EFC

SEC source: 0001628280-26-061343 · wk-form4_1789071031.xml · nonDerivative · entry 1

SIMON RONALD I · CIK 0001060435 · Director

10b5-1 filing: No plan indicated

Ownership: Indirect · By Trust

Disclosed balance after: 90,181

F1 · shares: The 10,181 shares of common stock, $0.001 par value per share (the "Common Shares") remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of Ellington Financial Inc. (the "Company"), until September 8, 2027. The Common Shares were issued pursuant to, and are subject to the terms and conditions of the Company's 2026 Equity Incentive Plan.

F1 · price: The 10,181 shares of common stock, $0.001 par value per share (the "Common Shares") remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of Ellington Financial Inc. (the "Company"), until September 8, 2027. The Common Shares were issued pursuant to, and are subject to the terms and conditions of the Company's 2026 Equity Incentive Plan.

F2 · ownership.nature: The 10.181 Common Shares issued to Dr. Simon on September 9, 2026 are held at the transfer agent of the Company. As of the time of filing, other than 5,544 Common Shares held in an investment retirement account, all of the remaining Common Shares held by Dr. Simon were held in the Simon Family Trust (the "Trust"). Dr. Simon is a trustee of the Trust. Dr. Simon and his wife are the beneficiaries of the Trust. Dr. Simon disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

SEC source: 0001628280-26-061341 · wk-form4_1789071019.xml · derivative · entry 2

Resendez Edward · CIK 0001474809 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 76,548

Underlying: Common Units · 10,181 shares

Expires not disclosed

F1 · security: Represents a separate non-voting class of limited liability company interests ("OP LTIP Units") of Ellington Financial Operating Partnership LLC (the "Operating Partnership"), the operating partnership of Ellington Financial Inc. (the "Company").

F2 · derivative.exercise_price: The 10,181 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 8, 2027. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share (the "Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of the Company's 2026 Equity Incentive Plan.

F2 · derivative.exercise_date: The 10,181 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 8, 2027. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share (the "Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of the Company's 2026 Equity Incentive Plan.

F2 · derivative.expiration_date: The 10,181 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 8, 2027. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share (the "Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of the Company's 2026 Equity Incentive Plan.

SEC source: 0001628280-26-061337 · wk-form4_1789071002.xml · derivative · entry 1

Dannhauser Stephen J · CIK 0001622250 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 45,679

Underlying: Common Units · 10,181 shares

Expires not disclosed

F1 · security: Represents a separate non-voting class of limited liability company interests ("OP LTIP Units") of Ellington Financial Operating Partnership LLC (the "Operating Partnership"), the operating partnership subsidiary of Ellington Financial Inc. (the "Company").

F2 · derivative.exercise_price: The 10,181 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 8, 2027. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share (the "Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of the Company's 2026 Equity Incentive Plan.

F2 · derivative.exercise_date: The 10,181 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 8, 2027. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share (the "Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of the Company's 2026 Equity Incentive Plan.

F2 · derivative.expiration_date: The 10,181 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 8, 2027. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share (the "Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of the Company's 2026 Equity Incentive Plan.

SEC source: 0001628280-26-061332 · wk-form4_1789070966.xml · nonDerivative · entry 1

Mumford Lisa · CIK 0001380384 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 98,954

F1 · shares: The 10,181 shares of common stock, $0.001 par value per share (the "Common Shares") remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of Ellington Financial Inc. (the "Company"), until September 8, 2027. The Common Shares were issued pursuant to, and are subject to the terms and conditions of the Company's 2026 Equity Incentive Plan.

F1 · price: The 10,181 shares of common stock, $0.001 par value per share (the "Common Shares") remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of Ellington Financial Inc. (the "Company"), until September 8, 2027. The Common Shares were issued pursuant to, and are subject to the terms and conditions of the Company's 2026 Equity Incentive Plan.

SEC source: 0001628280-26-054542 · wk-form4_1786067229.xml · nonDerivative · entry 1

Vranos Michael W · CIK 0001474808 · Co-Chief Investment Officer

10b5-1 filing: No plan indicated

Ownership: Indirect · See Footnote

Disclosed balance after: 1,129,746

F1 · kind: The shares of common stock ("Common Stock") of Ellington Financial Inc. (the "Issuer") were issued in connection with the incentive fee earned by Ellington Financial Management LLC ("EFM"), the Issuer's external manager, in the second quarter of 2026. The Common Stock was issued pursuant to a management agreement, by and among the Issuer, EFM, and Ellington Financial Operating Partnership LLP ("EFCOP").

F2 · ownership.nature: Of these 1,129,746 shares of Common Stock, 842,221 shares are owned directly by EMG Holdings, L.P. ("EMGH") and 287,525 shares are directly owned by EFM. VC Investments LLC ("VC") is the general partner of EMGH and the managing member of EFM. Michael W. Vranos is the managing member of, and holds a controlling interest in, VC. Michael W. Vranos and VC together share the power to direct the voting and disposition of common shares held by EMGH and EFM, and may be regarded as the beneficial owners of the common shares. Each of Michael W. Vranos and VC disclaims beneficial ownership of any common shares owned beneficially or of record by each other except to the extent of its or his pecuniary interest therein.

SEC source: 0001628280-26-034682 · wk-form4_1778706607.xml · nonDerivative · entry 1

Vranos Michael W · CIK 0001474808 · Co-Chief Investment Officer

10b5-1 filing: No plan indicated

Ownership: Indirect · See Footnote

Disclosed balance after: 1,122,952

F1 · kind: The shares of common stock, $0.001 par value per share (the "Common Stock") of Ellington Financial Inc. (the "Issuer") were issued in connection with the incentive fee for the first quarter of 2026 payable to Ellington Financial Management LLC ("EFM"), the Issuer's external manager, pursuant to a management agreement among the Issuer, EFM, and Ellington Financial Operating Partnership LLP ("EFCOP").

F2 · ownership.nature: Of these 1,122,952 common shares, 842,221 common shares are owned directly by EMG Holdings, L.P. ("EMGH") and 280,731 common shares are directly owned by EFM. VC Investments LLC ("VC") is the general partner of EMGH and the managing member of EFM. Michael W. Vranos is the managing member of, and holds a controlling interest in, VC. Michael W. Vranos and VC together share the power to direct the voting and disposition of common shares held by EMGH and EFM, and may be regarded as the beneficial owners of the common shares. Each of Michael W. Vranos and VC disclaims beneficial ownership of any common shares owned beneficially or of record by each other except to the extent of its or his pecuniary interest therein.

SEC source: 0001628280-26-000494 · wk-form4_1767648993.xml · derivative · entry 2

Mumford Lisa · CIK 0001380384 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Units · 7,657 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F3 · security: Represents a separate non-voting class of limited liability company interests ("OP LTIP Units") of the Operating Partnership.

F1 · derivative.exercise_price: On December 31, 2025, Ms. Mumford converted 7,657 OP LTIP Units (as defined below) that were previously granted to her on December 14, 2023 pursuant to, and are subject to the terms and conditions of Ellington Financial Inc.'s (the "Company") 2017 Equity Incentive Plan (the "Plan"), into 7,657 shares of common stock of the Company, $0.001 par value per share (the "Common Shares").

