EFC

SEC source: 0001628280-18-011865 · wf-form4_153695549835258.xml · derivative · entry 2

SIMON RONALD I · CIK 0001060435 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 6,944

Underlying: Common Shares · 3,610 shares

Expires not disclosed

F2 · security: Represents a separate non-voting class of limited liability company interests ("LTIP Units") of the Company, which are structured as profits interests. The LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Issuer's 2017 Equity Incentive Plan (the "2017 Plan").

F3 · derivative.exercise_price: The 3,610 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 11, 2019. After the applicable forfeiture restrictions lapse, the LTIP Units may be converted at the election of the holder, into Common Shares on a one-for-one basis. The rights to convert LTIP Units into Common Shares do not have expiration dates.

F3 · derivative.exercise_date: The 3,610 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 11, 2019. After the applicable forfeiture restrictions lapse, the LTIP Units may be converted at the election of the holder, into Common Shares on a one-for-one basis. The rights to convert LTIP Units into Common Shares do not have expiration dates.

F3 · derivative.expiration_date: The 3,610 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 11, 2019. After the applicable forfeiture restrictions lapse, the LTIP Units may be converted at the election of the holder, into Common Shares on a one-for-one basis. The rights to convert LTIP Units into Common Shares do not have expiration dates.

SEC source: 0001628280-18-011862 · wf-form4_153695542279294.xml · derivative · entry 1

Resendez Edward · CIK 0001474809 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 21,521

Underlying: Common shares representing ltd liability company interests · 3,610 shares

Expires not disclosed

F1 · security: Represents a separate non-voting class of limited liability company interests ("LTIP Units") of Ellington Financial LLC (the "Company"), which are structured as profits interests. The LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Issuer's 2017 Equity Incentive Plan (the "2017 Plan").

F2 · derivative.exercise_price: The 3,610 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 11, 2019. After the applicable forfeiture restrictions lapse, the LTIP Units may be converted at the election of the holder, into common shares representing limited liability interests of the Company ("Common Shares") on a one-for-one basis. The rights to convert LTIP Units into Common Shares do not have expiration dates.

F2 · derivative.exercise_date: The 3,610 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 11, 2019. After the applicable forfeiture restrictions lapse, the LTIP Units may be converted at the election of the holder, into common shares representing limited liability interests of the Company ("Common Shares") on a one-for-one basis. The rights to convert LTIP Units into Common Shares do not have expiration dates.

F2 · derivative.expiration_date: The 3,610 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 11, 2019. After the applicable forfeiture restrictions lapse, the LTIP Units may be converted at the election of the holder, into common shares representing limited liability interests of the Company ("Common Shares") on a one-for-one basis. The rights to convert LTIP Units into Common Shares do not have expiration dates.

SEC source: 0001628280-18-011863 · wf-form4_153695546007557.xml · derivative · entry 1

Mumford Lisa · CIK 0001380384 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 65,107

Underlying: Common shares representing ltd liability company interests · 3,610 shares

Expires not disclosed

F1 · security: Represents a separate non-voting class of limited liability company interests ("LTIP Units") of Ellington Financial LLC (the "Company"), which are structured as profits interests. The LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Issuer's 2017 Equity Incentive Plan.

F2 · derivative.exercise_price: The 3,610 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 11, 2019. After the applicable forfeiture restrictions lapse, the LTIP Units may be converted at the election of the holder, into common shares representing limited liability interests of the Company ("Common Shares") on a one-for-one basis. The rights to convert LTIP Units into Common Shares do not have expiration dates.

F2 · derivative.exercise_date: The 3,610 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 11, 2019. After the applicable forfeiture restrictions lapse, the LTIP Units may be converted at the election of the holder, into common shares representing limited liability interests of the Company ("Common Shares") on a one-for-one basis. The rights to convert LTIP Units into Common Shares do not have expiration dates.

F2 · derivative.expiration_date: The 3,610 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 11, 2019. After the applicable forfeiture restrictions lapse, the LTIP Units may be converted at the election of the holder, into common shares representing limited liability interests of the Company ("Common Shares") on a one-for-one basis. The rights to convert LTIP Units into Common Shares do not have expiration dates.

