdings.

F5 · ownership.nature: Each of such Blackstone entities and Mr. Schwarzman may be deemed to beneficially own the shares beneficially owned by EARN Holdings directly or indirectly controlled by it or him, but each (other than EARN Holdings to the extent of its direct holdings) disclaims beneficial ownership of such shares, except to the extent of such Reporting Person's pecuniary interest therein. The filing of this statement shall not be deemed to be an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise, the Reporting Persons are the beneficial owners of any securities reported herein.

SEC source: 0000899243-20-015349 · doc4.xml · nonDerivative · entry 2

Blackstone Holdings III L.P. · CIK 0001404073 · 10% owner

Blackstone Tactical Opportunities EARN Holdings L.L.C. · CIK 0001575483 · 10% owner

BTO EARN Manager L.L.C. · CIK 0001575479 · 10% owner

BTOA L.L.C. · CIK 0001575478 · 10% owner

Blackstone Holdings III GP L.P. · CIK 0001478809 · 10% owner

Blackstone Holdings III GP Management L.L.C. · CIK 0001478815 · 10% owner

Blackstone Group Inc · CIK 0001393818 · 10% owner

Blackstone Group Management L.L.C. · CIK 0001404071 · 10% owner

SCHWARZMAN STEPHEN A · CIK 0001070844 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 3,253,863

F6 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions ranging from $9.77 to $9.95, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth above.

F2 · ownership.nature: These shares represent common shares of beneficial interest, $0.01 par value per share ("Common Shares") of the Issuer that are directly held by Blackstone Tactical Opportunities EARN Holdings L.L.C. ("EARN Holdings").

F3 · ownership.nature: BTO EARN Manager L.L.C. is the managing member of EARN Holdings. BTOA L.L.C. is the sole member of BTO EARN Manager L.L.C. Blackstone Holdings III L.P. is the managing member of BTOA L.L.C. The general partner of Blackstone Holdings III L.P. is Blackstone Holdings III GP L.P.

F4 · ownership.nature: The general partner of Blackstone Holdings III GP L.P. is Blackstone Holdings III GP Management L.L.C. The sole member of Blackstone Holdings III GP Management L.L.C. is The Blackstone Group Inc. (f/k/a The Blackstone Group L.P.). The sole holder of the Class C common stock of The Blackstone Group Inc. is Blackstone Group Management L.L.C. Blackstone Group Management L.L.C. is wholly owned by Blackstone's senior managing directors and controlled by its founder, Stephen A. Schwarzman. As a result of his control of Blackstone Group Management L.L.C., Mr. Schwarzman may be deemed to have voting and investment power with respect to the Common Shares held by EARN Holdings.

F5 · ownership.nature: Each of such Blackstone entities and Mr. Schwarzman may be deemed to beneficially own the shares beneficially owned by EARN Holdings directly or indirectly controlled by it or him, but each (other than EARN Holdings to the extent of its direct holdings) disclaims beneficial ownership of such shares, except to the extent of such Reporting Person's pecuniary interest therein. The filing of this statement shall not be deemed to be an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise, the Reporting Persons are the beneficial owners of any securities reported herein.

SEC source: 0000899243-20-015349 · doc4.xml · nonDerivative · entry 1

Blackstone Holdings III L.P. · CIK 0001404073 · 10% owner

Blackstone Tactical Opportunities EARN Holdings L.L.C. · CIK 0001575483 · 10% owner

BTO EARN Manager L.L.C. · CIK 0001575479 · 10% owner

BTOA L.L.C. · CIK 0001575478 · 10% owner

Blackstone Holdings III GP L.P. · CIK 0001478809 · 10% owner

Blackstone Holdings III GP Management L.L.C. · CIK 0001478815 · 10% owner

Blackstone Group Inc · CIK 0001393818 · 10% owner

Blackstone Group Management L.L.C. · CIK 0001404071 · 10% owner

SCHWARZMAN STEPHEN A · CIK 0001070844 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 3,236,226

F1 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions ranging from $9.61 to $9.91, inclusive. The Reporting Persons undertake to provide to Ellington Residential Mortgage REIT (the "Issuer"), any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth above.

F2 · ownership.nature: These shares represent common shares of beneficial interest, $0.01 par value per share ("Common Shares") of the Issuer that are directly held by Blackstone Tactical Opportunities EARN Holdings L.L.C. ("EARN Holdings").

