Vranos Michael W

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: 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: 0001411342-24-000099 · 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: 0001411342-24-000066 · 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: 0001628280-22-003829 · wf-form4_164573766581043.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 927,141

F1 · kind: The shares of common stock ("Common Stock") of Ellington Financial Inc. (the "Issuer") were issued in connection with the fourth quarter 2021 incentive fee payable to Ellington Financial Management LLC ("EFM"), the Issuer's manager, pursuant to a management agreement between the Issuer and EFM, and the Issuer's 2017 Equity Incentive Plan.

F2 · balance_after: Of these 927,141 shares of Common Stock, 842,221 of them are owned directly by EMG Holdings, L.P. ("EMGH") and 84,920 of them 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. Mr. Vranos and VC together share the power to direct the voting and disposition of shares of Common Stock held by EMGH and EFM, and may be regarded as the beneficial owners of the shares of Common Stock. Each of Michael W. Vranos and VC disclaims beneficial ownership of any shares of Common Stock owned beneficially or of record by each other except to the extent of its or his pecuniary interest therein.

F2 · ownership.nature: Of these 927,141 shares of Common Stock, 842,221 of them are owned directly by EMG Holdings, L.P. ("EMGH") and 84,920 of them 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. Mr. Vranos and VC together share the power to direct the voting and disposition of shares of Common Stock held by EMGH and EFM, and may be regarded as the beneficial owners of the shares of Common Stock. Each of Michael W. Vranos and VC disclaims beneficial ownership of any shares of Common Stock owned beneficially or of record by each other except to the extent of its or his pecuniary interest therein.

SEC source: 0001628280-21-023522 · wf-form4_163709734528743.xml · derivative · entry 7

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 319,241

Underlying: Common Stock · 1,363 shares

Expires not disclosed

F11 · derivative.exercise_price: Represents a separate non-voting class of limited liability company interests ("OP LTIP Units") of EFCOP. Each OP LTIP Unit is convertible into a Common Unit 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 or for the cash value of such shares of Common Stock, at the Company's election.

F12 · kind: On November 12, 2021, these OP LTIP Units were transferred from the investment account of a partner in EMGH to be held by such partner in his individual capacity. EMGH did not receive or pay any consideration in connection with the transfer of such OP LTIP Units.

F12 · shares: On November 12, 2021, these OP LTIP Units were transferred from the investment account of a partner in EMGH to be held by such partner in his individual capacity. EMGH did not receive or pay any consideration in connection with the transfer of such OP LTIP Units.

F11 · derivative.exercise_date: Represents a separate non-voting class of limited liability company interests ("OP LTIP Units") of EFCOP. Each OP LTIP Unit is convertible into a Common Unit 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 or for the cash value of such shares of Common Stock, at the Company's election.

F11 · derivative.expiration_date: Represents a separate non-voting class of limited liability company interests ("OP LTIP Units") of EFCOP. Each OP LTIP Unit is convertible into a Common Unit 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 or for the cash value of such shares of Common Stock, at the Company's election.

F13 · ownership.nature: These OP LTIP Units are held by EMGH. Mr. Vranos and VC together share the power to direct the voting and disposition of OP LTIP Units held by EMGH, and may be regarded as the beneficial owners of the OP LTIP Units. Each of Mr. Vranos and VC disclaims beneficial ownership of any OP LTIP Units owned beneficially or of record by each other except to the extent of his or its pecuniary interest therein.

SEC source: 0001628280-21-023522 · wf-form4_163709734528743.xml · derivative · entry 6

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 28,521

Underlying: Common Stock · 17,650 shares

Expires not disclosed

F8 · derivative.exercise_price: Represents a class of limited liability company interests ("Common Units") of Ellington Financial Operating Partnership LLC ("EFCOP"), the operating partnership of the Company. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of Common Stock or for the cash value of such shares of Common Stock, at the Company's election.

F9 · kind: On November 12, 2021, these Common Units were transferred from the investment accounts of certain partners in EMGH to be held by such partners in their individual capacities. EMGH did not receive or pay any consideration in connection with the transfer of such Common Units.

F9 · shares: On November 12, 2021, these Common Units were transferred from the investment accounts of certain partners in EMGH to be held by such partners in their individual capacities. EMGH did not receive or pay any consideration in connection with the transfer of such Common Units.

F8 · derivative.exercise_date: Represents a class of limited liability company interests ("Common Units") of Ellington Financial Operating Partnership LLC ("EFCOP"), the operating partnership of the Company. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of Common Stock or for the cash value of such shares of Common Stock, at the Company's election.