SEC source: 0001628280-18-011861 · wf-form4_153695538728390.xml · derivative · entry 1

ROBARDS THOMAS F · CIK 0001185488 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 22,771

Underlying: Common shares representing ltd liability company interests · 3,610 shares

Expires not disclosed

F1 · security: Represents a separate non-voting class of limited liability company interests ("LTIP Units") of Ellington Financial LLC (the "Company"), which are structured as profits interests. The LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Issuer's 2017 Equity Incentive Plan (the "2017 Plan").

F2 · derivative.exercise_price: The 3,610 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 11, 2019. After the applicable forfeiture restrictions lapse, the LTIP Units may be converted at the election of the holder, into common shares representing limited liability interests of the Company ("Common Shares") on a one-for-one basis. The rights to convert LTIP Units into Common Shares do not have expiration dates.

F2 · derivative.exercise_date: The 3,610 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 11, 2019. After the applicable forfeiture restrictions lapse, the LTIP Units may be converted at the election of the holder, into common shares representing limited liability interests of the Company ("Common Shares") on a one-for-one basis. The rights to convert LTIP Units into Common Shares do not have expiration dates.

F2 · derivative.expiration_date: The 3,610 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 11, 2019. After the applicable forfeiture restrictions lapse, the LTIP Units may be converted at the election of the holder, into common shares representing limited liability interests of the Company ("Common Shares") on a one-for-one basis. The rights to convert LTIP Units into Common Shares do not have expiration dates.

SEC source: 0001628280-18-010467 · wf-form4_153333074114631.xml · nonDerivative · entry 1

Vranos Michael W · CIK 0001474808 · Director · Co-Chief Investment Officer · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 1,025,920

F1 · kind: The shares were issued in connection with the second quarter 2018 incentive fee payable to Ellington Financial Management LLC ("EFM"), the issuer's manager, pursuant to a management agreement between the issuer and EFM.

F2 · ownership.nature: Of these 1,025,920 common shares, 1,024,079 common shares are owned directly by EMG Holdings, L.P. ("EMGH") and 1,841 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: 0001628280-18-007159 · wf-form4_152719244379673.xml · nonDerivative · entry 1

SIMON RONALD I · CIK 0001060435 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · By trust

Disclosed balance after: 22,666

F1 · price: This transaction was executed in multiple trades at prices ranging from $16.19 to $16.20. The price reported above reflects the weighted average purchase price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

F2 · ownership.nature: The shares are held in the Simon Family Trust (the "Trust"). Mr. Simon is a trustee of the Trust. Mr. Simon and his wife are the beneficiaries of the Trust. Mr. Simon disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

SEC source: 0001628280-18-006820 · wf-form4_152641635243775.xml · nonDerivative · entry 1

Penn Laurence · CIK 0001474801 · Director · CEO and President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 44,524

F1 · price: This transaction was executed in multiple trades at prices ranging from $15.95 to $15.99. The price reported above reflects the weighted average purchase price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

SEC source: 0001628280-18-006818 · wf-form4_152641615965871.xml · nonDerivative · entry 2

Vranos Michael W · CIK 0001474808 · Director · Co-Chief Investment Officer · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 394,321

F2 · price: This transaction was executed in multiple trades at prices ranging from $15.95 to $15.99. The price reported above reflects the weighted average purchase price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

SEC source: 0001628280-18-006754 · wf-form4_152633196924601.xml · nonDerivative · entry 2

Penn Laurence · CIK 0001474801 · Director · CEO and President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 40,565

F2 · price: This transaction was executed in multiple trades at prices ranging from $15.73 to $15.83. The price reported above reflects the weighted average purchase price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

SEC source: 0001628280-18-006818 · wf-form4_152641615965871.xml · nonDerivative · entry 1

Vranos Michael W · CIK 0001474808 · Director · Co-Chief Investment Officer · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 378,486

