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Company Executives

Officer Age In this role Joined 2023 pay Source
Laurence E. Penn Also a director
Chief Executive Officer, President & Trustee
64 Not stated Not stated Not reported
Christopher Smernoff
Chief Financial Officer
49 Since 2018
8 years
Not stated $121,081
JR Herlihy
Chief Operating Officer
44 Since 2018
8 years
Not stated Not reported
Daniel Margolis
General Counsel
52 Since 2013
13 years
Not stated Not reported
Mark Tecotzky
Executive Vice President
64 Not stated Not stated Not reported
Michael W. Vranos Also a director
Portfolio Manager & Trustee
64 Not stated Not stated Not reported
Gregory Borenstein
Portfolio Manager
41 Not stated Not stated Not reported

Each officer opens the passage of the filing that names them. A title that changed since the list comes from the officer's latest Form 3, 4 or 5, and its start year is not stated there. "Not stated" means the filing does not say. Pay is the proxy's Summary Compensation Table, which reports only the named executive officers.

Directors
6
serving now
Independent
4 of 4
stated in the proxy; 2 not stated
Average tenure
12.0 years
from year joined
CEO also chairs the board
No
Robert B. Allardice, III
Director Age On board Independent Committees Other public boards Pay Source
Robert B. Allardice, III
Not stated 2013
13 years
Independent
Audit Committee · Chair Nominating and Corporate Governance Committee
None stated $125,000
Laurence E. Penn
Not stated 2012
14 years
Not stated None stated Ellington Financial Inc. Paid as CEO
Ronald I. Simon
Not stated 2013
13 years
Independent
Audit Committee Nominating and Corporate Governance Committee · Chair
Ellington Financial Inc. Not stated
David J. Miller
Not stated 2013
13 years
Independent
Audit Committee Nominating and Corporate Governance Committee
None stated $85,000
Mary McBride
Not stated 2021
5 years
Independent
Audit Committee Nominating and Corporate Governance Committee
Intrepid Potash Inc. $85,000
Michael W. Vranos
Not stated 2012
14 years
Not stated None stated None stated Not stated

Each director opens the passage of the proxy that names them. "Not stated" means the proxy does not say; it never means "no". Pay is the proxy's Director Compensation table; the CEO is paid as an executive.

5 disclosed in the proxy filed May 5, 2026
Our Adviser
Adviser; Mr. Vranos, Mr. Penn, Mr. Tecotzky, Mr. Smernoff, Mr. Herlihy and Mr. Margolis each also serves as an officer of our Adviser
Amount not stated

Investment Advisory Agreement under which the Adviser manages our operations, with base management fee of 1.50% per annum and performance fee of 17.5% above a hurdle rate

Our Adviser
Adviser; officers of the Adviser include Mr. Vranos, Mr. Penn, Mr. Tecotzky, Mr. Smernoff, Mr. Herlihy and Mr. Margolis
$2.5 million
year ended December 31, 2024

Total management fees incurred under the terminated management agreement for the year ended December 31, 2024

Our Adviser
Adviser; officers of the Adviser include Mr. Vranos, Mr. Penn, Mr. Tecotzky, Mr. Smernoff, Mr. Herlihy and Mr. Margolis
Amount not stated
year ended March 31, 2026

Total management fees and performance fees incurred under the Investment Advisory Agreement for the year ended March 31, 2026

Ellington Credit Company Administration LLC
Administrator; officers of the Administrator include Mr. Vranos, Mr. Penn, Mr. Tecotzky, Mr. Smernoff, Mr. Herlihy and Mr. Margolis
Amount not stated
April 1, 2025

Administration Agreement dated April 1, 2025 under which the Administrator furnishes office facilities, administrative services and personnel, with payments based on the Fund's allocable share of costs

EMG
Under common ownership and control with our Adviser and Administrator
Amount not stated

Services agreement under which EMG provides personnel, services and resources to the Adviser and Administrator, which make payments to EMG for those services

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