F8 · derivative.expiration_date: Represents a class of limited liability company interests ("Common Units") of Ellington Financial Operating Partnership LLC ("EFCOP"), the operating partnership of the Company. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of Common Stock or for the cash value of such shares of Common Stock, at the Company's election.

F10 · ownership.nature: The remaining 28,521 Common Units are held by EMGH. Mr. Vranos and VC together share the power to direct the voting and disposition of Common Units held by EMGH, and may be regarded as the beneficial owners of the Common Units. Each of Mr. Vranos and VC disclaims beneficial ownership of any Common Units owned beneficially or of record by each other except to the extent of his or its pecuniary interest therein.

SEC source: 0001628280-21-023522 · wf-form4_163709734528743.xml · nonDerivative · entry 2

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 908,047

F3 · kind: On November 12, 2021, these shares of Common Stock were transferred from the investment accounts of certain partners in EMGH to such partners' respective brokerage accounts. EMGH did not receive or pay any consideration in connection with the transfer of such shares of Common Stock.

F4 · balance_after: Of these 908,047 shares of Common Stock, 842,221 of them are owned directly by EMGH and 65,826 of them are directly owned by EFM. 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. Mr. Vranos and VC together share the power to direct the voting and disposition of shares of Common Stock held by EMGH and EFM, and may be regarded as the beneficial owners of the shares of Common Stock. Each of Michael W. Vranos and VC disclaims beneficial ownership of any shares of Common Stock owned beneficially or of record by each other except to the extent of its or his pecuniary interest therein.

F4 · ownership.nature: Of these 908,047 shares of Common Stock, 842,221 of them are owned directly by EMGH and 65,826 of them are directly owned by EFM. 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. Mr. Vranos and VC together share the power to direct the voting and disposition of shares of Common Stock held by EMGH and EFM, and may be regarded as the beneficial owners of the shares of Common Stock. Each of Michael W. Vranos and VC disclaims beneficial ownership of any shares of Common Stock owned beneficially or of record by each other except to the extent of its or his pecuniary interest therein.

SEC source: 0001628280-21-023522 · wf-form4_163709734528743.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 916,713

F1 · kind: The shares of common stock ("Common Stock") of Ellington Financial Inc. (the "Company") were issued in connection with the third quarter 2021 incentive fee payable to Ellington Financial Management LLC ("EFM"), the Company's manager, pursuant to a management agreement between the Company and EFM, and the Company's 2017 Equity Incentive Plan.

F2 · balance_after: Of these 916,713 shares of Common Stock, 850,887 of them are owned directly by EMG Holdings, L.P. ("EMGH") and 65,826 of them 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. Mr. Vranos and VC together share the power to direct the voting and disposition of shares of Common Stock held by EMGH and EFM, and may be regarded as the beneficial owners of the shares of Common Stock. Each of Michael W. Vranos and VC disclaims beneficial ownership of any shares of Common Stock owned beneficially or of record by each other except to the extent of its or his pecuniary interest therein.

F2 · ownership.nature: Of these 916,713 shares of Common Stock, 850,887 of them are owned directly by EMG Holdings, L.P. ("EMGH") and 65,826 of them 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. Mr. Vranos and VC together share the power to direct the voting and disposition of shares of Common Stock held by EMGH and EFM, and may be regarded as the beneficial owners of the shares of Common Stock. Each of Michael W. Vranos and VC disclaims beneficial ownership of any shares of Common Stock owned beneficially or of record by each other except to the extent of its or his pecuniary interest therein.

SEC source: 0001628280-21-015162 · wf-form4_162793544698791.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 888,260

F1 · kind: The shares of common stock ("Common Stock") of Ellington Financial Inc. (the "Issuer") were issued in connection with the second quarter 2021 incentive fee payable to Ellington Financial Management LLC ("EFM"), the Issuer's manager, pursuant to a management agreement between the Issuer and EFM, and the Issuer's 2017 Equity Incentive Plan.

F2 · balance_after: Of these 888,260 shares of Common Stock, 850,250 of them are owned directly by EMG Holdings, L.P. ("EMGH") and 38,010 of them 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. Mr. Vranos and VC together share the power to direct the voting and disposition of shares of Common Stock held by EMGH and EFM, and may be regarded as the beneficial owners of the shares of Common Stock. Each of Michael W. Vranos and VC disclaims beneficial ownership of any shares of Common Stock owned beneficially or of record by each other except to the extent of its or his pecuniary interest therein.

