Herlihy John

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

Herlihy John · CIK 0001734053 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 51,859

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

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

Herlihy John · CIK 0001734053 · Chief Financial Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 171,870

Underlying: Common Units · 36,417 shares

Expires not disclosed

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

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

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

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

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

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

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

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

Herlihy John · CIK 0001734053 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 57,094

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

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

Herlihy John · CIK 0001734053 · Chief Financial Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 135,453

Underlying: Common Units · 26,945 shares

Expires not disclosed

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

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

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

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

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

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

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

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

Herlihy John · CIK 0001734053 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 59,939

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

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

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

Herlihy John · CIK 0001734053 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 35,593

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

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

Herlihy John · CIK 0001734053 · Chief Financial Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 108,508

Underlying: Common Units · 23,833 shares

Expires not disclosed

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

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

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

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

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

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

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

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

Herlihy John · CIK 0001734053 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 38,081

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

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

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

Herlihy John · CIK 0001734053 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 28,041

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

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

Herlihy John · CIK 0001734053 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 84,675

Underlying: Common Units · 19,909 shares

Expires not disclosed

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

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

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

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

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

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

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

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

Herlihy John · CIK 0001734053 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 30,141

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

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

SEC source: 0001628280-21-025396 · wf-form4_164003468130840.xml · derivative · entry 1

Herlihy John · CIK 0001734053 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 64,766

Underlying: Common Units · 22,189 shares

Expires not disclosed

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

F2 · derivative.exercise_price: 11,095 of the OP LTIP Units will vest on December 16, 2022 and the remaining 11,094 of the OP LTIP units will vest December 16, 2023. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan (the "2017 Plan").

F2 · derivative.exercise_date: 11,095 of the OP LTIP Units will vest on December 16, 2022 and the remaining 11,094 of the OP LTIP units will vest December 16, 2023. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan (the "2017 Plan").

F2 · derivative.expiration_date: 11,095 of the OP LTIP Units will vest on December 16, 2022 and the remaining 11,094 of the OP LTIP units will vest December 16, 2023. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan (the "2017 Plan").

F2 · derivative.underlying: 11,095 of the OP LTIP Units will vest on December 16, 2022 and the remaining 11,094 of the OP LTIP units will vest December 16, 2023. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan (the "2017 Plan").

F2 · derivative.underlying_shares: 11,095 of the OP LTIP Units will vest on December 16, 2022 and the remaining 11,094 of the OP LTIP units will vest December 16, 2023. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan (the "2017 Plan").

F3 · balance_after: 9,606 of these OP LTIP Units will vest on December 17, 2022.

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

Herlihy John · CIK 0001734053 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 22,019

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

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

SEC source: 0001628280-20-017679 · wf-form4_160858479772426.xml · derivative · entry 1

Herlihy John · CIK 0001734053 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 42,577

Underlying: Common Units · 19,213 shares

Expires not disclosed

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

F2 · derivative.exercise_price: 9,607 of the OP LTIP Units will vest on December 17, 2021 and the remaining 9,606 of the OP LTIP units will vest December 17, 2022. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan (the "2017 Plan").

F2 · derivative.exercise_date: 9,607 of the OP LTIP Units will vest on December 17, 2021 and the remaining 9,606 of the OP LTIP units will vest December 17, 2022. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan (the "2017 Plan").

F2 · derivative.expiration_date: 9,607 of the OP LTIP Units will vest on December 17, 2021 and the remaining 9,606 of the OP LTIP units will vest December 17, 2022. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan (the "2017 Plan").

F2 · derivative.underlying: 9,607 of the OP LTIP Units will vest on December 17, 2021 and the remaining 9,606 of the OP LTIP units will vest December 17, 2022. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan (the "2017 Plan").

F2 · derivative.underlying_shares: 9,607 of the OP LTIP Units will vest on December 17, 2021 and the remaining 9,606 of the OP LTIP units will vest December 17, 2022. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan (the "2017 Plan").

F3 · balance_after: 6,381 of these OP LTIP Units will vest on December 13, 2021.

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

Herlihy John · CIK 0001734053 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 14,252

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

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

SEC source: 0001628280-19-015154 · wf-form4_157661835681061.xml · derivative · entry 1

Herlihy John · CIK 0001734053 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 23,364

Underlying: Common Units · 12,763 shares

Expires not disclosed

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

F2 · derivative.exercise_price: 6,382 of the OP LTIP Units will vest on December 13, 2020 and the remaining 6,381 of the OP LTIP units will vest December 13, 2021. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan (the "2017 Plan").

