[Form 4] Ellington Financial Inc. Insider Trading Activity

Rhea-AI Filing Summary

Lisa Mumford, a director of Ellington Financial Inc. (EFC), reported on Form 4 that she was granted 9,198 Common Shares on 09/10/2025 at a stated price of $0. Those Common Shares remain forfeitable and subject to continued board service until September 9, 2026. After the grant, Ms. Mumford beneficially owns 81,116 Common Shares. She also holds 7,657 OP LTIP Units of the company’s operating partnership, which convert one-for-one into Common Units and can be redeemed for Common Shares or cash under defined conditions. The awards were issued under the company’s 2017 Equity Incentive Plan.

Positive

• 9,198 Common Shares granted to a director under the 2017 Equity Incentive Plan, aligning compensation with shareholder interests
• Director's total beneficial ownership increased to 81,116 Common Shares after the grant
• 7,657 OP LTIP Units convertible one-for-one into Common Units, providing additional alignment with company performance

Negative

• The 9,198 Common Shares are forfeitable until September 9, 2026, restricting immediate transfer or sale
• The grant was reported at a price of $0, indicating dilution via awarded shares rather than purchased shares

Insights

Corporate Governance Analyst

Director received equity awards that vest over one year, increasing her stake to 81,116 shares.

The Form 4 shows a 9,198-share grant recorded on 09/10/2025 with a reported price of $0, indicating these were awarded rather than purchased. The shares are forfeitable until September 9, 2026, which links retention to continued board service.

The reporting person also holds 7,657 OP LTIP Units that convert one-for-one into Common Units and are redeemable for Common Shares or cash. These units expand the director’s indirect economic exposure to the company under the 2017 Equity Incentive Plan.

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

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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).

1. Name and Address of Reporting Person^*

Mumford Lisa

(Last) (First) (Middle)

53 FOREST AVE

(Street)

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)

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

3. Date of Earliest Transaction (Month/Day/Year)
09/10/2025

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
Common Stock	09/10/2025		A		9,198(1)	A	$0(1)	81,116	D

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(2)	(3)							(3)	(3)	Common Units	7,657		7,657	D

Explanation of Responses:

1. The 9,198 shares of common stock, $0.001 par value per share (the "Common Shares") remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of Ellington Financial Inc. (the "Company"), until September 9, 2026. The Common Shares were issued pursuant to, and are subject to the terms and conditions of the Company's 2017 Equity Incentive Plan.

2. 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 of the Company.

3. 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 Common Shares of the Company, 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 rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.

Remarks:

	/s/ Alaael-Deen Shilleh, as attorney-in-fact for Lisa Mumford	10/02/2025
	** 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 did Lisa Mumford report on Form 4 for EFC?

Ms. Mumford reported a grant of 9,198 Common Shares on 09/10/2025 and ownership of 7,657 OP LTIP Units; total beneficial ownership after the grant is 81,116 Common Shares.

Are the 9,198 shares immediately vested and transferable?

No. The 9,198 Common Shares remain forfeitable and subject to continued board service until September 9, 2026.

What are OP LTIP Units reported on the Form 4?

The Form 4 reports 7,657 OP LTIP Units, a non-voting class of Operating Partnership interests that convert one-for-one into Common Units, which are redeemable for Common Shares or cash.

Was there any cash purchase price for the awarded shares?

The Form 4 lists a price of $0 for the 9,198 Common Shares, indicating they were granted rather than bought.

Under what plan were these awards issued?

Both the Common Shares and the OP LTIP Units were issued pursuant to the company’s 2017 Equity Incentive Plan.