OP LTIP Units subject to the Company's incentive plans are generally exercisable by the holder at any time after vesting. Each OP LTIP Unit is convertible into an OP Unit on a one-for-one basis. Subject to certain conditions, the OP Units are redeemable by the holder for an equivalent number of shares of common stock of the Company or for the cash value of such shares of common stock, at the Company's election. Costs associated with the OP LTIP Units issued under the Company's incentive plans are measured as of the grant date and expensed ratably over the vesting period. Total expense associated with OP LTIP Units issued under the Company's incentive plans for the three-month periods ended March 31, 2020 and 2019 was $0.2 million and $0.1 million, respectively.

On March 4, 2020, the Company's Board of Directors authorized the issuance of 14,811 OP LTIP Units to certain of Ellington's personnel dedicated to the Company pursuant to the Company's 2017 Equity Incentive Plan.



Grant Recipient	Number of OP LTIP Units Granted	Grant Date	Vesting Date⁽¹⁾
Directors:
	14,552	September 11, 2019	September 10, 2020
Dedicated or partially dedicated personnel:
	12,818	December 13, 2019	December 13, 2020
	10,067	December 13, 2019	December 13, 2021
	8,691	December 11, 2018	December 11, 2020
	4,977	March 4, 2020	December 31, 2020
	9,834	March 4, 2020	December 31, 2021
Total unvested OP LTIP Units at March 31, 2020	60,939



	Three-Month Period Ended
	March 31, 2020			March 31, 2019
	Manager	Director/ Employee	Total	Manager	Director/ Employee	Total
OP LTIP Units Outstanding (December 31, 2019 and January 1, 2019, respectively)	365,518	180,198	545,716	375,000	146,371	521,371
Granted	—	14,811	14,811	—	—	—
Exercised	—	—	—	—	—	—
OP LTIP Units Outstanding (March 31, 2020 and 2019, respectively)	365,518	195,009	560,527	375,000	146,371	521,371
OP LTIP Units Unvested and Outstanding (March 31, 2020 and 2019, respectively)	—	60,939	60,939	—	37,709	37,709
OP LTIP Units Vested and Outstanding (March 31, 2020 and 2019, respectively)	365,518	134,070	499,588	375,000	108,662	483,662

There were an aggregate of 1,816,861 and 1,832,309 shares of common stock of the Company underlying awards, including OP LTIP Units, available for future issuance under the Company's 2017 Equity Incentive Plan as of March 31, 2020 and December 31, 2019, respectively.