XML 32 R21.htm IDEA: XBRL DOCUMENT v3.21.2
Long-Term Incentive Plan Units
 6 Months Ended
Jun. 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 June 30, 2021 and 2020 was $0.2 million. Total expense associated with OP LTIP Units issued under the Company's incentive plans for the six-month periods ended June 30, 2021 and 2020 was $0.5 million and $0.3 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.
The below table details unvested OP LTIP Units as of June 30, 2021:
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
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 June 30, 202192,781 
(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 six-month periods ended June 30, 2021 and 2020:
Three-Month Period Ended
June 30, 2021June 30, 2020
ManagerDirector/
Employee		TotalManagerDirector/
Employee		Total
OP LTIP Units Outstanding (March 31, 2021 and 2020, respectively)365,518 264,251 629,769 365,518 195,009 560,527 
Granted— — — — — — 
Exercised— — — — — — 
OP LTIP Units Outstanding (June 30, 2021 and 2020, respectively)365,518 264,251 629,769 365,518 195,009 560,527 
OP LTIP Units Unvested and Outstanding (June 30, 2021 and 2020, respectively)— 92,781 92,781 — 60,939 60,939 
OP LTIP Units Vested and Outstanding (June 30, 2021 and 2020, respectively)365,518 171,470 536,988 365,518 134,070 499,588 
Six-Month Period Ended
June 30, 2021June 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— 17,231 17,231 — 14,811 14,811 
Exercised— — — — — — 
OP LTIP Units Outstanding (June 30, 2021 and 2020, respectively)365,518 264,251 629,769 365,518 195,009 560,527 
OP LTIP Units Unvested and Outstanding (June 30, 2021 and 2020, respectively)— 92,781 92,781 — 60,939 60,939 
OP LTIP Units Vested and Outstanding (June 30, 2021 and 2020, respectively)365,518 171,470 536,988 365,518 134,070 499,588 
There were an aggregate of 1,743,981 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 June 30, 2021 and December 31, 2020, respectively.