F2 · ownership.nature: Of these 888,260 shares of Common Stock, 850,250 of them are owned directly by EMG Holdings, L.P. ("EMGH") and 38,010 of them 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. Mr. Vranos and VC together share the power to direct the voting and disposition of shares of Common Stock held by EMGH and EFM, and may be regarded as the beneficial owners of the shares of Common Stock. Each of Michael W. Vranos and VC disclaims beneficial ownership of any shares of Common Stock owned beneficially or of record by each other except to the extent of its or his pecuniary interest therein.

SEC source: 0001628280-20-017471 · wf-form4_160797993642126.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 1,889,689

F1 · kind: These shares of common stock ("Common Stock") of Ellington Financial Inc. (the "Issuer") that were not previously deemed to be beneficially owned by Mr. Vranos were transferred to an entity (the "Estate Planning Entity") that holds the shares for estate planning purposes. Mr. Vranos is the managing member of the Estate Planning Entity.

F2 · price: Assets were transferred to the trusts that previously held the shares of Common Stock that had a value equivalent to such shares as of market close on the date of the transfer.

F3 · ownership.nature: Mr. Vranos is the managing member of the Estate Planning Entity. Shares of Common Stock held by the Estate Planning Entity include 409,879 shares of Common Stock previously held directly by Mr. Vranos and 90,757 shares of Common Stock previously held by a family trust of which Mr. Vranos is the settlor.

SEC source: 0001628280-20-002984 · wf-form4_158336400455889.xml · derivative · entry 6

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 46,171

Underlying: Common Stock · 129,516 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.

F6 · derivative.exercise_price: Subject to certain conditions, the Common Units were redeemable by the holder for an equivalent number of shares of Common Stock or for the cash value of such shares of Common Stock, at the Issuer's election.

F6 · price: Subject to certain conditions, the Common Units were redeemable by the holder for an equivalent number of shares of Common Stock or for the cash value of such shares of Common Stock, at the Issuer's election.

F6 · derivative.exercise_date: Subject to certain conditions, the Common Units were redeemable by the holder for an equivalent number of shares of Common Stock or for the cash value of such shares of Common Stock, at the Issuer's election.

F6 · derivative.expiration_date: Subject to certain conditions, the Common Units were redeemable by the holder for an equivalent number of shares of Common Stock or for the cash value of such shares of Common Stock, at the Issuer's election.

F7 · ownership.nature: Of the 129,516 Common Units that were converted into shares of Common Stock, 90,757 Common Units were held by the Vranos Family Trust and 38,759 Common Units were held by the Penn Family Trust. Mr. Vranos has certain consent rights with respect to transfers of all Common Units including those held by the Vranos Family Trust and the Penn Family Trust. Mr. Vranos disclaims any pecuniary interest in the Common Units held by the Vranos Family Trust and the Penn Family Trust. The remaining 46,171 Common Units are held by EMGH. Mr. Vranos and VC together share the power to direct the voting and disposition of Common Units held by EMGH, and may be regarded as the beneficial owners of the Common Units. Each of Mr. Vranos and VC disclaims beneficial ownership of any Common Units owned beneficially or of record by each other except to the extent of his or its pecuniary interest therein.

SEC source: 0001628280-20-002984 · wf-form4_158336400455889.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Indirect · In Trusts

Disclosed balance after: 129,516

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 · price: Converted from a class of limited liability company interests ("Common Units") of Ellington Financial Operating Partnership LLC, the operating partnership of Ellington Financial Inc. (the "Issuer"). Subject to certain conditions, the Common Units were redeemable by the holder for an equivalent number of shares of common stock of the Issuer ("Common Stock") or for the cash value of such shares of Common Stock, at the Issuer's election.

F2 · ownership.nature: 90,757 shares of Common Stock are held by a family trust of which Mr. Vranos is the settlor (the "Vranos Family Trust") and 38,759 shares of Common Stock are held by an entity owned by a family trust of which Laurence Penn is a settlor and for which Mr. Vranos serves as a trustee (the "Penn Family Trust"). Mr. Vranos has certain consent rights with respect to transfers of shares of Common Stock held by the Vranos Family Trust and the Penn Family Trust. Mr. Vranos disclaims any pecuniary interest in the shares of Common Stock held by the Vranos Family Trust and the Penn Family Trust.

