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Long-Term Incentive Plan Units
 9 Months Ended
Sep. 30, 2020
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, 2020 and 2019 was $0.2 million and $0.1 million, respectively. Total expense associated with OP LTIP Units issued under the Company's incentive plans for the nine-month periods ended September 30, 2020 and 2019 was $0.5 million and $0.3 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. These OP LTIP Units will vest and become non-forfeitable on September 9, 2021.
The below table details unvested OP LTIP Units as of September 30, 2020:
Grant RecipientNumber of OP LTIP Units GrantedGrant Date
Vesting Date(1)
Directors:
22,840 September 10, 2020September 9, 2021
Dedicated or partially dedicated personnel:
12,818 December 13, 2019December 13, 2020
10,067 December 13, 2019December 13, 2021
8,691 December 11, 2018December 11, 2020
4,977 March 4, 2020December 31, 2020
9,834 March 4, 2020December 31, 2021
Total unvested OP LTIP Units at September 30, 202069,227 
(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, 2020 and 2019:
Three-Month Period Ended
September 30, 2020September 30, 2019
ManagerDirector/
Employee		TotalManagerDirector/
Employee		Total
OP LTIP Units Outstanding (June 30, 2020 and 2019, respectively)
365,518 195,009 560,527 375,000 146,371 521,371 
Granted— 22,840 22,840 — 14,552 14,552 
Exercised— (3,638)(3,638)— (3,610)(3,610)
OP LTIP Units Outstanding (September 30, 2020 and 2019, respectively)
365,518 214,211 579,729 375,000 157,313 532,313 
OP LTIP Units Unvested and Outstanding (September 30, 2020 and 2019, respectively)
— 69,227 69,227 — 37,821 37,821 
OP LTIP Units Vested and Outstanding (September 30, 2020 and 2019, respectively)
365,518 144,984 510,502 375,000 119,492 494,492 
Nine-Month Period Ended
September 30, 2020September 30, 2019
ManagerDirector/
Employee		TotalManagerDirector/
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— 37,651 37,651 — 14,552 14,552 
Exercised— (3,638)(3,638)— (3,610)(3,610)
OP LTIP Units Outstanding (September 30, 2020 and 2019, respectively)
365,518 214,211 579,729 375,000 157,313 532,313 
OP LTIP Units Unvested and Outstanding (September 30, 2020 and 2019, respectively)
— 69,227 69,227 — 37,821 37,821 
OP LTIP Units Vested and Outstanding (September 30, 2020 and 2019, respectively)
365,518 144,984 510,502 375,000 119,492 494,492 
There were an aggregate of 1,794,021 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 September 30, 2020 and December 31, 2019, respectively.