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Long-Term Incentive Plan Units
 12 Months Ended
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 RecipientNumber of OP LTIP Units GrantedGrant Date
Vesting Date(1)
Directors:
22,840 September 10, 2020September 9, 2021
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
14,598 December 17, 2020December 17, 2022
Total unvested OP LTIP Units at December 31, 202075,550 
(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, 2020December 31, 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— 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 RecipientNumber of OP LTIP UnitsGrant Date
Vesting Date(1)
Directors:
14,440 September 12, 2018September 11, 2019
Partially dedicated employees:
8,692 December 11, 2018December 11, 2019
8,691 December 11, 2018December 11, 2020
1,723 March 7, 2018March 7, 2019
5,886 December 12, 2017December 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
ManagerDirector/
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.