F1 · price: This transaction was executed in multiple trades at prices ranging from $15.74 to $15.83. The price reported above reflects the weighted average purchase price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

SEC source: 0001628280-18-006754 · wf-form4_152633196924601.xml · nonDerivative · entry 1

Penn Laurence · CIK 0001474801 · Director · CEO and President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 20,575

F1 · price: This transaction was executed in multiple trades at prices ranging from $15.67 to $15.68. The price reported above reflects the weighted average purchase price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

SEC source: 0001628280-17-012366 · wf-form4_151336431782179.xml · nonDerivative · entry 2

Vranos Michael W · CIK 0001474808 · Director · Co-Chief Investment Officer · 10% owner

VC INVESTMENTS LLC · CIK 0001098488 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 1,024,079

F3 · kind: On December 14, 2017, these common shares were transferred from EMGH to the personal account of a partner in EMGH. EMGH did not receive or pay any consideration in connection with the transfer of such 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.

F2 · ownership.nature: These common shares are owned directly by EMGH. VC is the general partner of EMGH. 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 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: 0001628280-17-012366 · wf-form4_151336431782179.xml · nonDerivative · entry 1

Vranos Michael W · CIK 0001474808 · Director · Co-Chief Investment Officer · 10% owner

VC INVESTMENTS LLC · CIK 0001098488 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 1,035,559

F1 · kind: On December 14, 2017, these common shares were transferred from the investment account of a partner in EMG Holdings, L.P. ("EMGH") at the direction of such partner to a third party. EMGH did not receive or pay any consideration in connection with the transfer of such common shares. Each of Michael W. Vranos and VC Investments LLC ("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.

F2 · ownership.nature: These common shares are owned directly by EMGH. VC is the general partner of EMGH. 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 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: 0001628280-17-012335 · wf-form4_151326844166850.xml · derivative · entry 1

Mumford Lisa · CIK 0001380384 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 61,497

Underlying: Common shares representing ltd liability company interests · 11,773 shares

Expires not disclosed

F1 · security: Represents a separate non-voting class of limited liability company interests ("LTIP Units") of the Issuer, which are structured as profits interests. 5,887 of the LTIP Units will vest one year from the date of grant and the remaining 5,886 of the LTIP units will vest two years from the date of grant. The LTIP Units may be converted at the election of the holder, into common shares representing limited liability company interests of the Issuer on a one-for-one basis. The LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Issuer's 2017 Equity Incentive Plan.

F1 · derivative.exercise_price: Represents a separate non-voting class of limited liability company interests ("LTIP Units") of the Issuer, which are structured as profits interests. 5,887 of the LTIP Units will vest one year from the date of grant and the remaining 5,886 of the LTIP units will vest two years from the date of grant. The LTIP Units may be converted at the election of the holder, into common shares representing limited liability company interests of the Issuer on a one-for-one basis. The LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Issuer's 2017 Equity Incentive Plan.

F1 · derivative.exercise_date: Represents a separate non-voting class of limited liability company interests ("LTIP Units") of the Issuer, which are structured as profits interests. 5,887 of the LTIP Units will vest one year from the date of grant and the remaining 5,886 of the LTIP units will vest two years from the date of grant. The LTIP Units may be converted at the election of the holder, into common shares representing limited liability company interests of the Issuer on a one-for-one basis. The LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Issuer's 2017 Equity Incentive Plan.

F1 · derivative.expiration_date: Represents a separate non-voting class of limited liability company interests ("LTIP Units") of the Issuer, which are structured as profits interests. 5,887 of the LTIP Units will vest one year from the date of grant and the remaining 5,886 of the LTIP units will vest two years from the date of grant. The LTIP Units may be converted at the election of the holder, into common shares representing limited liability company interests of the Issuer on a one-for-one basis. The LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Issuer's 2017 Equity Incentive Plan.