F3 · ownership.nature: BTO EARN Manager L.L.C. is the managing member of EARN Holdings. BTOA L.L.C. is the sole member of BTO EARN Manager L.L.C. Blackstone Holdings III L.P. is the managing member of BTOA L.L.C. The general partner of Blackstone Holdings III L.P. is Blackstone Holdings III GP L.P.

F4 · ownership.nature: The general partner of Blackstone Holdings III GP L.P. is Blackstone Holdings III GP Management L.L.C. The sole member of Blackstone Holdings III GP Management L.L.C. is The Blackstone Group Inc. (f/k/a The Blackstone Group L.P.). The sole holder of the Class C common stock of The Blackstone Group Inc. is Blackstone Group Management L.L.C. Blackstone Group Management L.L.C. is wholly owned by Blackstone's senior managing directors and controlled by its founder, Stephen A. Schwarzman. As a result of his control of Blackstone Group Management L.L.C., Mr. Schwarzman may be deemed to have voting and investment power with respect to the Common Shares held by EARN Holdings.

F5 · ownership.nature: Each of such Blackstone entities and Mr. Schwarzman may be deemed to beneficially own the shares beneficially owned by EARN Holdings directly or indirectly controlled by it or him, but each (other than EARN Holdings to the extent of its direct holdings) disclaims beneficial ownership of such shares, except to the extent of such Reporting Person's pecuniary interest therein. The filing of this statement shall not be deemed to be an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise, the Reporting Persons are the beneficial owners of any securities reported herein.

SEC source: 0000899243-20-014776 · doc4.xml · nonDerivative · entry 3

Blackstone Holdings III L.P. · CIK 0001404073 · 10% owner

Blackstone Tactical Opportunities EARN Holdings L.L.C. · CIK 0001575483 · 10% owner

BTO EARN Manager L.L.C. · CIK 0001575479 · 10% owner

BTOA L.L.C. · CIK 0001575478 · 10% owner

Blackstone Holdings III GP L.P. · CIK 0001478809 · 10% owner

Blackstone Holdings III GP Management L.L.C. · CIK 0001478815 · 10% owner

Blackstone Group Inc · CIK 0001393818 · 10% owner

Blackstone Group Management L.L.C. · CIK 0001404071 · 10% owner

SCHWARZMAN STEPHEN A · CIK 0001070844 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 3,209,895

F7 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions ranging from $9.54 to $9.83, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth above.

F2 · ownership.nature: These shares represent common shares of beneficial interest, $0.01 par value per share ("Common Shares") of the Issuer that are directly held by Blackstone Tactical Opportunities EARN Holdings L.L.C. ("EARN Holdings").

F3 · ownership.nature: BTO EARN Manager L.L.C. is the managing member of EARN Holdings. BTOA L.L.C. is the sole member of BTO EARN Manager L.L.C. Blackstone Holdings III L.P. is the managing member of BTOA L.L.C. The general partner of Blackstone Holdings III L.P. is Blackstone Holdings III GP L.P.

F4 · ownership.nature: The general partner of Blackstone Holdings III GP L.P. is Blackstone Holdings III GP Management L.L.C. The sole member of Blackstone Holdings III GP Management L.L.C. is The Blackstone Group Inc. (f/k/a The Blackstone Group L.P.). The sole holder of the Class C common stock of The Blackstone Group Inc. is Blackstone Group Management L.L.C. Blackstone Group Management L.L.C. is wholly owned by Blackstone's senior managing directors and controlled by its founder, Stephen A. Schwarzman. As a result of his control of Blackstone Group Management L.L.C., Mr. Schwarzman may be deemed to have voting and investment power with respect to the Common Shares held by EARN Holdings.

F5 · ownership.nature: Each of such Blackstone entities and Mr. Schwarzman may be deemed to beneficially own the shares beneficially owned by EARN Holdings directly or indirectly controlled by it or him, but each (other than EARN Holdings to the extent of its direct holdings) disclaims beneficial ownership of such shares, except to the extent of such Reporting Person's pecuniary interest therein. The filing of this statement shall not be deemed to be an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise, the Reporting Persons are the beneficial owners of any securities reported herein.