Ellington Financial Inc. — Director's Dealing 2012

Jan 4, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Ellington Financial LLC (EFC)
CIK: 0001411342
Period of Report: 2011-12-30

Reporting Person: Tecotzky Mark (Co-Chief Investment Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-12-30	Common Shares rep limited liability company interests	P	181	$17.16	Acquired	4764	Direct
2011-12-31	Common Shares rep limited liability company interests	J	29441	—	Acquired	29441	Indirect

Footnotes

F1: This transaction was executed in multiple trades at prices ranging from $17.10 to $17.18. 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. All purchases pursuant to this transaction were made pursuant to a 10b5-1 trading plan adopted by the reporting person.

F2: On December 31, 2011, as a result of an internal restructuring (the "Restructuring"), Mr. Tecotzky may be deemed to be the beneficial owner of 29,441 common shares held by EMG Holdings, L.P. ("EMGH"). See footnote 2. In connection with the Restructuring, common shares previously held by New Ellington Partners, L.P. ("NEP"), Ellington Mortgage Partners, LLC ("EMP") and New Ellington Credit Partners, L.P. ("NECP") were transferred to EMGH and other entities and persons via a series of pro rata distributions and contributions. No one received or paid any consideration for any common shares transferred in connection with the Restructuring. None of the pecuniary interests, to the extent any such interests exist, of the ultimate beneficial owners of common shares increased or decreased as a result of the Restructuring.