SEC source: 0001628280-20-001146 · wf-form4_158103084543410.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 850,887

F1 · kind: The shares were issued in connection with the fourth quarter 2019 incentive fee payable to Ellington Financial Management LLC ("EFM"), the issuer's manager, pursuant to a management agreement between the issuer and EFM.

F2 · balance_after: Of these 850,887 shares of common stock, 850,250 of them are owned directly by EMGH and 637 of them are directly owned by EFM. VC Investments L.L.C. ("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 shares of common stock. Each of Michael W. Vranos and VC disclaims beneficial ownership of any shares of common stock owned beneficially or of record by each other except to the extent of his or its pecuniary interest therein.

F2 · ownership.nature: Of these 850,887 shares of common stock, 850,250 of them are owned directly by EMGH and 637 of them are directly owned by EFM. VC Investments L.L.C. ("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 shares of common stock. Each of Michael W. Vranos and VC disclaims beneficial ownership of any shares of common stock owned beneficially or of record by each other except to the extent of his or its pecuniary interest therein.

SEC source: 0001628280-19-014208 · wf-form4_157376543744439.xml · derivative · entry 6

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 320,604

Underlying: Common Stock · 51,558 shares

Expires not disclosed

F8 · derivative.exercise_price: Represents a separate non-voting class of limited liability company interests ("OP LTIP Units") of EFCOP. Each OP LTIP Unit is convertible into a Common Unit 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 or for the cash value of such shares of common stock, at the Company's election.

F9 · kind: On November 14, 2019, these OP LTIP Units were transferred from the investment accounts of certain former, inactive, or non-participating partners in EMGH to be held by such partners in their individual capacities. EMGH did not receive or pay any consideration in connection with the transfer of such OP LTIP Units.

F9 · shares: On November 14, 2019, these OP LTIP Units were transferred from the investment accounts of certain former, inactive, or non-participating partners in EMGH to be held by such partners in their individual capacities. EMGH did not receive or pay any consideration in connection with the transfer of such OP LTIP Units.

F8 · derivative.exercise_date: Represents a separate non-voting class of limited liability company interests ("OP LTIP Units") of EFCOP. Each OP LTIP Unit is convertible into a Common Unit 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 or for the cash value of such shares of common stock, at the Company's election.

F8 · derivative.expiration_date: Represents a separate non-voting class of limited liability company interests ("OP LTIP Units") of EFCOP. Each OP LTIP Unit is convertible into a Common Unit 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 or for the cash value of such shares of common stock, at the Company's election.

F10 · ownership.nature: These OP LTIP Units are held by EMGH. Mr. Vranos and VC together share the power to direct the voting and disposition of OP LTIP Units held by EMGH, and may be regarded as the beneficial owners of the OP LTIP Units. Each of Mr. Vranos and VC disclaims beneficial ownership of any OP LTIP Units owned beneficially or of record by each other except to the extent of his or its pecuniary interest therein.

SEC source: 0001628280-19-014208 · wf-form4_157376543744439.xml · derivative · entry 5

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 175,687

Underlying: Common Stock · 36,313 shares

Expires not disclosed

F5 · derivative.exercise_price: Represents a class of limited liability company interests ("Common Units") of Ellington Financial Operating Partnership LLC ("EFCOP"), the operating partnership of Ellington Financial Inc. (the "Company"). Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company or for the cash value of such shares of common stock, at the Company's election.

F6 · kind: On November 14, 2019, these Common Units were transferred from the investment accounts of certain former, inactive, or non-participating partners in EMGH to be held by such partners in their individual capacities. EMGH did not receive or pay any consideration in connection with the transfer of such Common Units.

F6 · shares: On November 14, 2019, these Common Units were transferred from the investment accounts of certain former, inactive, or non-participating partners in EMGH to be held by such partners in their individual capacities. EMGH did not receive or pay any consideration in connection with the transfer of such Common Units.

F5 · derivative.exercise_date: Represents a class of limited liability company interests ("Common Units") of Ellington Financial Operating Partnership LLC ("EFCOP"), the operating partnership of Ellington Financial Inc. (the "Company"). Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company or for the cash value of such shares of common stock, at the Company's election.

F5 · derivative.expiration_date: Represents a class of limited liability company interests ("Common Units") of Ellington Financial Operating Partnership LLC ("EFCOP"), the operating partnership of Ellington Financial Inc. (the "Company"). Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company or for the cash value of such shares of common stock, at the Company's election.

