v3.21.2

Non-controlling Interests | 9 Months Ended
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Sep. 30, 2021
Noncontrolling Interest [Abstract] |
Non-controlling Interests | Non-controlling Interests Operating Partnership Non-controlling interests include the Convertible Non-controlling Interests in the Operating Partnership owned by an affiliate of our Manager, our directors, and certain current and former Ellington employees and their related parties in the form of OP LTIP Units. Income allocated to Convertible Non-controlling Interests is based on the non-controlling interest owners' ownership percentage of the Operating Partnership during the period, calculated using a daily weighted average of all shares of common stock of the Company and Convertible Non-controlling Interests outstanding during the period. Holders of Convertible Non-controlling Interests are entitled to receive the same distributions that holders of shares of common stock of the Company receive. Convertible Non-controlling Interests are non-voting with respect to matters as to which holders of common stock of the Company are entitled to vote. On March 2, 2020, certain related parties of current Ellington employees converted 129,516 OP Units into shares of common stock. As of September 30, 2021, the Convertible Non-controlling Interests consisted of the outstanding 640,323 OP LTIP Units and 48,409 OP Units, and represented an interest of approximately 1.2% in the Operating Partnership. As of December 31, 2020, the Convertible Non-controlling Interests consisted of the outstanding 612,538 OP LTIP Units and 48,409 OP Units, and represented an interest of approximately 1.3% in the Operating Partnership. As of September 30, 2021 and December 31, 2020, non-controlling interests related to all outstanding Convertible Non-controlling Interests was $12.7 million and $11.7 million, respectively. Joint Venture Interests Non-controlling interests also include the interests of joint venture partners in various consolidated subsidiaries of the Company. These subsidiaries hold the Company's investments in certain commercial mortgage loans and REO. The joint venture partners participate in the income, expense, gains and losses of such subsidiaries as set forth in the related operating agreements of the subsidiaries. The joint venture partners make capital contributions to the subsidiaries as new approved investments are purchased by the subsidiaries, and are generally entitled to distributions when investments are sold or otherwise disposed of. As of September 30, 2021 and December 31, 2020, the joint venture partners' interests in subsidiaries of the Company were $19.1 million and $24.5 million, respectively. The joint venture partners' interests are not convertible into shares of common stock of the Company or OP Units, nor are the joint venture partners entitled to receive distributions that holders of shares of common stock of the Company receive.
Share-based Payment Arrangement | 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 each of the three-month periods ended September 30, 2021 and 2020 was $0.2 million. Total expense associated with OP LTIP Units issued under the Company's incentive plans for the nine-month periods ended September 30, 2021 and 2020 was $0.7 million and $0.5 million, respectively. On March 3, 2021, the Company's Board of Directors authorized the issuance of 17,231 OP LTIP Units to certain of Ellington's personnel dedicated to the Company pursuant to the Company's 2017 Equity Incentive Plan. On September 14, 2021, the Company's Board of Directors authorized the issuance of 16,264 OP LTIP Units to certain of its directors pursuant to the Company's 2017 Equity Incentive Plan. These OP LTIP Units will vest and become non-forfeitable on September 13, 2022. The below table details unvested OP LTIP Units as of September 30, 2021:
Grant Recipient |  | Number of OP LTIP Units Granted |  | Grant Date |  | Vesting Date(1)
Directors: |  |  |  |  |  |
|  | 16,264 |  |  | September 14, 2021 |  | September 13, 2022
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
|  | 3,697 |  |  | March 3, 2021 |  | December 31, 2021
|  | 14,598 |  |  | December 17, 2020 |  | December 17, 2022
|  | 13,534 |  |  | March 3, 2021 |  | December 31, 2022
Total unvested OP LTIP Units at September 30, 2021 |  | 86,205 |  |  |  |  |
(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 three- and nine-month periods ended September 30, 2021 and 2020:
|  | Three-Month Period Ended
|  | September 30, 2021 |  | September 30, 2020
|  | Manager |  | Director/ Employee |  | Total |  | Manager |  | Director/ Employee |  | Total
OP LTIP Units Outstanding (June 30, 2021 and 2020, respectively) |  | 365,518 |  |  | 264,251 |  |  | 629,769 |  |  | 365,518 |  |  | 195,009 |  |  | 560,527 |
Granted |  | — |  |  | 16,264 |  |  | 16,264 |  |  | — |  |  | 22,840 |  |  | 22,840 |
Exercised |  | — |  |  | (5,710) |  |  | (5,710) |  |  | — |  |  | (3,638) |  |  | (3,638) |
OP LTIP Units Outstanding (September 30, 2021 and 2020, respectively) |  | 365,518 |  |  | 274,805 |  |  | 640,323 |  |  | 365,518 |  |  | 214,211 |  |  | 579,729 |
OP LTIP Units Unvested and Outstanding (September 30, 2021 and 2020, respectively) |  | — |  |  | 86,205 |  |  | 86,205 |  |  | — |  |  | 69,227 |  |  | 69,227 |
OP LTIP Units Vested and Outstanding (September 30, 2021 and 2020, respectively) |  | 365,518 |  |  | 188,600 |  |  | 554,118 |  |  | 365,518 |  |  | 144,984 |  |  | 510,502 |
|  | Nine-Month Period Ended
|  | September 30, 2021 |  | September 30, 2020
|  | Manager |  | Director/ Employee |  | Total |  | Manager |  | Director/ Employee |  | Total
OP LTIP Units Outstanding (December 31, 2020 and 2019, respectively) |  | 365,518 |  |  | 247,020 |  |  | 612,538 |  |  | 365,518 |  |  | 180,198 |  |  | 545,716 |
Granted |  | — |  |  | 33,495 |  |  | 33,495 |  |  | — |  |  | 37,651 |  |  | 37,651 |
Exercised |  | — |  |  | (5,710) |  |  | (5,710) |  |  | — |  |  | (3,638) |  |  | (3,638) |
OP LTIP Units Outstanding (September 30, 2021 and 2020, respectively) |  | 365,518 |  |  | 274,805 |  |  | 640,323 |  |  | 365,518 |  |  | 214,211 |  |  | 579,729 |
OP LTIP Units Unvested and Outstanding (September 30, 2021 and 2020, respectively) |  | — |  |  | 86,205 |  |  | 86,205 |  |  | — |  |  | 69,227 |  |  | 69,227 |
OP LTIP Units Vested and Outstanding (September 30, 2021 and 2020, respectively) |  | 365,518 |  |  | 188,600 |  |  | 554,118 |  |  | 365,518 |  |  | 144,984 |  |  | 510,502 |
There were an aggregate of 1,690,344 and 1,761,212 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 September 30, 2021 and December 31, 2020, respectively.

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- Definition The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -URI http://asc.fasb.org/topic&trid=2197479 + Details
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