F4 · price: Represents the conversion of outstanding vested OP LTIP Units into Common Units and the redemption of the Common Units for Common Shares pursuant to the terms thereof. The conversion and redemption do not represent or involve a disposition for value. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

F4 · derivative.exercise_date: Represents the conversion of outstanding vested OP LTIP Units into Common Units and the redemption of the Common Units for Common Shares pursuant to the terms thereof. The conversion and redemption do not represent or involve a disposition for value. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

F4 · derivative.expiration_date: Represents the conversion of outstanding vested OP LTIP Units into Common Units and the redemption of the Common Units for Common Shares pursuant to the terms thereof. The conversion and redemption do not represent or involve a disposition for value. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

F4 · derivative.underlying: Represents the conversion of outstanding vested OP LTIP Units into Common Units and the redemption of the Common Units for Common Shares pursuant to the terms thereof. The conversion and redemption do not represent or involve a disposition for value. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

SEC source: 0001628280-26-000494 · wk-form4_1767648993.xml · nonDerivative · entry 1

Mumford Lisa · CIK 0001380384 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 88,773

F1 · shares: On December 31, 2025, Ms. Mumford converted 7,657 OP LTIP Units (as defined below) that were previously granted to her on December 14, 2023 pursuant to, and are subject to the terms and conditions of Ellington Financial Inc.'s (the "Company") 2017 Equity Incentive Plan (the "Plan"), into 7,657 shares of common stock of the Company, $0.001 par value per share (the "Common Shares").

F2 · shares: Upon issuance, the 7,657 OP LTIP Units remained forfeitable, subject to Ms. Mumford's continued service as a member of the board of directors of the Company, until September 12, 2024. Once the vesting restrictions lapsed, the OP LTIP Units have been able to be converted, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of Ellington Financial Operating Partnership LLC (the "Operating Partnership, the operating partnership of the Company, designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units have been redeemable by the holder for an equivalent number of Common Shares or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were previously issued pursuant to, and are subject to the terms and conditions of the Plan. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

SEC source: 0001628280-25-058332 · wk-form4_1766180990.xml · derivative · entry 1

Smernoff Chris · CIK 0001732958 · Chief Accounting Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 100,366

Underlying: Common Units · 18,209 shares

Expires not disclosed

F1 · security: Represents a separate non-voting class of limited liability company interests ("OP LTIP Units") of Ellington Financial Operating Partnership LLC (the "Operating Partnership"), the operating partnership ofEllington Financial LLC (the "Company").

F2 · derivative.exercise_price: 11,654 of the OP LTIP Units will vest on December 16, 2026 and the remaining 6,555 of the OP LTIP units will vest on December 16, 2027. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Stock") or for the cash value of such Common Stock, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan.

F2 · price: 11,654 of the OP LTIP Units will vest on December 16, 2026 and the remaining 6,555 of the OP LTIP units will vest on December 16, 2027. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Stock") or for the cash value of such Common Stock, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan.

F2 · derivative.exercise_date: 11,654 of the OP LTIP Units will vest on December 16, 2026 and the remaining 6,555 of the OP LTIP units will vest on December 16, 2027. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Stock") or for the cash value of such Common Stock, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan.

F2 · derivative.expiration_date: 11,654 of the OP LTIP Units will vest on December 16, 2026 and the remaining 6,555 of the OP LTIP units will vest on December 16, 2027. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Stock") or for the cash value of such Common Stock, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan.

F2 · derivative.underlying: 11,654 of the OP LTIP Units will vest on December 16, 2026 and the remaining 6,555 of the OP LTIP units will vest on December 16, 2027. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Stock") or for the cash value of such Common Stock, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan.

F3 · balance_after: 4,372 of the OP LTIP units will vest December 12, 2026.

SEC source: 0001628280-25-058330 · wk-form4_1766180907.xml · derivative · entry 1

Herlihy John · CIK 0001734053 · Chief Financial Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 171,870

Underlying: Common Units · 36,417 shares

Expires not disclosed

F1 · security: Represents a separate non-voting class of limited liability company interests ("OP LTIP Units") of Ellington Financial Operating Partnership LLC (the "Operating Partnership"), the operating partnership subsidiary of Ellington Financial Inc. (the "Company").

F2 · derivative.exercise_price: 14,567 of the OP LTIP Units will vest on December 16, 2026 and the remaining 21,850 of the OP LTIP units will vest on December 16, 2027. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan (the "2017 Plan").

F2 · price: 14,567 of the OP LTIP Units will vest on December 16, 2026 and the remaining 21,850 of the OP LTIP units will vest on December 16, 2027. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan (the "2017 Plan").

F2 · derivative.exercise_date: 14,567 of the OP LTIP Units will vest on December 16, 2026 and the remaining 21,850 of the OP LTIP units will vest on December 16, 2027. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan (the "2017 Plan").

F2 · derivative.expiration_date: 14,567 of the OP LTIP Units will vest on December 16, 2026 and the remaining 21,850 of the OP LTIP units will vest on December 16, 2027. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan (the "2017 Plan").

F2 · derivative.underlying: 14,567 of the OP LTIP Units will vest on December 16, 2026 and the remaining 21,850 of the OP LTIP units will vest on December 16, 2027. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan (the "2017 Plan").

F3 · balance_after: 14,011 of the OP LTIP units will vest on December 12, 2026

SEC source: 0001628280-25-043750 · wk-form4_1759437179.xml · nonDerivative · entry 2

SIMON RONALD I · CIK 0001060435 · Director

10b5-1 filing: No plan indicated

Ownership: Indirect · By Trust

Disclosed balance after: 80,000

F3 · ownership.nature: The 5,544 Common Shares purchased by Dr. Simon on September 11, 2025 are held by his personal broker in an investment retirement account. As of the date of purchase, other than 5,544 shares purchased by Dr. Simon, the 9,198 shares granted on September 10, 2025, the 8,378 Common Shares that were previously issued to Dr. Simon on December 27, 2024, all of the remaining Common Shares held by Dr. Simon were held in the Simon Family Trust (the "Trust"). Dr. Simon is a trustee of the Trust. Dr. Simon and his wife are the beneficiaries of the Trust. Dr. Simon disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

SEC source: 0001628280-25-043750 · wk-form4_1759437179.xml · nonDerivative · entry 1

SIMON RONALD I · CIK 0001060435 · Director

10b5-1 filing: No plan indicated

Ownership: Indirect · By Trust

Disclosed balance after: 74,456

F1 · shares: The 9,198 shares of common stock, $0.001 par value per share (the "Common Shares") remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of Ellington Financial Inc. (the "Company"), until September 9, 2026. The Common Shares were issued pursuant to, and are subject to the terms and conditions of the Company's 2017 Equity Incentive Plan.

F1 · price: The 9,198 shares of common stock, $0.001 par value per share (the "Common Shares") remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of Ellington Financial Inc. (the "Company"), until September 9, 2026. The Common Shares were issued pursuant to, and are subject to the terms and conditions of the Company's 2017 Equity Incentive Plan.

F2 · ownership.nature: The 9,198 Common Shares issued to Dr. Simon on September 10, 2025 are held at the transfer agent of the Company. As of the date of issuance, other than the 9,198 shares issued to Dr. Simon and the 8,378 Common Shares that were previously issued to Dr. Simon on December 27, 2024, all of the remaining Common Shares held by Dr. Simon were held in the Simon Family Trust (the "Trust"). Dr. Simon is a trustee of the Trust. Dr. Simon and his wife are the beneficiaries of the Trust. Dr. Simon disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

SEC source: 0001628280-25-043754 · wk-form4_1759437231.xml · derivative · entry 2

Resendez Edward · CIK 0001474809 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 66,367

Underlying: Common Units · 9,198 shares

Expires not disclosed

F1 · security: Represents a separate non-voting class of limited liability company interests ("OP LTIP Units") of Ellington Financial Operating Partnership LLC (the "Operating Partnership"), the operating partnership of Ellington Financial Inc. (the "Company").

