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
X	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* Vranos Michael W (Last) (First) (Middle) 53 FOREST AVENUE (Street) OLD GREENWICH CT 06870 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol Ellington Financial LLC [ EFC ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X Director X 10% Owner X Officer (give title below) Other (specify below) Co-Chief Investment Officer
	3. Date of Earliest Transaction (Month/Day/Year) 08/11/2011
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X 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 shares	08/11/2011		J(1)		109,000	D	$0	1,228,920	D(2)
Common shares	08/11/2011		J(3)		109,000	D	$0	2,499,381	I	See footnotes.(4)(7)
Common shares	08/11/2011		G(5)	V	109,000	D	$0	2,499,381	I	See footnotes.(6)(7)

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

1. Name and Address of Reporting Person* Vranos Michael W (Last) (First) (Middle) 53 FOREST AVENUE (Street) OLD GREENWICH CT 06870 (City) (State) (Zip)

1. Name and Address of Reporting Person* EMG Holdings, L.P. (Last) (First) (Middle) 53 FOREST AVE (Street) OLD GREENWICH CT 06870 (City) (State) (Zip)

1. Name and Address of Reporting Person* VC INVESTMENTS LLC (Last) (First) (Middle) 53 FOREST AVE (Street) OLD GREENWICH CT 06870 (City) (State) (Zip)

Explanation of Responses:

1. Shares distributed by EMG Holdings, LP ("EMGH") to Michael W. Vranos.

2. These shares are owned directly by EMGH. After the distribution described herein, EMGH is no longer a reporting person pursuant to Section 16.

3. Shares distributed by EMGH to Michael W. Vranos. VC Investments LLC is the general partner of EMGH, and as such has previously reported indirect ownership of these securities.

4. The shares are owned indirectly by VC. See foontote (7) below for additional information regarding the ownership of these shares.

5. Shares gifted to a family trust formed by Michael W. Vranos.

6. The shares are owned indirectly by Michael W. Vranos. See footnote (7) below for additional information regarding the ownership of these shares.

7. Three affiliated hedge funds ("Hedge Funds") own 1,250,000 common shares. EMGH owns 1,228,920 common shares. Ellington Financial Management LLC ("EFM") owns 20,461 common shares. Ellington Capital Management, LLC ("ECM") is the general partner of the Hedge Funds. VC is the general partner of EMGH and the managing member of EFM and ECM. Michael W. Vranos is the managing member of, and holds a controlling interest in VC. Mr. Vranos, together with VC and, with respect to 1,228,920 common shares, EMGH, share the power to direct the voting and disposition of the common shares, and may be regarded as the beneficial owners of the common shares owned beneficially or of record by each other. Each of Mr. Vranos, VC and EMGH disclaims beneficial ownership of any common shares owned beneficially or of record by each other except to the extent of its or his pecuniary interest therein.

	Christopher C. Green, as attorney-in-fact for Michael W. Vranos	08/15/2011
	Christopher C. Green, as attorney-in-fact for EMG Holdings, L.P.	08/15/2011
	Christopher C. Green, as attorney-in-fact for VC Investments LLC	08/15/2011
	** 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).
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