X0508 4 2025-12-17 0 0001411342 Ellington Financial Inc. EFC 0001732958 Smernoff Chris 53 FOREST AVENUE OLD GREENWICH CT 06870 0 1 0 0 Chief Accounting Officer 0 OP LTIP Units 2025-12-17 4 A 0 18209 0 A Common Units 18209 100366 D 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"). 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. 4,372 of the OP LTIP units will vest December 12, 2026. /s/ Alaael-Deen Shilleh, as attorney-in-fact for Christopher Smernoff 2025-12-19