SEC source: 0001628280-18-003547 · wf-form4_152207416451001.xml · nonDerivative · entry 1

Penn Laurence · CIK 0001474801 · Director · CEO and President

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 468,611

F1 · date: In addition to the common shares that Mr. Penn holds directly, Mr. Penn is also a limited partner in EMG Holdings L.P. ("EMGH"), which holds certain common shares with respect to which Mr. Penn receives the economic benefit but does not have voting or dispositive power while held by EMGH. Historically, Mr. Penn has had the right to withdraw from EMGH some of those common shares, but not others. On September 30, 2017, by virtue of the terms of the limited partnership agreement of EMGH, Mr. Penn gained the right to withdraw from EMGH an additional 6,414 common shares, and as a result Mr. Penn may be deemed to have gained beneficial ownership of an additional 6,414 common shares as of such date. As the result of an administrative oversight, the change in status of these common shares was not previously reported on Form 4. Mr. Penn did not pay or receive any consideration in connection with the change in status of these common shares.

F1 · shares: In addition to the common shares that Mr. Penn holds directly, Mr. Penn is also a limited partner in EMG Holdings L.P. ("EMGH"), which holds certain common shares with respect to which Mr. Penn receives the economic benefit but does not have voting or dispositive power while held by EMGH. Historically, Mr. Penn has had the right to withdraw from EMGH some of those common shares, but not others. On September 30, 2017, by virtue of the terms of the limited partnership agreement of EMGH, Mr. Penn gained the right to withdraw from EMGH an additional 6,414 common shares, and as a result Mr. Penn may be deemed to have gained beneficial ownership of an additional 6,414 common shares as of such date. As the result of an administrative oversight, the change in status of these common shares was not previously reported on Form 4. Mr. Penn did not pay or receive any consideration in connection with the change in status of these common shares.

F1 · ownership.nature: In addition to the common shares that Mr. Penn holds directly, Mr. Penn is also a limited partner in EMG Holdings L.P. ("EMGH"), which holds certain common shares with respect to which Mr. Penn receives the economic benefit but does not have voting or dispositive power while held by EMGH. Historically, Mr. Penn has had the right to withdraw from EMGH some of those common shares, but not others. On September 30, 2017, by virtue of the terms of the limited partnership agreement of EMGH, Mr. Penn gained the right to withdraw from EMGH an additional 6,414 common shares, and as a result Mr. Penn may be deemed to have gained beneficial ownership of an additional 6,414 common shares as of such date. As the result of an administrative oversight, the change in status of these common shares was not previously reported on Form 4. Mr. Penn did not pay or receive any consideration in connection with the change in status of these common shares.

SEC source: 0001628280-18-003548 · wf-form4_152207418421878.xml · nonDerivative · entry 1

Tecotzky Mark · CIK 0001474810 · Co-Chief Investment Officer

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 26,838

F1 · date: In addition to the common shares that Mr. Tecotzky holds directly, Mr. Tecotzky is also a limited partner in EMG Holdings L.P. ("EMGH"), which holds certain common shares with respect to which Mr. Tecotzky receives the economic benefit but does not have voting or dispositive power while held by EMGH. Historically, Mr. Tecotzky has had the right to withdraw from EMGH some of those common shares, but not others. On September 30, 2017, by virtue of the terms of the limited partnership agreement of EMGH, Mr. Tecotzky gained the right to withdraw from EMGH an additional 1,511 common shares, and as a result Mr. Tecotzky may be deemed to have gained beneficial ownership of an additional 1,511 common shares as of such date. As the result of an administrative oversight, the change in status of these common shares was not previously reported on Form 4. Mr. Tecotzky did not pay or receive any consideration in connection with the change in status of these common shares.

F1 · shares: In addition to the common shares that Mr. Tecotzky holds directly, Mr. Tecotzky is also a limited partner in EMG Holdings L.P. ("EMGH"), which holds certain common shares with respect to which Mr. Tecotzky receives the economic benefit but does not have voting or dispositive power while held by EMGH. Historically, Mr. Tecotzky has had the right to withdraw from EMGH some of those common shares, but not others. On September 30, 2017, by virtue of the terms of the limited partnership agreement of EMGH, Mr. Tecotzky gained the right to withdraw from EMGH an additional 1,511 common shares, and as a result Mr. Tecotzky may be deemed to have gained beneficial ownership of an additional 1,511 common shares as of such date. As the result of an administrative oversight, the change in status of these common shares was not previously reported on Form 4. Mr. Tecotzky did not pay or receive any consideration in connection with the change in status of these common shares.