F2 · derivative.exercise_price: The 9,198 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 9, 2026. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share (the "Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of the Company's 2017 Equity Incentive Plan (the "2017 Plan").

F2 · price: The 9,198 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 9, 2026. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share (the "Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of the Company's 2017 Equity Incentive Plan (the "2017 Plan").

F2 · derivative.exercise_date: The 9,198 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 9, 2026. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share (the "Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of the Company's 2017 Equity Incentive Plan (the "2017 Plan").

F2 · derivative.expiration_date: The 9,198 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 9, 2026. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share (the "Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of the Company's 2017 Equity Incentive Plan (the "2017 Plan").

SEC source: 0001628280-25-043748 · wk-form4_1759437121.xml · nonDerivative · entry 1

Mumford Lisa · CIK 0001380384 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 81,116

F1 · shares: The 9,198 shares of common stock, $0.001 par value per share (the "Common Shares") remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of Ellington Financial Inc. (the "Company"), until September 9, 2026. The Common Shares were issued pursuant to, and are subject to the terms and conditions of the Company's 2017 Equity Incentive Plan.

F1 · price: The 9,198 shares of common stock, $0.001 par value per share (the "Common Shares") remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of Ellington Financial Inc. (the "Company"), until September 9, 2026. The Common Shares were issued pursuant to, and are subject to the terms and conditions of the Company's 2017 Equity Incentive Plan.

SEC source: 0001628280-25-043746 · wk-form4_1759437080.xml · derivative · entry 1

Dannhauser Stephen J · CIK 0001622250 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 35,498

Underlying: Common Units · 9,198 shares

Expires not disclosed

F1 · security: Represents a separate non-voting class of limited liability company interests ("OP LTIP Units") of Ellington Financial Operating Partnership LLC (the "Operating Partnership"), the operating partnership subsidiary of Ellington Financial Inc. (the "Company").

F2 · derivative.exercise_price: The 9,198 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 9, 2026. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share (the "Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of the Company's 2017 Equity Incentive Plan (the "2017 Plan").

F2 · price: The 9,198 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 9, 2026. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share (the "Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of the Company's 2017 Equity Incentive Plan (the "2017 Plan").

F2 · derivative.exercise_date: The 9,198 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 9, 2026. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share (the "Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of the Company's 2017 Equity Incentive Plan (the "2017 Plan").

F2 · derivative.expiration_date: The 9,198 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 9, 2026. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share (the "Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of the Company's 2017 Equity Incentive Plan (the "2017 Plan").

SEC source: 0001411342-25-000054 · wk-form4_1747949148.xml · nonDerivative · entry 1

Vranos Michael W · CIK 0001474808 · Co-Chief Investment Officer

10b5-1 filing: No plan indicated

Ownership: Indirect · See Footnote

Disclosed balance after: 961,018

F1 · kind: The shares of common stock, $0.001 par value per share (the "Common Stock") of Ellington Financial Inc. (the "Issuer") were issued in connection with the incentive fee for the first quarter of 2025 payable to Ellington Financial Management LLC ("EFM"), the Issuer's external manager, pursuant to a management agreement among the Issuer, EFM, and Ellington Financial Operating Partnership LLP ("EFCOP"), and the Issuer's 2017 Equity Incentive Plan.

F2 · ownership.nature: Of these 961,018 common shares, 842,221 common shares are owned directly by EMG Holdings, L.P. ("EMGH") and 118,797 common shares are directly owned by EFM. VC Investments LLC ("VC") is the general partner of EMGH and the managing member of EFM. Michael W. Vranos is the managing member of, and holds a controlling interest in, VC. Michael W. Vranos and VC together share the power to direct the voting and disposition of common shares held by EMGH and EFM, and may be regarded as the beneficial owners of the common shares. Each of Michael W. Vranos and VC disclaims beneficial ownership of any common shares owned beneficially or of record by each other except to the extent of its or his pecuniary interest therein.

SEC source: 0001411342-24-000126 · wk-form4_1735595059.xml · derivative · entry 2

SIMON RONALD I · CIK 0001060435 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Units · 8,378 shares

Expires not disclosed

F3 · security: Represents a separate non-voting class of limited liability company interests ("OP LTIP Units") of Ellington Financial Operating Partnership LLC (the "Operating Partnership"), the operating partnership subsidiary of the Company.

F1 · derivative.exercise_price: On December 27, 2024, Dr. Simon and Ellington Financial Inc. (the "Company") entered into an Exchange Agreement (the "Exchange Agreement") whereby Dr. Simon exchanged the 8,378 OP LTIP Units (as defined below) that were granted to him on September 11, 2024 pursuant to, and are subject to the terms and conditions of the Company's 2017 Equity Incentive Plan (the "Plan"), for 8,378 shares of common stock of the Company, $0.001 par value per share (the "Common Shares"). No other consideration was involved in connection with the Exchange Agreement. The Common Shares were also issued pursuant to, and are subject to the terms and conditions of, the Plan. The 8,378 Common Shares remain forfeitable, subject to Dr. Simon's continued service as a member of the board of directors of the Company, until December 26, 2025.

F1 · kind: On December 27, 2024, Dr. Simon and Ellington Financial Inc. (the "Company") entered into an Exchange Agreement (the "Exchange Agreement") whereby Dr. Simon exchanged the 8,378 OP LTIP Units (as defined below) that were granted to him on September 11, 2024 pursuant to, and are subject to the terms and conditions of the Company's 2017 Equity Incentive Plan (the "Plan"), for 8,378 shares of common stock of the Company, $0.001 par value per share (the "Common Shares"). No other consideration was involved in connection with the Exchange Agreement. The Common Shares were also issued pursuant to, and are subject to the terms and conditions of, the Plan. The 8,378 Common Shares remain forfeitable, subject to Dr. Simon's continued service as a member of the board of directors of the Company, until December 26, 2025.

F4 · derivative.exercise_date: Upon issuance, the 8,378 OP LTIP Units remained forfeitable, subject to Dr. Simon's continued service as a member of the board of directors of the Company, until September 10, 2025. Once the vesting restrictions lapsed, the OP LTIP Units would have been able to be converted, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units would have been redeemable by the holder for an equivalent number of Common Shares or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were previously issued pursuant to, and are subject to the terms and conditions of the Plan. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

F4 · derivative.expiration_date: Upon issuance, the 8,378 OP LTIP Units remained forfeitable, subject to Dr. Simon's continued service as a member of the board of directors of the Company, until September 10, 2025. Once the vesting restrictions lapsed, the OP LTIP Units would have been able to be converted, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units would have been redeemable by the holder for an equivalent number of Common Shares or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were previously issued pursuant to, and are subject to the terms and conditions of the Plan. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

SEC source: 0001411342-24-000126 · wk-form4_1735595059.xml · nonDerivative · entry 1

SIMON RONALD I · CIK 0001060435 · Director

10b5-1 filing: No plan indicated

Ownership: Indirect · By Trust

Disclosed balance after: 65,258

F1 · shares: On December 27, 2024, Dr. Simon and Ellington Financial Inc. (the "Company") entered into an Exchange Agreement (the "Exchange Agreement") whereby Dr. Simon exchanged the 8,378 OP LTIP Units (as defined below) that were granted to him on September 11, 2024 pursuant to, and are subject to the terms and conditions of the Company's 2017 Equity Incentive Plan (the "Plan"), for 8,378 shares of common stock of the Company, $0.001 par value per share (the "Common Shares"). No other consideration was involved in connection with the Exchange Agreement. The Common Shares were also issued pursuant to, and are subject to the terms and conditions of, the Plan. The 8,378 Common Shares remain forfeitable, subject to Dr. Simon's continued service as a member of the board of directors of the Company, until December 26, 2025.