F2 · price: 6,382 of the OP LTIP Units will vest on December 13, 2020 and the remaining 6,381 of the OP LTIP units will vest December 13, 2021. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan (the "2017 Plan").

F2 · derivative.exercise_date: 6,382 of the OP LTIP Units will vest on December 13, 2020 and the remaining 6,381 of the OP LTIP units will vest December 13, 2021. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan (the "2017 Plan").

F2 · derivative.expiration_date: 6,382 of the OP LTIP Units will vest on December 13, 2020 and the remaining 6,381 of the OP LTIP units will vest December 13, 2021. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan (the "2017 Plan").

F2 · derivative.underlying: 6,382 of the OP LTIP Units will vest on December 13, 2020 and the remaining 6,381 of the OP LTIP units will vest December 13, 2021. The OP LTIP Units may be converted, upon lapse of the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of shares of common stock of the Company, $0.001 par value per share ("Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the Company's 2017 Equity Incentive Plan (the "2017 Plan").

F3 · balance_after: 5,300 of these OP LTIP Units will vest on December 11, 2020.

SEC source: 0001628280-19-015159 · wf-form4_157661871309953.xml · nonDerivative · entry 1

Herlihy John · CIK 0001734053 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 8,381

F1 · shares: The common shares of beneficial interest (the "Common Shares") were granted to the Reporting Person as the Company's Chief Operating Officer, under the Ellington Residential Mortgage REIT 2013 Equity Incentive Plan. 2,254 of the Common Shares will vest, subject to certain limitations, on December 13, 2020, and the remaining 2,254 of the Common Shares will vest, subject to certain limitations, on December 13, 2021.

F1 · price: The common shares of beneficial interest (the "Common Shares") were granted to the Reporting Person as the Company's Chief Operating Officer, under the Ellington Residential Mortgage REIT 2013 Equity Incentive Plan. 2,254 of the Common Shares will vest, subject to certain limitations, on December 13, 2020, and the remaining 2,254 of the Common Shares will vest, subject to certain limitations, on December 13, 2021.

F2 · balance_after: 1,936 of these Common Shares will vest, subject to certain limitations, on December 11, 2020.

SEC source: 0001628280-18-015103 · wf-form4_154474118512160.xml · derivative · entry 1

Herlihy John · CIK 0001734053 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,601

Underlying: Common Units · 10,601 shares

Expires not disclosed

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

F2 · derivative.exercise_price: 5,301 of the OP LTIP Units will vest one year from the date of grant and the remaining 5,300 of the OP LTIP units will vest two years from the date of grant. The OP LTIP Units may be converted, upon lapseof the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of common shares representing limited liability companyinterests of the Company ("Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of,the Company's 2017 Equity Incentive Plan (the "2017 Plan").

F2 · price: 5,301 of the OP LTIP Units will vest one year from the date of grant and the remaining 5,300 of the OP LTIP units will vest two years from the date of grant. The OP LTIP Units may be converted, upon lapseof the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of common shares representing limited liability companyinterests of the Company ("Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of,the Company's 2017 Equity Incentive Plan (the "2017 Plan").

F2 · derivative.exercise_date: 5,301 of the OP LTIP Units will vest one year from the date of grant and the remaining 5,300 of the OP LTIP units will vest two years from the date of grant. The OP LTIP Units may be converted, upon lapseof the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of common shares representing limited liability companyinterests of the Company ("Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of,the Company's 2017 Equity Incentive Plan (the "2017 Plan").

F2 · derivative.expiration_date: 5,301 of the OP LTIP Units will vest one year from the date of grant and the remaining 5,300 of the OP LTIP units will vest two years from the date of grant. The OP LTIP Units may be converted, upon lapseof the vesting restrictions described above, at the election of the holder, or at any time at the election of the Company, into limited liability company interests of the Operating Partnership designated as common units ("Common Units") on a one-for-one basis. Subject to certain conditions, the Common Units are redeemable by the holder for an equivalent number of common shares representing limited liability companyinterests of the Company ("Common Shares") or for the cash value of such Common Shares, at the Company's election. The OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of,the Company's 2017 Equity Incentive Plan (the "2017 Plan").

SEC source: 0001628280-18-015101 · wf-form4_154474082948014.xml · nonDerivative · entry 1

Herlihy John · CIK 0001734053 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,873

F1 · price: The common shares of beneficial interest (the "Common Shares") were granted to the Reporting Person as the Company's Chief Operating Officer, under the Ellington Residential Mortgage REIT 2013 Equity Incentive Plan. 1,937 of the Common Shares will vest, subject to certain limitations, on December 11, 2019, and the remaining 1,936 of the Common Shares will vest, subject to certain limitations, on December 11, 2020.