v3.21.2
Long-Term Incentive Plan Units
 9 Months Ended
Sep. 30, 2021
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 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 RecipientNumber of OP LTIP Units GrantedGrant Date
Vesting Date(1)
Directors:
16,264 September 14, 2021September 13, 2022
Dedicated or partially dedicated personnel:
10,067 December 13, 2019December 13, 2021
18,211 December 17, 2020December 17, 2021
9,834 March 4, 2020December 31, 2021
3,697 March 3, 2021December 31, 2021
14,598 December 17, 2020December 17, 2022
13,534 March 3, 2021December 31, 2022
Total unvested OP LTIP Units at September 30, 202186,205 
(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, 2021September 30, 2020
ManagerDirector/
Employee		TotalManagerDirector/
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, 2021September 30, 2020
ManagerDirector/
Employee		TotalManagerDirector/
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.