Ronald I. Simon - Sep 14, 2023 Form 4 Insider Report for Ellington Financial Inc. (EFC)

Role
Director
Signature
/s/ Alaael-Deen Shilleh, as attorney-in-fact for Ronald I. Simon
Stock symbol
EFC
Transactions as of
Sep 14, 2023
Transactions value $
$0
Form type
4
Date filed
12/18/2023, 05:08 PM
Previous filing
Sep 15, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction EFC Common Stock Options Exercise $0 +6.2K +14.41% $0.00 49.2K Sep 14, 2023 By trust F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction EFC OP LTIP Units Options Exercise $0 -6.2K -100% $0.00* 0 Sep 14, 2023 Common Units 6.2K Direct F2, F3, F4
transaction EFC OP LTIP Units Award $0 +7.66K $0.00 7.66K Dec 14, 2023 Common Units 7.66K Direct F2, F5
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 The common stock, par value $0.001 per share ("Common Shares"), of Ellington Financial Inc. (the "Company") are held in the Simon Family Trust (the "Trust"). Dr. Simon is a trustee of the Trust. Dr. Simon and his wife are the beneficiaries of the Trust. Dr. Simon disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.
F2 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 the Company.
F3 The OP LTIP Units were issued pursuant to, and were subject to the terms and conditions of, the Company' 2017 Equity Incentive Plan (the "2017 Plan") and were converted into limited liability company interests of the Operating Partnership designated as common units (the "Common Units") on a one-for-one basis and subsequently redeemed for an equivalent number of shares of Common Shares.
F4 Represents the conversion of outstanding vested OP LTIP Units into Common Units and the redemption of the Common Units for Common Shares pursuant to the terms thereof. The conversion and redemption do not represent or involve a disposition for value. The 6,199 OP LTIP Units became convertible on September 12, 2023. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.
F5 The 7,657 OP LTIP Units remain forfeitable, subject to the reporting person's continued service as a member of the board of directors of the Company, until September 13, 2024. 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 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 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 2017 Plan. The rights to convert OP LTIP Units into Common Units and redeem such Common Units do not have expiration dates.