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General and Administrative Expenses, Loan Acquisition Costs, and Other Expenses (Tables) | 6 Months Ended
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Jun. 30, 2022
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 six months ended June 30, 2022 and 2021 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) |  | 2022 |  | 2021 |  | 2022 |  | 2021
General and Administrative Expenses |  |  |  |  |  |  |  |
Fixed compensation expense |  | $ | 12,110 |  |  | $ | 11,269 |  |  | $ | 26,738 |  |  | $ | 23,074 |
Annual variable compensation expense |  | 1,811 |  |  | 12,508 |  |  | 5,168 |  |  | 31,177 |
Long-term incentive award expense (1) |  | 5,532 |  |  | 5,682 |  |  | 11,192 |  |  | 9,851 |
Acquisition-related equity compensation expense (2) |  | — |  |  | 1,212 |  |  | — |  |  | 2,424 |
Systems and consulting |  | 3,703 |  |  | 3,272 |  |  | 6,887 |  |  | 6,249 |
Office costs |  | 2,083 |  |  | 2,024 |  |  | 4,108 |  |  | 3,832 |
Accounting and legal |  | 1,576 |  |  | 1,221 |  |  | 3,251 |  |  | 1,935 |
Corporate costs |  | 1,000 |  |  | 873 |  |  | 1,864 |  |  | 1,564 |
Other |  | 4,151 |  |  | 2,533 |  |  | 7,612 |  |  | 4,039 |
Total General and Administrative Expenses |  | 31,966 |  |  | 40,594 |  |  | 66,820 |  |  | 84,145 |
Loan Acquisition Costs |  |  |  |  |  |  |  |
Commissions |  | 2,116 |  |  | 1,661 |  |  | 4,730 |  |  | 2,924 |
Underwriting costs |  | 1,096 |  |  | 1,836 |  |  | 2,468 |  |  | 3,521 |
Transfer and holding costs |  | 268 |  |  | 251 |  |  | 747 |  |  | 862 |
Total Loan Acquisition Costs |  | 3,480 |  |  | 3,748 |  |  | 7,945 |  |  | 7,307 |
Other Expenses |  |  |  |  |  |  |  |
Amortization of purchase-related intangible assets |  | 3,306 |  |  | 3,873 |  |  | 6,840 |  |  | 7,746 |
Other |  | 162 |  |  | 112 |  |  | 713 |  |  | 335 |
Total Other Expenses |  | 3,468 |  |  | 3,985 |  |  | 7,553 |  |  | 8,081 |
Total General and Administrative Expenses, Loan Acquisition Costs, and Other Expenses |  | $ | 38,914 |  |  | $ | 48,327 |  |  | $ | 82,318 |  |  | $ | 99,533 |
(1)For the three months ended June 30, 2022 and 2021, long-term incentive award expense included $5 million and $4 million of expense for awards settleable in shares of our common stock, and $0.4 million and $1 million of expense for awards settleable in cash, respectively. For the six months ended June 30, 2022 and 2021, long-term incentive award expense included $10 million and $7 million of expense for awards settleable in shares of our common stock, and $1 million and $3 million of expense for awards settleable in cash, respectively. (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.

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