F2 · ownership.nature: The 8,378 Common Shares issued to Dr. Simon on December 27, 2024 are held at the transfer agent of the Company. All of the remaining Common Shares held by Dr. Simon are held in the Simon Family Trust (the "Trust"). Dr. Simon is a trustee of the Trust. Dr. Simon and his wife are the beneficiaries of the Trust. Dr. Simon disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

SEC source: 0001411342-24-000124 · wk-form4_1735594978.xml · derivative · entry 2

Mumford Lisa · CIK 0001380384 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 7,657

Underlying: Common Units · 8,378 shares

Expires not disclosed

F2 · security: Represents a separate non-voting class of limited liability company interests ("OP LTIP Units") of Ellington Financial Operating Partnership LLC (the "Operating Partnership"), the operating partnership of the Company.

F3 · derivative.exercise_price: Ms. Mumford's 7,657 OP LTIP Units remaining vested on September 13, 2024. The OP LTIP Units may be converted at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of Common Shares or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of the Company's 2017 Equity Incentive Plan. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

F1 · kind: On December 27, 2024, Ms. Mumford and Ellington Financial Inc. (the "Company") entered into an Exchange Agreement (the "Exchange Agreement") whereby Ms. Mumford exchanged the 8,378 OP LTIP Units (as defined below) that were granted to her on September 11, 2024 pursuant to, and are subject to the terms and conditions of the Company's 2017 Equity Incentive Plan (the "Plan"), for 8,378 shares of common stock of the Company, $0.001 par value per share (the "Common Shares"). No other consideration was involved in connection with the Exchange Agreement. The Common Shares were also issued pursuant to, and are subject to the terms and conditions of, the Plan. The 8,378 Common Shares remain forfeitable, subject to Ms. Mumford's continued service as a member of the board of directors of the Company, until December 26, 2025.

F3 · derivative.exercise_date: Ms. Mumford's 7,657 OP LTIP Units remaining vested on September 13, 2024. The OP LTIP Units may be converted at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of Common Shares or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of the Company's 2017 Equity Incentive Plan. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

F3 · derivative.expiration_date: Ms. Mumford's 7,657 OP LTIP Units remaining vested on September 13, 2024. The OP LTIP Units may be converted at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of Common Shares or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of the Company's 2017 Equity Incentive Plan. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

SEC source: 0001411342-24-000124 · wk-form4_1735594978.xml · nonDerivative · entry 1

Mumford Lisa · CIK 0001380384 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 71,918

F1 · shares: On December 27, 2024, Ms. Mumford and Ellington Financial Inc. (the "Company") entered into an Exchange Agreement (the "Exchange Agreement") whereby Ms. Mumford exchanged the 8,378 OP LTIP Units (as defined below) that were granted to her on September 11, 2024 pursuant to, and are subject to the terms and conditions of the Company's 2017 Equity Incentive Plan (the "Plan"), for 8,378 shares of common stock of the Company, $0.001 par value per share (the "Common Shares"). No other consideration was involved in connection with the Exchange Agreement. The Common Shares were also issued pursuant to, and are subject to the terms and conditions of, the Plan. The 8,378 Common Shares remain forfeitable, subject to Ms. Mumford's continued service as a member of the board of directors of the Company, until December 26, 2025.

SEC source: 0001411342-24-000120 · wk-form4_1734736087.xml · derivative · entry 1

Smernoff Chris · CIK 0001732958 · Chief Accounting Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 82,157

Underlying: Common Units · 14,992 shares

Expires not disclosed

F1 · security: Represents a separate non-voting class of limited liability company interests ("OP LTIP Units") of Ellington Financial Operating Partnership LLC (the "Operating Partnership"), the operating partnership subsidiary of Ellington Financial Inc. (the "Company").

F2 · derivative.exercise_price: 10,620 of the OP LTIP Units will vest on December 12, 2025 and the remaining 4,372 of the OP LTIP units will vest December 12, 2026. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Stock") or for the cash value of such Common Stock, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan.

F2 · price: 10,620 of the OP LTIP Units will vest on December 12, 2025 and the remaining 4,372 of the OP LTIP units will vest December 12, 2026. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Stock") or for the cash value of such Common Stock, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan.

F2 · derivative.exercise_date: 10,620 of the OP LTIP Units will vest on December 12, 2025 and the remaining 4,372 of the OP LTIP units will vest December 12, 2026. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Stock") or for the cash value of such Common Stock, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan.

F2 · derivative.expiration_date: 10,620 of the OP LTIP Units will vest on December 12, 2025 and the remaining 4,372 of the OP LTIP units will vest December 12, 2026. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Stock") or for the cash value of such Common Stock, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan.

F2 · derivative.underlying: 10,620 of the OP LTIP Units will vest on December 12, 2025 and the remaining 4,372 of the OP LTIP units will vest December 12, 2026. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Stock") or for the cash value of such Common Stock, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan.

F3 · balance_after: 5,622 of the OP LTIP units will vest on December 14, 2025.

SEC source: 0001411342-24-000119 · wk-form4_1734736020.xml · derivative · entry 1

Herlihy John · CIK 0001734053 · Chief Financial Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 135,453

Underlying: Common Units · 26,945 shares

Expires not disclosed

F1 · security: Represents a separate non-voting class of limited liability company interests ("OP LTIP Units") of Ellington Financial Operating Partnership LLC (the "Operating Partnership"), the operating partnership subsidiary of Ellington Financial Inc. (the "Company").

F2 · derivative.exercise_price: 12,934 of the OP LTIP Units will vest on December 12, 2025 and the remaining 14,011 of the OP LTIP units will vest December 12, 2026. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Stock") or for the cash value of such Common Stock, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan.

F2 · price: 12,934 of the OP LTIP Units will vest on December 12, 2025 and the remaining 14,011 of the OP LTIP units will vest December 12, 2026. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Stock") or for the cash value of such Common Stock, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan.

F2 · derivative.exercise_date: 12,934 of the OP LTIP Units will vest on December 12, 2025 and the remaining 14,011 of the OP LTIP units will vest December 12, 2026. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Stock") or for the cash value of such Common Stock, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan.

F2 · derivative.expiration_date: 12,934 of the OP LTIP Units will vest on December 12, 2025 and the remaining 14,011 of the OP LTIP units will vest December 12, 2026. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Stock") or for the cash value of such Common Stock, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan.

F2 · derivative.underlying: 12,934 of the OP LTIP Units will vest on December 12, 2025 and the remaining 14,011 of the OP LTIP units will vest December 12, 2026. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Stock") or for the cash value of such Common Stock, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan.

F3 · balance_after: 11,916 of the OP LTIP units will vest on December 14, 2025.

SEC source: 0001411342-24-000099 · wk-form4_1729113608.xml · nonDerivative · entry 5

Vranos Michael W · CIK 0001474808 · Co-Chief Investment Officer

10b5-1 filing: No plan indicated

Ownership: Indirect · In Trusts

Disclosed balance after: 153,998

F4 · ownership.nature: These shares of Common Stock are held in family trusts established by EMGH partners (other than Mr. Vranos) for which Mr. Vranos acts as trustee. One of the trusts, in which Mr. Vranos has sole voting power, owns 91,822 shares of Common Stock, and did not participate in these reported sales. The other trusts, in which Mr. Vranos has shared voting power, hold the remaining shares of Common Stock; the decision to enter into the reported transactions was made by another trustee who shares voting power in the selling trust with Mr. Vranos. The total holdings in these trusts have also been adjusted to reflect acquisitions resulting from the reinvestment of dividends pursuant to a plan that provides for the regular reinvestment of dividends, is a broad-based plan, does not discriminate in favor of employees of the Company, and operates on substantially the same terms for all plan participants.