F1 · ownership.nature: In addition to the common shares that Mr. Tecotzky holds directly, Mr. Tecotzky is also a limited partner in EMG Holdings L.P. ("EMGH"), which holds certain common shares with respect to which Mr. Tecotzky receives the economic benefit but does not have voting or dispositive power while held by EMGH. Historically, Mr. Tecotzky has had the right to withdraw from EMGH some of those common shares, but not others. On September 30, 2017, by virtue of the terms of the limited partnership agreement of EMGH, Mr. Tecotzky gained the right to withdraw from EMGH an additional 1,511 common shares, and as a result Mr. Tecotzky may be deemed to have gained beneficial ownership of an additional 1,511 common shares as of such date. As the result of an administrative oversight, the change in status of these common shares was not previously reported on Form 4. Mr. Tecotzky did not pay or receive any consideration in connection with the change in status of these common shares.

SEC source: 0001628280-17-009309 · wf-form4_150542054660908.xml · derivative · entry 3

SIMON RONALD I · CIK 0001060435 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,334

Underlying: Common Shares · 2,801 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.

F4 · security: The LTIP Units were issued pursuant to, and were subject to the terms and conditions of, the Company's 2007 Incentive Plan for Individuals and were converted into Common Shares on a one-for-one basis.

F4 · derivative.exercise_price: The LTIP Units were issued pursuant to, and were subject to the terms and conditions of, the Company's 2007 Incentive Plan for Individuals and were converted into Common Shares on a one-for-one basis.

F5 · shares: Represents the conversion of outstanding vested LTIP Units into Common Shares pursuant to the terms thereof. The conversion does not represent or involve a disposition for value. The 2,801 LTIP Units became convertible on September 12, 2017. The rights to convert LTIP Units into Common Shares do not have expiration dates.

F5 · derivative.exercise_date: Represents the conversion of outstanding vested LTIP Units into Common Shares pursuant to the terms thereof. The conversion does not represent or involve a disposition for value. The 2,801 LTIP Units became convertible on September 12, 2017. The rights to convert LTIP Units into Common Shares do not have expiration dates.

F5 · derivative.expiration_date: Represents the conversion of outstanding vested LTIP Units into Common Shares pursuant to the terms thereof. The conversion does not represent or involve a disposition for value. The 2,801 LTIP Units became convertible on September 12, 2017. The rights to convert LTIP Units into Common Shares do not have expiration dates.

SEC source: 0001628280-17-009309 · wf-form4_150542054660908.xml · nonDerivative · entry 1

SIMON RONALD I · CIK 0001060435 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · By trust

Disclosed balance after: 20,827

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 shares are held in the Simon Family Trust (the "Trust"). Mr. Simon is a trustee of the Trust. Mr. Simon and his wife are the beneficiaries of the Trust. Mr. Simon disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

SEC source: 0001628280-17-009309 · wf-form4_150542054660908.xml · derivative · entry 2

SIMON RONALD I · CIK 0001060435 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 6,135

Underlying: Common Shares · 3,334 shares

Expires not disclosed

F2 · security: Represents a separate non-voting class of limited liability company interests ("LTIP Units") of Ellington Financial LLC (the "Company"), which are structured as profits interests. The LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan.

F3 · derivative.exercise_price: The 3,334 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 11, 2018. After the applicable forfeiture restrictions lapse, the LTIP Units may be converted at the election of the holder, into common shares representing limited liability interests of the Company ("Common Shares") on a one-for-one basis. The rights to convert LTIP Units into Common Shares do not have expiration dates.

