Ellington Financial (EFC) Co-CIO Michael Vranos Receives 6,794 Shares

What Happened

• Michael W. Vranos, Co‑Chief Investment Officer of Ellington Financial Inc. (EFC), was issued 6,794 shares of EFC common stock on August 5, 2026. The Form 4 reports the transaction as an "other acquisition" (code J) with $0.00 cash paid (reported value $0).
• Footnote F1 states these shares were issued in connection with an incentive fee earned by Ellington Financial Management LLC (EFM), the company's external manager, under the management agreement among EFC, EFM and Ellington Financial Operating Partnership LLP (EFCOP).

Key Details

• Transaction date: 2026-08-05; Filing date: 2026-08-06 (filed promptly the next day).
• Securities: 6,794 shares of common stock; reported price/cash paid: $0.00 (issuance as incentive compensation).
• Transaction code: J (other acquisition/disposition). Footnote F1 clarifies issuance tied to manager incentive fee.
• Ownership/beneficial notes: Footnotes indicate material holdings and control links:
  • F2: 1,129,746 shares were issued in the broader issuance referenced; EMG Holdings, L.P. (EMGH) directly owns 842,221 shares and EFM owns 287,525 shares. VC Investments LLC (VC) is GP of EMGH and managing member of EFM; Mr. Vranos is managing member of VC and, with VC, shares power to direct voting and disposition of those entity-held shares (each disclaims beneficial ownership of the other's holdings except to the extent of pecuniary interest).
  • F3–F5: Additional shares are held in entities/trusts for estate planning and family trusts where Mr. Vranos serves as trustee or has certain consent/voting rights; he disclaims pecuniary interest in some trust-held shares.
  • F6–F8: Notes describe OP LTIP Units and Common Units of EFCOP (convertible/redeemable into EFC common stock under certain conditions) and how some are held by EMGH.
• The Form does not list a separate "shares owned after transaction" total for Mr. Vranos as an individual; see footnotes for entity-level holdings that he may be deemed to control.

Context

• This was an issuance tied to incentive compensation paid to the external manager (EFM), not an open‑market purchase or sale by Mr. Vranos personally. Such issuances commonly reflect manager compensation arrangements rather than direct personal cash investment or a sale.
• Because many of the issued shares are held by entities and trusts with overlapping control/management roles, the filing includes several disclaimers and cross‑ownership notes—readers should review the footnotes to understand who holds voting/disposition power versus direct pecuniary ownership.