Operating Expenses (Tables)

12 Months Ended

Dec. 31, 2022

Other Income and Expenses [Abstract]

Components of General and Administrative Expenses and Other Expenses

Components of our general and administrative expenses, portfolio management costs, loan acquisition costs, and other expenses for the years ended December 31, 2022, 2021 and 2020 are presented in the following table.

Table 22.1 – Components of Operating Expenses

	Years Ended December 31,
(In Thousands)	2022		2021		2020
General and Administrative Expenses
Fixed compensation expense(1)	$	63,642	$	46,328	$	46,689
Annual variable compensation expense	12,873		58,569		14,116
Long-term incentive award expense (2)	23,101		19,938		12,439
Acquisition-related equity compensation expense (3)	—		3,813		4,848
Systems and consulting	14,193		14,445		11,728
Office costs	8,574		7,837		7,794
Accounting and legal	6,644		4,975		7,928
Corporate costs	3,675		3,388		2,829
Other	8,206		5,925		5,127
Total General and Administrative Expenses	140,908		165,218		113,498
Portfolio Management Costs	7,951		5,758		4,204
Loan Acquisition Costs
Commissions	7,154		7,116		4,321
Underwriting costs	3,368		7,645		2,447
Transfer and holding costs	1,244		1,458		1,757
Total Loan Acquisition Costs	11,766		16,219		8,525
Other Expenses
Goodwill impairment expense	—		—		88,675
Amortization of purchase-related intangible assets	13,969		15,304		15,925
Other	1,621		1,391		4,185
Total Other Expenses	15,590		16,695		108,785
Total Operating Expenses	$	176,215	$	203,890	$	235,012

(1)Includes $7 million of severance and transition-related expenses for the year ended December 31, 2022.

(2)For the years ended December 31, 2022 and 2021, long-term incentive award expense includes $20 million and $14 million, respectively, of expense for awards settleable in shares of our common stock and $3 million and $6 million, respectively, of expense for awards settleable in cash.

(3)Acquisition-related equity compensation expense relates to 588,260 shares of restricted stock that were issued to members of CoreVest management as a component of the consideration paid to them for our purchase of their interests in CoreVest in 2019.