F3 · derivative.exercise_date: The 3,334 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 11, 2018. After the applicable forfeiture restrictions lapse, the LTIP Units may be converted at the election of the holder, into common shares representing limited liability interests of the Company ("Common Shares") on a one-for-one basis. The rights to convert LTIP Units into Common Shares do not have expiration dates.

F3 · derivative.expiration_date: The 3,334 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 11, 2018. After the applicable forfeiture restrictions lapse, the LTIP Units may be converted at the election of the holder, into common shares representing limited liability interests of the Company ("Common Shares") on a one-for-one basis. The rights to convert LTIP Units into Common Shares do not have expiration dates.

SEC source: 0001628280-17-009308 · wf-form4_150542052409997.xml · derivative · entry 1

Resendez Edward · CIK 0001474809 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 17,911

Underlying: Common shares representing ltd liability company interests · 3,334 shares

Expires not disclosed

F1 · security: Represents a separate non-voting class of limited liability company interests ("LTIP Units") of Ellington Financial LLC (the "Company"), which are structured as profits interests. The 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_price: The 3,334 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 11, 2018. After the applicable forfeiture restrictions lapse, the LTIP Units may be converted at the election of the holder, into common shares representing limited liability interests of the Company ("Common Shares") on a one-for-one basis. The rights to convert LTIP Units into Common Shares do not have expiration dates.

F2 · derivative.exercise_date: The 3,334 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 11, 2018. After the applicable forfeiture restrictions lapse, the LTIP Units may be converted at the election of the holder, into common shares representing limited liability interests of the Company ("Common Shares") on a one-for-one basis. The rights to convert LTIP Units into Common Shares do not have expiration dates.

F2 · derivative.expiration_date: The 3,334 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 11, 2018. After the applicable forfeiture restrictions lapse, the LTIP Units may be converted at the election of the holder, into common shares representing limited liability interests of the Company ("Common Shares") on a one-for-one basis. The rights to convert LTIP Units into Common Shares do not have expiration dates.

SEC source: 0001628280-17-009307 · wf-form4_150542050675243.xml · derivative · entry 1

ROBARDS THOMAS F · CIK 0001185488 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 19,161

Underlying: Common shares representing ltd liability company interests · 3,334 shares

Expires not disclosed

F1 · security: Represents a separate non-voting class of limited liability company interests ("LTIP Units") of Ellington Financial LLC (the "Company"), which are structured as profits interests. The 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_price: The 3,334 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 11, 2018. After the applicable forfeiture restrictions lapse, the LTIP Units may be converted at the election of the holder, into common shares representing limited liability interests of the Company ("Common Shares") on a one-for-one basis. The rights to convert LTIP Units into Common Shares do not have expiration dates.

F2 · derivative.exercise_date: The 3,334 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 11, 2018. After the applicable forfeiture restrictions lapse, the LTIP Units may be converted at the election of the holder, into common shares representing limited liability interests of the Company ("Common Shares") on a one-for-one basis. The rights to convert LTIP Units into Common Shares do not have expiration dates.

F2 · derivative.expiration_date: The 3,334 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 11, 2018. After the applicable forfeiture restrictions lapse, the LTIP Units may be converted at the election of the holder, into common shares representing limited liability interests of the Company ("Common Shares") on a one-for-one basis. The rights to convert LTIP Units into Common Shares do not have expiration dates.

SEC source: 0001628280-16-022034 · wf-form4_148175103251557.xml · derivative · entry 1

Mumford Lisa · CIK 0001380384 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 49,724

Underlying: Common shares representing ltd liability company interests · 11,166 shares

Expires not disclosed

F1 · security: Represents a separate non-voting class of limited liability company interests ("LTIP Units") of the Issuer, which are structured as profits interests. 5,583 of the LTIP Units will vest one year from the date of grant and the remaining 5,583 of the LTIP units will vest two years from the date of grant. The LTIP Units may be converted at the election of the holder, into common shares representing limited liability company interests of the Issuer on a one-for-one basis. The LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Issuer's 2007 Incentive Plan for Individuals.