SEC source: 0001411342-24-000099 · wk-form4_1729113608.xml · nonDerivative · entry 4

Vranos Michael W · CIK 0001474808 · Co-Chief Investment Officer

10b5-1 filing: No plan indicated

Ownership: Indirect · In Trusts

Disclosed balance after: 168,359

F4 · ownership.nature: These shares of Common Stock are held in family trusts established by EMGH partners (other than Mr. Vranos) for which Mr. Vranos acts as trustee. One of the trusts, in which Mr. Vranos has sole voting power, owns 91,822 shares of Common Stock, and did not participate in these reported sales. The other trusts, in which Mr. Vranos has shared voting power, hold the remaining shares of Common Stock; the decision to enter into the reported transactions was made by another trustee who shares voting power in the selling trust with Mr. Vranos. The total holdings in these trusts have also been adjusted to reflect acquisitions resulting from the reinvestment of dividends pursuant to a plan that provides for the regular reinvestment of dividends, is a broad-based plan, does not discriminate in favor of employees of the Company, and operates on substantially the same terms for all plan participants.

SEC source: 0001411342-24-000091 · wk-form4_1726261645.xml · derivative · entry 3

SIMON RONALD I · CIK 0001060435 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 8,378

Underlying: Common Units · 7,657 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · security: Represents a separate non-voting class of limited liability company interests ("OP LTIP Units") of Ellington Financial Operating Partnership LLC (the "Operating Partnership"), the operating partnership subsidiary of the Company.

F4 · derivative.exercise_price: The OP LTIP Units were issued pursuant to, and were subject to the terms and conditions of, the Company' 2017 Equity Incentive Plan (the "2017 Plan") and were converted into limited liability company interests of the Operating Partnership designated as common units (the "Common Units") on a one-for-one basis and subsequently redeemed for an equivalent number of shares of Common Shares.

F5 · price: Represents the conversion of outstanding vested OP LTIP Units into Common Units and the redemption of the Common Units for Common Shares pursuant to the terms thereof. The conversion and redemption do not represent or involve a disposition for value. The 7,657 OP LTIP Units became convertible on September 12, 2024. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

F5 · derivative.exercise_date: Represents the conversion of outstanding vested OP LTIP Units into Common Units and the redemption of the Common Units for Common Shares pursuant to the terms thereof. The conversion and redemption do not represent or involve a disposition for value. The 7,657 OP LTIP Units became convertible on September 12, 2024. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

F5 · derivative.expiration_date: Represents the conversion of outstanding vested OP LTIP Units into Common Units and the redemption of the Common Units for Common Shares pursuant to the terms thereof. The conversion and redemption do not represent or involve a disposition for value. The 7,657 OP LTIP Units became convertible on September 12, 2024. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

F5 · derivative.underlying: Represents the conversion of outstanding vested OP LTIP Units into Common Units and the redemption of the Common Units for Common Shares pursuant to the terms thereof. The conversion and redemption do not represent or involve a disposition for value. The 7,657 OP LTIP Units became convertible on September 12, 2024. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

SEC source: 0001411342-24-000091 · wk-form4_1726261645.xml · nonDerivative · entry 1

SIMON RONALD I · CIK 0001060435 · Director

10b5-1 filing: No plan indicated

Ownership: Indirect · By Trust

Disclosed balance after: 56,880

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · ownership.nature: The common stock, par value $0.001 per share ("Common Shares"), of Ellington Financial Inc. (the "Company") are held in the Simon Family Trust (the "Trust"). Dr. Simon is a trustee of the Trust. Dr. Simon and his wife are the beneficiaries of the Trust. Dr. Simon disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

SEC source: 0001411342-24-000091 · wk-form4_1726261645.xml · derivative · entry 2

SIMON RONALD I · CIK 0001060435 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 16,035

Underlying: Common Units · 8,378 shares

Expires not disclosed

F2 · security: Represents a separate non-voting class of limited liability company interests ("OP LTIP Units") of Ellington Financial Operating Partnership LLC (the "Operating Partnership"), the operating partnership subsidiary of the Company.

F3 · derivative.exercise_price: The 8,378 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 10, 2025. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share (the "Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of the Company's 2017 Equity Incentive Plan. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

F3 · price: The 8,378 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 10, 2025. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share (the "Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of the Company's 2017 Equity Incentive Plan. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

F3 · derivative.exercise_date: The 8,378 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 10, 2025. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share (the "Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of the Company's 2017 Equity Incentive Plan. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

F3 · derivative.expiration_date: The 8,378 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 10, 2025. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share (the "Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of the Company's 2017 Equity Incentive Plan. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

F3 · derivative.underlying: The 8,378 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 10, 2025. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share (the "Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of the Company's 2017 Equity Incentive Plan. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

SEC source: 0001411342-24-000089 · wk-form4_1726261512.xml · derivative · entry 1

Resendez Edward · CIK 0001474809 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 57,169

Underlying: Common Units · 8,378 shares

Expires not disclosed

F1 · security: Represents a separate non-voting class of limited liability company interests ("OP LTIP Units") of Ellington Financial Operating Partnership LLC (the "Operating Partnership"), the operating partnership of Ellington Financial Inc. (the "Company").

F2 · derivative.exercise_price: The 8,378 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 10, 2025. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share (the "Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of the Company's 2017 Equity Incentive Plan. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

F2 · price: The 8,378 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 10, 2025. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share (the "Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of the Company's 2017 Equity Incentive Plan. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

F2 · derivative.exercise_date: The 8,378 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 10, 2025. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share (the "Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of the Company's 2017 Equity Incentive Plan. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

F2 · derivative.expiration_date: The 8,378 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 10, 2025. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share (the "Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of the Company's 2017 Equity Incentive Plan. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

SEC source: 0001411342-24-000087 · wk-form4_1726261444.xml · derivative · entry 2

Mumford Lisa · CIK 0001380384 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 16,035

Underlying: Common Units · 8,378 shares

Expires not disclosed

F1 · security: Represents a separate non-voting class of limited liability company interests ("OP LTIP Units") of Ellington Financial Operating Partnership LLC (the "Operating Partnership"), the operating partnership ofEllington Financial LLC (the "Company").

F2 · derivative.exercise_price: The 8,378 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 10, 2025. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share (the "Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of the Company's 2017 Equity Incentive Plan. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

F2 · price: The 8,378 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 10, 2025. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share (the "Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of the Company's 2017 Equity Incentive Plan. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

F2 · derivative.exercise_date: The 8,378 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 10, 2025. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share (the "Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of the Company's 2017 Equity Incentive Plan. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

F2 · derivative.expiration_date: The 8,378 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 10, 2025. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share (the "Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of the Company's 2017 Equity Incentive Plan. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

SEC source: 0001411342-24-000085 · wk-form4_1726261350.xml · derivative · entry 1

Dannhauser Stephen J · CIK 0001622250 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 26,300

Underlying: Common Units · 8,378 shares

Expires not disclosed

F1 · security: 1. Represents a separate non-voting class of limited liability company interests ("OP LTIP Units") of Ellington Financial Operating Partnership LLC (the "Operating Partnership"), the operating partnership subsidiary of Ellington Financial Inc. (the "Company").

F2 · derivative.exercise_price: 2. The 8,378 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 10, 2025. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share (the "Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of,the Company's 2017 Equity Incentive Plan (the "2017 Plan").

