Ellington Financial director granted 10,181 units

Ellington Financial Inc. granted director Stephen J. Dannhauser 10,181 OP LTIP Units that vest in 2027 and can ultimately be settled in common shares or cash.

Rhea-AI Filing Summary

Ellington Financial Inc. (EFC) reported that director Stephen J. Dannhauser received a grant of 10,181 OP LTIP Units of Ellington Financial Operating Partnership LLC on September 9, 2026. These units are forfeitable until September 8, 2027 and were issued under the Company’s 2026 Equity Incentive Plan.

Following this award, he holds 45,679 OP LTIP Units directly. After vesting, each OP LTIP Unit may be converted into one Common Unit and, subject to conditions, each Common Unit may be redeemed for either one common share of Ellington Financial Inc. or the cash value of that share at the Company’s election.

Insider Trade Summary

Grant/Award: 10,181 shares

Grant/Award 1 txn

Insider Dannhauser Stephen J

Role Director

Type	Security	Shares	Price	Value
Grant/Award	OP LTIP Units F1, F2	10,181	$0.00	$0.00

Holdings After Transaction: OP LTIP Units — 45,679 contracts (Direct)

Footnotes (2)

1. F1. 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").
2. F2. The 10,181 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 8, 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 (the "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 2026 Equity Incentive Plan.

Key Figures

OP LTIP Units granted: 10,181 units OP LTIP Units held after transaction: 45,679 units Vesting end date: September 8, 2027 +2 more

5 metrics

OP LTIP Units granted 10,181 units Equity award to director Stephen J. Dannhauser on September 9, 2026

OP LTIP Units held after transaction 45,679 units Direct holdings of OP LTIP Units after the reported grant

Vesting end date September 8, 2027 Date until which the 10,181 OP LTIP Units remain forfeitable

Conversion ratio OP LTIP Units to Common Units 1 OP LTIP Unit for 1 Common Unit Conversion terms after vesting restrictions lapse

Common Unit redemption terms 1 Common Unit for 1 common share or cash value Redemption of Common Units for Ellington Financial Inc. common shares or cash

Key Terms

OP LTIP Units, Common Units, Equity Incentive Plan, forfeitable, +1 more

5 terms

OP LTIP Units financial

"Represents a separate non-voting class of limited liability company interests ("OP LTIP Units")"

OP LTIP units are ownership units in a company’s operating partnership granted to managers under a long‑term incentive plan; they behave like shares that reward performance over several years and often convert into common stock or cash. Investors care because these units can dilute existing shareholders when converted, reveal how executives are paid and motivated, and signal whether management’s interests are aligned with long‑term value creation — like giving a coach a stake in future team wins.

Common Units financial

"designated as common units ("Common Units") on a one-for-one basis"

Common units are the basic ownership stakes in a company, limited partnership, or trust that function like common stock: they give holders a claim on profits and often voting rights. Think of them as the ordinary seats at a table—the most directly affected by the business’s success or failure, so they typically offer higher upside but carry greater risk than preferred claims or creditors, which matters to investors evaluating potential return and safety.

Equity Incentive Plan financial

"issued pursuant to, and are subject to the terms and conditions of the Company's 2026 Equity Incentive Plan"

An equity incentive plan is a program that gives employees, executives or directors the right to receive company stock or options to buy stock as part of their pay. Think of it as offering slices of future company profit to motivate people to boost long‑term performance; for investors it matters because it can align employee goals with shareholder value but also increases the number of shares outstanding, which can dilute existing ownership.

forfeitable financial

"The 10,181 OP LTIP Units remain forfeitable, subject to the reporting person's continued service"

redeemable financial

"the Common Units are redeemable by the holder for an equivalent number of shares"

FAQ

What insider transaction did Ellington Financial Inc. (EFC) report for Stephen J. Dannhauser?

Ellington Financial Inc. reported that director Stephen J. Dannhauser received a grant of 10,181 OP LTIP Units of its operating partnership on September 9, 2026 as an equity award under the Company’s 2026 Equity Incentive Plan.

How many OP LTIP Units in EFC does Stephen J. Dannhauser hold after this Form 4 transaction?

After the reported grant, Stephen J. Dannhauser directly holds 45,679 OP LTIP Units of Ellington Financial Operating Partnership LLC, as disclosed in the Form 4 filing for Ellington Financial Inc. (EFC).

When do the 10,181 OP LTIP Units granted in EFC’s filing vest or stop being forfeitable?

The 10,181 OP LTIP Units remain forfeitable, subject to Stephen J. Dannhauser’s continued service on the board of Ellington Financial Inc., until September 8, 2027, after which the vesting restrictions lapse as described.

What can the OP LTIP Units reported in EFC’s Form 4 be converted into?

Once vested, each OP LTIP Unit may be converted on a one-for-one basis into a Common Unit of the operating partnership, which, subject to conditions, is redeemable for either one common share of Ellington Financial Inc. or the cash value of that share at the Company’s election.

Is the EFC Form 4 transaction made under a Rule 10b5-1 trading plan?

The filing indicates the Rule 10b5-1 checkbox is not affirmed (box unchecked), so the reported grant of 10,181 OP LTIP Units is not stated to have been made under a Rule 10b5-1 trading plan.

What type of security is an OP LTIP Unit in the context of Ellington Financial Inc. (EFC)?

The filing describes OP LTIP Units as a separate non-voting class of limited liability company interests of Ellington Financial Operating Partnership LLC, which is the operating partnership subsidiary of Ellington Financial Inc.

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Available on EDGAR 09/10/2026 - 04:10 PM Accepted by SEC EDGAR 09/10/2026 - 04:10 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Dannhauser Stephen J

(Last) (First) (Middle)

53 FOREST AVENUE

(Street)

OLD GREENWICH CONNECTICUT 06870

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Ellington Financial Inc. [ EFC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/09/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
OP LTIP Units(1)	(2)	09/09/2026		A		10,181		(2)	(2)	Common Units	10,181	$0	45,679	D

Explanation of Responses:

1. 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").

2. The 10,181 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 8, 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 (the "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 2026 Equity Incentive Plan.

Remarks:

	/s/ Alaael-Deen Shilleh, as attorney-in-fact for Stephen J. Dannhauser	09/10/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)