F1 · derivative.exercise_price: Represents a separate non-voting class of limited liability company interests ("LTIP Units") of the Issuer, which are structured as profits interests. 5,583 of the LTIP Units will vest one year from the date of grant and the remaining 5,583 of the LTIP units will vest two years from the date of grant. The LTIP Units may be converted at the election of the holder, into common shares representing limited liability company interests of the Issuer on a one-for-one basis. The LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Issuer's 2007 Incentive Plan for Individuals.

F1 · derivative.exercise_date: Represents a separate non-voting class of limited liability company interests ("LTIP Units") of the Issuer, which are structured as profits interests. 5,583 of the LTIP Units will vest one year from the date of grant and the remaining 5,583 of the LTIP units will vest two years from the date of grant. The LTIP Units may be converted at the election of the holder, into common shares representing limited liability company interests of the Issuer on a one-for-one basis. The LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Issuer's 2007 Incentive Plan for Individuals.

F1 · derivative.expiration_date: Represents a separate non-voting class of limited liability company interests ("LTIP Units") of the Issuer, which are structured as profits interests. 5,583 of the LTIP Units will vest one year from the date of grant and the remaining 5,583 of the LTIP units will vest two years from the date of grant. The LTIP Units may be converted at the election of the holder, into common shares representing limited liability company interests of the Issuer on a one-for-one basis. The LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Issuer's 2007 Incentive Plan for Individuals.

SEC source: 0001628280-16-021520 · wf-form4_147933183072655.xml · nonDerivative · entry 1

Vranos Michael W · CIK 0001474808 · Director · Co-Chief Investment Officer · 10% owner

VC INVESTMENTS LLC · CIK 0001098488 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 1,044,492

F1 · kind: On November 16, 2016, these common shares were transferred from a partnership to certain limited partners' accounts in EMG Holdings, L.P. ("EMGH") in which these limited partners may withdraw the shares with the consent of Michael W. Vranos. EMGH did not pay or receive any consideration in connection with the transfer of such common shares.

F2 · ownership.nature: These common shares are owned directly by EMGH. VC Investments LLC ("VC") is the general partner of EMGH. 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 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: 0001628280-16-019597 · wf-form4_147397169147920.xml · derivative · entry 3

SIMON RONALD I · CIK 0001060435 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,801

Underlying: Common Shares · 2,475 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 · derivative.exercise_price: Represents a separate non-voting class of limited liability company interests ("LTIP Units") of Ellington Financial LLC (the "Company"), which are structured as profits interests. The LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Issuer's 2007 Incentive Plan for Individuals.

F4 · shares: Represents the conversion of outstanding vested LTIP Units into common shares pursuant to the terms thereof. The conversion does not represent or involve a disposition for value. The 2,475 LTIP Units became convertible on September 14, 2016. The rights to convert LTIP Units into Common Shares do not have expiration dates.

F4 · derivative.exercise_date: Represents the conversion of outstanding vested LTIP Units into common shares pursuant to the terms thereof. The conversion does not represent or involve a disposition for value. The 2,475 LTIP Units became convertible on September 14, 2016. The rights to convert LTIP Units into Common Shares do not have expiration dates.

F4 · derivative.expiration_date: Represents the conversion of outstanding vested LTIP Units into common shares pursuant to the terms thereof. The conversion does not represent or involve a disposition for value. The 2,475 LTIP Units became convertible on September 14, 2016. The rights to convert LTIP Units into Common Shares do not have expiration dates.

SEC source: 0001628280-16-019597 · wf-form4_147397169147920.xml · nonDerivative · entry 1

SIMON RONALD I · CIK 0001060435 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · By trust

Disclosed balance after: 18,026

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 shares are held in the Simon Family Trust (the "Trust"). Mr. Simon is a trustee of the Trust. Mr. Simon and his wife are the beneficiaries of the Trust. Mr. Simon disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

SEC source: 0001628280-16-019597 · wf-form4_147397169147920.xml · derivative · entry 2

SIMON RONALD I · CIK 0001060435 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,276

Underlying: Common Shares · 2,801 shares

Expires not disclosed

F2 · security: Represents a separate non-voting class of limited liability company interests ("LTIP Units") of Ellington Financial LLC (the "Company"), which are structured as profits interests. The LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Issuer's 2007 Incentive Plan for Individuals.

