v3.20.4

Long-Term Incentive Plan Units | 12 Months Ended
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Dec. 31, 2020
Share-based Payment Arrangement [Abstract] |
Long-Term Incentive Plan Units | Long-Term Incentive Plan Units 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 years ended December 31, 2020 and 2019 was $0.7 million and $0.5 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. On September 10, 2020, the Company's Board of Directors authorized the issuance of 22,840 OP LTIP Units to certain of its directors pursuant to the Company's 2017 Equity Incentive Plan. On December 17, 2020, the Company's Board of Directors authorized the issuance of 32,809 OP LTIP Units to certain of Ellington's personnel dedicated to the Company pursuant to the Company's 2017 Equity Incentive Plan. The below table details unvested OP LTIP Units as of December 31, 2020:
Grant Recipient |  | Number of OP LTIP Units Granted |  | Grant Date |  | Vesting Date(1)
Directors: |  |  |  |  |  |
|  | 22,840 |  |  | September 10, 2020 |  | September 9, 2021
Dedicated or partially dedicated personnel: |  |  |  |  |  |
|  | 10,067 |  |  | December 13, 2019 |  | December 13, 2021
|  | 18,211 |  |  | December 17, 2020 |  | December 17, 2021
|  | 9,834 |  |  | March 4, 2020 |  | December 31, 2021
|  | 14,598 |  |  | December 17, 2020 |  | December 17, 2022
Total unvested OP LTIP Units at December 31, 2020 |  | 75,550 |  |  |  |  |
(1)Date at which such OP LTIP Units will vest and become non-forfeitable. The following tables summarize issuance and exercise activity of OP LTIP Units for the years ended December 31, 2020 and 2019:
|  | Year Ended
|  | December 31, 2020 |  | December 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 |  | — |  |  | 70,460 |  |  | 70,460 |  |  | — |  |  | 37,437 |  |  | 37,437 |
Exercised |  | — |  |  | (3,638) |  |  | (3,638) |  |  | (9,482) |  |  | (3,610) |  |  | (13,092) |
OP LTIP Units Outstanding (December 31, 2020 and 2019, respectively) |  | 365,518 |  |  | 247,020 |  |  | 612,538 |  |  | 365,518 |  |  | 180,198 |  |  | 545,716 |
OP LTIP Units Unvested and Outstanding (December 31, 2020 and 2019, respectively) |  | — |  |  | 75,550 |  |  | 75,550 |  |  | — |  |  | 46,128 |  |  | 46,128 |
OP LTIP Units Vested and Outstanding (December 31, 2020 and 2019, respectively) |  | 365,518 |  |  | 171,470 |  |  | 536,988 |  |  | 365,518 |  |  | 134,070 |  |  | 499,588 |
There were an aggregate of 1,761,212 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 December 31, 2020 and 2019, respectively. Long-Term Incentive Plan Units LTIP Units and OP LTIP Units held pursuant to the Company's incentive plans are generally exercisable by the holder at any time after vesting. Each LTIP Unit is convertible into one common share. 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 common shares of the Company or for the cash value of such common shares, at the Company's election. Costs associated with the LTIP Units and 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 LTIP Units and OP LTIP Units issued under the Company's incentive plans for the year ended December 31, 2018 was $0.4 million. On March 7, 2018, the Company's Board of Directors authorized the issuance of 1,723 LTIP Units to certain of its partially dedicated employees pursuant to the Company's 2017 Equity Incentive Plan. These LTIP Units will vest and become non-forfeitable on March 7, 2019. On September 12, 2018, the Company's Board of Directors authorized the issuance of 14,440 LTIP Units to certain of its directors pursuant to the Company's 2017 Equity Incentive Plan. These LTIP Units will vest and become non-forfeitable on September 11, 2019. On December 11, 2018, the Company's Board of Directors authorized the issuance of 17,383 OP LTIP Units to certain of its partially dedicated employees pursuant to the Company's 2017 Equity Incentive Plan. These OP LTIP Units will vest and become non-forfeitable on December 11, 2019 with respect to 8,692 OP LTIP Units and December 11, 2020 with respect to 8,691 OP LTIP Units. On December 31, 2018, the Company redeemed all 503,988 outstanding LTIP Units which it had originally issued under its incentive plans, with each LTIP unitholder receiving in exchange an equal number of OP LTIP Units (the "Redemption Transaction"). The below table details unvested OP LTIP Units as of December 31, 2018:
Grant Recipient |  | Number of OP LTIP Units |  | Grant Date |  | Vesting Date(1)
Directors: |  |  |  |  |  |
|  | 14,440 |  |  | September 12, 2018 |  | September 11, 2019
Partially dedicated employees: |  |  |  |  |  |
|  | 8,692 |  |  | December 11, 2018 |  | December 11, 2019
|  | 8,691 |  |  | December 11, 2018 |  | December 11, 2020
|  | 1,723 |  |  | March 7, 2018 |  | March 7, 2019
|  | 5,886 |  |  | December 12, 2017 |  | December 12, 2019
Total unvested OP LTIP Units at December 31, 2018 |  | 39,432 |  |  |  |  |
(1)Date at which such OP LTIP Units will vest and become non-forfeitable. The following table summarizes issuance and exercise activity of LTIP Units and OP LTIP Units for the year ended December 31, 2018:
| Year Ended December 31, 2018
| Manager |  | Director/ Employee |  | Total
LTIP Units and OP LTIP Units Outstanding (December 31, 2017) | 375,000 |  |  | 116,159 |  |  | 491,159 |
Granted | — |  |  | 33,546 |  |  | 33,546 |
Exercised | — |  |  | (3,334) |  |  | (3,334) |
LTIP Units and OP LTIP Units Outstanding (December 31, 2018) | 375,000 |  |  | 146,371 |  |  | 521,371 |
LTIP Units and OP LTIP Units Vested and Outstanding (December 31, 2018) | 375,000 |  |  | 106,939 |  |  | 481,939 |
As of December 31, 2018, there were an aggregate of 1,874,223 common shares underlying awards, including OP LTIP Units, available for future issuance under the Company's 2017 Equity Incentive Plan.

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