-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001181431-10-056436.txt : 20101117
<SEC-HEADER>0001181431-10-056436.hdr.sgml : 20101117
<ACCEPTANCE-DATETIME>20101117213447
ACCESSION NUMBER:		0001181431-10-056436
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20101115
FILED AS OF DATE:		20101117
DATE AS OF CHANGE:		20101117

REPORTING-OWNER:	

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

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34569
		FILM NUMBER:		101201105

	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:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34569
		FILM NUMBER:		101201104

	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:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34569
		FILM NUMBER:		101201103

	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>4
<SEQUENCE>1
<FILENAME>rrd291611.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2010-11-15</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <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>2010-11-15</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>11422</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0.00</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2599342</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">The shares were issued in connection with the third quarter 2010 incentive fee payable to Ellington Financial Management LLC, our manager, pursuant to our management agreement.</footnote>
        <footnote id="F2">1,294,004 common shares are held by EMG Holdings, L.P. (&quot;EMG Holdings&quot;), 55,338 common shares are held by Ellington Financial Management LLC (&quot;Ellington Financial Management&quot;) and 1,250,000 shares are held by three affiliated hedge funds for which Ellington Capital Management, LLC (&quot;Ellington Capital Management&quot;) is the general partner. VC Investments L.L.C. (&quot;VC Investments&quot;) is the general partner of EMG Holdings and the managing member of Ellington Financial Management and Ellington Capital Management.  Michael W. Vranos (&quot;Mr. Vranos&quot;) is the managing member of, and holds a controlling interest in, VC Investments.  Each of VC Investments, EMG Holdings and Mr. Vranos disclaims beneficial ownership of these shares except to the extent of it or his pecuniary interest therein.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Christopher C. Green, attorney-in-fact</signatureName>
        <signatureDate>2010-11-17</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----