F3 · derivative.exercise_price: The 2,801 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, 2017. After the applicable forfeiture restrictions lapse, the LTIP Units may be converted at the election of the holder, into common shares representing limited liability interests of the Company ("Common Shares") on a one-for-one basis. The rights to convert LTIP Units into Common Shares do not have expiration dates.

F3 · derivative.exercise_date: The 2,801 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, 2017. After the applicable forfeiture restrictions lapse, the LTIP Units may be converted at the election of the holder, into common shares representing limited liability interests of the Company ("Common Shares") on a one-for-one basis. The rights to convert LTIP Units into Common Shares do not have expiration dates.

F3 · derivative.expiration_date: The 2,801 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, 2017. After the applicable forfeiture restrictions lapse, the LTIP Units may be converted at the election of the holder, into common shares representing limited liability interests of the Company ("Common Shares") on a one-for-one basis. The rights to convert LTIP Units into Common Shares do not have expiration dates.

SEC source: 0001628280-16-019595 · wf-form4_147397165728249.xml · derivative · entry 1

Resendez Edward · CIK 0001474809 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 14,577

Underlying: Common shares representing ltd liability company interests · 2,801 shares

Expires not disclosed

F1 · security: Represents a separate non-voting class of limited liability company interests ("LTIP Units") of Ellington Financial LLC (the "Company"), which are structured as profits interests. The LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Issuer's 2007 Incentive Plan for Individuals.

F2 · derivative.exercise_price: The 2,801 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, 2017. After the applicable forfeiture restrictions lapse, the LTIP Units may be converted at the election of the holder, into common shares representing limited liability interests of the Company ("Common Shares") on a one-for-one basis. The rights to convert LTIP Units into Common Shares do not have expiration dates.

F2 · derivative.exercise_date: The 2,801 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, 2017. After the applicable forfeiture restrictions lapse, the LTIP Units may be converted at the election of the holder, into common shares representing limited liability interests of the Company ("Common Shares") on a one-for-one basis. The rights to convert LTIP Units into Common Shares do not have expiration dates.

F2 · derivative.expiration_date: The 2,801 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, 2017. After the applicable forfeiture restrictions lapse, the LTIP Units may be converted at the election of the holder, into common shares representing limited liability interests of the Company ("Common Shares") on a one-for-one basis. The rights to convert LTIP Units into Common Shares do not have expiration dates.

SEC source: 0001628280-16-019596 · wf-form4_147397167273715.xml · derivative · entry 1

ROBARDS THOMAS F · CIK 0001185488 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 15,827

Underlying: Common shares representing ltd liability company interests · 2,801 shares

Expires not disclosed

F1 · security: Represents a separate non-voting class of limited liability company interests ("LTIP Units") of Ellington Financial LLC (the "Company"), which are structured as profits interests. The LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Issuer's 2007 Incentive Plan for Individuals.

F2 · derivative.exercise_price: The 2,801 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, 2017. After the applicable forfeiture restrictions lapse, the LTIP Units may be converted at the election of the holder, into common shares representing limited liability interests of the Company ("Common Shares") on a one-for-one basis. The rights to convert LTIP Units into Common Shares do not have expiration dates.

F2 · derivative.exercise_date: The 2,801 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, 2017. After the applicable forfeiture restrictions lapse, the LTIP Units may be converted at the election of the holder, into common shares representing limited liability interests of the Company ("Common Shares") on a one-for-one basis. The rights to convert LTIP Units into Common Shares do not have expiration dates.

F2 · derivative.expiration_date: The 2,801 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, 2017. After the applicable forfeiture restrictions lapse, the LTIP Units may be converted at the election of the holder, into common shares representing limited liability interests of the Company ("Common Shares") on a one-for-one basis. The rights to convert LTIP Units into Common Shares do not have expiration dates.