[Form 4] Ellington Financial Inc. Insider Trading Activity

Rhea-AI Filing Summary

Ellington Financial Inc. insider equity award: Chief Accounting Officer Christopher Smernoff reported receiving 18,209 OP LTIP Units of Ellington Financial Operating Partnership LLC on 12/17/2025. These derivative securities have an exercise price of $0 and are designated as a separate non-voting class of limited liability company interests.

According to the filing, 11,654 of the OP LTIP Units will vest on December 16, 2026 and the remaining 6,555 will vest on December 16, 2027, with an additional 4,372 OP LTIP Units vesting on December 12, 2026. After vesting and subject to the stated conditions, the OP LTIP Units may be converted on a one-for-one basis into Common Units of the operating partnership, which are, in turn, redeemable for an equivalent number of shares of Ellington Financial Inc. common stock or the cash value of those shares at the company’s election. Following this grant, Smernoff beneficially owns 100,366 derivative securities.

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

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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^*

Smernoff Chris

(Last) (First) (Middle)

53 FOREST AVENUE

(Street)

OLD GREENWICH CT 06870

(City) (State) (Zip)

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
12/17/2025

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

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

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

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)	12/17/2025		A		18,209		(2)	(2)	Common Units(2)	18,209	$0(2)	100,366(3)	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 ofEllington Financial LLC (the "Company").

2. 11,654 of the OP LTIP Units will vest on December 16, 2026 and the remaining 6,555 of the OP LTIP units will vest on December 16, 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 ("Common Stock") or for the cash value of such Common Stock, 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 2017 Equity Incentive Plan.

3. 4,372 of the OP LTIP units will vest December 12, 2026.

Remarks:

	/s/ Alaael-Deen Shilleh, as attorney-in-fact for Christopher Smernoff	12/19/2025
	** 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.

FAQ

What insider transaction did Ellington Financial Inc. (EFC) disclose in this Form 4?

The filing reports that Chief Accounting Officer Christopher Smernoff received 18,209 OP LTIP Units of Ellington Financial Operating Partnership LLC on 12/17/2025, with an exercise price of $0.

How do the OP LTIP Units granted to Ellington Financial Inc. (EFC) insider vest?

The filing states that 11,654 OP LTIP Units will vest on December 16, 2026 and the remaining 6,555 OP LTIP Units will vest on December 16, 2027. It also notes that 4,372 OP LTIP Units will vest on December 12, 2026.

What can the OP LTIP Units be converted into at Ellington Financial Inc. (EFC)?

Upon lapse of the vesting restrictions, the OP LTIP Units may be converted on a one-for-one basis into Common Units of Ellington Financial Operating Partnership LLC, which are redeemable for an equivalent number of Ellington Financial Inc. common shares or their cash value at the company’s election.

What equity plan governs the OP LTIP Units awarded at Ellington Financial Inc. (EFC)?

The filing explains that the OP LTIP Units were issued pursuant to, and are subject to the terms and conditions of, the company’s 2017 Equity Incentive Plan.

How many derivative securities does the Ellington Financial Inc. (EFC) insider own after this transaction?

After the reported grant, the Form 4 shows that the insider beneficially owns 100,366 derivative securities.

What is the reporting person’s role at Ellington Financial Inc. (EFC)?

The individual is identified in the filing as an Officer, serving as Chief Accounting Officer of Ellington Financial Inc.