F2 · price: 2. The 8,378 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 10, 2025. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share (the "Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of,the Company's 2017 Equity Incentive Plan (the "2017 Plan").

F2 · derivative.exercise_date: 2. The 8,378 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 10, 2025. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share (the "Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of,the Company's 2017 Equity Incentive Plan (the "2017 Plan").

F2 · derivative.expiration_date: 2. The 8,378 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 10, 2025. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share (the "Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of,the Company's 2017 Equity Incentive Plan (the "2017 Plan").

SEC source: 0001411342-24-000066 · wk-form4_1720039995.xml · nonDerivative · entry 4

Vranos Michael W · CIK 0001474808 · Co-Chief Investment Officer

10b5-1 filing: No plan indicated

Ownership: Indirect · In Trusts

Disclosed balance after: 179,655

F4 · ownership.nature: These shares of Common Stock are held in family trusts established by EMGH partners (other than Mr. Vranos) for which Mr. Vranos acts as trustee. One of the trusts, in which Mr. Vranos has sole voting power, owns 91,822 shares of Common Stock, and did not participate in these reported sales. The other trusts, in which Mr. Vranos has shared voting power, hold the remaining shares of Common Stock; the decision to enter into the reported transactions was made by another trustee who shares voting power in the selling trust with Mr. Vranos. The total holdings in these trusts have been adjusted to reflect an inadvertent error in prior Forms 4.

SEC source: 0001411342-24-000062 · wk-form4_1718746206.xml · nonDerivative · entry 5

Vranos Michael W · CIK 0001474808 · Co-Chief Investment Officer

10b5-1 filing: No plan indicated

Ownership: Indirect · In Trusts

Disclosed balance after: 160,874

F4 · ownership.nature: These shares of Common Stock are held in family trusts established by EMGH partners (other than Mr. Vranos) for which Mr. Vranos acts as trustee. One of the trusts, in which Mr. Vranos has sole voting power, owns 91,822 shares of Common Stock, and did not participate in these reported sales. The other trust, in which Mr. Vranos has shared voting power, holds the remaining shares of Common Stock; the decision to enter into the reported transactions was made by another trustee who shares voting power in that trust with Mr. Vranos.

SEC source: 0001411342-24-000062 · wk-form4_1718746206.xml · nonDerivative · entry 4

Vranos Michael W · CIK 0001474808 · Co-Chief Investment Officer

10b5-1 filing: No plan indicated

Ownership: Indirect · In Trusts

Disclosed balance after: 169,174

F4 · ownership.nature: These shares of Common Stock are held in family trusts established by EMGH partners (other than Mr. Vranos) for which Mr. Vranos acts as trustee. One of the trusts, in which Mr. Vranos has sole voting power, owns 91,822 shares of Common Stock, and did not participate in these reported sales. The other trust, in which Mr. Vranos has shared voting power, holds the remaining shares of Common Stock; the decision to enter into the reported transactions was made by another trustee who shares voting power in that trust with Mr. Vranos.

SEC source: 0001628280-23-041802 · wk-form4_1702937307.xml · derivative · entry 3

SIMON RONALD I · CIK 0001060435 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 7,657

Underlying: Common Units · 7,657 shares

Expires not disclosed

F2 · security: Represents a separate non-voting class of limited liability company interests ("OP LTIP Units") of Ellington Financial Operating Partnership LLC (the "Operating Partnership"), the operating partnership subsidiary of the Company.

F5 · derivative.exercise_price: The 7,657 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 13, 2024. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into Common Units on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of Common Shares or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of the 2017 Plan. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

F5 · price: The 7,657 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 13, 2024. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into Common Units on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of Common Shares or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of the 2017 Plan. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

F5 · derivative.exercise_date: The 7,657 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 13, 2024. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into Common Units on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of Common Shares or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of the 2017 Plan. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

F5 · derivative.expiration_date: The 7,657 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 13, 2024. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into Common Units on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of Common Shares or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of the 2017 Plan. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

F5 · derivative.underlying: The 7,657 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 13, 2024. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into Common Units on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of Common Shares or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of the 2017 Plan. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

SEC source: 0001628280-23-041835 · wk-form4_1702946532.xml · derivative · entry 1

Smernoff Chris · CIK 0001732958 · Chief Accounting Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 67,165

Underlying: Common Units · 11,245 shares

Expires not disclosed

F1 · security: Represents a separate non-voting class of limited liability company interests ("OP LTIP Units") of Ellington Financial Operating Partnership LLC (the "Operating Partnership"), the operating partnership subsidiary of Ellington Financial Inc. (the "Company").

F2 · derivative.exercise_price: 5,623 of the OP LTIP Units will vest on December 14, 2024 and the remaining 5,622 of the OP LTIP units will vest December 14, 2025. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan (the "2017 Plan").

F2 · price: 5,623 of the OP LTIP Units will vest on December 14, 2024 and the remaining 5,622 of the OP LTIP units will vest December 14, 2025. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan (the "2017 Plan").

F2 · derivative.exercise_date: 5,623 of the OP LTIP Units will vest on December 14, 2024 and the remaining 5,622 of the OP LTIP units will vest December 14, 2025. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan (the "2017 Plan").

F2 · derivative.expiration_date: 5,623 of the OP LTIP Units will vest on December 14, 2024 and the remaining 5,622 of the OP LTIP units will vest December 14, 2025. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan (the "2017 Plan").

F2 · derivative.underlying: 5,623 of the OP LTIP Units will vest on December 14, 2024 and the remaining 5,622 of the OP LTIP units will vest December 14, 2025. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan (the "2017 Plan").

F3 · balance_after: 4,754 of the OP LTIP units will vest on December 15, 2024.

SEC source: 0001628280-23-041799 · wk-form4_1702937166.xml · derivative · entry 1

Resendez Edward · CIK 0001474809 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 48,791

Underlying: Common Units · 7,657 shares

Expires not disclosed

F1 · security: Represents a separate non-voting class of limited liability company interests ("OP LTIP Units") of Ellington Financial Operating Partnership LLC (the "Operating Partnership"), the operating partnership of Ellington Financial Inc. (the "Company").

F2 · derivative.exercise_price: The 7,657 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 13, 2024. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share (the "Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of the Company's 2017 Equity Incentive Plan. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

F2 · price: The 7,657 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 13, 2024. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share (the "Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of the Company's 2017 Equity Incentive Plan. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

F2 · derivative.exercise_date: The 7,657 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 13, 2024. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share (the "Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of the Company's 2017 Equity Incentive Plan. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

F2 · derivative.expiration_date: The 7,657 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 13, 2024. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share (the "Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of the Company's 2017 Equity Incentive Plan. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

SEC source: 0001628280-23-041836 · wk-form4_1702946558.xml · derivative · entry 1

Herlihy John · CIK 0001734053 · Chief Financial Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 108,508

Underlying: Common Units · 23,833 shares

Expires not disclosed

F1 · security: Represents a separate non-voting class of limited liability company interests ("OP LTIP Units") of Ellington Financial Operating Partnership LLC (the "Operating Partnership"), the operating partnership subsidiary of Ellington Financial Inc. (the "Company").

F2 · derivative.exercise_price: 11,917 of the OP LTIP Units will vest on December 14, 2024 and the remaining 11,916 of the OP LTIP units will vest December 14, 2025. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan (the "2017 Plan").

F2 · price: 11,917 of the OP LTIP Units will vest on December 14, 2024 and the remaining 11,916 of the OP LTIP units will vest December 14, 2025. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan (the "2017 Plan").

