Operating Expenses

9 Months Ended

Sep. 30, 2019

Other Income and Expenses [Abstract]

Operating Expenses

Operating Expenses

Components of our operating expenses for the three and nine months ended September 30, 2019 and 2018 are presented in the following table.

Table 22.1 – Components of Operating Expenses

	Three Months Ended September 30,				Nine Months Ended September 30,
(In Thousands)	2019		2018		2019		2018
Fixed compensation expense	$	9,391	$	5,922	$	26,848	$	18,136
Variable compensation expense	4,090		4,923		12,513		13,655
Equity compensation expense	3,155		3,033		10,132		9,565
Total compensation expense	16,636		13,878		49,493		41,356
Systems and consulting	3,230		1,794		7,594		5,434
Loan acquisition costs (1)	1,392		1,887		4,385		5,860
Office costs	1,517		1,173		4,406		3,397
Accounting and legal	1,767		1,170		3,852		3,078
Corporate costs	482		462		1,701		1,462
Other operating expenses	1,791		1,126		4,798		2,942
Total Operating Expenses	$	26,815	$	21,490	$	76,229	$	63,529

(1)

Loan acquisition costs primarily includes underwriting and due diligence costs related to the acquisition of residential loans held-for-sale at fair value.