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General and Administrative Expenses, Loan Acquisition Costs, and Other Expenses
 6 Months Ended
Jun. 30, 2021
Other Income and Expenses [Abstract]  
General and Administrative Expenses, Loan Acquisition Costs, and Other Expenses General and Administrative Expenses, Loan Acquisition Costs, and Other Expenses
Components of our general and administrative expenses, loan acquisition costs, and other expenses for the three and six months ended June 30, 2021 and 2020 are presented in the following table.
Table 21.1 – Components of General and Administrative Expenses, Loan Acquisition Costs, and Other Expenses
Three Months Ended June 30,Six Months Ended June 30,
(In Thousands)2021202020212020
General and Administrative Expenses
Fixed compensation expense$11,269 $11,818 $23,074 $26,502 
Annual variable compensation12,508 3,278 31,177 3,289 
Long-term incentive award expense (1)
5,682 3,262 9,851 5,257 
Acquisition-related equity compensation expense (2)
1,212 1,212 2,424 2,424 
Systems and consulting3,272 2,395 6,249 5,607 
Office costs2,024 1,887 3,832 3,995 
Accounting and legal1,221 2,788 1,935 5,004 
Corporate costs873 626 1,564 1,297 
Other 2,533 1,254 4,039 3,827 
Total General and Administrative Expenses40,594 28,520 84,145 57,202 
Loan Acquisition Costs
Commissions1,661 360 2,924 2,148 
Underwriting costs1,836 856 3,521 2,518 
Transfer and holding costs251 356 862 892 
Total Loan Acquisition Costs3,748 1,572 7,307 5,558 
Other Expenses
Goodwill impairment expense— — — 88,675 
Amortization of purchase-related intangible assets 3,873 3,873 7,746 8,182 
Other112 1,210 335 (359)
Total Other Expenses3,985 5,083 8,081 96,498 
Total General and Administrative Expenses, Loan Acquisition Costs, and Other Expenses$48,327 $35,175 $99,533 $159,258 
(1)For the three months ended June 30, 2021, long-term incentive award expense includes $4 million of expense for awards settleable in shares of our common stock and $1 million of expense for awards settleable in cash. For the six months ended June 30, 2021, long-term incentive award expense includes $7 million of expense for awards settleable in shares of our common stock and $3 million of expense for awards settleable in cash.
(2)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. The grant date fair value of these restricted stock awards was $10 million, which is being recognized as compensation expense over the two-year vesting period on a straight-line basis in accordance with GAAP.