v3.22.2.2

Long-Term Incentive Plan Units | 9 Months Ended
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Sep. 30, 2022
Share-based Payment Arrangement [Abstract] |
Long-Term Incentive Plan Units | Long-Term Incentive Plan UnitsOP 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 September 30, 2022 and 2021 was $0.4 million and $0.2 million, respectively. Total expense associated with OP LTIP Units issued under the Company's incentive plans for the nine-month periods ended September 30, 2022 and 2021 was $1.0 million and $0.7 million, respectively. On March 7, 2022, the Company's Board of Directors authorized the issuance of 40,254 OP LTIP Units to certain of Ellington's personnel dedicated to the Company pursuant to the Company's 2017 Equity Incentive Plan. On September 13, 2022, the Company's Board of Directors authorized the issuance of 24,796 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 12, 2023. The below table details unvested OP LTIP Units as of September 30, 2022:
Grant Recipient |  | Number of OP LTIP Units Granted |  | Grant Date |  | Vesting Date(1)
Directors: |  |  |  |  |  |
|  | 24,796 |  |  | September 13, 2022 |  | September 12, 2023
Dedicated or partially dedicated personnel: |  |  |  |  |  |
|  | 14,598 |  |  | December 17, 2020 |  | December 17, 2022
|  | 13,534 |  |  | March 3, 2021 |  | December 31, 2022
|  | 19,701 |  |  | December 16, 2021 |  | December 16, 2022
|  | 15,789 |  |  | December 16, 2021 |  | December 16, 2023
|  | 40,254 |  |  | March 7, 2022 |  | December 31, 2023
Total unvested OP LTIP Units at September 30, 2022 |  | 128,672 |  |  |  |  |
(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, 2022 and 2021:
|  | Three-Month Period Ended
|  | September 30, 2022 |  | September 30, 2021
|  | Manager |  | Director/ Employee |  | Total |  | Manager |  | Director/ Employee |  | Total
OP LTIP Units Outstanding (6/30/2022 and 6/30/2021, respectively) |  | 365,518 |  |  | 350,549 |  |  | 716,067 |  |  | 365,518 |  |  | 264,251 |  |  | 629,769 |
Granted |  | — |  |  | 24,796 |  |  | 24,796 |  |  | — |  |  | 16,264 |  |  | 16,264 |
Exercised |  | — |  |  | (4,066) |  |  | (4,066) |  |  | — |  |  | (5,710) |  |  | (5,710) |
OP LTIP Units Outstanding (9/30/2022 and 9/30/2021, respectively) |  | 365,518 |  |  | 371,279 |  |  | 736,797 |  |  | 365,518 |  |  | 274,805 |  |  | 640,323 |
OP LTIP Units Unvested and Outstanding (9/30/2022 and 9/30/2021, respectively) |  | — |  |  | 128,672 |  |  | 128,672 |  |  | — |  |  | 86,205 |  |  | 86,205 |
OP LTIP Units Vested and Outstanding (9/30/2022 and 9/30/2021, respectively) |  | 365,518 |  |  | 242,607 |  |  | 608,125 |  |  | 365,518 |  |  | 188,600 |  |  | 554,118 |
|  | Nine-Month Period Ended
|  | September 30, 2022 |  | September 30, 2021
|  | Manager |  | Director/ Employee |  | Total |  | Manager |  | Director/ Employee |  | Total
OP LTIP Units Outstanding (12/31/2021 and 12/31/2020, respectively) |  | 365,518 |  |  | 310,295 |  |  | 675,813 |  |  | 365,518 |  |  | 247,020 |  |  | 612,538 |
Granted |  | — |  |  | 65,050 |  |  | 65,050 |  |  | — |  |  | 33,495 |  |  | 33,495 |
Exercised |  | — |  |  | (4,066) |  |  | (4,066) |  |  | — |  |  | (5,710) |  |  | (5,710) |
OP LTIP Units Outstanding (9/30/2022 and 9/30/2021, respectively) |  | 365,518 |  |  | 371,279 |  |  | 736,797 |  |  | 365,518 |  |  | 274,805 |  |  | 640,323 |
OP LTIP Units Unvested and Outstanding (9/30/2022 and 9/30/2021, respectively) |  | — |  |  | 128,672 |  |  | 128,672 |  |  | — |  |  | 86,205 |  |  | 86,205 |
OP LTIP Units Vested and Outstanding (9/30/2022 and 9/30/2021, respectively) |  | 365,518 |  |  | 242,607 |  |  | 608,125 |  |  | 365,518 |  |  | 188,600 |  |  | 554,118 |
There were an aggregate of 1,542,257 and 1,626,401 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, 2022 and December 31, 2021, respectively.

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