F7 · ownership.nature: Of these 175,687 Common Units, 46,171 are held by EMGH, 90,757 are held by a family trust of which Mr. Vranos is the settlor (the "Vranos Family Trust") and 38,759 are held by a family trust of which Laurence Penn is a settlor and for which Mr. Vranos serves as a trustee (the "Penn Family Trust"), over which Mr. Vranos, in his capacity as the managing member of VC, the general partner of EMGH, continues to have certain consent rights with respect to transfers. Mr. Vranos and VC together share the power to direct the voting and disposition of Common Units held by EMGH, and may be regarded as the beneficial owners of the Common Units. Each of Mr. Vranos and VC disclaims beneficial ownership of any Common Units owned beneficially or of record by each other except to the extent of his or its pecuniary interest therein.

SEC source: 0001628280-19-014208 · wf-form4_157376543744439.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 850,250

F1 · kind: On November 14, 2019, these shares of common stock were transferred from the investment accounts of certain former, inactive, or non-participating partners in EMG Holdings, L.P. ("EMGH") to such partners' respective brokerage accounts. EMGH did not receive or pay any consideration in connection with the transfer of such shares of common stock.

F1 · shares: On November 14, 2019, these shares of common stock were transferred from the investment accounts of certain former, inactive, or non-participating partners in EMG Holdings, L.P. ("EMGH") to such partners' respective brokerage accounts. EMGH did not receive or pay any consideration in connection with the transfer of such shares of common stock.

F2 · ownership.nature: Of these 850,250 shares of common stock, all of them are owned directly by EMGH. VC Investments L.L.C. ("VC") is the general partner of EMGH and the managing member of Ellington Financial Management LLC ("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 shares of common stock. Each of Michael W. Vranos and VC disclaims beneficial ownership of any shares of common stock owned beneficially or of record by each other except to the extent of his or its pecuniary interest therein.

SEC source: 0001628280-19-014206 · wf-form4_157376539493026.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 106,472

F1 · kind: On November 14, 2019, these common shares were transferred from the investment accounts of certain former, inactive, or non-participating partners partners in EMG Holdings, L.P. ("EMGH") to such partners' respective brokerage accounts. EMGH did not receive or pay any consideration in connection with the transfer of such shares of common stock.

F1 · shares: On November 14, 2019, these common shares were transferred from the investment accounts of certain former, inactive, or non-participating partners partners in EMG Holdings, L.P. ("EMGH") to such partners' respective brokerage accounts. EMGH did not receive or pay any consideration in connection with the transfer of such shares of common stock.

F2 · ownership.nature: Represents common shares held directly by EMGH, and indirectly by VC Investments L.L.C., or "VC," and Michael W. Vranos. Each of EMGH, VC, and Mr. Vranos has shared voting and dispositive power over these shares. VC is the general partner of EMGH. Mr. Vranos is the managing member of, and holds a controlling interest in VC. Each of VC, EMGH and Mr. Vranos disclaims beneficial ownership of these shares except to the extent of its or his pecuniary interest therein.

SEC source: 0001628280-19-008619 · wf-form4_156258517219388.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 1,028,556

F1 · kind: Pursuant to a transaction between Mr. Vranos and a limited partner of EMG Holdings, L.P. ("EMGH"), Mr. Vranos acquired a pecuniary interest in the shares reported as acquired in column 4 of this Form 4.

F2 · balance_after: Because Mr. Vranos already reported beneficial ownership of these shares held by another partner in EMGH, Mr. Vranos' beneficial ownership did not increase as a result of this transaction and the amount of shares reported in column 5 as beneficially owned following this transaction did not change from the amount reported in Mr. Vranos' Form 4 filed on November 2, 2018.

F3 · ownership.nature: Of these 1,028,556 shares of common stock, 1,024,079 shares are owned directly by EMGH and 4,477 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 shares of common stock held by EMGH and EFM, and may be regarded as the beneficial owners of the shares of common stock. Each of Michael W. Vranos and VC disclaims beneficial ownership of any shares of common stock owned beneficially or of record by each other except to the extent of its or his pecuniary interest therein.

SEC source: 0001628280-18-013524 · wf-form4_154119559528712.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: 1,028,556

F1 · kind: The shares were issued in connection with the third 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 1,028,556 common shares, 1,024,079 common shares are owned directly by EMG Holdings, L.P. ("EMGH") and 4,477 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: 0001628280-18-010467 · 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: 0001628280-18-006818 · 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: 0001628280-18-006818 · 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: 0001628280-17-012366 · 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: 0001628280-16-021520 · 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.