Ellington Financial Inc. — Director's Dealing 2018

May 15, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Ellington Financial LLC (EFC)
CIK: 0001411342
Period of Report: 2018-05-14

Reporting Person: Penn Laurence (Director, CEO and President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-05-14	Common Shares rep limited liability company interests	P	3959	$15.96	Acquired	44524	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares rep limited liability company interests	468611	Indirect

Footnotes

F1: 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.

F2: Mr. Penn is a limited partner in EMG Holdings L.P. ("EMGH"), which holds certain common shares with respect to which Mr. Penn receives the economic benefit but does not have voting or dispositive power while held by EMGH. Historically, Mr. Penn has had the right to withdraw from EMGH some of those common shares, but not others. Mr. Penn currently has the right to withdraw 468,611 of these common shares from EMGH.