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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 uZ5aCxburY9y/3ficouS6w==

<SEC-DOCUMENT>0001140361-10-040516.txt : 20101008
<SEC-HEADER>0001140361-10-040516.hdr.sgml : 20101008
<ACCEPTANCE-DATETIME>20101008093833
ACCESSION NUMBER:		0001140361-10-040516
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20101007
FILED AS OF DATE:		20101008
DATE AS OF CHANGE:		20101008

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:			FBR Capital Markets PT Inc
		CENTRAL INDEX KEY:			0001478405
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34569
		FILM NUMBER:		101115144

	BUSINESS ADDRESS:	
		STREET 1:		1001 NINETEENTH STREET NORTH
		CITY:			ARLINGTON
		STATE:			VA
		ZIP:			22302
		BUSINESS PHONE:		703-312-9500

	MAIL ADDRESS:	
		STREET 1:		1001 NINETEENTH STREET NORTH
		CITY:			ARLINGTON
		STATE:			VA
		ZIP:			22302
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>doc1.xml
<DESCRIPTION>FORM 3
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0203</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2010-10-07</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001478405</rptOwnerCik>
            <rptOwnerName>FBR Capital Markets PT Inc</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1001 NINETEENTH STREET NORTH</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>ARLINGTON</rptOwnerCity>
            <rptOwnerState>VA</rptOwnerState>
            <rptOwnerZipCode>22302</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>common</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1438750</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">Upon the closing of the initial public offering of the Issuer, the Reporting Person expects that it will no longer be a 10% owner of the Issuer.</footnote>
    </footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>Ann Marie Pulsch, Corporate Secretary</signatureName>
        <signatureDate>2010-10-08</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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