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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 RqMxQd30IYXgJliOeClpy6qqVqCeW3/SFaeD3IPH4xZpRpMSC+BSZUM9scNHbFrI
 gLSKfJO/+08pYyzgv0x3Eg==

<SEC-DOCUMENT>0001181431-10-050678.txt : 20101012
<SEC-HEADER>0001181431-10-050678.hdr.sgml : 20101011
<ACCEPTANCE-DATETIME>20101012203317
ACCESSION NUMBER:		0001181431-10-050678
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20101008
FILED AS OF DATE:		20101012
DATE AS OF CHANGE:		20101012

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Margolis Daniel R.
		CENTRAL INDEX KEY:			0001502134

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34569
		FILM NUMBER:		101120326

	MAIL ADDRESS:	
		STREET 1:		53 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
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd288459.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2010-10-08</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001502134</rptOwnerCik>
            <rptOwnerName>Margolis Daniel R.</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>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Secretary</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common shares representing LLC interests</value>
            </securityTitle>
            <transactionDate>
                <value>2010-10-08</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>450</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>22.50</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>450</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <ownerSignature>
        <signatureName>/s/ Ashton J. Harris, attorney-in-fact</signatureName>
        <signatureDate>2010-10-12</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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