F2 · derivative.exercise_date: 11,917 of the OP LTIP Units will vest on December 14, 2024 and the remaining 11,916 of the OP LTIP units will vest December 14, 2025. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan (the "2017 Plan").

F2 · derivative.expiration_date: 11,917 of the OP LTIP Units will vest on December 14, 2024 and the remaining 11,916 of the OP LTIP units will vest December 14, 2025. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan (the "2017 Plan").

F2 · derivative.underlying: 11,917 of the OP LTIP Units will vest on December 14, 2024 and the remaining 11,916 of the OP LTIP units will vest December 14, 2025. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan (the "2017 Plan").

F3 · balance_after: 9,954 of these OP LTIP Units will vest on December 15, 2024.

SEC source: 0001628280-23-041801 · wk-form4_1702937260.xml · derivative · entry 4

Mumford Lisa · CIK 0001380384 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 7,657

Underlying: Common Units · 7,657 shares

Expires not disclosed

F1 · security: Represents a separate non-voting class of limited liability company interests ("OP LTIP Units") of Ellington Financial Operating Partnership LLC (the "Operating Partnership"), the operating partnership of Ellington Financial Inc. (the "Company").

F4 · derivative.exercise_price: The 7,657 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 13, 2024. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into Common Units on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of Common Shares or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of the Company's 2017 Plan. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

F4 · price: The 7,657 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 13, 2024. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into Common Units on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of Common Shares or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of the Company's 2017 Plan. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

F4 · derivative.exercise_date: The 7,657 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 13, 2024. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into Common Units on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of Common Shares or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of the Company's 2017 Plan. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

F4 · derivative.expiration_date: The 7,657 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 13, 2024. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into Common Units on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of Common Shares or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of the Company's 2017 Plan. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

F4 · derivative.underlying: The 7,657 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 13, 2024. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into Common Units on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of Common Shares or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of the Company's 2017 Plan. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

SEC source: 0001628280-23-041801 · wk-form4_1702937260.xml · nonDerivative · entry 2

Mumford Lisa · CIK 0001380384 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 63,540

SEC source: 0001628280-23-041800 · wk-form4_1702937222.xml · derivative · entry 1

Dannhauser Stephen J · CIK 0001622250 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 17,922

Underlying: Common Units · 7,657 shares

Expires not disclosed

F1 · security: Represents a separate non-voting class of limited liability company interests ("OP LTIP Units") of Ellington Financial Operating Partnership LLC (the "Operating Partnership"), the operating partnership subsidiary of Ellington Financial Inc. (the "Company").

F2 · derivative.exercise_price: The 7,657 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 13, 2024. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share (the "Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of the Company's 2017 Equity Incentive Plan. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

F2 · derivative.exercise_date: The 7,657 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 13, 2024. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share (the "Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of the Company's 2017 Equity Incentive Plan. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

F2 · derivative.expiration_date: The 7,657 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 13, 2024. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share (the "Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of the Company's 2017 Equity Incentive Plan. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

SEC source: 0001628280-23-041801 · wk-form4_1702937260.xml · derivative · entry 3

Mumford Lisa · CIK 0001380384 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Units · 84,720 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · security: Represents a separate non-voting class of limited liability company interests ("OP LTIP Units") of Ellington Financial Operating Partnership LLC (the "Operating Partnership"), the operating partnership of Ellington Financial Inc. (the "Company").

F2 · derivative.exercise_price: The OP LTIP Units were issued pursuant to, and were subject to the terms and conditions of, the Company' 2017 Equity Incentive Plan (the "2017 Plan") and were converted into limited liability company interests of the Operating Partnership designated as common units (the "Common Units") on a one-for-one basis and subsequently redeemed for an equivalent number of shares of common stock of the Company, $0.001 par value per share (the "Common Shares").

F3 · price: Represents the conversion of outstanding vested OP LTIP Units into Common Units and the redemption of the Common Units for Common Shares pursuant to the terms thereof. The conversion and redemption do not represent or involve a disposition for value. The 84,720 OP LTIP Units became convertible on the day before the one year anniversary of their respective grant. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

F3 · derivative.exercise_date: Represents the conversion of outstanding vested OP LTIP Units into Common Units and the redemption of the Common Units for Common Shares pursuant to the terms thereof. The conversion and redemption do not represent or involve a disposition for value. The 84,720 OP LTIP Units became convertible on the day before the one year anniversary of their respective grant. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

F3 · derivative.expiration_date: Represents the conversion of outstanding vested OP LTIP Units into Common Units and the redemption of the Common Units for Common Shares pursuant to the terms thereof. The conversion and redemption do not represent or involve a disposition for value. The 84,720 OP LTIP Units became convertible on the day before the one year anniversary of their respective grant. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

F3 · derivative.underlying: Represents the conversion of outstanding vested OP LTIP Units into Common Units and the redemption of the Common Units for Common Shares pursuant to the terms thereof. The conversion and redemption do not represent or involve a disposition for value. The 84,720 OP LTIP Units became convertible on the day before the one year anniversary of their respective grant. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

SEC source: 0001628280-23-041801 · wk-form4_1702937260.xml · nonDerivative · entry 1

Mumford Lisa · CIK 0001380384 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 84,720

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0001628280-23-041802 · wk-form4_1702937307.xml · derivative · entry 2

SIMON RONALD I · CIK 0001060435 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Units · 6,199 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · security: Represents a separate non-voting class of limited liability company interests ("OP LTIP Units") of Ellington Financial Operating Partnership LLC (the "Operating Partnership"), the operating partnership subsidiary of the Company.

F3 · derivative.exercise_price: The OP LTIP Units were issued pursuant to, and were subject to the terms and conditions of, the Company' 2017 Equity Incentive Plan (the "2017 Plan") and were converted into limited liability company interests of the Operating Partnership designated as common units (the "Common Units") on a one-for-one basis and subsequently redeemed for an equivalent number of shares of Common Shares.

F4 · price: Represents the conversion of outstanding vested OP LTIP Units into Common Units and the redemption of the Common Units for Common Shares pursuant to the terms thereof. The conversion and redemption do not represent or involve a disposition for value. The 6,199 OP LTIP Units became convertible on September 12, 2023. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

F4 · derivative.exercise_date: Represents the conversion of outstanding vested OP LTIP Units into Common Units and the redemption of the Common Units for Common Shares pursuant to the terms thereof. The conversion and redemption do not represent or involve a disposition for value. The 6,199 OP LTIP Units became convertible on September 12, 2023. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

F4 · derivative.expiration_date: Represents the conversion of outstanding vested OP LTIP Units into Common Units and the redemption of the Common Units for Common Shares pursuant to the terms thereof. The conversion and redemption do not represent or involve a disposition for value. The 6,199 OP LTIP Units became convertible on September 12, 2023. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

F4 · derivative.underlying: Represents the conversion of outstanding vested OP LTIP Units into Common Units and the redemption of the Common Units for Common Shares pursuant to the terms thereof. The conversion and redemption do not represent or involve a disposition for value. The 6,199 OP LTIP Units became convertible on September 12, 2023. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

SEC source: 0001628280-23-041802 · wk-form4_1702937307.xml · nonDerivative · entry 1

SIMON RONALD I · CIK 0001060435 · Director

10b5-1 filing: No plan indicated

Ownership: Indirect · By trust

Disclosed balance after: 49,223

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · ownership.nature: The common stock, par value $0.001 per share ("Common Shares"), of Ellington Financial Inc. (the "Company") are held in the Simon Family Trust (the "Trust"). Dr. Simon is a trustee of the Trust. Dr. Simon and his wife are the beneficiaries of the Trust. Dr. Simon disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

SEC source: 0001628280-22-032204 · wf-form4_167148377518779.xml · derivative · entry 1

Smernoff Chris · CIK 0001732958 · Chief Accounting Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 55,920

Underlying: Common Units · 9,508 shares

Expires not disclosed

F1 · security: Represents a separate non-voting class of limited liability company interests ("OP LTIP Units") of Ellington Financial Operating Partnership LLC (the "Operating Partnership"), the operating partnership of Ellington Financial Inc. (the "Company").

