Ellington Financial Inc. — Director's Dealing 2016

May 12, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Ellington Financial LLC (EFC)
CIK: 0001411342
Period of Report: 2016-03-07

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
2016-03-07	Common Shares	J	8601	—	Acquired	978613	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	1578537	Indirect
Common Shares	177474	Indirect

Footnotes

F1: Due to an administrative error, this transaction was not previously reported on Form 4.

F2: Of these 978,613 common shares, 944,550 common shares are owned directly by EMG Holdings, L.P. ("EMGH"), and 34,063 common shares are directly owned by Ellington Financial Management LLC ("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.

F3: Common Shares are held in a grantor retained annuity trust for which Mr. Vranos acts as a trustee.

F4: Common Shares are held in family trusts for the benefit of EMGH partners (other than Mr. Vranos) for which Mr. Vranos acts as trustee.