Components of Operating Expenses (Tables)

3 Months Ended

Mar. 31, 2023

Other Income and Expenses [Abstract]

Components of General and Administrative Expenses and Other Expenses

Components of our general and administrative expenses, loan acquisition costs, and other expenses for the three months ended March 31, 2023 and 2022 are presented in the following table.

Table 22.1 – Components of Operating Expenses

	Three Months Ended March 31,
(In Thousands)	2023		2022
General and Administrative Expenses
Fixed compensation expense (1)	$	15,359	$	14,628
Annual variable compensation expense	4,005		3,357
Long-term incentive award expense (2)	7,942		5,660
Systems and consulting	3,112		3,184
Office costs	2,040		2,025
Accounting and legal	919		1,675
Corporate costs	929		864
Other	1,249		1,883
Total General and Administrative Expenses	35,555		33,276
Portfolio Management Costs	3,510		1,578
Loan Acquisition Costs	1,289		4,465
Other Expenses
Amortization of purchase-related intangible assets	3,107		3,534
Other	577		551
Total Other Expenses	3,684		4,085
Total Operating Expenses	$	44,038	$	43,404

(1)Includes $1 million of severance and transition-related expenses for the three months ended March 31, 2023.

(2)For the three months ended March 31, 2023 and 2022, long-term incentive award expense included $6 million and $5 million of expense for awards settleable in shares of our common stock, and $2 million and $1 million of expense for awards settleable in cash, respectively.