F2 · derivative.exercise_price: 4,754 of the OP LTIP Units will vest on December 15, 2023 and the remaining 4,754 of the OP LTIP units will vest on December 15, 2024. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan (the "2017 Plan").

F2 · price: 4,754 of the OP LTIP Units will vest on December 15, 2023 and the remaining 4,754 of the OP LTIP units will vest on December 15, 2024. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan (the "2017 Plan").

F2 · derivative.exercise_date: 4,754 of the OP LTIP Units will vest on December 15, 2023 and the remaining 4,754 of the OP LTIP units will vest on December 15, 2024. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan (the "2017 Plan").

F2 · derivative.expiration_date: 4,754 of the OP LTIP Units will vest on December 15, 2023 and the remaining 4,754 of the OP LTIP units will vest on December 15, 2024. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan (the "2017 Plan").

F2 · derivative.underlying: 4,754 of the OP LTIP Units will vest on December 15, 2023 and the remaining 4,754 of the OP LTIP units will vest on December 15, 2024. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan (the "2017 Plan").

F3 · balance_after: 4,695 of the OP LTIP units will vest on December 16, 2023.

SEC source: 0001628280-22-032205 · wf-form4_167148398921563.xml · derivative · entry 1

Herlihy John · CIK 0001734053 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 84,675

Underlying: Common Units · 19,909 shares

Expires not disclosed

F1 · security: Represents a separate non-voting class of limited liability company interests ("OP LTIP Units") of Ellington Financial Operating Partnership LLC (the "Operating Partnership"), the operating partnership subsidiary of Ellington Financial Inc. (the "Company").

F2 · derivative.exercise_price: 9,955 of the OP LTIP Units will vest on December 15, 2023 and the remaining 9,954 of the OP LTIP units will vest December 15, 2024. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan (the "2017 Plan").

F2 · price: 9,955 of the OP LTIP Units will vest on December 15, 2023 and the remaining 9,954 of the OP LTIP units will vest December 15, 2024. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan (the "2017 Plan").

F2 · derivative.exercise_date: 9,955 of the OP LTIP Units will vest on December 15, 2023 and the remaining 9,954 of the OP LTIP units will vest December 15, 2024. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan (the "2017 Plan").

F2 · derivative.expiration_date: 9,955 of the OP LTIP Units will vest on December 15, 2023 and the remaining 9,954 of the OP LTIP units will vest December 15, 2024. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan (the "2017 Plan").

F2 · derivative.underlying: 9,955 of the OP LTIP Units will vest on December 15, 2023 and the remaining 9,954 of the OP LTIP units will vest December 15, 2024. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan (the "2017 Plan").

F3 · balance_after: 11,094 of these OP LTIP Units will vest on December 16, 2023.

SEC source: 0001628280-22-024995 · wf-form4_166327235442791.xml · derivative · entry 3

SIMON RONALD I · CIK 0001060435 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 6,199

Underlying: Common Units · 4,066 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · security: Represents a separate non-voting class of limited liability company interests ("OP LTIP Units") of Ellington Financial Operating Partnership LLC (the "Operating Partnership"), the operating partnership subsidiary of the Company.

F4 · derivative.exercise_price: The OP LTIP Units were issued pursuant to, and were subject to the terms and conditions of, the 2017 Plan and were converted into Common Units and then redeemed for Common Shares on a one-for-one basis.

F5 · price: Represents the conversion of outstanding vested OP LTIP Units into Common Units and the redemption of the Common Units for Common Shares pursuant to the terms thereof. The conversion and redemption do not represent or involve a disposition for value. The 4,066 LTIP Units became convertible on September 13, 2022. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

F5 · derivative.exercise_date: Represents the conversion of outstanding vested OP LTIP Units into Common Units and the redemption of the Common Units for Common Shares pursuant to the terms thereof. The conversion and redemption do not represent or involve a disposition for value. The 4,066 LTIP Units became convertible on September 13, 2022. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

F5 · derivative.expiration_date: Represents the conversion of outstanding vested OP LTIP Units into Common Units and the redemption of the Common Units for Common Shares pursuant to the terms thereof. The conversion and redemption do not represent or involve a disposition for value. The 4,066 LTIP Units became convertible on September 13, 2022. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

F5 · derivative.underlying: Represents the conversion of outstanding vested OP LTIP Units into Common Units and the redemption of the Common Units for Common Shares pursuant to the terms thereof. The conversion and redemption do not represent or involve a disposition for value. The 4,066 LTIP Units became convertible on September 13, 2022. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

SEC source: 0001628280-22-024995 · wf-form4_166327235442791.xml · derivative · entry 2

SIMON RONALD I · CIK 0001060435 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,265

Underlying: Common Units · 6,199 shares

Expires not disclosed

F2 · security: Represents a separate non-voting class of limited liability company interests ("OP LTIP Units") of Ellington Financial Operating Partnership LLC (the "Operating Partnership"), the operating partnership subsidiary of the Company.

F3 · derivative.exercise_price: The 6,199 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 12, 2023. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of Common Shares or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan (the "2017 Plan"). The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

F3 · price: The 6,199 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 12, 2023. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of Common Shares or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan (the "2017 Plan"). The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

F3 · derivative.exercise_date: The 6,199 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 12, 2023. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of Common Shares or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan (the "2017 Plan"). The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

F3 · derivative.expiration_date: The 6,199 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 12, 2023. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of Common Shares or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan (the "2017 Plan"). The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

F3 · derivative.underlying: The 6,199 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 12, 2023. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of Common Shares or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan (the "2017 Plan"). The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

SEC source: 0001628280-22-024995 · wf-form4_166327235442791.xml · nonDerivative · entry 1

SIMON RONALD I · CIK 0001060435 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · By trust

Disclosed balance after: 43,024

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · ownership.nature: The common stock, par value $0.001 per share ("Common Shares"), of Ellington Financial Inc. (the "Company") are held in the Simon Family Trust (the "Trust"). Dr. Simon is a trustee of the Trust. Dr. Simon and his wife are the beneficiaries of the Trust. Dr. Simon disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

SEC source: 0001628280-22-024994 · wf-form4_166327233057556.xml · derivative · entry 1

Resendez Edward · CIK 0001474809 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 41,134

Underlying: Common Units · 6,199 shares

Expires not disclosed

F1 · security: Represents a separate non-voting class of limited liability company interests ("OP LTIP Units") of Ellington Financial Operating Partnership LLC (the "Operating Partnership"), the operating partnership of Ellington Financial Inc. (the "Company").

F2 · derivative.exercise_price: The 6,199 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 12, 2023. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share (the "Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of,the Company's 2017 Equity Incentive Plan. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

F2 · price: The 6,199 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 12, 2023. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share (the "Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of,the Company's 2017 Equity Incentive Plan. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

F2 · derivative.exercise_date: The 6,199 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 12, 2023. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share (the "Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of,the Company's 2017 Equity Incentive Plan. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

F2 · derivative.expiration_date: The 6,199 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 12, 2023. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share (the "Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of,the Company's 2017 Equity Incentive Plan. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.