Ellington Financial Inc. — Director's Dealing 2012

Nov 5, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Ellington Financial LLC (EFC)
CIK: 0001411342
Period of Report: 2012-11-02

Reporting Person: Vranos Michael W (Director, Co-Chief Investment Officer, 10% Owner)
Reporting Person: VC INVESTMENTS LLC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-11-02	Common shares	J	42162	$0.00	Acquired	2415298	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common shares	14294	Direct

Footnotes

F1: The shares were issued in connection with the third quarter 2012 incentive fee payable to Ellington Financial Management LLC ("EFM"), the issuer's manager, pursuant to a management agreement between the issuer and EFM.

F2: The shares are owned indirectly by each of Michael W. Vranos and VC Investments LLC ("VC"). Of the 2,415,298 shares indirectly beneficially owned by each of Michael W. Vranos and VC, 2,362,091 common shares are owned directly by EMG Holdings, L.P. ("EMGH") and 53,207 common shares 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. Michael W. Vranos and VC together share the power to direct the voting and disposition of these common shares, and may be regarded as the beneficial owners of the common shares owned beneficially or of record by each other. 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.

F3: Represents common shares owned directly by Michael W. Vranos.