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

12 Months Ended

Dec. 31, 2021

Other Income and Expenses [Abstract]

Components of our general and administrative expenses, loan acquisition costs, and other expenses for the years ended December 31, 2021, 2020 and 2019 are presented in the following table.

Table 21.1 – Components of General and Administrative Expenses, Loan Acquisition Costs, and Other Expenses


	Years Ended December 31,
(In Thousands)	2021		2020		2019
General and Administrative Expenses
Fixed compensation expense	$	46,328	$	46,689	$	39,639
Annual variable compensation expense	58,569		14,116		21,728
Long-term incentive award expense (1)	19,938		12,439		13,402
Acquisition-related equity compensation expense (2)	3,813		4,848		1,010
Systems and consulting	14,445		11,728		10,746
Office costs	7,837		7,794		6,310
Accounting and legal	4,975		7,928		5,450
Corporate costs	3,388		2,829		2,351
Other	11,566		6,833		8,101
Total General and Administrative Expenses	170,859		115,204		108,737

Loan Acquisition Costs
Commissions	7,116		4,321		3,833
Underwriting costs	7,762		4,945		4,767
Transfer and holding costs	1,458		1,757		1,335

Total Loan Acquisition Costs	16,336		11,023		9,935

Other Expenses
Goodwill impairment expense	—		88,675		—
Amortization of purchase-related intangible assets	15,304		15,925		8,696
Contingent consideration expense (3)	—		—		3,218
Other	1,391		4,185		1,108
Total Other Expenses	16,695		108,785		13,022
Total General and Administrative Expenses, Loan Acquisition Costs, and Other Expenses	$	203,890	$	235,012	$	131,694

(1)For the years ended December 31, 2021 and 2020, long-term incentive award expense includes $14 million and $10 million, respectively, of expense for awards settleable in shares of our common stock and $6 million and $2 million, respectively, 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 in 2019. The grant date fair value of these restricted stock awards was $10 million, which was recognized as compensation expense over the two-year vesting period on a straight-line basis in accordance with GAAP.

(3)Contingent consideration expense relates to the acquisition of 5 Arches during 2019. Refer to Note 2 for additional detail.