-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001181431-11-009890.txt : 20110214
<SEC-HEADER>0001181431-11-009890.hdr.sgml : 20110214
<ACCEPTANCE-DATETIME>20110214185520
ACCESSION NUMBER:		0001181431-11-009890
CONFORMED SUBMISSION TYPE:	5
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20101231
FILED AS OF DATE:		20110214
DATE AS OF CHANGE:		20110214

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Vranos Michael W
		CENTRAL INDEX KEY:			0001474808

	FILING VALUES:
		FORM TYPE:		5
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34569
		FILM NUMBER:		11609831

	MAIL ADDRESS:	
		STREET 1:		52 FOREST AVENUE
		CITY:			OLD GREENWICH
		STATE:			CT
		ZIP:			06870

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ellington Financial LLC
		CENTRAL INDEX KEY:			0001411342
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE [6500]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	BUSINESS ADDRESS:	
		STREET 1:		53 Forest Ave
		CITY:			Greenwich
		STATE:			ct
		ZIP:			06870
		BUSINESS PHONE:		203-698-1200

	MAIL ADDRESS:	
		STREET 1:		53 Forest Ave
		CITY:			Greenwich
		STATE:			ct
		ZIP:			06870

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			VC INVESTMENTS LLC
		CENTRAL INDEX KEY:			0001098488
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		5
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34569
		FILM NUMBER:		11609830

	BUSINESS ADDRESS:	
		STREET 1:		53 FOREST AVENUE
		STREET 2:		2ND FLOOR
		CITY:			OLD GREENWICH
		STATE:			CT
		ZIP:			06870
		BUSINESS PHONE:		2036981136

	MAIL ADDRESS:	
		STREET 1:		53 FOREST AVENUE
		STREET 2:		2ND FLOOR
		CITY:			OLD GREENWICH
		STATE:			CT
		ZIP:			06870

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			EMG Holdings, L.P.
		CENTRAL INDEX KEY:			0001478394
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		5
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34569
		FILM NUMBER:		11609829

	BUSINESS ADDRESS:	
		STREET 1:		53 FOREST AVENUE
		CITY:			OLD GREENWICH
		STATE:			CT
		ZIP:			06870
		BUSINESS PHONE:		(203) 698-1200

	MAIL ADDRESS:	
		STREET 1:		53 FOREST AVENUE
		CITY:			OLD GREENWICH
		STATE:			CT
		ZIP:			06870
</SEC-HEADER>
<DOCUMENT>
<TYPE>5
<SEQUENCE>1
<FILENAME>rrd301252.xml
<DESCRIPTION>FORM 5
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>5</documentType>

    <periodOfReport>2010-12-31</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <form3HoldingsReported>0</form3HoldingsReported>

    <form4TransactionsReported>0</form4TransactionsReported>

    <issuer>
        <issuerCik>0001411342</issuerCik>
        <issuerName>Ellington Financial LLC</issuerName>
        <issuerTradingSymbol>EFC</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001474808</rptOwnerCik>
            <rptOwnerName>Vranos Michael W</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>53 FOREST AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>OLD GREENWICH</rptOwnerCity>
            <rptOwnerState>CT</rptOwnerState>
            <rptOwnerZipCode>06870</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Co-Chief Investment Officer</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001098488</rptOwnerCik>
            <rptOwnerName>VC INVESTMENTS LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>53 FOREST AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>OLD GREENWICH</rptOwnerCity>
            <rptOwnerState>CT</rptOwnerState>
            <rptOwnerZipCode>06870</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001478394</rptOwnerCik>
            <rptOwnerName>EMG Holdings, L.P.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>53 FOREST AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>OLD GREENWICH</rptOwnerCity>
            <rptOwnerState>CT</rptOwnerState>
            <rptOwnerZipCode>06870</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common shares</value>
            </securityTitle>
            <transactionDate>
                <value>2010-12-01</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>5</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>32530</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1326534</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F6"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common shares</value>
            </securityTitle>
            <transactionDate>
                <value>2010-12-01</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>5</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>329</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1326863</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F6"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common shares</value>
            </securityTitle>
            <transactionCoding></transactionCoding>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2599342</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnotes</value>
                    <footnoteId id="F3"/>
                    <footnoteId id="F4"/>
                    <footnoteId id="F6"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common shares</value>
            </securityTitle>
            <transactionCoding></transactionCoding>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2599342</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnotes</value>
                    <footnoteId id="F4"/>
                    <footnoteId id="F5"/>
                    <footnoteId id="F6"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">The shares are owned directly by EMG Holdings, L.P. (&quot;EMGH&quot;). The 32,530 shares acquired reflect the December 2010 distribution by Ellington Financial Management LLC (&quot;EFM&quot;) to EMGH.</footnote>
        <footnote id="F2">The shares are owned directly by EMGH. The 329 shares acquired reflect the contribution by VC Investments LLC (&quot;VC&quot;) of 329 Common Shares to EMGH pursuant to a Contribution and Assignment Agreement in exchange for a corresponding increase in VC's capital account with EMGH. VC is the general partner of EMGH.</footnote>
        <footnote id="F3">The shares are owned indirectly by Michael W. Vranos.  See footnote (4) below for additional information regarding the ownership of these shares.</footnote>
        <footnote id="F4">Three affiliated hedge funds (&quot;Hedge Funds&quot;) own 1,250,000 Common Shares.  EMGH owns 1,326,863 Common Shares.  EFM owns 22,479 Common Shares. Ellington Capital Management, LLC (&quot;ECM&quot;) 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 (&quot;Mr. Vranos&quot;) is the managing member of, and holds a controlling interest in, VC.  Mr. Vranos, together with VC and, with respect to 1,326,863 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.</footnote>
        <footnote id="F5">The shares are owned indirectly by VC.  See footnote (4) above for additional information regarding the ownership of these shares.</footnote>
        <footnote id="F6">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 it or his pecuniary interest therein.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Christopher C. Green, as attorney-in-fact for Michael W. Vranos</signatureName>
        <signatureDate>2011-02-14</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Christopher C. Green, as attorney-in-fact for VC Investments LLC</signatureName>
        <signatureDate>2011-02-14</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Christopher C. Green, as attorney-in-fact for EMG Holdings, L.P.</signatureName>
        <signatureDate>2011-02-14</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----