Ellington Financial (EFC) awards CFO 36,417 OP LTIP Units under 2017 plan

Q: What equity award did Ellington Financial (EFC) grant to its CFO?

The Chief Financial Officer of Ellington Financial Inc. received an award of 36,417 OP LTIP Units on December 17, 2025 , as reported in a Form 4 filing.

Q: How do the 36,417 OP LTIP Units granted by Ellington Financial (EFC) vest?

Of the 36,417 OP LTIP Units , 14,567 will vest on December 16, 2026 and the remaining 21,850 will vest on December 16, 2027 , subject to the award’s terms.

Q: What can Ellington Financial (EFC) OP LTIP Units be converted into after vesting?

After vesting, OP LTIP Units may be converted into common units of Ellington Financial Operating Partnership LLC on a one-for-one basis and, subject to certain conditions, those common units are redeemable for an equivalent number of Ellington Financial common shares or the cash value of those shares at the company’s election.

Q: Under what plan were the OP LTIP Units granted by Ellington Financial (EFC)?

The OP LTIP Units were issued under Ellington Financial’s 2017 Equity Incentive Plan and are subject to the plan’s terms and conditions.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Ellington Financial Inc. reported an equity award to its Chief Financial Officer on December 17, 2025. The CFO received 36,417 OP LTIP Units, a separate non-voting class of limited liability company interests in Ellington Financial Operating Partnership LLC, the company’s operating partnership subsidiary.

According to the vesting schedule, 14,567 OP LTIP Units will vest on December 16, 2026, and the remaining 21,850 OP LTIP Units will vest on December 16, 2027. Once vested, these OP LTIP Units may be converted on a one-for-one basis into common units of the operating partnership, which are, subject to certain conditions, redeemable for an equivalent number of Ellington Financial common shares or the cash value of those shares at the company’s election.

The OP LTIP Units were issued with an exercise price of $0 under Ellington Financial’s 2017 Equity Incentive Plan, and following this transaction the reporting person beneficially owned 171,870 derivative securities.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Herlihy John

Role Chief Financial Officer

Type	Security	Shares	Price	Value
Grant/Award	OP LTIP Units	36,417	$0.00	--

Holdings After Transaction: OP LTIP Units — 171,870 shares (Direct)

Footnotes (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"). 14,567 of the OP LTIP Units will vest on December 16, 2026 and the remaining 21,850 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 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 2017 Equity Incentive Plan (the "2017 Plan"). 14,011 of the OP LTIP units will vest on December 12, 2026

Form 4 Insider Transactions: What Each Field Means →

12/19/2025 - 04:48 PM

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^*

Herlihy John

(Last)

(First)

(Middle)

53 FOREST AVENUE

(Street)

OLD GREENWICH

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 Financial 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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
OP LTIP Units⁽¹⁾	⁽²⁾	12/17/2025		A		36,417		⁽²⁾	⁽²⁾	Common Units⁽²⁾	36,417	$0⁽²⁾	171,870⁽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 subsidiary of Ellington Financial Inc. (the "Company").

2. 14,567 of the OP LTIP Units will vest on December 16, 2026 and the remaining 21,850 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 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 2017 Equity Incentive Plan (the "2017 Plan").

3. 14,011 of the OP LTIP units will vest on December 12, 2026

Remarks:

	/s/ Alaael-Deen Shilleh, as attorney-in-fact for JR Herlihy	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.
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Source: View Original Filing on SEC EDGAR

FAQ

What equity award did Ellington Financial (EFC) grant to its CFO?

The Chief Financial Officer of Ellington Financial Inc. received an award of 36,417 OP LTIP Units on December 17, 2025, as reported in a Form 4 filing.

How do the 36,417 OP LTIP Units granted by Ellington Financial (EFC) vest?

Of the 36,417 OP LTIP Units, 14,567 will vest on December 16, 2026 and the remaining 21,850 will vest on December 16, 2027, subject to the award’s terms.

What can Ellington Financial (EFC) OP LTIP Units be converted into after vesting?

After vesting, OP LTIP Units may be converted into common units of Ellington Financial Operating Partnership LLC on a one-for-one basis and, subject to certain conditions, those common units are redeemable for an equivalent number of Ellington Financial common shares or the cash value of those shares at the company’s election.

Under what plan were the OP LTIP Units granted by Ellington Financial (EFC)?

The OP LTIP Units were issued under Ellington Financial’s 2017 Equity Incentive Plan and are subject to the plan’s terms and conditions.

What was the exercise or conversion price of the Ellington Financial (EFC) OP LTIP Units?

The Form 4 states that the OP LTIP Units have a price of $0, meaning they were granted without a cash exercise price under the company’s equity incentive plan.

How many derivative securities does the Ellington Financial (EFC) CFO own after this award?

Following this transaction, the reporting person beneficially owned 171,870 derivative securities related to Ellington Financial.