General and Administrative Expenses, Loan Acquisition Costs, and Other Expenses (Tables)

9 Months Ended

Sep. 30, 2021

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 and nine months ended September 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 September 30,				Nine Months Ended September 30,
(In Thousands)	2021		2020		2021		2020
General and Administrative Expenses
Fixed compensation expense	$	11,285	$	10,103	$	34,359	$	36,605
Annual variable compensation	19,844		5,882		51,021		9,171
Long-term incentive award expense (1)	4,915		2,639		14,766		7,896
Acquisition-related equity compensation expense (2)	1,189		1,212		3,613		3,636
Systems and consulting	2,975		2,145		9,224		7,752
Office costs	2,197		1,859		6,029		5,854
Accounting and legal	1,197		1,601		3,132		6,605
Corporate costs	964		831		2,528		2,128
Other	3,126		1,358		7,165		5,185
Total General and Administrative Expenses	47,692		27,630		131,837		84,832

Loan Acquisition Costs
Commissions	1,906		879		4,830		3,027
Underwriting costs	2,351		771		5,872		3,289
Transfer and holding costs	364		508		1,226		1,400

Total Loan Acquisition Costs	4,621		2,158		11,928		7,716

Other Expenses
Goodwill impairment expense	—		—		—		88,675
Amortization of purchase-related intangible assets	3,873		3,873		11,619		12,052

Other	150		3,915		485		3,559
Total Other Expenses	4,023		7,788		12,104		104,286
Total General and Administrative Expenses, Loan Acquisition Costs, and Other Expenses	$	56,336	$	37,576	$	155,869	$	196,834

(1)For the three months ended September 30, 2021, long-term incentive award expense includes $3 million of expense for awards settleable in shares of our common stock and $1 million of expense for awards settleable in cash. For the nine months ended September 30, 2021, long-term incentive award expense includes $10 million of expense for awards settleable in shares of our common stock and $4 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.